Gulf Insider March 2015

The multi-award winning Arabian magazine

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The Arabian Review

Issue 122

Exclusive Interview

Karim Al-Shakar Business

Explosive views from Arab Billionaire Finance

Supercomputers take over stock markets

BAHRAIN 2015 What to expect?

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Gulf Financial Insider

Cover Story

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BAHRAIN 2015 What to Expect

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CONTENTS March 2015

WORK Business

ARAB BILLIONAIRE SHARES EXPLOSIVE VIEWS Business

GCC MARKETS PREDICTED TO REBOUND Finance

58

FRANKENSTEIN FINANCE

Telecoms

TELECOMS FRONTRUNNERS

Property

TUNISIA’S GIANT HOSPITAL …

LIKE A SAILING VESSEL Affairs

51

EXCLUSIVE: KARIM AL-SHAKAR

PLAY

20 42 22 44

Travel

24 46

Life

26 51

Style

28 58

Motors

30 62

Art

EXCLUSIVE: JAN IFCIC Life

PROFILE: ZAHER KASSIR

FINE DINING: 7 DUBAI EXPERIENCES

JUMPSTART YOUR SPRING STYLE

CAR REVIEW: MCLAREN 650S SPIDER

ASIM KV

The Arabian Review Publisher & Editor in Chief - Nicholas Cooksey Editorial - Agnieszka Piechoska Regular Contributors - Hugh Haskell-Thomas - Nicholas Cortes - Bill Daly Guest Contributors - Nicholas Carlson - Robert Harris

COMMENT...

Layout Designs - Dhanraj S Business Development - Redia Castillo Admin & Finance - Nikesh Pola

Bahrain economy looking good despite oil price drop

Photography - Harold Tejada - Bench Medina Distribution Executives - Mohammed Yousif - Muhammed Shareef P - Rafnaj K P

The Central Bank of Bahrain (CBB)’s Governor Rasheed Al Maraj has announced that the drop in oil prices had not affected liquidity in Bahrain’s banking system, adding that there are big projects scheduled over the next few years. He also expects lending to pick up; “So far liquidity is good. We don’t see any systemic risk even compared to when we had lower oil prices, we have not seen liquidity drying up.’

He went on to say that Bahrain benefits from having the best regulations in the region, some “exceptionally good” institutions, and that Bahrain doesn’t impose taxes on investment and has no restrictions on foreign ownership of business.

Published by:

Al Maraj said that, according to Economic Development Board (EDB) statistics, Bahrain attracted $60+ million in investments last year, helped by the kingdom’s commercial trading laws which are the most flexible in the GCC.

Media P.O. Box 60357, Kingdom of Bahrain Tel: +973 1700 4575 Fax: +973 1772 1722

Printed at Awal Press, Kingdom of Bahrain.

WORK

Distribution Bahrain: Al Hilal Corporation, Tel. +973 1748 0800 UAE: Jashanmals, Tel. +971 4341 9757

PLAY

The multi-award winning Arabian magazine

The multi-award winning Arabian magazine

WORK

PLAY

for PLAY see page 35

The Arabian Review

Issue 122

for WORK see page 08

The Arabian Review

Issue 122

Exclusive Interview

Karim Al-Shakar

Also inside:

Business

Explosive views from Arab Billionaire Finance

Established since 2004, Gulf Insider is the multi award winning Arabian business and current affairs magazine that also covers property and expat news, interviews, car reviews, travel features, even a bit of art and fashion.

Fine Dining - 7 Dubai Experiences Car Review - McLaren 650S Spider Car Review - Renault Captur

Supercomputers take over stock markets

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The monthly print edition of Gulf Insider is distributed to Bahrain’s highest spending consumers and decision makers. There’s also limited distribution in other GCC states via airline lounges, duty free, ARAMCO in the KSA, and other strategic locations.

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BAHRAIN THROUGH THE LENS Complimentary Copy

BAHRAIN 2015 What to expect?

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Cover Image: Asim KV

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Registered as Gulf Financial Insider with Ministry of Information approval no. TFI-431©. No part of this publication may be reproduced in any manner without the written permission of the publisher.

All Rights Reserved. Views expressed in this magazine are not necessarily those of the publisher. *Articles by these correspondents are the copyright of Telegraph Media Group, 111 Buckingham Palace Road, London SW1W 0DT, England.

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Send your views to info@Gulf-Insider.com The multi-award winning Arabian magazine

WORK for PLAY see page 35

The Arabian Review

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Also inside:

Art - Mayasa Al Sowaidi Interview - Jamal Fakhro

BAHRAIN’S NEW REAL ESTATE LAW Protects Buyers and Tenants?

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RETHINKING THE VALUE SYSTEM I found the people featured in your article, “The Rich Kids of Tehran” quite appalling. Starting with their Facebook page name through their shallow “statement” and snobbish attitude – to me, they’re doing more harm to the portrayal of their people than anything else. Their mission, as they claim, is to fight the common misconceptions about the Iranian people by flashing their lavish lifestyles to the world – in apparent attempt to prove that not all Iranians are poor (!). But, all I saw was bad taste, immaturity, and total ignorance. They’re right about one thing, though: all nations in the world have those less fortunate and those well off – whether we’re talking about the material or intellectual wealth. – Peter Gregory

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WHEN MONEY IS NO OBJECT

The multi-award winning Arabian magazