Arab British Chamber of Commerce Newsletter 16

Arab-British Business Volume 38 Issue 4 October/November 2014 Monthly bulletin of the Arab British Chamber of Commerce

HOW TO EXPORT IT AND TELECOMS EQUIPMENT TO SAUDI ARABIA – PROCEDURES EXPLAINED PAGE 20

RIYADH, KINGDOM OF SAUDI ARABIA

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Clients First–Always

INVESTMENT BANKING

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EQUITIES

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FIXED INCOME

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FUTURES

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WEALTH MANAGEMENT

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CHAMBER NEWS

NEW MEMBERS Beit Binzagr P O Box 209 Jeddah 21411 SAUDI ARABIA Tel: +966 12 643 8235 Fax: +966 12 643 8983 Email: bbca@binzagr.com.sa Website: www.binzagr.com Contact: Mr Faisal Binzagr Business Activity: Manufacture, trade and distribution of personal & home care products, food & drink, tyres, industrial products, cosmetics, manufacture of safety matches, marketing services and industrial insulation.

Monthly bulletin of the A-BCC Editorial Team Abdeslam El-Idrissi Cliff Lawrence David Morgan Dr Yasmin Husein Arab-British Chamber of Commerce 43 Upper Grosvenor Street London W1K 2NJ Tel: +44 (0) 20 7235 4363 Fax: +44 (0) 20 7245 6688 d.morgan@abcc.org.uk (English Editorial) y.husein@abcc.org.uk (Arabic Editorial) www.abcc.org.uk

Bright Investment Company Limited PO Box 230514 Riyadh 11321 SAUDI ARABIA Tel: +966 11 464 6006 Mobile: +966 50 0994 933 Fax: +966 11 464 4077 Email: suraj@bic.net.sa Website: www.bic.net.sa Contact: Mr Suraj Issac Business Development Manager Business Activity: Business and government support services, for companies intending to invest in the Kingdom of Saudi Arabia Fiore Boutique Almalek Road Behind Stars Avenue Mall Jeddah 21413 SAUDI ARABIA Tel: +966(0)555 1999 47 Email: fiore@fiore-boutique.com Website: www.omaymahazouzz.com Contact: Mrs Omaymah Azouzz CEO Business Activity: Fashion designer specialised in Arabic robes

Jash Technical Services LLC PO Box 173 Riyadh 11411 SAUDI ARABIA Tel: +966 11 476 7780 Fax: +966 11 477 6662 Email: info@jash.com.sa; mansoor@jash.com.sa; mhmusleh@jash.com.sa; bader@jash.com.sa Website: www.jash.com.sa Contact: Mr Bader Saad Al Sulaim CEO Business Activity: Defence contracting, communication systems & spares, steel fabrication including pipes, pressure vessels and heat exchangers. Ladies fashion, commercial & trade, operation & maintenance facility management. Noor Al Nather for General Trading & Agencies Trading Al Mansour Street Baghdad IRAQ Mobile: +964 (0)7721 096 969 Email: natheralbayaty@yahoo.com Contact: Mr Natheer Hilal Abbas CEO Business Activity: Trading of all kinds of heavy equipment and hydraulic system Bawabat Al-Romaila (FZE) Q1-06-117/B Saif Zone Sharjah Airport Sharjah UNITED ARAB EMIRATES Tel: +971 6 552 7914 Email: ahmedcn71@gmail.com; info@brg-dubai.com Website: www.brg-dubai.com Contact: Mr Ahmed Mohsin Admin Manager Business Activity: All aspects of civil, pipeline, tanks, vessels and MEI

Production & Design Distinctive Publishing Unit 2b Floor B Milburn House Dean Street Newcastle Upon Tyne NE1 1LE Tel: 0845 884 2343 www.distinctivepublishing.co.uk

Advertising Distinctive Publishing Tel: 0845 884 2343 john.neilson@distinctivegroup.co.uk

Disclaimer Distinctive Publishing or Arab-British Chamber of Commerce cannot be held responsible for any inaccuracies that may occur, individual products or services advertised or late entries. No part of this publication may be reproduced or scanned without prior written permission of the publishers and Arab-British Chamber of Commerce. ISSN No: ISSN 0958-8116

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CONTENTS POWER OF THE CHAMBER GLOBAL NETWORK

4

MEMBERS NEWS

6

THE ARAB ECONOMY: A PRIVATE SECTOR PERSPECTIVE

12

BUSINESS & PROJECT NEWS

14

EXPORTING IT TO SAUDI ARABIA

20

LAW

22

ARABIC SECTION

28

TENDERS

35

BUSINESS EVENTS AND TRADE FAIRS

37

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CHAMBER NEWS

THE POWER OF THE CHAMBER GLOBAL NETWORK ABCC takes part in international business conference

From left: Declan Curry, Chair, Chris Innes-Hopkins, UK-Executive Director, Saudi British Joint Business Council (SBJBC), Joe Hepworth, Chief Executive, British Centre for Business in the UAE (BCB) and Abdeslam El-Idrissi, ABCC Director of Trade Services.

“The Power of the Chamber Global Network” conference took place in Liverpool on 15-16 July as part of the International Festival for Business (IFB), an ambitious initiative launched by Britain’s Prime Minister David Cameron to promote economic growth and boost exports. The event attracted business delegates and trade officials from around the world. The Arab British Chamber of Commerce was invited to participate in the conference and was represented by Abdeslam El-Idrissi, Director of Trade Services, who spoke in a panel discussion ‘Infrastructure - British expertise building the future’ and took part in a B2B workshop.

Hosted in the Liverpool City Region, the IFB consisted of over 100 business focused events running from 9 June to 22 July 2014 in what was said to be the UK’s most significant international trade and commerce showcase since 1951. It attracted an estimated 250,000 visitors from more than 100 countries.

Asia, the Middle East to Central and Eastern Europe. Delegates including executives representing businesses from across the North West met Chamber of Commerce officials from 32 countries, and took advice from companies with track records of success in exporting.

The initiative was designed to contribute to the doubling British exports to £1 trillion by 2020, and generate more than £100 million of foreign investment for the UK over the next five years. The event will be repeated in 2016.

The first day featured keynote speakers and panel sessions with themes including Shipping and Maritime, the Low Carbon Economy, Exporting Services, Infrastructure in the Middle East, Europe and a focus on the High Growth Markets of South East Asia.

The two-day conference brought together exporters and potential exporters who discovered more about global high growth markets from Latin America to South East

Day two was an opportunity for local businesses and overseas market delegates to host breakout sessions between potential

CHAMBER NEWS

From left: Abdeslam El-Idrissi, Director Trade Services, ABCC, Jenny Stewart, Chief Executive, Liverpool Chamber of Commerce, Peter Mihok, Chair of the ICC World Chambers Federation and John Sutcliffe, Chairman, Liverpool Chamber of Commerce.

importers, exporters, agents, distributors and supporting professional services. These targeted B2B sessions consisted of small groups, providing the opportunity for one to one discussions. The conference culminated in a gala dinner

for 350 guests held in Liverpool’s newest venue, the Titanic Hotel and Rum Warehouse located in the recently restored historic and iconic buildings at Stanley Dock.

It was supported by leading organisations such as the British Chambers of Commerce, the ICC World Chambers Federation and UKTI.

The event was hosted by Liverpool and Sefton Chambers of Commerce.

TWO-DAY COURSE ON ISLAMIC FINANCE 6 – 7 November 2014

SECOND MIDDLE EASTERN CONTEMPORARY ART ONLINE AUCTION The Auction Room is delighted to announce the second auction of Middle Eastern Contemporary Art which will take place online at www.theauctionroom.com on 1st October 2014 at 7pm London time.

ABCC member Cambridge Judge Business School Executive Education, is running a two-day programme on Islamic Finance that will take place from the 6th – 7th November 2014 in Cambridge. The programme is open to those from any background but is particularly suited to those intending to work in, and new entrants to, the Islamic Finance Sector as well as those from financial services, legal, management consultants background interested in the area of Islamic Finance. The programme will provide participants

with a comprehensive introduction to opportunities, challenges and new business models in Islamic Finance and is taught by a number of Cambridge Judge Business School faculty and associates. For more information about the programme and to register, please see the website: www.jbs.cam.ac.uk/execed/ifp.html Or contact Cambridge Judge Business School on: ifpenquiries@jbs.cam.ac.uk

Many well-known and up-and-coming Arab and Iranian artists will be offered, including: Ramin and Rokni Haerizadeh, Jeffar Khaldi, Abbas Kiarostami, Youssef Nabil, Khosrow Hassanzadeh and Leila Pazooki. For further information contact: Georgia Spray Email: georgia.spray@theauctionroom.com Tel: +44 (0)20 7499 4406 Future auctions can be found listed here: www.theauctionroom.com/auctions/ upcoming

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MEMBERS NEWS

TRADE SERVICES

TRAVEL ARABIA - A UNIQUE SERVICE FOR BUSINESS TRAVELLERS The travel industry can be a confusing one to say the least, especially if you thinking of travelling to the Arab world. As the Arab region is a tourist destination still in its infancy, there are very few travel companies that are able to give advice or recommendations. Business travellers in particular want an efficient and reliable service but the fact that so many agencies selling travel to the likes of Abu Dhabi, Dubai, Jordan, Saudi Arabia, Oman and Qatar have never actually been to these places just adds more stress and anxiety. On top of this business travellers simply don’t have the time to do the majority of the research themselves. They have very specific requirements and need someone on hand at all times to deal with their needs and wants. Average travel agents are not in a position to do this and often cannot give the right advice or flexibility required. Knowing who to trust, who to rely on for your bookings and who has the right knowledge to make your business

trip the success it should be is the first in the series of business travel hurdles…and you haven’t even got to the check-in yet! The solution lies however in talking to a company where the sales team have first-hand knowledge and also understand that business needs are very different to tourist needs. Where they have experienced many Arab countries both in terms of business and pleasure and where

everyone has undergone in-depth product training. Travel Arabia are experts in their field (you can book online or talk to one of many knowledgeable employees), and with £1m of buying power per day they are always willing and able to secure the best deals for business travellers. Everything about Travel Arabia is transparent. It is part of the UK’s fastest

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MEMBERS NEWS

RECEPTION FOR OMANI LAWYERS An invitation to ABCC members Nasser Al Habsi, one of the partners in Addleshaw Goddard LLP’s Oman office, has organised a seminar and networking reception for a group of Omani lawyers visiting London. The short event is scheduled for 4pm - 5.30pm on 30 September in the law firm’s offices at Milton Gate (address below), as part of a trip organised by the Omani Lawyers Association and Omani British Lawyers Association to introduce Omani lawyers to primarily legal institutions in the UK.

growing travel company Not Just Travel Group and owned by successful entrepreneur Mohammed Islam of London. So far it has delivered 13 years of successful business travel, and though its headquarters are in London it covers the whole of the UK. Travel Arabia not only offers efficient and trustworthy advice and bookings, but can also go that bit further in making your business travel as interesting and stimulating as possible. For those looking to take in a bit of culture during their trip there is no better place: the Arab world is the world’s last great forbidden kingdom. For those with an adventurous spirit, there may well be a surprise or two, including the magical and monumental sites of the Middle East surrounded by romance and legend, the sensation-full souks, and of course the world renown Bedouin hospitality. And then

of course there is the Red Sea boasting reefs that rank among the least spoilt and most spectacular in the world. Travel Arabia encourages business travellers to have a unique and special experience. They are not just about booking hotels and flights but will go the extra mile for those wishing to explore the mountains, valleys and the turquoise water that is known for some of the world’s finest diving and attract some, but comparatively few, tourists. By using Travel Arabia business travellers will be offered the chance to not only stay in fantastic hotels but to truly experience the Arabic culture and lifestyle. For expert travel advice and efficient bookings please contact Mohammed and his team at Travel Arabia on 0203 137 6540 or email info@travelarabia.co.uk. Web: www.travelarabia.co.uk

The objective of the visit is to engender understanding of the way in which English law operates, the international reach and application of English law in a wide variety of sectors and industries, the processes by which it is applied, the procedures used in court and the role of lawyers in advising on the law, in representing clients, and in ensuring that clients follow the requirements of the law. AG’s role will be to give a brief presentation on how the training contract programme works. Please contact Addleshaw Goddard LLP – details below - if you wish to attend this event. Contact: Claire Northcote International Development Addleshaw Goddard LLP Milton Gate, 60 Chiswell Street London EC1Y 4AG DDI: +44 (0)161 934 6538 Mobile: +44 (0)7764 638947 Fax: +44 (0)161 934 6060 Office Locations: www.addleshawgoddard.com/contactus

CHAMBER HOSTS ORANGEFIELD GROUP On March 2014, the Arab-British Chamber of Commerce was honoured to welcome Orangefield’s UK branch among its prestigious group of members. With more than 40 years of experience, Orangefield Group provides clients with a global fund administration, offering full range of corporate secretarial services. Upon the arrival of Ramadan, the ABCC

was very pleased to accommodate Orangefield’s friends and delegates for a special Iftar evening hosted by them. Managing Director William Smit and colleagues–including Heba Khairallah AlEmara and Meike Lakerveld —graced the event with their presence, introducing their extensive range of services and inspiring other members guests by demonstrating unwavering commitment and dedicated

involvement to the development of their global presence. As per the Chamber’s tradition to honour visionaries, it is with great pleasure that we are welcoming Orangefield Group’s UK branch to our members list, and we thank them for their hard work in planning this valuable Iftar evening. www.orangefield.com

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MEMBERS NEWS

TRADE SERVICES

NEW 5-DAY CPD COURSE: AUTOMATION FOR THE ENTERTAINMENT INDUSTRY The Guildhall School and Stage Technologies have joined together to deliver a 5-day Automation CPD Training course: Automation for the Entertainment Industry in one of the newest, fully-automated theatres in the UK - the Guildhall School’s new building Milton Court. The training is delivered by practicing automation specialists from Stage Technologies and comprises a mixture of hands-on practice and theory. The Automation for the Entertainment Industry course is suitable for those pursuing a career in automation as well as technical theatre graduates and professionals in other backstage industries, such as lighting and sound, who are looking to increase their skills and knowledge. The course aims to provide students with a thorough introduction to automation and eChameleon software: from control basics and theory through to grid work and complex moves, and two dimensional and three dimensional rigging and flying. The training takes place on site at the Guildhall School’s recently launched building Milton Court, in state-of-the-art seminar suites and Milton Court Theatre - a fullyautomated theatre contacting 33 flybars, 6 point hoists; 9 CH:I integrated chain hoists; storage bars and an orchestra pit lift. Milton Court also has 3 Nomad desks and 1 Acrobat GB6. Automation is used in theatre, musicals, opera, pop music tours, corporate product launches, cruise ships, houses of worship and even schools and universities. Live performance, film, and TV creative teams require increasingly sophisticated technical solutions to turn their creative ideas to reality. The demand for skilled automation programmers and operators is higher than ever. There is also increasing need for other industry professionals, working alongside the technology, to have a good understanding of its uses and functionality.

Mark Ager, CEO of Stage Technologies commented, ‘The market for automation is rapidly expanding and there is a shortage of skilled technicians, and operators to fill the demanding roles created. I’m pleased to see the Guildhall’s extensive new facility being put to such good use, in helping to train the technicians of the future. It’s an ideal

venue to gain a real insight into the world of automation with a wide range of different types of equipment.’ The Guildhall School of Music & Drama is provided by the City of London Corporation. For further information see: www.rdmr.co.uk

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NEW MEMBERS

from page 5 Russell Bedford (Dubai) Limited Office 4, Level 3, Gate Village PO Box 506789 Dubai UNITED ARAB EMIRATES Tel: +971 4 401 9670 Fax: +971 4 401 9666 Email: info@rb-dubai.com; stephenbanks@rb-dubai.com Website: www.rb-dubai.com Contact: Mr Stephen Banks Director Business Activity: Chartered Accountants

Acquiesse Limited 6 Thornhill Road, Heaton Moor STOCKPORT SK4 3HJ UK Tel: +44(0)161-442 3130 Mobile: +44(0)793-039 3323 Email: info@acquiesse.co.uk; billy@acquiesse.co.uk Website: www.acquiesse.co.uk Contact: Mr Bilal Masood Director Business Activity: Importer, distributor and wholesale retail company

Mr Abdel Ghani Boudehana 16 Dewsbury Road LONDON Dollis Hill NW10 1ER Mobile: +44(0)786-8559 479 Email: ghani.abdel@yahoo.com Mr Abdel Ghani Boudehana Ph. D Student

Best Trading (GB) Limited 74 Winvale SLOUGH SL1 2JJ UK Tel: +44(0)1753-551 442 Mobile: +44(0)7812 153 019 Fax: +44(0)1753- 201 287 Email: abdulwaheed@besttradingltd. com; abdulwaheed_c@hotmail.com Website: www.besttradingltd.com Contact: Mr Abdul Waheed Managing Director Business Activity: Export of electro mechanical parts (turbine parts), pumps, pump parts-valves parts and all the electronic electrical material.

Abu Dhabi Commercial Bank (UK) Level 28 30 St Mary Axe LONDON EC3A 8EP UK Tel: +44(0)20-7469 4057 Mobile: +44(0)779-964 4173 Email: NicholasWhitfield.ext@adcb.com Website: www.adcb.com Contact: Mr Nicholas Whitfield Senior Consultant Business Activity: Corporate, commercial, investment banking and retail Arab Innovation Network (AIN) 63 Lancaster House Borough Road ISLEWORTH TW7 5FJ UK Mobile: +44(0)750-781 1063 Email: af490@cam.ac.uk; info@arabinnovation.net Website: www.arabinnovation.net Contact: Mr Amir Fakeeh President-Cambridge University AIN Society Business Activity: AIN annual conference, students’ societies, scholar camp and the Cambridge Tabadul Programme F1Green Services Limited t/a Almass Cars 20A Western Avenue LONDON W3 7TZ UK Tel: +44(0)20-8222 6524 Mobile: +44(0)777-962 2222 Email: almascars@dr.com Website: www.almasscars.com/co.uk Contact: Mr Ali Al Shra CEO Business Activity: Leading UK luxury chauffeur and performance car hire company

Farrer & Co LLP 66 Lincoln’s Inn Fields LONDON WC2A 3LH UK Tel: +44(0)20-3375 7000 Fax: +44(0)20-3375 7001 Email: martin.blake@farrer.co.uk; alison.springett@farrer.co.uk; richard. lane@farrer.co.uk Website: www.farrer.co.uk Contact: Mr Martin Blake Solicitor Business Activity: legal services for private families, individuals and charitable institutions, businesses and entrepreneurs The Glenside Group Limited 9 Caputhall Road, Deans Industrial Estate LIVINGSTON West Lothian, Scotland EH54 8AS UK Tel: +44(0)1506-420 950 Fax: +44(0)1506-420 959 Email: enquiries@glensidegroup.com Website: www.glensidegroup.com Contact: Ms Mary Revill Administrator Business Activity: Manufacturer and supplier of organic fertilisers and natural seaweed products KPMG LLP 8 Salisbury Square LONDON EC4Y 8BB UK Tel: +44(0)20-7311 1606 Fax: +44(0)20-7694 5362 Email: mariam.moi@kpmg.co.uk; simon.johnson@kpmg.co.uk; mike. walker@kpmg.co.uk Website: www.kpmg.co.uk Contact: Ms Mariam Moi Manager Business Activity: Accountants and Advisors

Libos Oil and Gas (UK) Limited 3A Clare Road GREENFORD Middlesex UB6 0DE UK Mobile: +44(0)781-115 7979 Email: p.oconnor@libospetro.com Website: www.libospetro.com Contact: Mr Philip O’Connor Chairman Business Activity: Upstream Oil and Gas facilitation in Libya London Procurement Resources Limited Mayfair Chambers 2 Charles Street LONDON W1J 5DB UK Tel: +44(0)20-3463 4599 Mobile: +44(0)793-2007 488 Fax: +44(0)20-3463 4594 Email: amine@lpr.uk.com Website: www.lpr.uk.com Contact: Mr Amine Khalil Director Business Activity: Equipment and materials procurement for the petroleum, energy and power industries. In-house expertise in procurement management Lubbock Fine Paternoster House 65 St Paul’s Churchyard LONDON EC4M 8AB UK Tel: +44(0)20-7490 7766 Fax: +44(0)20-7490 5102 Email: JamesEwens@lubbockfine.co.uk Website: www.lubbockfine.co.uk Contact: Mr James Ewens Business Development Manager Business Activity: Chartered accountants, tax and business advisers Quill Notaries LLP 121A Salisbury House London Wall LONDON EC2M 5QQ UK Tel: +44(0)20-7638 6067 Mobile: +44(0)778-657 5360 Fax: +44(0)20-7638 6076 Email: r.reingold@quillnotaries.com Website: www.quilnotaries.com Contact: Mr Richarch Reingold Director Business Activity: Notary public Residence 6* The Old Post Office 3 Infirmary Street LEEDS LS1 2HT UK Tel: +44(0)1132-856 250 Dir: 276 Fax: +44(0)1132-439 350 Email: vikki.baker@residencesix.com; graham.lydiatt@residencesix.com Website: www.residencesix.com Contact: Ms Vikki Baker General Manager Business Activity: Luxury serviced appartments

Sawa London 4 Maddox Street Mayfair LONDON W1B 2QD UK Tel: +44(0)20-3189 1227 Mobile: +44(0)794- 107 4381 Email: zaindhareeja@sawalondon.com Website: www.sawalondon.com Contact: Mr Zain Dhareeja Managing Director Business Activity: Bespoke lifestyle management and business services University of Cambridge, Judge Business School Executive Education JBS Executive Education Limited Judge Business School Trumpington Street CAMBRIDGE Cambridgeshire CB2 1AG UK Tel: +44(0)1223-332 339 Mobile: +44(0)750-088 3462 Fax: +44(0)1223-764 369 Email: m.steiner@jbs.cam.ac.uk; c.butler@jbs.cam.ac.uk Website: www.jbs.cam.ac.uk/execed/ index.html Contact: Ms Mercedes Steiner Programme Manager Business Activity: Executive education programmes to clients around the world Vita-Life (UK) 13 Queen Anne Street LONDON W1G 9JH UK Tel: +44(0)20-7323 0100 Mobile: +44(0)797-362 9126 Fax: +44(0)20-7307 9609 Email: info@vita-life.uk.com; buki@htlproducts.co.uk Website: www.vita-life.uk.com Contact: Mrs Oubukola Adeniyi-Jones CEO Business Activity: Wellness and lifestyle products and education Western Union Business Solutions 65 Kingsway LONDON WC2B 6TD UK Tel: +44(0)800 096 0172 Mobile: +44 (0) 7920 105 824 Email: adam.kasraoui@westernunion.com Website: www.business.westernunion.com Contact: Mr Adam Kasraoui Business Development Manager Business Activity: Foreign exchange and money transfer

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MEMBERS NEWS

IT SOLUTIONS FOR BUSINESS ABCC member, Technology Partners Ltd is using Sage ERP X3 to help customers’ businesses move from the ‘S’ to the ‘M’ of SMB.

Sage UK & Ireland, the renowned business software and services supplier has announced that its business partner of 16 years, Technology Partners Ltd, an accredited Sage Strategic Partner and Developer, is supporting expanding businesses with Sage ERP X3 v7.

international expansion or growing within the UK. Whilst there is still a strong focus on managing costs, attention is now firmly focused on the next stage of business development. We are promoting Sage ERP X3 version 7 to businesses making that jump from the ‘s’ to the ‘m’ of SMB.”

Technology Partners Ltd, a member of The Arab British Chamber of Commerce with offices in Slough and London and an extensive and growing customer base, is educating its clients about the pros of flexible, scalable ERP solutions for medium sized organisations looking to upscale.

The directors of Technology Partners Ltd have been Sage Business Partners since the founding of the company. Technology Partners Ltd is opening new customer sectors, using the flexibility and scalability of Sage ERP X3 version 7 as a conversation starter for customers looking to increase productivity and control over the business. Charities/Not for Profit and Financial Services are two of the sectors increasing their organisations’ flexibility and driving success through better use of internal data.

Focused on the Finance, Distribution, Manufacturing, Not for Profit and Retail sectors, Technology Partners Ltd noted a shift in the market as organisations, with a growing optimism, look to assist growth plans with investment in infrastructure. Zaff Ajaib, Managing Director of Technology Partners Ltd, explained, “In all industries we are seeing clients looking to the future and preparing for growth, whether through

Christophe Vanackère, Director of Sales and Marketing, Sage Mid-Market Europe said: “We’ve redesigned Sage ERP X3 in order to help mid-market companies take advantage of growth opportunities and reach even greater potential. The solution’s flexible

nature will enable Technology Partners and their customers to get more business done at a faster rate, from any location.” With recent research from Sage demonstrating that businesses are throwing away large sums of money in wasted technology investment every year by failing to fully utilise their business software, it is essential that organisations carefully plan the IT solutions needed for their business. The research shows that mid-market businesses have three clear priorities: Winning new clients, Reducing operating costs and Growing revenue. Sage ERP X3 v7 has been redesigned to task these key challenges with an abundance of new features that help mid-sized businesses. To find out more about how Technology partners Ltd. can assist you in using Sage ERP X3 to help grow your business; please contact: Charlie Staerck – Tel: 0845 644 8770, Email: cstaerck@ technologypartners.co.uk or visit our website www.technologypartners.co.uk

MEMBERS NEWS

IREF SUMMIT 2014 Jumeirah Carlton Tower, London, 16th - 17th December 2014 The International Real Estate Finance (IREF) Summit has become a successful flagship annual event for ICG-Events after being held over the last ten years with the constant support of major players in the industry.

During this period the Summit has focused on covering the most current real estate issues affecting both the conventional and Islamic financial spheres. The IREF Summit series has demonstrated instances of successful interaction between the sectors whilst also highlighting areas of potential opportunity for future interaction. At a time when conventional markets are almost at a standstill, Islamic Financial Services are growing from strength to strength demonstrated by the recent British debut sovereign £200 billion Sukuk issuance in June 2014 which was oversubscribed ten times. This demonstrates the viability of Islamic Financial Services through its ability to direct the vast liquidity emanating from Islamic jurisdictions into opportunities in markets the world over. The UK sovereign Sukuk was underpinned by government real estate assets - real estate being one of the most favoured asset classes in the Islamic Finance arena. As Islamic Finance continues to be one of the most dynamic and vibrant areas of finance, the IREF Summit and Gala Dinner Awards Ceremony celebrating excellence in the industry could not be better timed. Themes to be addressed in keynote addresses and panel discussions over the two-days of the forthcoming conference include: l Current Dynamics in a Changing Global

Property & Real Estate Market – Public Policies, Priorities & Performance;

l Real Estate & the Basel III Challenge:

Impact of New Capital Requirements on Real Estate Companies; Liquidity Coverage Ratios & High Quality Liquid Assets - The Role of Real Estate Assets & Real Estate-backed Sukuk; Takaful for Real Estate Transactions & Insolvency Issues Relating to Real Estate Companies; l The Private Sector: A Vital Component

in the Real Estate Development Cycle ICD’s Win-Win Strategy in Partnering with Private Investors in Property Development and Mortgage Financing;

l The Importance of Housing & Property

Construction and Access to Financing for Economic Growth - A Priority for the International Finance Corporation (IFC);

l Exploring Alternatives through Islamic

Finance Solutions & Initiatives;

l The Contribution of Real Estate to GDP

– Infrastructure Spend & Ask in MENA, Asia, Africa, West;

l Suitability of Sukuk as a Property Finance

Instrument;

l Towards a Bricks and Mortar Silk Road; l National & Cross-Border Legal Issues

- Transfer of Titles to Deeds, Foreign Ownership Barriers & Issues; Investment Through Capital Markets;

l State-Financed Kafalah in the Saudi

Housing Market & PPP in the GCC;

l Future Market Segment Opportunities

- Healthcare, Student Accommodation, Education, Logistics & Distribution; Selfstorage; Warehousing;

l The Financing Mix: From Murabaha,

Istisna, Ijarah, Diminishing Musharaka, Mezzanine Financing to Sukuk - The Need for More Innovation - The Dangers of Over-Exposure to the Real Estate Sector; l London Calling: The UK Rising: Europe on

Hold - Leveraging Opportunities During Economic Austerity; Why the UK is Outperforming Europe? Is Islamic Finance Rediscovering the US Realty Market?

l The GCC & MENA Housing &Mortgage

Market: Upwardly Mobile or Sleepwalking into a New Bubble - Saudi Synergies; Dubai Doubts; Qatari Question Marks; Turkish Delights;

l Unleashing the Potential of Social Assets

to Generate Market Returns;

l Reconstruction & Rehabilitation: The

Urban Regeneration and Development Challenge - The Case of Jeddah City Centre;

l Mortgage Securitisation: Unleashing the

Power of Liquidity in the Islamic Real Estate Sector - Towards a Cross-Border Strategy of Cooperation;

l Shariah, English Law, Innovation &

Sustainability in the Real Estate market.

ICG- Events has distinguished itself in the area of event organisation and management, through its ability to gather the most accomplished experts from both the conventional and Islamic Financial Services industry to discuss the most pertinent issues and highlight the most current opportunities effecting global markets. For further information see: www.irefsummit.co.uk

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THE ARAB ECONOMY

THE ARAB ECONOMY - A PRIVATE SECTOR PERSPECTIVE FOR A BETTER BUSINESS CLIMATE An extract from a new report published by the General Union of Chambers of Commerce, Industry & Agriculture for Arab Countries (GUCCIAAC). The Arab world possesses the key raw materials of success, including a youthful population, a private sector that is used to work in risky environments, energy resources and some of the fastest globally growing economies. The region is home to 60% of the world’s oil and around 40% of its gas reserves. Nevertheless, many Arab countries continue to struggle with their prolonged political transitions that started in 2011, continued regional tensions and difficulties in the global economy, slow growth, high fiscal and current account deficits, astounding unemployment rates and modest domestic and foreign private investment. The Arab private sector has a key role in partnership with governments to enhance the Arab world’s competitiveness and the region’s vast potential. Nevertheless, this role needs stability and depends on implementing systematic reform programmes and legislation to eliminate the obstacles that face the private sector and its growth aspirations in individual countries, and as importantly, in the region as a whole. Special emphasis need to be placed to move forward with the Arab economic integration path towards achieving an Arab Common Market that is able to compete in the world economy and be up to the fast and changing developments in the global investment and trade rules and maps. Today, regional trade and investment groupings shape global foreign direct investment (FDI) and global trade exchanges. Regional trade agreements (RTAs) have become increasingly prevalent since the early 1990s. According to the WTO, as of 15 June 2014, some 585 notifications of RTAs had been announced, of which 379 were fully in force. International trade is now more regionalised, particularly in Asia, where growing supply and value chains within the trade regions reshape the distribution of production of

good and services between many countries, especially in the manufacturing industries, leading to more efficient and less costly business transactions, while promoting trade, investments and rates of growth. The regional groupings worked exceptionally well for attracting international investment for developing countries. FDI flows to developing countries reached a new high of $778 billion in 2013, constituting 54% of total global FDI. Inward flows to developed countries increased by 9% to $566 billion, leaving them at 39% of global flows. The balance of $108 billion went to transition economies. As for outflows, developing and transition economies together invested $553 billion, equivalent to 39% of global FDI outflows, compared with only 12% at the beginning of the 2000s. Yet the most important change in the world investment map is the formation of mega regional groupings and their rising influence in shaping the global FDI. The main ones currently under negotiation are the Trans Pacific Partnership (TPP), the Trans-Atlantic Trade & Investment Partnership (TTIP), and the Regional Comprehensive Economic Partnership (RCEP) that includes 17 countries accounting for almost half of the world population, from east Asia, Japan, Australia and New Zealand. Regionalism and technology are key factors in the transformation process. Wireless exchange of trade and investment are growing by 30% every year among supply chain businesses worldwide. 90% of trade flows through 39 trade bloc regions. Growth performance in recent years across the Arab world was mixed, with considerable risks to the outlook, due to continued regional strains and global economic slowdown. The region witnessed considerable fluctuations in real GDP growth, especially in countries of turbulence transitions, like Libya

and Syria. In 2013 overall real GDP growth in the Arab world achieved a slower economic growth of 3% as compared with 4% in 2012. High oil prices have positively impacted the performance of the Arab oil exporters, although these countries need to adjust to lower global demand. The Gulf Cooperation Council (GCC) registered an average growth of 4.3% in 2013, down from 5.7% in 2012. Overall growth is projected to remain firm at 4.4% in 2014, driven by the non-hydrocarbon sector which is forecast to expand by 5.4%. The external current account and fiscal balances are projected to remain in large surpluses in 2014. Net foreign assets are expected to rise to $2.3 trillion, equivalent to 138% of aggregated GDP in the same year. The main downside risk to the GCC outlook stems from and unexpected sharp drop in oil prices for a sustained period of time. The rise in asset prices in the real estate sector needs to be monitored, but is not a concern at this time. The Arab countries have many similar and different features at the same time. Their major points of strength are that they share one language, a common and rich culture, youthful populations, close and strategic geographical proximity and economic diversity and complementarity. The heterogeneity of the region is reflected in the different strengths and weaknesses of the three sub-regions, namely the oil-rich countries, the oil-importing countries and the least developed countries. Countries like Lebanon and Jordan have relatively welleducated workforces, but are challenged by infrastructure shortages and their small market sizes, in addition to inefficient government bureaucracy. Some of the other diversified Arab economies like Egypt enjoy relatively large domestic markets. Others like Tunisia have solid and diversified economic platforms. Yet most of these countries are either under political transition and internal struggles, or at least,

THE ARAB ECONOMY

like Lebanon and Jordan, affected by their consequences. The current private sector investment in food production agro-activities in the Arab world, including agriculture and food industries, are quite modest in view of the limited capital invested that is estimated at only $357 million. This sum is less than 1% of the annual Arab imports bill of major food commodities that is estimated at around $41 billion and expected to reach $63.5 billion in 2030. The region is considered as the largest world net importer of cereals, with imports at around a quarter of the total world imports. The Arab world is rich with potential and opportunities. It has a large and growing consumer base and is located at the intersection of Asia, Europe and Africa. The region has a rapidly growing and young population that are capable of being valuable human resources, complemented by the abundant natural resources. It offers significant investment opportunities for those with a long-term investment horizon and willing to take risks. Structural reforms need to target the most significant impediments, in particular bureaucratic inefficiency and corruption, tax systems that do not support competitiveness, difficulties and inequalities in access to finance, low female labour force participation, and labour regulations that are not supportive to job creation.

The private sector can play a significant role. But it will only do so in an improved business environment through smarter regulations and adequate financing to small and medium-sized firms. A more inclusive economy also involves providing better regulations to encourage the real economy sectors and SMEs that are behind the majority of private sector employees, the right conditions for more youth and women to enter the job market, education that matches students’ skills with needs of modern business, and better functioning labour markets. For the Arab economy to gain momentum and develop into sustainable and higher growth, structural impediments to private economic activity has to be tackled. A weak business and legal environment, and limited access to bank credit in some countries, hinder private sector growth, especially for SMEs. The report advocates measures for improving job creation, food security, macroeconomic soundness and stability, better transparency and governance. In respect of wider and deeper trade it recommends: a) Elimination of non-tariff barriers to trade within the region; b) Harmonisation of Arab trade policies and regulations; c) Extend the scope of GAFTA to include trade in services;

d) Invest in upgrading traderelated infrastructure to enhance competitiveness, including roads, ports, airports and storage and handling facilities; e) Facilitate the flow of trade regionally and internationally, through building institutional capacity, allowing labour mobility, incorporating technology, streamlining and simplifying all trade related procedures, mainly customs. In order to achieve more export diversification the report proposes: a) Improve the investment climate and eliminate obstacles that hinder free market forces; b) Provide incentives for market driven entrepreneurial dynamism in the services sectors and high value added products; c) Improve access to trade financing, particularly to the small exporters with limited resources. This is a short extract from the full 40-page report which can be downloaded here: www.ablcc.org/news-events/in-thespotlight/357-study-on-the-arab-economy

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BUSINESS & PROJECT NEWS

BAHRAIN HEALTHCARE SECTOR LOGS 10% GROWTH Bahrain continues to see rapid growth of around 10 per cent per annum in the healthcare sector, according to an Oxford Business Group report. The latest estimates from Gartner are that healthcare providers in the Middle East and Africa will spend $2.8 billion on IT products and services this year, an increase of 2.8 per cent over last year, reported the Gulf Daily News. According to Gartner spending is expected to be concentrated on areas like building patient databases, mobile health, and preventive and diagnostic healthcare technologies, there is a dire need for healthcare providers to invest in patient engagement technologies. Experts say regulations, privacy challenges, and increasing research and technology, have all caused the healthcare industry to change regularly.

Interactive Intelligence territory manager for Middle East and Turkey Shaheen Haque said the healthcare industry is no stranger to rapid evolution and for ages, providers have had to react quickly to innovations. Cost-cutting measures, penalties, and potential loss of business are creating an increasing need for automation around engagement practices.

EXPANSION ABROAD DRIVES LEBANESE BANKING GROWTH A new study by Bank Audi showed that growth in foreign currency deposits in 2013 represented the bulk of the total deposit growth in Lebanese banks. “The breakdown of deposits reveals that the growth recorded in the year 2013 is mostly down to foreign currency deposits, which were responsible for about 84 percent of total growth in the sector,” said the Bank Audi report. “The growth in FX deposits was significant at $12.0 billion in 2013. In parallel, local currency deposits continue to grow at a relatively good pace, with the equivalent of $2.3 billion in new deposits during 2013. “This has generated a rise in the share of foreign currency deposits to total deposits from 68.6 percent in 2012 to 69.9 percent in 2013.”

‘Through increased integration, improved customer service strategies, and assessment of current business processes, organisations in Bahrain can make the decision to move to a more innovative and proactive strategy for patient engagement,’ he added.

The report attributed the rise in foreign currency deposits last year to the expansion of some Lebanese banks abroad, most notably Bank Audi, which opened a big subsidiary in Turkey.

Trade Arabia, 22/09/2014

The Daily Star, 12/09/2014

SAUDI UTILITY TO SPEND $80BN TO RAISE WATER PRODUCTION Saudi Saline Water Conversion Corporation (SWCC) plans to invest SR300 billion ($80bn) by 2025 to boost energy-intensive desalinated water production to 8.5 million cu m a day, the head of the utility has said. SWCC, also Saudi Arabia’s second largest power producer, now produces 3.6 million cu m per day of desalinated water, Abdulrahman Mohammed Al Ibrahim told reporters. Demand for power and water in the kingdom has grown significantly in recent years. “In less than two years we will go up to 5.2

million cu m per day...by the end of 20152025 we will need to reach to 8.5 million cu m per day,” he said. Al Ibrahim added that SWCC is trying to double energy efficiency from the current level of about 26 to 27 per cent to 54 to 55 per cent and is looking at renewables as part of its energy portfolio. He later said SWCC is using 300,000 barrels per day of oil equivalent (boepd). “Currently we consume around 48 to 49 per cent of natural gas, the remaining is mainly heavy fuel oil and a very small portion of

diesel to generate to satellite plants,” he said. The utility has yet to launch a pilot plant in Khafji which will produce 30,000 cu m per day of desalinated water from solar energy. The power plant in Ras Al Khair will eventually have capacity of 2,400 MW and the project will be able to desalinate 1 million cu m of water a day. Ma’aden has rights over 1,350 MW of the capacity; the other 1,050 MW has been allocated to Saudi Electricity Company. Reuters, 17/09/2014

BUSINESS & PROJECT NEWS

DUBAI SET TO INCREASE HOTEL CAPACITY TO 160,000 BY 2020 The thriving hospitality industry of Dubai, recording consistently high occupancy rates and sustained expansion, is on track to boost capacity to 160,000 rooms by 2020. Since 1999, Dubai’s vibrant hotel industry has been on a phenomenal growth. From 378 properties comprising 254 hotels and 124 hotel apartments, offering a total of 25,188 room keys, Dubai’s hotel has expanded to include a further 256 properties to reach a total of 634 establishments and 88,888 room keys — an increase of over 350 per cent, according to data released by the organisers of the Hotel Show Dubai 2014 held at the end of September. Since 1999, following the opening of the Burj Al Arab, Jumeirah’s Group’s iconic property that ensured Dubai’s place on the world’s luxury stage, an average of 17 new hotels were being launched each year. The UAE is already among the top five countries in the world for new hotel openings over the past five years. The UAE also has the longest pipeline of rooms under construction with an additional 32,107 rooms in the

offing while the Middle East/Africa hotel development pipeline comprises 483 hotels totalling 117,450 rooms. Massive-scale expansion of international airports in the UAE, including what promises to be world’s largest — Al Maktoum International with a capacity for 160 million annual passengers — and the fast pace of growth being recorded by the country’s three industry-leading airlines have already been driving a relentless surge in the number of international visitors to the UAE. As a result, almost all hotels across the UAE have been reporting impressive occupancy rate as well as steady growth in average daily rate. Standard and Chartered has estimated that the Expo 2020 would have positive implications on three key parts of the economy: housing, infrastructure and hospitality.

On the hospitality front, the authorities estimate that 25 million people are likely to visit the Expo, of which 70 per cent will come from outside the UAE. “We see the hotel sector as one of the main beneficiaries of growth generated by the event. To accommodate the significant inflow of tourists, the hotel stock will have to expand. Since 70 per cent of the 25 million visitors are expected to come from outside the UAE, Dubai will need to accommodate 17.5 million tourists in the months around the Expo,” it said. Dubai will require around $43 billion to significantly upgrade its infrastructure for Expo 2020 that may generate additional revenues in the range of $25-35 billion, studies show. Khaleej Times, 23/09/2014

GE WINS CONTRACT TO SUPPLY TURBINES FOR 100MW MOROCCAN WIND FARM GE has secured a contract to deliver 56 of its 1.7-100 turbines for the 100MW Akhfennir wind farm in Morocco. Energie Eolienne du Maroc (EEM), a subsidiary of Nareva Holding, is developing the wind farm in southern Morocco. The project is part of a 720MW first phase of the Morocco Government’s plan to generate 2GW of energy from wind by 2020. The electricity generated from the Akhfennir wind farm will support local industrial firms. Nareva Holding chief executive officer Ahmed Nakkouch said: “Morocco is taking significant

strides in achieving the Integrated Wind Energy Strategy to increase wind’s portion of the national energy mix to over 14 percent by 2020. “GE’s wind turbines have proven performance and reliability, adding further value to the project.” GE said its 1.7-100 blades are built on an evolution of high performance turbines to have competitive economic returns and capacity factor.

GE chairman and chief executive officer Jeff Immelt said: “Building on our power generation heritage of over 100 years, our wind turbine technology is a strong fit to help Morocco meet its wind power goal and support the country’s industrialization.” GE’s global fleet of over 23,000 turbines offers more than 37GW of installed wind energy capacity. Clean Technology Business Review, 23/09/2014

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BUSINESS & PROJECT NEWS

OMAN RAIL SEEKS TRAINING COMMITMENTS FROM BIDDERS International consortiums bidding for Segment 1 of Oman Rail’s multi-billion dollar national railway network project are required to include commitments to the training and skills development of Omanis in their bid submissions. Training is a key component of the national rail company’s strategy for generating significant In-Country Value (ICV) during the implementation phase of the Oman National Railway Project, a mammoth undertaking expected to cost in excess of $20 billion when it is finally operational. Omanisation, SME

development, use of indigenous resources, and localisation of industries are other avenues outlined by Oman Rail. Eighteen pre-qualified consortiums and joint venture partnerships are preparing to bid for the Design & Build tender covering a 207km length from Sohar Port to Buraimi on the border with the UAE. Submissions for this package, representing Segment 1 of the national network, are due in by 21 December 2014. As part of their bid proposals, bidders must

KUWAIT EXTENDS TENDERS FOR REFINERY EXPANSION Kuwait’s plans to boost refining capacity by over 50 per cent are still on track, a senior oil official said, despite having to extend tenders to build a 615,000-barrel-per-day refinery. Mohammed Ghazi Al-Mutairi, chief executive of Kuwait National Petroleum Company (KNPC), said closing dates for tenders to build the country’s fourth refinery, known as al-Zour, were to be extended until November 2014 and January 2015.

based Fluor Corp, and Italy’s Saipem are among 15 firms that have been shortlisted for the Zour refinery, he said. “We are targeting April 2015 to sign the contracts for al Zour,” Mutairi told Reuters at his office in Kuwait City. “Our plan is to increase our refining capacity to 1.415 million bpd by mid-2019. Today we are at 930,000 bpd, so it is a big jump.” Reuters, 10/09/2014

Japan’s JGC Corp, Britain’s Petrofac, US-

SAUDI ARABIA TO SET UP 5 SOLAR ENERGY PLANTS The Saudi Arabia government plans to construct solar energy-based power plants in five provinces across the country, according to local media reports. The Saudi Electricity Company (SEC) will be developing these projects in co-ordination with King Abdullah City for Atomic and Renewable Energy (Kacare), reported the Arab News. Kacare is an independent organisation set up with the fundamental aim of building a sustainable future for Saudi Arabia by developing a substantial alternative energy capacity fully supported by world-class local industries.

The organisation has already received the regulatory approval for the implementation of the plants at Qaisumah, Rafha, Wadi Al-Duwasir, Mahd Al-Dhahab, and Shororah provinces, stated the report, citing a source. Kacare has announced plans to produce limited electric power from an old waste dump in Jeddah, said the report. Kacare and SEC will soon invite bids for the construction of these the plants beginning from Mahd Al-Dhahab, Madinah region, the report added. Trade Arabia, 22/09/2014

spell out their plans for organising specific training courses designed to enable Oman Rail’s Omani staff to gain the knowledge and skills necessary to operate and manage the network when it comes into operation. The scope of this capacity-building encompasses not only rail construction aspects, but also the management, operation and maintenance of infrastructure, track works, systems, software, equipment, tools and machinery related to the project. Oman Observer, 15/09/2014

TANGER MED 1 PORT GAINS GLOBAL RECOGNITION The Tanger Med 1 port in Morocco was placed in 55th spot among the world’s largest ports, according to this year’s British magazine Container Management ranking. Last year, the port occupied the 72nd position. The port recorded the largest increase in volume handled, with 40% growth, followed by the port of Mundra in India, with 28%. In the transshipment activities, Tanger Med ranks second among African ports and the seventh in the Mediterranean region. According to the Tangier Mediterranean Special Agency, the classification “reinforces the position of Morocco as a centre of maritime commerce.” The administrator of the port also said it expects further improvement in the classification of Tanger Med in coming years. The Tanger Med has links with 127 ports in 57 countries. Of total containers handled at the site, 97% are for export of products and 3% to cater to the domestic market. Nuqudy, 16/09/2014

BUSINESS & PROJECT NEWS

LEBANON 1 MW SOLAR POWER PLANT TO BE READY IN 2015 Lebanon’s Energy and Water Ministry will finish constructing a 1 Megawatt solar power plant on Beirut River in early 2015, the Minister Arthur Nazarian said. However, the plant would supply only a tiny portion of the country’s power needs. “We intend to complete the construction of such a power plant in the first quarter of 2015 and link its production to the network of Electricite du Liban,” he told a Beirut Energy Forum dedicated to energy efficiency, renewable energy and green buildings. Nazarian said the project would be environmentally friendly and the first of its kind worldwide, as it will be suspended over the river. The forum also saw the launch of another initiative to construct a 3 MW solar power

plant in two phases. “It is an opportunity today for me to call upon donors to invest more in sustainable development projects,” the minster added. He said 2015 would also witness the launch of wind power projects, adding that the national committee had completed several stages in the international bidding disclosures for wind power production ranging from 50 MW to 100 MW. “The results of these bids will be revealed before the end of this year and they will be submitted to the Cabinet with the hope that 2015 will witness a remarkable shift in the

field of wind power generation,” he said. The minister said the projects were being funded through NEEREA, a national financing mechanism initiated by the Central Bank, in collaboration with the Finance and the Energy and Water ministries, the UNDP, the EU and the Lebanese Center for Energy Conservation. Nazarian has also called upon companies willing to produce electricity through solar power to build solar plants with a generating capacity of 10 MW to 50 MW according to law 288 issued in April 2014. The Daily Star, 18/09/2014

MENA AN ATTRACTIVE DESTINATION FOR REINSURANCE The Middle East and North Africa region continues to be an attractive destination for regional and global reinsurance industry but fierce competition, pricing pressure and increasing retentions weigh heavily on the sector’s growth prospects, according to Qatar Financial Centre (QFC). “Growing insurance premiums and a relatively low exposure to natural perils are the main attractions, which drive the unabated increase in reinsurance capacity,” QFC said in its 2014 Mena Reinsurance Barometer. The percentage of participants expecting reinsurance capacity in the Mena region to expand further has risen sharply from 50% to 88%, it said, adding the region remains an attractive high growth, low-catastrophe market with positive effects on overall portfolio diversification, in particular, as global excess reinsurance capacity has continued to grow over the past 12 months. Finding that opportunities abound, the barometer said the region’s low insurance penetration with total premiums accounting

for just 1.4% of GDP (gross domestic product), a mere fifth of the global average, is seen as a major long-term and structural driver of insurance and reinsurance market growth. However, this gap is narrowing as Mena insurance markets outpace regional GDP growth. Between 2008 and 2013, total nonlife and life insurance premium volume in the region expanded from about $30bn to $50bn and the region’s four largest insurance account for about three quarters of the total premium pot. A young and rapidly growing population, fuelling demand for medical, motor and life insurance and promoting the development of new insurance products add to the markets’ growth potential. “Due to its compelling fundamentals and expanding capacity, the Mena region continues to be an attractive destination for global reinsurers,” QFC Authority CEO Shashank Srivastava said. At a share of less than 16%, life business continues to play a relatively minor role.

Since 2008, life insurance premiums have grown only marginally faster than non-life business (at an annual average real rate of 7.9% compared to 7.6%). In addition to compulsory insurance schemes in motor and healthcare, massive infrastructure and construction spending continues to be the most powerful driver of insurance and reinsurance demand in the region. As of May 2014, more than $450bn of projects was under way in the Gulf region alone. In the Mena, about 30% of non-life insurance premiums are ceded to reinsurance companies. The total estimated non-life reinsurance market volume for 2013 amounted to about $12.6bn. The GCC region has been witnessing a declining trend in cession, primarily attributable to aboveaverage growth in personal lines such as motor and medical insurance. These lines of business have significantly lower cession rates than more volatile commercial segments of businesses. Gulf Times, 14/09/2014

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BUSINESS & PROJECT NEWS

IMF APPROVES $552.9M FOR YEMEN The Executive Board of the International Monetary Fund (IMF) has approved a three-year Extended Credit Facility (ECF) arrangement with the Republic of Yemen for $552.9 million to help maintain macroeconomic stability and promote inclusive growth. $73.8m was made available for immediate disbursement while the remaining amount is to be phased in semiannual disbursements subject to review. Naoyuki Shinohara, IMF Deputy Managing Director, and Acting Chair, said: “The Yemeni authorities have made commendable efforts to support macroeconomic stability and growth. Nonetheless, political and security challenges have continued to weigh on the policy environment and economic outcomes. In particular, fiscal and external balances have weakened due to delays in key reforms and increased sabotage of oil facilities. Looking ahead, the main challenges are to improve the fiscal and external positions, as well as support inclusive growth and job creation. The centrepiece of Yemen’s reform package is phasing out large and inefficient fuel subsidies. The financial sector reforms that are planned aim at strengthening bank regulation and supervision as well as at enhancing market infrastructure, the IMF said.

The macroeconomic situation continued to be relatively stable in 2013, and growth remained moderate. Non-hydrocarbon growth was steady at about 4 percent, while hydrocarbon growth picked up strongly, reversing part of the oil output decline in the preceding two years.

Key elements of the IMF-supported programme are to:

As a result, real GDP growth is estimated to have doubled to almost 5 percent. At the same time, average inflation edged up slightly to reach 11 percent (up from about 10 percent a year earlier), and the exchange rate remained stable. Inflation moderated in the first half of 2014, but oil production declined due to sabotage activities, leading to severe fuel and electricity shortages.

Yemen is to maintain prudent monetary and exchange rate policies aimed at containing inflation, enhancing competitiveness, and avoiding exchange rate volatility while preserving foreign exchange reserves.

Yemen has progressed in its political transition since the 2011 crisis but economic recovery has remained insufficient to reduce unemployment and poverty. Infrastructure investment has also continued to drop, and foreign direct investment remains concentrated in the hydrocarbon sector that employs a small percentage of the labour force. Faced with a rapidly deteriorating economic situation in the first half of 2014, Yemen initiated a bold economic reform programme to reverse the deterioration in macroeconomic conditions and to support growth.

Infrastructure investment will be gradually increased in order to boost job creation and potential growth. The government will also improve public finance management.

Other key elements include reform of the financial sector, improved governance, and encouragement of inclusive, private sectorled growth. Primary reforms aim at strengthening consolidated and cross border supervision, developing regulation to address risks specific to Islamic banking, and strengthening the Central Bank of Yemen’s powers to resolve banks. Governance reforms include improving the business environment, transparency, accountability and improving public infrastructure investment, the IMF said. IMF, 02/09/2014

KUWAIT LOOKS TO ATTRACT MORE FOREIGN INVESTORS

EGYPT TOURISM COULD FULLY RECOVER IN 2015

Kuwait has suspended a programme under which foreign winners of big government contracts are required to invest in the local economy, its finance minister said, as the country seeks to attract more overseas companies.

Egypt’s tourism industry could fully recover by the end of next year, the country’s tourism minister said.

“It has been frozen temporarily. We need to revise it,” said Anas al-Saleh, adding that many international businesses firms had been critical of the scheme. “This is why we’ve frozen it to make sure it is not an obstacle for those firms to come in.” He said that new rules could be ready in about six months.

The so-called offset programme was introduced in 1992 as a way of weaning the country off its reliance on oil and foreign personnel, giving it access to new technologies and training. The Kuwait Direct Investment Promotion Authority (KDIPA) was established as an independent public authority in 2013 to promote direct investment. Potential investors may find useful information on KDIPA’s website: www.kfib.com.kw Agencies, 10/09/2014

While Egypt is by no means wholly stable, Hesham Zaazou said in an interview with Reuters that he hoped tourist numbers would rise by up to 10 percent this year and recover to preuprising levels of 14.7 million visitors in 2015. “If the relative stability that exists now continues, I imagine there will be a (full) recovery,” Zaazou said. Sea resorts and ancient sites are the backbone of the tourism

industry - a pillar of the whole economy - and have mostly escaped recent unrest, but Zaazou said he would also promote desert safaris, trekking and spa tourism. Once peaking at $12.5 billion (£7.7bn) a year, tourism revenues were less than half that in 2013 as the internal upheaval put off foreign visitors. More than 14.7 million tourists visited Egypt in 2010, dropping to 9.8 million in 2011. Visitors picked up in 2012 to 11.5 million but shrank to 9.5 million last year. Egypt Independent, 15/09/2014

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EXPORTS

PROCEDURE FOR APPROVING AND IMPORTING TELECOMMUNICATIONS AND IT EQUIPMENT

Procedure explained by the Riyadh-based Communications and Information Technology Commission.

The Communications and Information Technology Commission (CITC or the Commission) is mandated, in accordance with the authority granted to it by its Statutes, to license telecommunications equipment to be used in the Kingdom of Saudi Arabia. This includes undertaking all the necessary procedures to ensure the compliance of the terminal and facilities equipment used in the telecommunications network with the relevant technical specifications. CITC has prepared the procedures for approving and importing telecommunications and IT equipment as well as the technical specifications that will be used as the technical basis for authorizing such equipment for use in the Kingdom. All parties manufacturing, importing or supplying telecommunications and IT equipment in the Kingdom must comply with the procedures and the technical specifications. Any party wishing to get equipment approval or planning to import telecommunications and IT equipment into the Kingdom shall follow the procedures outlined below. 1. Procedures for Obtaining Telecommunications and IT Equipment Approval Any party wishing to obtain telecommunications and IT equipment approval must undertake the following procedure.

A. Telecommunications and IT equipment approval being obtained for the first time If the Telecommunications and IT equipment approval is being obtained for the first time, the requester shall apply to the Commission in writing and provide the following information: 1. Description of the product and all its associated units including brand name and model number; 2. Detailed technical information and catalogues including public network interface characteristics. Wireless devices must include the output power, type and gain of the antenna, frequency and bandwidth, built-in encryption schemes, and any other information requested by the Commission in a timely manner; 3. Identification of the CITC technical specifications, published on the CITC website (www.citc.gov.sa), to which the equipment conforms; 4. Certification from the manufacturer that the equipment in question conforms to the CITC technical specifications. This certification (or Declaration of Conformity) must be signed by an authorized officer of the manufacturer; 5. A formal report outlining the details and results of the equipment testing. The

applicant shall retain the test data and be prepared to submit it to the Commission on request; 6. If applicable, a statement identifying the names and addresses of any independent laboratories where the products were tested, along with the dates the tests were conducted; 7. A list of documents attached to the application. After reviewing the application, the Commission may require the applicant to provide a sample of the equipment for testing. B. Previously approved Telecommunication and IT equipment To obtain telecommunications and IT equipment approval for previously approved equipment, the requester shall apply to the Commission in writing and provide the following information: 1. Formal documentary evidence that the equipment has been approved by the Commission during the last two years; 2. If such documentation is not available, follow the procedure described in section A. If the applicant meets the requirements outlined above, the Commission will study

EXPORTS

the submitted documents and, if the request is granted, will issue the Telecommunications and IT equipment approval for a period to be determined at its discretion. The Commission may specify particular requirements to be met before the importation or use of the approved equipment.

should have that activity explicitly stated in their commercial registration. However, such permit to conduct this activity does not, under any circumstances, give the right to the establishment to import wireless equipment or any equipment that connects to the public telecommunications network unless prior permission is obtained from the Commission, and on condition that the establishment conforms to the following provisions of Council of Ministers decree no. 100 dated 08/08/1415H in this regard:

2. Terms and conditions for importing Telecommunications and IT equipment into the Kingdom 1. Obtain approval (telecommunications and IT equipment approval) of the Commission before importing any equipment to ensure compliance with the technical specifications and with the frequencies allocated by the Commission. 2. The supplier must conform to the rules applied by the Commission, including the terms stipulated in Council of Ministers decree no. 100, dated 08/08/1415H, concerning undertaking trade in telecommunications equipment, as detailed in Annex 1 of these procedures. 3. Comply fully with the regulations, decisions and instructions issued by the Commission, and with any regulations, procedures or instructions issued by it in the future. Consult the CITC website for relevant rules and regulations. 4. Comply with all other relevant regulations in force in the Kingdom. 5. The supplier must commit to the following: l Accept responsibility for any harm,

injury or loss attributed to the possession or use of the equipment;

l Accept responsibility for discontinuing

importation and sale, and for replacing all equipment already on the market, in case of defects in the equipment resulting in unacceptable performance;

l Inform the Commission of any

desired modifications to the approved equipment before importation in order to obtain its approval;

l Meet the requirements of the Ministry

of Commerce and Industry to include the importation of telecommunications equipment as part of its commercial registration;

l Provide all necessary information for

buyers regarding the procedures that must be followed to use the devices and equipment.

3. Customs release procedures In order to release telecommunications equipment from Customs in Saudi Arabia, the supplier shall submit a request in writing to the Commission containing the following information:

1. A copy of the equipment approval; 2. A copy of the bill of lading which includes the concerned equipment; 3. A copy of the packing list; 4. The port of entry where Customs is holding the shipment; 5. For wireless devices that use licensed spectrum, the supplier must supply proof that a valid license to use the spectrum has been obtained for these devices; 6. For devices used to provide services licensed by the Commission, the supplier must supply proof that a valid license to provide the services has been obtained; 7. If the equipment being imported is part of a project pertaining to a Government Department, the supplier shall include a letter from the concerned Department clarifying its ownership of the equipment, its nature, and the use to which it will be put; 8. Upon request, provide the Commission with documentation that may be required by other relevant authorities; 9. If required, provide the Commission with a declaration, as published on the CITC website, signed by the importer; 10. A list of documents attached to the application. The Commission may take a sample of the devices held at Customs in order to conduct any necessary tests, or the Commission may perform on-site verification at Customs. After confirming the conformity of the equipment to the technical specifications, and after receipt of any applicable fees, a Customs release letter will be issued. ANNEX 1 Terms applied by the Communications and Information Technology Commission including provisions stipulated in Council of Ministers decree no. 100 dated 08/08/1415H The Communications and Information Technology Commission requires that any national establishment wishing to conduct trade in telecommunications equipment

1. The manager of the supplier establishment must be a qualified Saudi national, engineer or technologist in the field of electronics. 2. The supplier establishment must have a means to document and register the equipment imported by them as well as the flow and consumption rate of the equipment. Furthermore, this information shall be continuously updated and presented to the official authorities upon request. 3. The supplier establishment shall not be allowed to conduct activities other than those for which they are authorized. If they do, they will be subject to the regulatory penalties imposed by the licensing authority. 4. The supplier establishment shall not use spare parts to assemble complete units unless they have received permission to do so from the concerned authority. 5. The supplier establishment shall not provide maintenance services to radio equipment owners before they verify that they have a license to operate such equipment. The supplier establishment shall keep a copy of the license in their possession. 6. The maintenance of this equipment shall not lead to modification of their technical specifications as defined in the license. Furthermore, should the establishment wish to import spare parts for wireless equipment, it must present to the Commission a report naming the spare parts it wishes to import, their quantities and their technical specifications. The establishment must also conform to any other regulations and procedural requirements imposed by the Commission to date. It is understood that approval of the Commission in this regard does not constitute licensing for the establishment to offer any telecommunications service which contravenes licensing by the Commission in accordance with the Telecommunications Act and its Bylaw. For further information see www.citc.gov.sa Or contact CITC info@citc.gov.sa

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SELLING PRODUCTS IN THE MIDDLE EAST AND NORTH AFRICA

Richard Bell and Rebecca Soquier, Clyde & Co, ask if it is an opportunity or a minefield.

With its oil wealth, population growth and strong demand for all manner of industrial and consumer goods, the Middle East and North Africa (MENA) region is an attractive market for many manufacturers. There are, however, potential pitfalls in doing business in the region, particularly when it comes to appointing local agents to distribute products in the region. Many states in the MENA region have enacted commercial agency laws which provide that products may only be distributed in that country by a local company or agent. In some states, the commercial agency laws grant local distributors significant statutory protections which override the express terms of a distribution or agency agreement. This can often come as an unpleasant surprise to manufacturers seeking to re-organise their distribution arrangements. For the purposes of this update, we refer to commercial agency agreements and distribution contracts interchangeably as “distribution agreements” (although in some jurisdictions there are differences between the two terms) and local agents as “distributors”. In this update, we examine the types of commercial agency laws manufacturers typically encounter across in the MENA

region. For ease of reference, we have classified the different commercial agency regimes into three categories: l Protectionist: this category includes

states which have commercial agency laws that heavily favour the local distributor;

l Moderate: this category includes

states which have commercial agency laws that grant the local distributor a certain degree of statutory protection while maintaining some flexibility for the manufacturer to terminate the distribution agreement and appoint other distributors;

l Free market: this category includes

states which do not have commercial agency laws and where the courts will generally uphold the manufacturer’s contractual right to terminate the distribution agreement and appoint other distributors.

For each category, we consider the common traits in the laws focusing in particular on the rules relating to termination of the agreement, the remedies available to the local distributor and the possibility to

contract out of application of the laws. We also highlight some issues manufacturers should be aware of when entering into or terminating a distribution agreement.

Protectionists In countries such as the UAE, Syria, Egypt and Yemen, local distributors who have been granted exclusive distribution rights to a specific product have the right to register their agreement with the state’s commercial agency registry. Upon registration, the local distributor will (with some minor variations) be granted the following rights and protections: l Referral of disputes to the local courts:

the local courts will have exclusive jurisdiction over any dispute arising under the distribution agreement. A clause providing that disputes will be referred to arbitration or to a court in a foreign jurisdiction will generally be unenforceable. l Application of local law: the local courts

will apply the provisions of the national

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law irrespective of the governing law provisions in the agreement. Governing law clauses providing for the application of a foreign law will be unenforceable. l Restriction on the manufacturer’s right

to terminate: the distribution agreement will generally only be able to be terminated by mutual consent or by order of the court. This will be the case even if the agreement has expired in accordance with its terms. Further the manufacturer will not be able to terminate the agreement by giving simple notice, even if this is provided for in the agreement itself and even if the local distributor is in breach.

l Right to seek a block on the import of

products: where a manufacturer has sought to terminate the distribution agreement and appoint a new distributor, the “registered” local distributor may apply to block the import of products through the new distributor. This can effectively prevent the manufacturer from supplying the market through anyone other than the registered distributor.

l Right to compensation: if the

manufacturer seeks to terminate the distribution agreement through the courts, the local distributor will be entitled to seek compensation. As a general rule, the courts will award damages to the distributor for direct costs incurred (such as hiring and training staff, advertising costs and finance costs on loan facilities), capital investment in the business (setting up showrooms, shops and service facilities) and, in many cases, loss of profit. In assessing a claim for loss of profit, the courts will usually look at net profit generated by the local distributor over previous years and use this as a basis to calculate the net profit that would have been earned had the agreement not been terminated. Often, compensation will be awarded even if the local distributor has breached the terms of the agreement, such as by failing to reach agreed sales targets or failing to adequately promote the products.

Moderates This category includes countries such as Saudi Arabia, Kuwait, Jordan, Iraq, Libya and Bahrain where the commercial agency laws provide certain statutory provisions favourable to local distributors but allow the manufacturer some flexibility to terminate an existing distribution agreement and/ or appoint a new distributor. The typical features of these moderate regimes are as follows: l Foreign law and arbitration clauses are

generally accepted: as a general rule, the courts will uphold and enforce clauses that provide for a foreign governing law and for disputes to be referred to

the courts of a foreign jurisdiction or to arbitration. l Possibility to de-register the agreement

upon the expiration of the term: while the local distributor will be entitled to register the agreement, this does not necessarily prohibit the manufacturer from terminating the agreement. In Saudi Arabia for example, once the term of an agreement has expired, the courts will generally accept that the manufacturer may exercise its right to not renew the agreement without having to provide further justification.

l Unlikely for the products to be blocked

at customs: there are no legal provisions or mechanisms which allow a local distributor to request a block of the import of products into the state. There may, however, be informal mechanisms that allow the distributor to disrupt the relationship with customers or interfere with market access.

l Limited rights for compensation: The

local distributor will generally have a right to compensation on the termination or expiry of the distribution agreement but this will usually be limited to damages to actual costs incurred rather than speculative loss of profits or punitive damages.

Free markets This category includes countries such as the territory of Palestine and Algeria where there are no specific commercial agency laws and the manufacturer has a largely unfettered right to terminate and appoint distributors in accordance with the terms of the agreement. The typical features of these free market jurisdictions are as follows: l The right to choose foreign law and

arbitration clauses: as a general rule, the courts will uphold and enforce contractual clauses that provide for a foreign governing law and for disputes to be referred to the courts of a foreign jurisdiction or to arbitration.

l The right to terminate the agreement

in accordance with the terms of the agreement: the parties are generally allowed to agree on the circumstances under which the agreement may be terminated. Even if the agreement is terminated without justifiable cause, the courts will not force the manufacturer to remain a party to the agreement, although the distributor may still have a contractual right to claim damages.

l A limited right to seek compensation

from the manufacturer: should the distributor wish to seek compensation from the manufacturer for breach or wrongful termination of the distribution

agreement, damages will be assessed in accordance with general rules of contract law rather than in accordance with some statutory formula. l No right to block imports: the distributor

does not have the ability to block the manufacturer from importing products into the market through another distributor.

Key issues for manufacturers In entering into and terminating distribution contracts in the MENA region, it is important for manufacturers to be familiar with the applicable laws and seek advice when appropriate. In protectionist states, the application of draconian commercial agency laws can often be avoided by careful drafting of the agreement and due diligence on the distributor. Where an agreement has been registered, however, it will usually be very difficult to terminate and deregister it unless the distributor agrees. While it may be possible for the manufacturer to obtain a court order terminating and deregistering the agreement, court proceedings can be lengthy and expensive and the manufacturer may be ordered to pay compensation to the distributor at the end of the case. Moreover, the distributor may be blocked from accessing the market while the court proceedings are ongoing. As a result, it is important for manufacturers to approach the termination of a distribution agreement in a protectionist jurisdiction very carefully and, where possible, try and negotiate a settlement. In moderate and free market jurisdictions, the manufacturer may be able to adopt a more robust approach, although caution is still advised. In our experience, regardless of the jurisdiction, a disgruntled distributor will almost always threaten to sue the manufacturer when the prospect of termination is raised. The key is to assess whether, in light of the applicable law, that threat is a credible one and act accordingly. In light of the legal risks involved, manufacturers selling products in across the MENA region are well advised to look at each jurisdiction individually and seek advice before entering into, or terminating a distribution agreement. Authors’ note: At the time of writing, Oman had just issued a decree amending its commercial agency laws. On its face, the decree alters Oman’s status from a protectionist state to a moderate state. We will be publishing a separate article on Oman when the effect of the law change is more fully understood. Clyde & Co, 26/08/2014

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NEW PATENT FILING REQUIREMENTS

DESIGN PROTECTION IN MENA Local Design Laws Design laws, among other norms of positive legal systems such as trademark and patents, were introduced in the past in almost all of the countries of the MENA region, either by their own codes or by including them in general codes. Basically, such laws explore and discuss the designs protected, the duration of protection, the transfer of rights, the procedures, penalties, and remedies, and the scope of protection.

International Design Conventions The Bahrain Patent Office has introduced new requirements for the filing of patents, for both national and Patent Cooperation Treaty (PCT) applications. In addition to a copy of the international publication and the complete specifications in English, applicants shall now be required to submit, within a non-extendable three month period:

Up until that deadline, a copy of the nonlegalised Power of Attorney will suffice. These new requirements came into effect on 1 May 2014, but are retrospective to pending applications.

l the Arabic translation of the complete

For those who have pending patent applications in Bahrain, we recommend contacting the agent handling the application to confirm whether additional supporting documentation is required.

specifications; and

l an authenticated and legalised Power of

Attorney.

IP News, Clyde & Co, August 2014

Only Egypt, Morocco, Syria, and Tunisia from the region are members of the Hague Agreement Concerning the International Registration of Industrial Designs. Most countries are members of the WTO, which, of course, extends to the TRIPS agreement. TRIPS, Part II addresses each intellectual property right in succession.

Examination Novelty is a requirement in all jurisdictions except for Algeria, Palestine, Lebanon, Libya, Morocco, Sudan, Syria, Tunisia and Yemen. It is possible to submit applications with multiple figures in all jurisdictions. Saba & Co, IP Bulletin, September 2014

ADMINISTRATIVE COURTS TO REPLACE THE HIGHER COURT OF JUSTICE A Royal Decree has been issued ratifying the Administrative Courts Law No. 27 of 2014. The Law, which was published in the Official Gazette on August 17, 2014 and comes into force after 60 days from its publication in the Official Gazette, abolishes and replaces the Higher Courts of Justice Law No. 12 of 1992 and establishes a two degree adjudication system for administrative disputes. Whilst the New Law introduces some major changes to the administrative judiciary system, most of the essential features of the Higher Court of Justice Law are maintained. According to the new Law which is due to enter into force on October 17, 2014, all administrative

decisions, including those issued by governmental bodies such as the Trademarks and Patents office, are now subject to appeal before the “Administrative Court” within 60 days as of the day of issuance of the appealed decision. While decisions issued by the Higher Court of Justice were final and cannot be appealed, according to the new law, all decisions issued by the Administrative Court shall be subject to appeal before the “Higher Administrative Court” within 30 days of the date of issuance of the appealed decision. Saba & Co, IP Bulletin, September 2014

TRADE SERVICES

ARAB BRITISH CHAMBER OF COMMERCE www.abcc.org.uk

FOREIGN OFFICE SERVICE

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HELPING TRADE FLOW

Europe Arab Bank is uniquely positioned to help your business take advantage of Europe and North America trade ow and investment opportunities in MENA. As part of the Arab Bank Group, with the largest banking network in the Arab region, you gain seamless access to 19 MENA countries and a network of 600 branches around the world. Learn more: www.eabplc.com +44 (0)20 7315 8500 Š Europe Arab Bank plc 2014 All Rights Reserved. Registered in England and Wales number 5575857. Registered Office: 13-15 Moorgate, London EC2R 6AD. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Not all products and services are regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

UK

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AUSTRIA

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FRANCE

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GERMANY

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ITALY

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SPAIN

TRADE AND DEVELOPMENT

TRADE AND DEVELOPMENT TRENDS 2014 The world economy has not yet escaped the growth doldrums in which it has been marooned for the past four years, and there is a growing danger that this state of affairs is becoming accepted as the “new normal,” UNCTAD says in a new report. Growth in the world economy has been experiencing a modest improvement in 2014, although it is set to remain significantly below its pre-crisis highs. Its growth rate of 2.3 per cent in 2012 and 2013 is projected to increase moderately to between 2.5 and 3 per cent in 2014. This improvement is essentially due to growth in developed countries accelerating from 1.3 per cent in 2013 to around 1.8 per cent in 2014, the report says. Developing countries as a whole are likely to repeat their performance of the previous years, growing at between 4.5 and 5 per cent, while in the transition economies growth is forecast to further decelerate to around 1 per cent, from an already weak performance in 2013. The main developing regions are likely to more or less replicate their growth performance of 2012−2013. Six years after the onset of the global financial crisis, international trade remains lacklustre. Merchandise trade grew at close to 2 per cent in volume in 2012−2013 and the first few months of 2014, which is below the growth of global output. Trade in services increased somewhat faster, at around 5 per cent in 2013, without significantly changing the overall picture. This lack of dynamism contrasts sharply with the two decades preceding the crisis, when global trade in goods and services expanded more than twice as fast as global output (at annual averages of 6.8 per cent and 3 per cent respectively). During that period, the share of exports and imports of goods and services in GDP (at constant prices) virtually doubled, from around 13 per cent to 27 per cent in developed countries, and from 20 per cent to close to 40 per cent in developing countries. Given the insufficiency of global demand, it is highly unlikely that international trade alone will be able to kick-start economic growth. Facilitating trade flows by modernising

customs procedures will be helpful in making the trading system more efficient over the longer term, but it will not address the main constraints on trade today. International trade has not slowed down or remained quasi-stagnant because of higher trade barriers or supply-side difficulties; its slow growth is the result of weak global demand. In this context, a lopsided emphasis on the cost of trade, prompting efforts to spur exports through wage reductions and an “internal devaluation”, would be selfdefeating and counterproductive, especially if such a strategy is pursued by several trade partners simultaneously.

As such, the new normal has some obvious parallels with the conditions that led to the global financial crisis.

The way to expand trade at a global level is through a robust domestic-demand-led output recovery at the national level.

Under these circumstances, capital flows can have significant, and not always welcome, effects on the real economy and on the ability of policymakers to respond to unforeseen shocks.

The apparent stabilisation of relatively low growth rates across different groups of countries in the world economy may give the impression that it has reached a “new normal”. However, to assess the sustainability of the present situation, it is necessary to examine not only the rates of GDP growth, but also its drivers. After a brief experiment in 2009 and the first half of 2010 with expansionary fiscal measures in response to the immediate threat of a global financial meltdown, the policy mix used in the developed economies comprised, to varying degrees, a combination of fiscal austerity, wage containment and monetary expansion in the hope that increased investor confidence, labour market flexibility, greater competitiveness and the expected rehabilitation of banks’ balance sheets would orchestrate a rapid and sustained recovery. However, with fiscal and labour market policies dampening domestic demand, liquidity expansion by monetary authorities was channelled mostly to financial, rather than productive, investments. This in turn led to significant increases in asset prices, despite anaemic economic growth, and to large capital outflows, much of them to emerging markets. Consequently, this policy mix only indirectly (and with a significant delay) supported a demand recovery in those countries where asset appreciation generated a sufficiently strong wealth effect and encouraged renewed consumer borrowing.

In the case of emerging economies, the extent to which the expansion of domestic demand was being supported by genuine income expansion or by unsustainable asset bubbles and excessive consumer borrowing (with likely significant variations across countries) is still unclear. However, the potential vulnerability of developing and emerging economies in the new normal is heightened by persistent weaknesses in the international financial architecture.

Some developing countries also remain exposed to negative shocks originating from international trade, particularly in countries that rely mainly on exports of only a few primary commodities or on low-skill, labourintensive manufactures. Diversification of their productive and export activities is a pending task for many transition and developing economies. If macroeconomic policy is tacking uncomfortably close to the “business-asusual” strategy of the pre-crisis years, the discussions now under way on a post-2015 development agenda are tending to break with the past. The push for a more universal, transformative and sustainable approach to development will play a key role in the setting of new goals and targets for policymakers, at both the national and international levels. Along with the proliferation of trade agreements and their expansion into traderelated areas, there has been a global revival of interest in industrial policy. Reconciling these two trends is a huge challenge. Many developed countries, especially since the recent financial crisis, have begun to explicitly acknowledge the important role that industrial policy can play in maintaining a robust manufacturing sector. The full report published by UNCTAD can be found here: http://unctad.org/en/PublicationsLibrary/ tdr2014overview_en.pdf

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‫وبالفعل فقد جاء موضوع الصكوك اإلسالمية ليتصدر مكانا ً مهما ً في‬ ‫ميزانية بريطانيا لعام ‪ ،1024‬وبذلك دعمت مكانة لندن كعاصمة ومركز‬ ‫للتمويل اإلسالمي والمعامالت البنكية والمصرفية التي تقرها الشريعة‬ ‫اإلسالمية كبديل لألسلوب التقليدي‪ ،‬ولتظهر أهتمام المسؤولين‬ ‫‪.‬البر يطانيين بهذا النوع الحيوي من األدوات االستثمارية‬ ‫وجاءت قمة الصكوك التي عقدت في لندن حزيران (يونيو) ‪ 1002‬أوال‬ ‫ومنتدى التمويل اإلسالمي عام ‪ ،1022‬ليسلطا الضوء على الجوانب‬ ‫المتعلقة بهيكلة سوق الصكوك اإلسالمية ومعدالت نموها‪ .‬يشار إلى أن‬ ‫قمة لندن للصكوك‪ ،‬هي حدث سنوي تأسست في عام ‪ 1002‬تحت رعاية‬ ‫وإشراف مجموعة المؤتمرات اإلسالمية (فعاليات آي سي جي) التي‬ ‫تتولى تنظيم األحداث الهادفة والمنتديات االستثمارية في سبيل زيادة‬ ‫الوعي حول قطاع التمويل اإلسالمي‪ .‬فيما ركزت منتدى التمويل اإلسالمي‬ ‫عام ‪ 1022‬تحديداً على طرح مناقشات هادفة حول آخر التطورات‬ ‫واالبتكارات المستجدة في سوق التمويل حسب الشريعة اإلسالمية‪ ،‬مع‬ ‫التوصل إلى وضع تصور يعكس اآلفاق والتوجهات المستقبلية لسوق‬ ‫الدين اإلسالمي وأسواق رأس المال‪.‬‬ ‫وتناول منتدى التمويل اإلسالمي العديد من المحاور المهمة من أبرزها‬ ‫الصكوك كأداة تغيير في تمويل الشركات‪ ،‬والتحديات في سوق الصكوك‪،‬‬ ‫وآليات توسيع قاعدة الوعي في مفاهيم الصكوك اإلسالمية‪ ،‬ودور التمويل‬ ‫اإلسالمي في إصالح النظام المالي العالمي‪ ،‬والمبادرة األوروبية‬ ‫للصكوك‪ ،‬وتداول الصكوك اإلسالمية في بريطانيا‪ .‬وكان من أهداف القمة‬ ‫األساسية إتاحة الفرصة لتبادل الرأي في القضايا ذات العالقة بالعمل‬ ‫المصرفي اإلسالمي‪ ،‬وإيجاد أرضية للتعاون بين المؤسسات اإلسالمية‬ ‫واألسواق العالمية‪ .‬وجمعت القمة نخبة من كبار الخبراء االقتصاديين‪،‬‬ ‫والعلماء الشرعيين‪ ،‬والمستثمرين‪ ،‬ورجال األعمال‪ ،‬والمؤسسات‪ ،‬من‬ ‫مختلف دول العالم‪ ،‬تحدثوا فيها عن ديناميكية الصكوك‪ ،‬والفرص المتاحة‬ ‫لرؤوس األموال اإلسالمية في العالم‪ .‬كما حظى المنتدى بدعم بورصة‬ ‫لندن‪ ،‬وهيئة التجارة واالستثمار البريطانية التابعة لوزارة التجارة‬ ‫والصناعة البريطانية‪ ،‬وغرفة التجارة العربية البريطانية‪ ،‬وهيئة الخدمات‬ ‫المالية البريطانية‪.‬‬

‫الصكوك اإلسالمية في المملكة المتحدة‬ ‫يفضل المستثمرون الشرق أوسطيون في العادة العقارات الواقعة في وسط لندن‪،‬‬ ‫ومن أشهر األمثلة على ذلك مبنى شارد‪ ،‬كما يبحثون عن العقارات السكنية الواقعة‬ ‫في أفضل مواقع وسط لندن‪.‬‬ ‫وأطلقت شركة "لندن سنترال بورتفوليو" المتخصصة في إدارة األصول أول‬ ‫صندوق للسكن العقاري المطابق للشريعة اإلسالمية في بريطانيا وقيمته ‪ 50‬مليون‬ ‫جنيه إستراليتي ويركز على العقارات واألصول في أفضل مواقع لندن‪ ،‬ويلبي‬ ‫احتياجات المستثمرين من منطقة الخليج بشكل خاص‪.‬‬ ‫ولكن ذلك ليس سوى جزء من هذه العملية المتزايدة‪ ،‬حيث أن المزيد والمزيد من‬ ‫الصفقات المطابقة للشريعة اإلسالمية تجري خارج مدينة لندن وفي قطاعات بديلة‬ ‫مثل دور الرعاية والسكن الطالبي‪ .‬فالمستثمرون ال يسعون فقط إلى الحصول على‬ ‫االستثمارات المميزة‪ ،‬بل يبحثون عن العقارات المدرة للدخل‪.‬‬ ‫وهذا العام قدمت شركة "‪ 20‬نورث العقارية المحدودة" التي أسسها نجم برنامج‬ ‫"عرين التنين" جيمس خان‪ ،‬استشارة بشأن استثمار في سكن طالبي في‬ ‫كانتربيري‪ ،‬والعام الماضي اشترى بنك غيتهاوس مركز بيانات بقيمة ‪ 15‬مليون‬ ‫جنيه إسترليني في "اندوفر في هامبشير" وتم تأجيره إلى شركة "اتوس" العالمية‬ ‫للتكنولوجيا لمدة ‪ 22‬عاما ً‪.‬‬ ‫وفي صفقة أخرى جرت مؤخراً‪ ،‬حصلت شركة "سيغناتشور سينيور ليفينغ"‬ ‫البريطانية التي توفر بيوت الرعاية للمسنين على دين بقيمة ‪ 21‬مليون جنيه‬ ‫إسترليني من بنك لندن والشرق األوسط لمشروع تطوير عقاري بقيمة ‪ 11‬مليون‬ ‫جنيه إسترليني في منطقة "ابسوم" في ساري في شهر آب (أغسطس) عام ‪.1022‬‬ ‫ورغم أن هذه المبالغ متواضعة‪ ،‬إال أن الصفقة هي مثال جيد على قيام مؤسسة‬ ‫مالية إسالمية بتقديم الدين لمؤسسة خارج قائمتها التقليدية من العمالء‪ ،‬ويمكن أن‬ ‫تدفع بمزيد من المطورين إلى التفكير في التوجه إلى مقرضين بريطانيين يطبقون‬ ‫أحكام الشريعة اإلسالمية‪.‬‬

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‫ ‪ARABIC SECTION‬‬

‫تأثيرات حالة االقتصاد العالمي على الصكوك اإلسالمية‬ ‫وعلى الرغم من هذه الصورة المتفائلة لسوق الصكوك اإلسالمية‪ ،‬فإنه ال‬ ‫يمكن تجاهل تعرضها لبعض آثار أزمة االنكماش االئتماني العالمي التي‬ ‫ضربت العالم في السنوات األخيرة‪ .‬ففي أعقاب انهيار سوق العقارات‬ ‫األمريكية‪ ،‬تعرضت عدة إصدرات للصكوك اإلسالمية للتأجيل بسبب‬ ‫التشديد في شروط االقتراض والتمويل بشكل عام‪ ،‬وانكشاف البنوك‬ ‫ومؤسسات المال والتمويل على مخاطر القروض العقارية الرديئة في‬ ‫السوق األمريكية‪ .‬كما شكّل االنكماش والتباطؤ الذي يشهده االقتصاد‬ ‫األمريكي‪ ،‬والذي سحب معه االقتصاد العالمي إلى الكساد‪ ،‬تهديداً أيضاً‬ ‫على نمو عملية إصدار الصكوك‪.‬‬ ‫وكان من تأثيرات نشوب األزمة المالية العالمية المباشرة على الصكوك‬ ‫اإلسالمية أن تراجعت قيمة إصدارات الصكوك على مستوى العالم بأكثر‬ ‫من ‪ %65‬منذ الـعام ‪ 7002‬لـتصل إلـى ‪ 9.41‬مليار دوالر‪ ،‬وفقاً‬ ‫لمؤسـسة «ستـانـدرد آنـد بورز»‪ .‬وعزا مصرفيون هذا التراجع إلى أزمة‬ ‫االئتمان‪ ،‬وأيضا ً إلى رأي مثير للجدال أدلى به أحد كبار العلماء‪ ،‬إذ أعلن‬ ‫بعضهم أن أكثر من نصف منتجات الصكوك غير إسالمية‪ .‬إال أن ارتفاع‬ ‫الطلب في اآلونة األخيرة على إصدارات الصكوك السيادية في دول معينة‬ ‫مثل إندونيسيا والبحرين‪ ،‬عزز اآلمال بانتعاش سوق الصكوك‪.‬‬ ‫ومع ت زايد األهتمام بالصكوك‪ ،‬وخاصة من جانب أسواق دول غير الدول‬ ‫اإلسالمية‪ ،‬يتزايد القلق أيضا لدى هيئات العلماء المشرفة على تلك‬ ‫الصكوك‪ ،‬ذلك أن أغلب المتمولون الغربيون ال يهمهم كثيراً االلتزام‬ ‫الصارم بقواعد الشريعة اإلسالمية بقدر ما يهمهم توفر التمويل اآلمن‬ ‫طويل المدى‪ .‬كما تتزايد المخاوف من أن بعض أنواع الصكوك‪ ،‬خاصة‬ ‫في دول الخليج‪ ،‬أصبحت تمر بعمليات توريق ال تطابق القواعد الصارمة‬ ‫للشريعة‪.‬‬ ‫ورغم التحفظات‪ ،‬يجري في الوقت الحالي اإلعداد إلطالق أعداد جديدة من‬ ‫الصكوك اإلسالمية في دول عدة منها ماليزيا وبعض الدول األوروبية‪ ،‬إال‬ ‫أن المصدرين ال يزالون متحفظين على األنواع الجديدة من الصكوك‪ ،‬مما‬ ‫يوحي بأن تظل عمليات اإلجارة والمشاركة والمضاربة‪ ،‬أشهر هياكل‬ ‫الصكوك اإلسالمية‪ .‬كما يحذر كثير من المختصين في الشؤون المالية من‬ ‫أن الصكوك اإلسالمية كأدوات استثمارية تواجه عدة تحديات‪ ،‬أهمها‬ ‫افتقارها إلى أسواق ثانوية كافية لتبادلها بيعا ً وشرا ًء‪ ،‬إضافة إلى غياب‬ ‫بعض األطر القانونية التي تحدد التعامل بها‪ ،‬وافتقارها في بعض األحيان‬ ‫إلى الشفافية وقابلية التنويع واإلبتكار‪ .‬هذا إضافة إلى معضلة تعدد‬ ‫المذاهب الفقهية التي تحكم طبيعة التعامل بالصكوك اإلسالمية‬ ‫وخصائصها‪.‬‬ ‫وإذا ما أخذنا معدالت النمو في إصدار الصكوك اإلسالمية‪ ،‬والتي تعد‬ ‫مؤشراً جيداً على التوجه نحو التمويل اإلسالمي‪ ،‬ليس على المستوى‬ ‫العربي واإلسالمي فحسب بل على المستوى الدولي كذلك‪ ،‬فإن هذا الكم‬ ‫من الصكوك ينبغي أن يكون متوازنا ً مع الجودة‪ ،‬من حيث طبيعتها‬ ‫وكفاءتها االقتصادية ومصداقيتها الشرعية في ظل ما أثير من جدل حول‬ ‫كون نحو ‪ %15‬من الصكوك اإلسالمية الصادرة في بعض الدول ال تلتزم‬ ‫على نحو تام باألحكام الشرعية‪ ،‬نظراً لوجود بند في نشرة إصدار تلك‬ ‫الصكوك حول التعهد بإعادة شراء الصك بحسب قيمته األسمية‪ ،‬وهو ما‬ ‫يفسد هذه الصكوك من الناحية الشرعية‪ .‬فال يجوز شرعاً إعطاء تعهد‬ ‫بإعادة شراء الصك بحسب قيمته األسمية ألن هذا يتناقض تماما ً مع‬ ‫األساس الفقهي الذي قامت عليه هذه الصكوك‪ ،‬وهو المشاركة في تحمل‬ ‫المخاطر ومن ثم في الربح أو الخسارة‪.‬‬ ‫وحرص المجلس الشرعي لهيئة المحاسبة والمراجعة للمؤسسات المالية‬ ‫اإلسالمية على توضيح هذا األمر‪ ،‬حيث أكد عدم جواز أن يتعهد المضارب‬ ‫أو الشريك أو وكيل االستثمار أو من يمثلهم بشراء الصكوك بقيمتها‬ ‫األسمية عند إطفاء الصكوك في نهاية مدتها‪ .‬وأجاز التعهد بشراء تلك‬ ‫الصكوك على أساس صافي قيمة األصول أو القيمة السوقية أو العادلة أو‬ ‫بثمن يتفق عليه عند الشراء‪ ،‬مع ضمان مدير الصكوك لرأس المال‬ ‫بالقيمة األسمية في حاالت التعدي أو التقصير ومخالفة الشروط‪.‬‬

‫ولم يأتي الجدل الذي أثير بشأن الصكوك من فراغ‪ ،‬بل من واقع المسؤولية الكبرى‬ ‫التي تقع على هيئات الرقابة الشرعية المشرفة على جهات اإلصدار لتلك الصكوك‪.‬‬ ‫يذكر أن صالحية الصكوك اإلسالمية من الناحية الشرعية ترتبط بنظام رقابي يركز‬ ‫على جوهر ومضمون الصكوك‪ ،‬يبدأ من الرقابة على اإلصدار والتداول للتأكد من‬ ‫خضوعهما لألحكام الشرعية المنظمة من حيث كون الموجودات نقوداً أو ديونا ً أو‬ ‫أعيانا ً أو منافع أو خليطا ً من ذلك‪ ،‬إضافة إلى الرقابة الالحقة من خالل تقويم الناحية‬ ‫الشرعية للصكوك بصفة دورية‪ ،‬وانتهاءاً بالكشف عن مواطن القوة وتدعيمها‬ ‫ومواطن الخلل الشرعي ومعالجتها‪.‬‬

‫لندن تتصدر عمليات إصدار الصكوك اإلسالمية في العالم‬ ‫اشتهرت مدينة لندن خالل السنوت القليلة الماضية بكونها أكبر مركزاً أوروبياً‬ ‫ّ‬ ‫المرخصة من‬ ‫لالستثمارات اإلسالمية‪ ،‬مستضيفة الكثير من عمليات طرح الصكوك‬ ‫قبل الحكومة البريطانية‪ .‬يجدر اإلشارة إلى أن إصدار الصكوك اإلسالمية اقتصر على‬ ‫الشركات في الدول الغربية‪ ،‬وبالتالي فإن الحكومة البريطانية‪ ،‬هي أول حكومة‬ ‫غربية تصدر صكوكا ً إسالمية‪ ،‬ربما تليها اليابان وتايالند‪ .‬وتعتبر الصكوك اإلسالمية‬ ‫التي تصدرها بعض الشركات والمؤسسات الخليجية األكثر إقباالً من قبل األسواق‬ ‫األوروبية‪.‬‬ ‫وبدأ أهتمام الحكومة البريطانية بالصكوك اإلسالمية في بداية عام ‪ ،1001‬حيث‬ ‫أعلنت الحكومة البريطانية بأنها تبحث عن توسيع عمليات إصدار الصكوك‬ ‫اإلسالمية‪ ،‬إال أن اإلعالن عن ذلك في الميزانية جاء بعد جدل شديد حول تصريحات‬ ‫اسقف كانتربري‪ ،‬روان ويليامز‪ ،‬حول ضرورة تضمين بعض بنود الشريعة‬ ‫اإلسالمية في القوانين واللوائح البريطانية‪ .‬وقد تعرض اسقف كانتربري أثر‬ ‫تصريحاته على انتقادات عنيفة مما جعل الحديث بشأن الصكوك اإلسالمية في‬ ‫الميزانية السنوية الرسمية لعام ‪ 1001‬مبعثا ً لجدل جديد بشأن الموضوع‪.‬‬ ‫وفي مطلع شهر آذار (مارس) ‪ ،1001‬أصدرت مؤسستا التصنيف االئتماني‬ ‫"ستاندرد آند بورز وموديز" تقريرين عن سوق الصكوك ذكرا احتمال تضاعف‬ ‫حجمها في غضون سنوات قليلة‪ .‬وذكر تقرير ستاندرد آند بورز‪ ،‬التي تمنح تصنيفا ً‬ ‫لنحو ‪ 11‬نوعا ً من الصكوك اإلسالمية أغلبها صكوك إيجارة وصكوك مشاركة‪ ،‬أن‬ ‫سوق الصكوك تضاعفت في عام ‪ 1002‬حيث وصل حجم األموال المتداولة فيها إلى‬ ‫‪ 20‬مليار دوالر‪ ،‬فيما قدر تقرير موديز إجمالي حجم الصكوك اإلسالمية‪ ،‬بعد النمو‬ ‫الذي شهدتها في العامين الماضيين إلى ‪ 22.2‬مليار دوالر‪ ،‬حيث تراوحت نسبة‬ ‫النمو في إصدار الصكوك اإلسالمية خالل عام ‪ 1001‬ما بين ‪ .%25 - %20‬بينما‬ ‫تجاوزت قيمة إصدارات الصكوك اإلسالمية " في العام ‪ 1022‬حاجز الـ ‪ 200‬مليار‬ ‫دوالر أمريكي‪ .‬زيتوقع أن تصل قيمتها في عام ‪ 1024‬إلى ‪ 250‬مليار دوالر‪.‬‬ ‫ومن المالحظ أن أهمية الصكوك اإلسالمية في بريطانيا تزداد يوماً بعد يوم‪،‬‬ ‫خصوصا ً بعد كشف وزير المالية البريطاني‪ ،‬جورج أوزبون‪ ،‬عن عزم الحكومة‬ ‫إصدار صكوكا ً إسالمية لتمويل الميزا نية العامة للدولة‪ .‬وجاءت هذه الخطوة التي‬ ‫أعلنت عنها الحكومة البريطانية في ظل الزيادة الكبيرة في الدين الحكومي البريطاني‬ ‫وخطة التقشف التي تتبناها الحكومة لتقويض الدين العام‪ ،‬والذي من المؤكد يجعل‬ ‫الحكومة البريطانية مضطرة إلى بحث سبل تمويل العجز بأشكال مختلفة‪.‬‬

‫‪ARABIC SECTION‬‬

‫فإن عدد الصكوك الصادرة في ماليزيا يفوق عددها في دول الخليج‪ .‬ويأتي على‬ ‫قدم المساواة من األهمية مع الصكوك اإلسالمية‪ ،‬تطبيق سياسة تمويل‬ ‫العقارات على الطريقة اإلسالمية‪ ،‬والتي تشهد رواجا ً غير مسبوق في كل من‬ ‫أوروبا والعالم اإلسالمي‪.‬‬ ‫وقد ازدادت عملية إصدار الصكوك اإلسالمية في الدول الخليجية في البنوك‬ ‫اإلسالمية بشكل أسرع من المصارف التقليدية‪ ،‬ورفعت من حصتها في مجمل‬ ‫األصول المالية للبنوك في دول المجلس خالل السنوات الماضية‪ .‬وشهدت‬ ‫البنوك اإلسالمية في دول المجلس نمواً مركبا ً في األصول بين عامي ‪1002‬‬ ‫و‪ 1021‬بنسبة ‪ ،%22. 4‬بينما نمت البنوك التقليدية بنسبة ‪ %1.2‬في نفس‬ ‫الفترة ‪ .‬وارتفع صافي اإلقراض وإيداع الزبائن في البنوك اإلسالمية بمعدل‬ ‫‪ %21.1‬و ‪ %22.2‬على التوالي مقارنة مع ‪ %1.2‬و ‪ %20‬للبنوك التقليدية‬ ‫‪ .‬كما أن المبادرات الحكومية هي العنصر الفعال في تعزيز النمو السريع للبنوك‬ ‫اإلسالمية في دول مجلس التعاون الخليجي‪ ،‬حيث تقدم الحكومات الدعم‬ ‫المباشر وغير المباشر ضمن خططها في زيادة الصيرفة اإلسالمية‪.‬‬

‫ما الذي يميز الصكوك اإلسالمية عن األسهم العادية؟‬ ‫الصكوك اإلسالمية هي أداة استثمارية تقوم على أساس المضاربة لمشروع أو‬ ‫نشاط استثماري معين؛ بحيث ال يكون لمالكهه فائدة أو نفع مقطوع‪ ،‬وإنما‬ ‫تكون له نسبة من الربح‪ ،‬إن تحققت أرباح‪ ،‬من هذا المشروع‪ ،‬وبقدر ما يملك‬ ‫من الصكوك‪ .‬فالصكوك اإلسالمية إذن معرضة للربح والخ سارة على السواء‬ ‫كأي استثمار يخضع ألحكام الشريعة اإلسالمية‪.‬‬

‫للمساهـم إثباتا ً لحقه‪ .‬وتلتقي الصكوك اإلسالمية واألسهم من حيث خصائصها‬ ‫فهي‪:‬‬ ‫(‪ )2‬متساوية القيمة؛‬ ‫(‪ )1‬لها قيمة اسمية؛‬ ‫(‪ )2‬ليست ماالً متقوما ً في ذاتها‪ ،‬بل إنها وثيقة بالحق‪ ،‬والدليل على ذلك إنها؛‬ ‫(‪ )4‬قابلة للتداول؛‬ ‫(‪ )5‬صاحبها معرض للربح والخسارة‪ ،‬فليس للفائدة أو الربح المضمون محل‬ ‫أو مكان في األسهم والصكوك اإلسالمية‪.‬‬ ‫وتختلف الصكوك اإلسالمية عن واألسهم التقليدية من حيث إن‪:‬‬ ‫(‪ )2‬السهم يعطي صاحبـه حقا ً في حضور الجمعية العمومية للشركة‪ ،‬بما في‬ ‫ذلك التصويت واالشتراك في اإلدارة والرقابة وغير ذلك‪ ،‬وال يُمنح حامل الصك‬ ‫هذه الحقوق‪.‬‬ ‫(‪ ) 1‬السهـم جزء من رأس مال شركة ما‪ ،‬وهذه الشركة ليس لها‪ ،‬في الغالب‪،‬‬ ‫تاريخ للتصفية‪ ،‬ألن الغرض من إنشائها هو االستثمار والتوسع فيه إلى أجل‬ ‫غير مسمى‪ .‬أما الصك‪ ،‬فإنه غالبا ً ما يختص بمشاريع لها تاريخ إبتداء وتاريخ‬ ‫أنتهاء‪ ،‬وربما كان لمشاريع غير مؤقتة‪.‬‬ ‫(‪ ) 2‬الشركات تصدر الصكوك كمنتج من منتجاتها التجارية‪ ،‬أما أسهم الشركات‬ ‫فهي تمثل ما تملك شخصيتها االعتبارية من أصول وأعيان وغير ذلك‪ ،‬وليست‬ ‫من منتجاتها التجاري‪.‬‬

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‫ ‪ARABIC SECTION‬‬

‫التمويل اإلسالمي والصكوك اإلسالمية‬ ‫‪ISLAMIC SUKUK & ISLAMIC FINANCE‬‬

‫ماهي الصكوك؟‬

‫الصكوك اإلسالمية أو سندات الدين المطابقة للشريعة اإلسالمية‪ ،‬هي أداة‬ ‫استثمارية إسالمية صارت تحظى بقبول واسع النطاق في األسواق المالية‬ ‫العالمية وذلك بطريقة أذهلت كثيرين وعلى نحو قد يبدو مناقضا ً للحذر الذي‬ ‫صار يبديه الغرب إزاء الخطاب اإلسالمي إجماالً بعد هجمات أيلول (سبتمبر)‬ ‫‪ 1002‬واستفحال اإلرهاب المنسوب زوراً لإلسالم‪ .‬وتعتبر الصكوك اإلسالمية‬ ‫يدر دخالً وتكون‬ ‫أصالً أوراق مالية تضمنها أصول مالية أو مشروع استثماري ّ‬ ‫الصكوك فيه بمثابة حصص ملكية على المشاع أو مشروع استثماري‪.‬‬ ‫وتُعرف الصكوك اإلسالمية بأربعة عشر نوعا ً أشهرها على اإلطالق مايعرف‬ ‫بصكوك اإلجارة‪ .‬أما من حيث الفرق بين الصكوك والسندات فيكمن في األصل‬ ‫االستثماري‪ ،‬حيث أن مالك الصكوك يشارك في العائد المتحقق من األصل‬ ‫االستثماري‪ ،‬باإلضافة إلى إمكانية تعرض مالك الصكوك للخسارة بالتناسب مع‬ ‫قيمة الصكوك التي يمتلكها وذلك على عكس السندات التي تدر فائدة ثابتة‪.‬‬ ‫وبشكل عام‪ ،‬فقد فرض سوق التمويل اإلسالمي نفسه على واقع البيئة المالية‬ ‫العالمية‪ ،‬إال أن الصكوك اإلسالمية شهدت في السنوات العشر األخيرة نمواً‬ ‫متسارعا ً لتحتل المرتبة األولى في سوق التمويل اإلسالمي‪ .‬وطبقا ً لوكالة‬ ‫"ستاندرد آند بورز" تجاوزت قيمة إصدارات الصكوك اإلسالمية "أن إصدار‬ ‫الصكوك لعام ‪ 1022‬تجاوز حاجز الـ ‪ 200‬مليار دوالر أمريكي‪ ،‬وأنه يمكن أن‬ ‫يسهم إصدار كميات كبيرة في تحويل التباطؤ االقتصادي العالمي إلى نمو" ‪.‬‬ ‫وخالل العامين الماضيين أسهمت العديد من اإلصدارات الضخمة‪ ،‬التي تجاوزت‬ ‫قيمتها ‪ 2‬أو ‪ 4‬مليارات دوالر أمريكي‪ ،‬في تسريع عجلة النمو بشكل ملحوظ ‪.‬‬ ‫ومن المتوقع أن يواصل النمو االقتصادي الجيد والتعافي السريع السميا في‬ ‫دول مجلس التعاو ن الخليجي وآسيا‪ ،‬المحركان الرئيسيان لسوق الصكوك‪ ،‬دفع‬ ‫عجلة النمو السريع في القطاع ‪.‬‬ ‫وهي نسبة ضئيلة جداً مقارنة بحجم الصكوك التي تصدر وتدرج في أسواق‬ ‫المالية العالمية‪ ،‬على الرغم من تأكيد الخبراء الماليين على إن إدراج الصكوك‬ ‫ذو أهمية قصوى لتطوير أسواق المال اإلسالمية‪ .‬وعلى نطاق العالم اإلسالمي‪،‬‬

‫ويتوقع أن تصل قيمة مبيعات الصكوك اإلسالمية على نطاق العالم هذا العام إلى‬ ‫‪ 250‬مليارا‪ ،‬كما يتوقع المختصون بشؤون الصكوك اإلسالمية أن تصل قيمة‬ ‫الصكوك اإلسالمية إلى حدود تريليونات من الدوالرات بحلول عام ألفين‬ ‫وخمسة عشر‪.‬‬

‫نظرة تاريخية الزدهار الصكوك اإلسالمية‬

‫يذكر أن االستثمار في الصكوك اإلسالمية قد ازدهر بشكل واضح متأثراً‬ ‫بارتفاعات أسعار النفط التي سبقت ظهور األزمة المالية العالمية عام ‪،1002‬‬ ‫حيث تم استثمار قدر كبير من الفوائض النفطية في الدول الخليجية في الصكوك‬ ‫اإلسالمية‪ ،‬ومن ثم توسع سوق الصكوك اإلسالمية خارج منطقة الخليج‬ ‫والدول اآلسيوية لتصل إلى الدول الغربية واالقتصادات الرئيسية التقليدية‪ .‬ومع‬ ‫تعمق أزمة االقراض في العالم في منتصف عام ‪ ،1002‬تزايد اإلقبال على‬ ‫أدوات التم ويل اإلسالمي السيما الصكوك‪ ،‬حيث أنها الوسيلة المشجعة وتحظى‬ ‫بتصنيف ائتماني جيد‪ ،‬إذ أنها تخضع لضوابط هيئات شرعية تضم علماء دين‬ ‫تمر الصكوك بعمليات توريق للدين بحيث تكشفها إلى مخاطر‬ ‫يضمنون أن ال‬ ‫ّ‬ ‫كتلك التي تعرضت لها كثير من األصول المالية األخرى والتي ساهمت في‬ ‫حدوث أزمة القروض العقارية الرديئة في الواليات المتحدة‪ .‬ويعتبر توريق‬ ‫الدين بشكل عام محظور في إطار قواعد التمويل اإلسالمي‪.‬‬ ‫ومنذ ازدهار هذه األدوات االستثمارية في عام ‪ ،1002‬بدأت الحكومات في‬ ‫الدول اإلسالمية والغربية على ح ّد سواء األهتمام وتشجيع إصدار الصكوك‬ ‫اإلسالمية‪ .‬وتزامن هذا األهتمام مع دعوة المنتدى اإلسالمي العالمي في عام‬ ‫‪ 1022‬على مسؤولية الدول اإلسالمية عموما ً والعربية خصوصا ً بادراك أهمية‬ ‫وضرورة إدراج الصكوك اإلسالمية في أسواق المال اإلقليمية وذلك من أجل‬ ‫تقويتها‪ ،‬خصوصا ً وإن الصكوك ال تزال لم تشكل ذلك الثقل الكبير في أسواق‬ ‫المال الخليجية‪ .‬ففي عام ‪ 1002‬لم تتجاوز قيمة الصكوك التي أُصدرت في‬ ‫أسواق المال الخليجية خمسة مليارات من الدوالرات‪.‬‬ ‫واصطلح على تسمية السندات اإلسالمية صكوكا ً تمييزاً لها عن السندات‬ ‫واألسهم التقليدية‪ .‬أما األسهــم العادية (التقليدية)‪ ،‬فهي حصة في رأس مال‬ ‫شركة ما‪ ،‬وكل سهم هو جزء من أجزاء متساويـة لرأس المـال أو وثيقة تعطى‬

‫‪ARABIC SECTION‬‬

‫وكان هذا المؤتمر والذي استغرق يومين بمثابة فرصة ثمينة‬ ‫للشركات المحلية ومندوبين من األسواق الخارجية‪ ،‬حيث كانت‬ ‫اللقاءات التي حدثت على هامش المؤتمر وبين جلساته الرئيسية‬ ‫ذات أهمية بالغة السيما اللقاءات الجانبية بين المستوردين‬ ‫المحتملين والمصدرين والوكالء والموزعين ومختصي دعم‬ ‫الخدمات المهنية‪ .‬وكما توضح الصورة أدناه جانب من هذه‬ ‫اللقاءات (‪ ) B2B‬التي توفر فرصة اللقاءات بين شخصين أو‬ ‫مجموعات صغيرة وجها ً لوجة‪.‬‬ ‫وفي اليوم الثاني للمؤتمر (‪ 61‬تموز) شهد المؤتمر حضور ‪053‬‬ ‫شخصية لحفل عشاء فاخر اقيم في المحيط الرائع حديث البناء‬ ‫لمدينة ليفربول‪ ،‬في فندق تيتانيك روم ويرهاوس‪ ،‬وهو أحدى‬ ‫المباني التاريخية الذي ابدع المهندسون البريطانيون بتحديثة‬ ‫وترميمه مؤخراً‪ ،‬في حوض ستانلي‪ .‬وكان حفل العشاء الفاخر هو‬ ‫ختام رائع لهذا المؤتمر الذي استضافته غرفة ليفربول التجارية‬ ‫وغرفة سيفتون التجارية‪ .‬وقام برعاية أعمال المؤتمر منظمات‬ ‫رائدة في مجال التجارة‪ ،‬مثل غرفة التجارة البريطانية قبل‬ ‫المنظمات الرائدة مثل غرفة التجارة البريطانية وغرفة التجارة الس يد عبد السالم االإدرييس يف أأحدى اللقاءات هامش املؤمتر‬ ‫العالمية (‪ )ICC‬وهيئة التجارة واالستثمار في المملكة المتحدة‬ ‫(‪.)UKTI‬‬

‫جانب من احلفل اخلتايم اذلي أأقمي يف اليوم الثاين ‬

‫‪32‬‬

โ ซโ ช33โ ฌโ ฌ

โ ซ โ ฌ

โ ซ โ ชARABIC SECTIONโ ฌโ ฌ

โ ซ"ุฏู ุฑ ุงุงู ุชุตุงุงู ุช ุงู ุนุงู ู ู ุฉ ู ู ุงู ุชุฌุงุฑุฉ ู ุงู ุงุณุชุงู ุซุฑ"โ ฌ โ ซู ุคู ุชุฑ ู ู ู ุฑุจู ู โ ช 51-51โ ฌู ุชู ุฒ (ู ู ู ู ู ) โ ช4152โ ฌโ ฌ

โ ซโ โ ชโ The Power of the Chamber Global Networkโ ฌโ ฌ โ ซโ ชLiverpool - conferenceโ ฌโ ฌ โ ซโ ช15-16 July 2014โ ฌโ ฌ โ ซุนู ุฏ ู ู ู ุฏู ู ุฉ ู ู ู ุฑุจู ู ุงู ุจุฑู ุทุงู ู ุฉ ู ุคุชู ุฑุงู ุนู ู ู ุฏู ู ู ู ู ู โ ฌ โ ซโ ช 51-51โ ฌุชู ู ุฒ (ู ู ู ู ู ) โ ช ุ 4152โ ฌุฌู ุน ุฌู ู ู ุฑุงู ู ุงุณุนุง ู ู ู โ ฌ โ ซุงู ู ุตุฏุฑู ู ุงู ู ุนู ู ู ู ู ุงู ู ุญุชู ู ู ู ุงู ุฐู ู ุงู ุชุดู ู ุง ุงู ู ุฒู ุฏ ุนู โ ฌ โ ซุงุฃู ุณู ุงู ุฐุงุช ุงู ู ู ู ุงุงู ู ุชุตุงุฏู ุงู ุนุงู ุนู ู ุจุงู ู ู ู ุงุณ ุงู ุนุงู ู ู โ ชุ โ ฌโ ฌ โ ซุงุจุชุฏุงุกุง ู ู ุฏู ู ุฃู ุฑู ู ุง ุงู ุงู ุชู ู ู ุฉ ุฅู ู ุฌู ู ุจ ุดุฑู ุขุณู ุง ู ุงู ุดุฑู โ ฌ โ ซุงุฃู ู ุณุท ู ุงู ู ู ุณู ุฃู ุฑู ุจุง ุงู ู ุณุทู ู ุงู ุดุฑู ู ุฉโ ช .โ ฌู ุถ ู ู ุงู ู ุคุชู ุฑโ ฌ โ ซุนุฏุฏุงู ู ู ู ู ุฏู ุจู ุงู ุดุฑู ุงุช ู ู ู ุซู ู ุบุฑู ุงู ุชุฌุงุฑุฉ ู ู ู ุฎุชู ู โ ฌ โ ซุฃู ุญุงุก ุดู ุงู ู ุบุฑุจู ุฅู ุฌู ุชุฑุงโ ช ุ โ ฌู ู ู ุซู ู ู ู ู ุฃู ุซุฑ ู ู โ ช 24โ ฌุฏู ู ุฉโ ชุ โ ฌโ ฌ โ ซู ุชุจุงุฏู ุงู ุญุงุถุฑู ู ุฃู ุฎุจุงุฑ ู ุฌุงุญุงุชู ู ู ู ู ุฌุงู ุงู ุชุตุฏู ุฑโ ฌ โ ซู ุงุงู ุณุชุซู ุงุฑโ ช.โ ฌโ ฌ โ ซู ู ุฃุชู ู ุฐุง ุงู ู ุคุชู ุฑ ุงู ุณู ู ู ุฃู ุงู ู ู ุฑุฌุงู ุงู ุฏู ู ู ู ุฃู ุนู ุงู โ ฌ โ ซ(โ ช ุ )IFBโ ฌู ู ุฃุนู ุงุจ ู ุจุงุฏุฑุฉ ุทู ู ุญุฉ ุฃุทู ู ู ุง ุฑุฆู ุณ ุงู ู ุฒุฑุงุกโ ฌ โ ซุงู ุจุฑู ุทุงู ู ุงู ุณุงุจู โ ช ุ โ ฌุงู ุณู ุฏ ุฏู ู ู ุฏ ู ุงู ู ุฑู ู โ ช ุ โ ฌู ุชุนุฒู ุฒ ุงู ู ู ู โ ฌ โ ซุงุงู ู ุชุตุงุฏู ู ุฒู ุงุฏุฉ ุงู ุตุงุฏุฑุงุชโ ช .โ ฌู ุงุณุชู ุทุจ ู ุฐุง ุงู ุญุฏุซ ู ู ุฏู ุจู โ ฌ โ ซุงุฃู ุนู ุงู ู ู ุณุคู ู ู ู ุชุฌุงุฑู ู ู ู ู ู ุฎุชู ู ุฃู ุญุงุก ุงู ุนุงู ู โ ช .โ ฌู ู ุฏ ู ู ุงู ู ุณุงุฑโ ช :โ ฌุฏู ุงู ู ู ุงู ุฑู โ ช ุ โ ฌุญุตู ู ุฑุฆู ุณ ุงุฌู ู ุณุฉุ ู ุฑู ุณ ุงู ู ู ุณ ู ู ุจู ุฒู โ ช ุ โ ฌู ุฏู ุฑ ุฑุดู ุฉ ุ ู ุฌู ู ู ุจู ู ุฑุช ุงู ุฑุฆู ุณ ุงู ุชู ู ู ุฐู ู ุฑุงู ุฒโ ฌ โ ซุฏุนู ุช ุบุฑู ุฉ ุงู ุชุฌุงุฑุฉ ุงู ุนุฑุจู ุฉ ุงู ุจุฑู ุทุงู ู ุฉ ู ู ู ุดุงุฑู ุฉ ู ู ุงู ู ุคุชู ุฑโ ช ุ โ ฌุง ุฃู ุนุงู ู ุงู ุฑุจู ุทุงู ู ุฉ ( )โ ฌ โ ซู ู ุซู ู ุง ุงู ุณู ุฏ ุนุจุฏ ุงู ุณุงู ู ุงุฅู ุฏุฑู ุณู โ ช ุ โ ฌู ุฏู ุฑ ู ุณู ุงู ุฎุฏู ุงุชโ ฌ โ ซุงู ุชุฌุงุฑู ุฉ ู ู ุงู ุบุฑู ุฉโ ช ุ โ ฌู ุงู ุฐู ุชุญุฏุซ ู ู ุญู ู ุฉ ู ู ุงุด ุนู "ุงู ุจู ู ุฉ ุงู ุชุญุชู ุฉ โ ช -โ ฌุงู ุฎุจุฑุฉ ุงู ุจุฑู ุทุงู ู ุฉ ุจู ุงุก ุงู ู ุณุชู ุจู "โ ช ุ โ ฌู ุดุงุฑู ู ู ู ุฑุดุฉ ุนู ู โ ช.B2Bโ ฌโ ฌ โ ซู ุดู ุฏ ุงู ู ู ู ุงุฃู ู ู ู ู ู ุคุชู ุฑ ู ู ู ุงุช ู ุชุญุฏู ุซู ู ู ุฑุฆู ุณู ู ู ู ุฌู ุณุงุช ู ู ุงุดโ ฌ โ ซู ู ู ู ุงุถู ุน ุญู ู ู ุฉ ู ุฏู ู ุงู ู ู ุฉ ุจู ุง ู ู ุฐู ู ู ู ุงุถู ุน ุงู ุดุญู ู ุงู ู ุงู ุญุฉโ ฌ โ ซุงู ุจุญุฑู ุฉโ ช ุ โ ฌู ุงู ุชุตุงุฏ ู ู ุฎู ุถ ุงู ู ุฑุจู ู โ ช ุ โ ฌู ุฎุฏู ุงุช ุงู ุชุตุฏู ุฑ ู ุงู ุจู ู ุฉ ุงู ุชุญุชู ุฉโ ฌ โ ซู ู ุงู ุดุฑู ุงุฃู ู ุณุท ู ุฃู ุฑู ุจุงโ ช ุ โ ฌู ู ุฐู ู ุงู ุชุฑู ู ุฒ ุนู ู ุงุฃู ุณู ุงู ุนุงู ู ุฉ ุงู ู ู ู โ ฌ โ ซู ู ุฌู ู ุจ ุดุฑู ุขุณู ุงโ ช.โ ฌโ ฌ

โ ซู ู ุฏ ุชู ุชุตู ู ู ู ุฐู ุงู ู ุจุงุฏุฑุฉ ู ู ู ุณุงู ู ุฉ ู ู ุฏุนู ู ุชุทู ู ุฑ ู ู ุถุงุนู ุฉโ ฌ โ ซุงู ุตุงุฏุฑุงุช ุงู ุจุฑู ุทุงู ู ุฉ ู ู ุนุงู ู ู ุชุตู ู ู ู ุชู ุง ุฅู ู โ ช 5โ ฌุชุฑู ู ู ู ู ุฌู ู ู ุฅุณุชุฑู ู ู ู โ ฌ โ ซุจุญู ู ู ุนุงู โ ช ุ 4141โ ฌู ุชู ู ู ุฏ ุฃู ุซุฑ ู ู โ ช 511โ ฌู ู ู ู ู ุฌู ู ู ุฅุณุชุฑู ู ู ู ู ู โ ฌ โ ซุงุงู ุณุชุซู ุงุฑ ุงุฃู ุฌู ุจู ู ู ุงู ู ู ู ู ุฉ ุงู ู ุชุญุฏุฉ ุนู ู ู ุฏู ุงู ุณู ู ุงุช ุงู ุฎู ุณโ ฌ โ ซุงู ู ู ุจู ุฉโ ช .โ ฌู ุณู ุชู ุชู ุฑุงุฑ ู ุฐุง ุงู ุญุฏุซ ู ู ุนุงู โ ช.4151โ ฌโ ฌ

โ ซู ู ุงู ู ุฐุง ุงู ู ุคุชู ุฑ ู ุงู ุฐู ุงุณุชุบุฑู ู ู ู ู ู ุจู ุซุงุจุฉ ู ุฑุตุฉ ุซู ู ู ุฉ ู ู ุดุฑู ุงุชโ ฌ โ ซุงู ู ุญู ู ุฉ ู ู ู ุฏู ุจู ู ู ู ุงุฃู ุณู ุงู ุงู ุฎุงุฑุฌู ุฉโ ช ุ โ ฌุญู ุซ ู ุงู ุช ุงู ู ู ุงุกุงุช ุงู ุชู โ ฌ โ ซุญุฏุซุช ุนู ู ู ุงู ุด ุงู ู ุคุชู ุฑ ู ุจู ู ุฌู ุณุงุชู ุงู ุฑุฆู ุณู ุฉ ุฐุงุช ุฃู ู ู ุฉ ุจุงู ุบุฉโ ฌ โ ซุงู ุณู ู ุง ุงู ู ู ุงุกุงุช ุงู ุฌุงู ุจู ุฉ ุจู ู ุงู ู ุณุชู ุฑุฏู ู ุงู ู ุญุชู ู ู ู ู ุงู ู ุตุฏุฑู ู โ ฌ โ ซู ุงู ู ู ุงู ุก ู ุงู ู ู ุฒุนู ู ู ู ุฎุชุตู ุฏุนู ุงู ุฎุฏู ุงุช ุงู ู ู ู ู ุฉโ ช .โ ฌู ู ู ุง ุชู ุถุญโ ฌ โ ซุงู ุตู ุฑุฉ ุฃุฏู ุงู ุฌุงู ุจ ู ู ู ุฐู ุงู ู ู ุงุกุงุช (โ ช )B2Bโ ฌุงู ุชู ุชู ู ุฑ ู ุฑุตุฉโ ฌ โ ซุงู ู ู ุงุกุงุช ุจู ู ุดุฎุตู ู ุฃู ู ุฌู ู ุนุงุช ุตุบู ุฑุฉ ู ุฌู ุง ู ู ู ุฌุฉโ ช.โ ฌโ ฌ

โ ซู ู ู ุงู ู ู ู ุงู ุซุงู ู ู ู ู ุคุชู ุฑ (โ ช 51โ ฌุชู ู ุฒ) ุดู ุฏ ุงู ู ุคุชู ุฑ ุญุถู ุฑ โ ช211โ ฌโ ฌ โ ซุดุฎุตู ุฉ ู ุญู ู ุนุดุงุก ู ุงุฎุฑ ุงู ู ู ู ู ุงู ู ุญู ุท ุงู ุฑุงุฆุน ุญุฏู ุซ ุงู ุจู ุงุก ู ู ุฏู ู ุฉโ ฌ โ ซู ู ู ุฑุจู ู โ ช ุ โ ฌู ู ู ู ุฏู ุชู ุชุงู ู ู ุฑู ู ู ู ุฑู ุงู ุณโ ช ุ โ ฌู ู ู ุฃุญุฏู ุงู ู ุจุงู ู โ ฌ โ ซุงู ุชุงุฑู ุฎู ุฉ ุงู ุฐู ุงุจุฏุน ุงู ู ู ู ุฏุณู ู ุงู ุจุฑู ุทุงู ู ู ู ุจุชุญุฏู ุซุฉ ู ุชุฑู ู ู ู ู ุคุฎุฑุงู โ ชุ โ ฌโ ฌ โ ซู ู ุญู ุถ ุณุชุงู ู ู โ ช .โ ฌู ู ุงู ุญู ู ุงู ุนุดุงุก ุงู ู ุงุฎุฑ ู ู ุฎุชุงู ุฑุงุฆุน ู ู ุฐุงโ ฌ โ ซุงู ู ุคุชู ุฑ ุงู ุฐู ุงุณุชุถุงู ุชู ุบุฑู ุฉ ู ู ู ุฑุจู ู ุงู ุชุฌุงุฑู ุฉ ู ุบุฑู ุฉ ุณู ู ุชู ู โ ฌ โ ซุงู ุชุฌุงุฑู ุฉโ ช.โ ฌโ ฌ

โ ซู ู ุงู ู ุณุงุฑ โ ช :โ ฌุงู ุณู ุฏ ุนุจุฏ ุงู ุณุงู ู ุงุฅู ุฏุฑู ุณู โ ช ุ โ ฌู ุฏู ุฑ ู ุณู ุงู ุฎุฏู ุงุช ุงู ุชุฌุงุฑู ุฉ ู ู ุบุฑู ุฉ ุงู ุชุฌุงุฑุฉ ุงู ุนุฑุจู ุฉ ุงู ุจุฑู ุทุงู ู ุฉุ โ ฌ โ ซุงู ุณู ุฏุฉ ุฌู ู ู ุณุชู ู ุงุฑุชโ ช ุ โ ฌุงู ุฑุฆู ุณ ุงู ุชู ู ู ุฐู ู ุบุฑู ุฉ ู ู ู ุฑุจู ู ุงู ุชุฌุงุฑู ุฉุ ุงู ุณู ุฏ ุจู ุชุฑ ู ู ู ู ู โ ช ุ โ ฌุฑุฆู ุณ ุงุชุญุงุฏ ุบุฑู ุงู ุชุฌุงุฑุฉโ ฌ โ ซุงู ุนุงู ู ู (โ ช & )ICCโ ฌุงู ุณู ุฏ ุฌู ู ุณุงุชู ู ู ู โ ช ุ โ ฌุฑุฆู ุณ ุบุฑู ุฉ ู ู ู ุฑุจู ู โ ฌ

โ ซู ุญุถุฑ ุงู ู ุคุชู ุฑ ุงู ุฐู ุงุณุชู ุฑ ู ู ู ู ู ู ุฎุจุฉ ู ุจู ุฑุฉ ู ู ุงู ู ุตุฏุฑู ู โ ฌ โ ซุงู ู ุนู ู ู ู ู ุงู ู ุญุชู ู ู ู ุงู ุฐู ู ุงู ุชุดู ู ุง ุงู ู ุฒู ุฏ ุนู ุงุฃู ุณู ุงู ุฐุงุช ุงู ู ู ู โ ฌ โ ซุงู ู ุฑุชู ุน ุงู ุนุงู ู ู ุฉ ู ู ุฃู ุฑู ู ุง ุงู ุงู ุชู ู ู ุฉ ู ุฌู ู ุจ ุดุฑู ุขุณู ุง ู ุงู ุดุฑู โ ฌ โ ซุงุฃู ู ุณุท ู ุฃู ุฑู ุจุง ุงู ู ุณุทู ู ุงู ุดุฑู ู ุฉโ ช .โ ฌู ู ุง ุงุชุงุญ ุงู ู ุคุชู ุฑ ู ุฑุตุฉ ุงู ู ู ุงุกโ ฌ โ ซุจู ู ุงู ู ุฏู ุฑู ู ุงู ุชู ู ู ุฐู ู ู ุงู ุฐู ู ู ู ุซู ู ู ุดุฑู ุงุช ู ู ู ุฎุชู ู ุฃู ุญุงุกโ ฌ โ ซุงู ุดู ุงู ู ุงู ุบุฑุจู ุงู ุจุฑู ุทุงู ู ู ุน ู ุณุคู ู ู ู ู ู โ ช 24โ ฌุฏู ู ุฉโ ช ุ โ ฌู ุงุงู ุณุชู ุงุฏุฉโ ฌ โ ซู ู ุงู ู ุตุงุฆุญ ู ุงู ู ุดู ุฑุฉ ู ู ุนุฏู ุฏ ู ู ุงู ุดุฑู ุงุช ุงู ุชู ู ุฏู ู ุง ุณุฌู ุญุงู ู โ ฌ โ ซู ู ุงู ู ุฌุงุญ ู ู ู ุฌุงู ุงู ุชุตุฏู ุฑโ ช .โ ฌู ุงู ู ุฐุง ุงู ู ุคุชู ุฑ ู ุนู ู ู ุฏู ู ู ู ู ู โ ฌ โ ซู ุฑุตุฉ ู ู ุดุฑู ุงุช ุงู ู ุญู ู ุฉ ู ุงุฃู ุณู ุงู ุงู ุฎุงุฑุฌู ุฉ ุงู ู ู ุฏู ุจู ู ุงู ุณุชุถุงู ุฉโ ฌ โ ซุฌู ุณุงุช ุฌุงู ุจู ุฉ ุจู ู ุงู ู ุณุชู ุฑุฏู ู ุงู ู ุญุชู ู ู ู ู ุงู ู ุตุฏุฑู ู ู ุงู ู ู ุงู ุกโ ฌ โ ซู ุงู ู ู ุฒุนู ู ู ุฏุนู ุงู ุฎุฏู ุงุช ุงู ู ู ู ู ุฉโ ช.โ ฌโ ฌ

34

AGRICULTURE

ORGANIC FARMING GAINS POPULARITY IN SAUDI ARABIA Organic farming was one of the topics addressed at the Saudi Agriculture 2014, the 33rd international agriculture, water, and agro-industry trade show, took place recently in Riyadh. Under the patronage of the Ministry of Agriculture, the Department of Organic Agriculture (DOA) had its own organic farming pavilion, a joint venture with the German GIZ International Services’ “Organic Farming Project” and the Saudi Organic Farming Association (SOFA).

will further enhance the organic farming movement in the Kingdom. Al-Ghamdi is convinced organic agriculture is here to stay, and that its importance cannot be overestimated: “It conveys a clear and strong message to all farmers that highquality and healthy foods can be produced without the use of synthetic fertilisers, pesticides, or genetically modified organisms (GMOs).”

The pavilion gave organic farmers and other stakeholders the opportunity to showcase their products and services. Also present was the Qassim-based Organic Research Centre, which not only provided an insight to its fields of research, but also displayed a range of organic products. Saudi Gazette spoke to Ayman Al-Ghamdi, general manager of the DOA, as well as general supervisor of the Organic Farming Project, who said that organic agriculture in the Kingdom was booming. “The number of certified organic farming was 10 in 2000. Today, there are more than 112 organic farms, certified according to Saudi organic standards,” Al-Ghamdi said, adding that awareness and knowledge about organic products had been slowly but steadily increasing over the past years. As a result, the demand for Saudi organic products, especially fresh produce, is continuously increasing. Nowadays, consumers are able to purchase organic products not only at local food markets and specialised organic dealers, but also in hypermarkets. Due to the high demand, however, meeting local production with local demand has been among the main challenges the Saudi organic sector faces, according to the general manager. Before 2000, less than a handful of agricultural companies and individual farmers grew their produce organically. Five years later, the Ministry of Agriculture incorporated organic farming activity and contacted GIZ International Services (the consultancy service of the Deutsche Gesellschaft für Internationale Zusammenarbeit or German Federal Enterprise for International Cooperation) to develop the organic sector. As of 2014, the number of organic farmers

The main principle of organic farming, he continued, is to grow fresh, tasty and healthy foods with environmentally friendly methods, respecting the farm ecosystem balance and protecting biodiversity. reached 112, the organic land area is 33,709 hectare and the under-conversion land area 2,889 ha. The latter refers to land that is in the transition of becoming organic, which usually takes two to three years, depending on the type of crop. The organic animal production is 3,575, while the number of under-conversion organic animals is 803, in addition to 772 beehives. The number of under-conversion birds is 883, Al-Ghamdi noted. In the relatively short period organic agriculture has been present in the Kingdom, various major goals have been achieved, Al-Ghamdi further said. “All procedures and legislations in addition to the administrative, monitoring, surveillance, and research have been formulated.” He added that creating awareness regarding the environmental benefits, or “spreading the culture of organic farming among Saudi organic farmers and consumers” had been the first important step. Throughout the years, he continued, milestones were “the foundation of the Saudi Organic Farming Association (SOFA) in 2007, the foundation of the Department of Organic Agriculture in the Ministry of Agriculture in 2008, and the conversion of Qassim Farming Research Centre into an organic Farming Centre related to the Ministry in 2011.” Recently, an Organic Farming Law has been approved by the Council of Ministers, which

And, as the demand is already there, expanding the organic sector in the Kingdom will ensure consumers can obtain organic products, whether these are local, imported, fresh or processed, Al-Ghamdi moreover said. A few years ago, the minister of agriculture requested Al-Ghamdi’s department to develop a national organic farming policy to set the framework for the implementation of the future organic agricultural policy in Saudi Arabia. This project was concluded in 2012, the general manager said. “This year, we elaborated a future five-year organic agricultural action plan to implement the most essential goals of the organic agricultural policy. This plan is proposed to be implemented in the beginning of 2016 or 2017.” In addition, the department is determined to show its presence at the country’s biggest agricultural events to keep spreading awareness and provide a variety of local organic products from all over the country. “Our role is provide a stage to all the organic operators, whether they are farmers, marketers, input companies or others and present them to all, showing the specialists and fans how far the organic farming has been developed and prospers,” Al-Ghamdi added. Saudi Gazette, 17/09/2014

TENDERS

TENDERS EGYPT IMPLEMENTING, UNDER THE DESIGN & BUILD SYSTEM, THE ELECTROMECHANICAL WORKS PERTAINING TO SO CALLED AL SHEEN SANITARY DRAINAGE WATER TREATMENT STATION IN GHARBIYA GOVERNORATE OF 10,000 M3/ DAY AVERAGE CAPACITY Document Cost: LE1,000 Bid Bond: LE450,000 Contact El Nasr General Co. for Contracting, Hassan Allam St., Opposite Police Academy, Abbassia, Cairo Tel: 02 - 26858063/ 26858069/ 26844453 Deadline: 12/10/2014

IRAQ SUPPLY OF GENERAL SERVICE POWER TRANSFORMER (GST 32 MVA, 132/6.3/6.3KV) FOR NASSIRIYAH THERMAL POWER STATION Tender No: 10M/2014 Tender Document: ID250,000 Insurance Bond: 1% Contact Ministry of Electricity General Directorate of Electrical Energy production in Nassiriyah Email: gntps@yahoo.com; nass_comm@ yahoo.com Website: www.moelc.gov.iq Deadline: 29/09/2014

SUPPLY OF ERECTION AND OPERATION EXCITATION SYSTEM FOR UNITS 1, 2, 3, 4 FOR NASSIRIYAH THERMAL POWER STATION Tender No: 12M/2014 Tender Document: ID250,000 Insurance Bond: 1% Contact Ministry of Electricity General Directorate of Electrical Energy production in Nassiriyah Email: gntps@yahoo.com; nass_comm@ yahoo.com Website: www.moelc.gov.iq Deadline: 13/10/2014

THE REPLACEMENT OF OID BRIDGES IN AI OYWANIYA GOVERNORATE

SUPPLY OF SURGICAL ITEMS FOR PAEDIATRIC LAB AT ROYAL HOSPITAL

(lshan Hdaiyb Bridge) Tender No: 54/2014 Specialist and experienced companies and contractors interested in this project should contact the office below for further details. Contact State Corporation for Roads and Bridges Baghdad, Karadat Mariam, Near AI Rasheed Hotel Email: tender_sscrb@yahoo.com www.turrugiissor.imariskan.gov.iq Deadline: 16/10/2014

Tender No: 23/2014 Document Cost: RO2,750 Contact Oman Tender Board Muscat Oman PO Box 787/133 Al Khuwair Tel: +968 24602652 Tenderom@Omantel.net.om http://www.tenderboard.gov.om/eng/ Deadline: 13/10/2014

MAINTENANCE AND REHABILITATION OF THYQAR BRIDGE AND APPROACHES IN THYQAR GOVERNORATE

CONSTRUCTION OF DUALIZATION OF ROAD FROM RAYSUT ROUNDABOUT TO SALALAH PORT AT SALALAH CITY AT GOVERNORATE OF DHOFAR

Tender No: 57/2014 Specialist and experienced companies and contractors interested in this project should contact the office below for further details. Contact State Corporation for Roads and Bridges Baghdad, Karadat Mariam, Near AI Rasheed Hotel Email: tender_sscrb@yahoo.com www.turrugiissor.imariskan.gov.iq Deadline: 20/10/2014

OMAN HIGH ALTITUDE TRAINING CENTRE AT AL-AKDAR Tender No: 25/2014 Contact Oman Tender Board Muscat Oman PO Box 787/133 Al Khuwair Tel: +968 24602652 Tenderom@Omantel.net.om http://www.tenderboard.gov.om/eng/ Deadline: 17/11/2014

CONSTRUCTION OF INFRASTRUCTURE FACILITIES FOR EXPANSION OF RUSAYL INDUSTRIAL ESTATE - PACKAGE 1 Tender No: 24/2014 Document Cost: RO3000 Contact Oman Tender Board Muscat Oman PO Box 787/133 Al Khuwair Tel: +968 24602652 Tenderom@Omantel.net.om http://www.tenderboard.gov.om/eng/ Deadline: 27/10/2014

Tender No: 22/2014 Document Cost: RO2,750 Contact Oman Tender Board Muscat Oman PO Box 787/133 Al Khuwair Tel: +968 24602652 Tenderom@Omantel.net.om http://www.tenderboard.gov.om/eng/ Deadline: 10/11/2014

CONSTRUCTION OF BATINAH EXPRESSWAY PACKAGE 10 Tender No: 21/2014 Contact Oman Tender Board Muscat Oman PO Box 787/133 Al Khuwair Tel: +968 24602652 Tenderom@Omantel.net.om http://www.tenderboard.gov.om/eng/ Deadline: 27/10/2014

QATAR MAINTENANCE SERVICE FOR WEATHER STATIONS IN DUKHAN FIELDS Tender No: GT14111800 Bid Bond: QR40,000 Contact Qatar Petroleum PO Box 3212 Doha, Qatar Tel: (974) 4440 2000 Fax: (974) 4483 1125 www.qp.com.qa Deadline: 12/10/2014

35

36

TENDERS

HEAVY DUTY LIFTING EQUIPMENT, 5 TONNE FORK LIFT TRUCK, 15 TONNE FORK LIFT TRUCK, 3 TONNE FORK LIFT TRUCK Tender No: GTC/GT14MT0029 Bid Bond: QR175000 Contact Qatar Petroleum PO Box 3212 Doha, Qatar Tel: (974) 4440 2000 Fax: (974) 4483 1125 www.qp.com.qa Deadline: 19/10/2014

PROVISION OF SERVICES FOR THE ESTABLISHMENT OF COMPREHENSIVE COMPETENCY MAP Tender No: GT14111900 Bid Bond: QR300000 Contact Qatar Petroleum PO Box 3212 Doha, Qatar Tel: (974) 4440 2000 Fax: (974) 4483 1125 www.qp.com.qa Deadline: 19/10/2014

HEAVY DUTY EQUIPMENT: SKID STEER LOADER TELESCOPIC MATERIAL HANDLER SELF PROPELLED TELESCOPIC BOOM LIFT INDUSTRIAL CRANE WITH CARGO DECK Tender No: LTC/LT14MT0073 Bid Bond: QR75000 Contact Qatar Petroleum PO Box 3212 Doha, Qatar Tel: (974) 4440 2000 Fax: (974) 4483 1125 www.qp.com.qa Deadline: 20/10/2014

UAE SUPPLY OF HEAT SHRINK CABLE JOINTS FOR LOW VOLTAGE CABLES Tender No: 2051400053 Document Cost: AED200 Contact Dubai Electricity & Water Authority Office of the Contracts Manager, Zabeel East, PO Box 564, Dubai Tel: + 971 4 3244444 Fax: + 971 4 3248111 Email: contracts@dewa.gov.ae www.dewa.gov.ae Deadline: 22/10/2014

JEBEL ALI POWER STATION M-EXTENSION PROJECT Tender No: 2131400031 Document Cost: AED5000 Contact Dubai Electricity & Water Authority Office of the Contracts Manager, Zabeel East, PO Box 564, Dubai Tel: + 971 4 3244444 Fax: + 971 4 3248111 Email: contracts@dewa.gov.ae www.dewa.gov.ae Deadline: 15/10/2014

SUPPLY OF HEAT SHRINK / COLD SHRINK / PRE-MOULD TYPE CABLE JOINTS AND ACCESSORIES FOR 33KV & 11KV CABLES Tender No: 2051400052 Document Cost: AED200 Contact Dubai Electricity & Water Authority Office of the Contracts Manager, Zabeel East, PO Box 564, Dubai Tel: + 971 4 3244444 Fax: + 971 4 3248111 Email: contracts@dewa.gov.ae www.dewa.gov.ae Deadline: 15/10/2014

REPLACEMENT OF EXISTING 8 (EIGHT) NOS. OF RECIRCULATION PUMP-MOTOR UNITS ALONG WITH GUIDE TUBE, ELECTRICAL CABLE, MOTOR MANAGEMENT UNIT AND ACCESSORIES AT MUSHRIF RESERVOIR PHASE 1 Tender No: 2121400025 Document Cost: AED500 Contact Dubai Electricity & Water Authority Office of the Contracts Manager, Zabeel East, PO Box 564, Dubai Tel: + 971 4 3244444 Fax: + 971 4 3248111 Email: contracts@dewa.gov.ae www.dewa.gov.ae Deadline: 13/10/2014

SUPPLY, INSTALLATION, TESTING & COMMISSIONING OF DIGITAL ACCESS CONTROL SYSTEM AT 400KV AND CRITICAL 132KV SUBSTATIONS Tender No: 2131400045 Document Cost: AED500 Contact Dubai Electricity & Water Authority Office of the Contracts Manager, Zabeel East, PO Box 564, Dubai Tel: + 971 4 3244444 Fax: + 971 4 3248111 Email: contracts@dewa.gov.ae www.dewa.gov.ae Deadline: 01/10/2014

SUPPLY, INSTALLATION AND ASSOCIATED MODIFICATION WORKS ON BATTERY RACKS AT VARIOUS (132 KV & 400KV) SUBSTATIONS Tender No: 2131400042 Document Cost: AED500 Contact Dubai Electricity & Water Authority Office of the Contracts Manager, Zabeel East, PO Box 564, Dubai Tel: + 971 4 3244444 Fax: + 971 4 3248111 Email: contracts@dewa.gov.ae www.dewa.gov.ae Deadline: 30/09/2014

HIRING OF LABORATORY SERVICES TO CONDUCT FIELD DENSITY TEST, THERMAL RESITIVITY TEST AND CORE CUTTING Tender No: 2131400043 Document Cost: AED200 Contact Dubai Electricity & Water Authority Office of the Contracts Manager, Zabeel East, PO Box 564, Dubai Tel: + 971 4 3244444 Fax: + 971 4 3248111 Email: contracts@dewa.gov.ae www.dewa.gov.ae Deadline: 29/09/2014

BUSINESS EVENTS

BUSINESS EVENTS, TRADE FAIRS AND CONFERENCES BASRAH BUILDING 21-24 October 2014 The 4th International Building, Construction, Municipal Equipment, Natural Stone, Machinery and Equipment Exhibition Basrah, Iraq Contact PYRAMIDS GROUP FAIRS Tel: +90 216 575 28 28 Email: info@basrahbuilding.com www.basrahbuilding.com

SAUDI BUILD 2014 The 26th International Construction Technology and Building Materials Exhibition - Capture the Kingdom’s Leading Construction Opportunities 10-13 November 2014 Riyadh, Saudi Arabia Contact Riyadh Exhibitions Company (REC) Tel: +966 11 229 5604 Fax: +966 11 229 5612 info@recexpo.com

OMAN PROJECTS FORUM 2014 Reviewing Oman’s Project Market and upcoming Opportunities 26 - 28 October 2014 Al Bustan Palace, a Ritz Carlton Hotel, Muscat, Oman Contact MEED Events Email: meedevents@meed.com Tel: 00 971 4 818 0224 www.meed.com/events/oman-projectsforum-2014/3178612.article

THE BIG 5 SHOW 2014 The largest construction exhibition in the Middle East 17-20 November 2014 DIEC, Dubai, UAE Contact Walis Marketing Consultants Email: Thebig5@wallis-mc.com Tel: +971 4 390 1950 www.thebig5.ae

SAUDI RAIL SHOW The International Exhibition for Rail, Metro Lines & Urban Transportation 27 -29 October 2014 Contact REC Group PO Box 56010 Riyadh 11554 Tel: +966 1 2295604 Fax: +966 1 2295612 Email: info@recexpo.com SAUDI TRADE FINANCE SUMMIT 2014 5-6 November 20914 Radisson Blu Hotel, Riyadh, Saudi Arabia Contact Manmit Kaur Email: manmit@qnainternational.com/info@ qnainternational.com http://sauditradefinance.com 6TH ANNUAL MIDDLE EAST DISTRICT COOLING SUMMIT For government authorities, decision makers, regional project stakeholders, master project developers and end users, leading research institutes and consultancy firms, technology and solution providers 10 - 11 November 2014 Doha, Qatar Contact Rahul Bihani Marketing - Utilities Fleming Gulf Tel: +91 779 509 4721 Email: rahul.bihani@fleminggulf.com http://energy.fleminggulf.com/medcs2014

SIAL MIDDLE EAST The ME Food Exhibition 24-26 November 2014 Adnec, Abu Dhabi, UAE Contact SIAL Middle East FZ LLC Tel: +971 (0)2 401 2949 Fax: +971 (0)2 401 1949 Email: info@sialme.com www.sialme.com FOOD SECURITY Mapping Risks, Building Resilience 1-2 December 2014 Chatham House, London Contact George Woodhams Chatham House Tel: +44 (0)20 7957 5732 Email: gwoodhams@chathamhouse.org www.chathamhouse.org LIBYA ENERGY International Energy, Infrastructure and Building Construction Conference & Exhibition 4-7 December 2014 Tripoli, Libya Contact PYRAMIDS GROUP FAIRS Tel: +90 216 575 28 28 Email: info@libyaenergyexpo.com www.libyaenergyexpo.com TT EGYPT – INTERNATIONAL TRAVEL & TOURISM EXHIBITION EGYPT 10-13 January 2015 Cairo International Convention Centre (CICC), Cairo Contact Pyramids Group Kucukbakkaloy Mah. Kocasinan Cad Gumrukcu Sok. No 8 Atasehir, Istanbul, Turkey Tel: +90 216 575 28 28 (PBX) Fax: +90 216 575 11 01-02 www.ittegypt.com

GCC RAIL AND METRO CONFERENCE 2015 A vision for sustainable development Al Bustan Palace Hotel, Muscat, Oman 11-12 January 2015 Contact Ubar Conferences and Events Tel: +968 2439 8767 Mobile: +968 9936 0236 Email: info@ubarconferences.com www.gcc-rmc.com MISSAN INTERNATIONAL FAIR FOR BUSINESS & INVESTMENT Missan City, Iraq 23-26 February 2015 Contact IFP Group Tel: +961 5 959111 Fax: +961 5 955361 Email: ims@ifpgroup.net www.ifpiraq.com CAIRO FASHION & TEX 2015 5-8 March 2015 Cairo International Convention Centre (CICC), Cairo Contact Cairo Fashion Tex Tel: +202 262 33 190 / 91 Fax: +202 262 33 195 Email: info@pyramidsfaireg.com www.cairofashiontex.com QATAR PROJECTS CONFERENCE 2015 17 - 19 March 2015 Contact MEED Events Tel Customer service: 971 (0)4 390 0699 www.qatarprojectsconference.com CAIRO ENERGY 2015 Cairo Energy Oil and Gas International Conference & Exhibition 1-3 September 2015 Cairo International Convention Centre Contact Hoogoorddreef 9 1101 BA Amsterdam z-o /The Netherlands Tel: +31 20 312 06 76 Fax: +31 20 312 04 42 Email: jaklinkuran@pyramidsfair.eu www.pyramidsfair.com/cairo-energy-2015 ABCC EVENTS For details of all forthcoming ABCC events please see the website: www.abcc.org.uk/Events

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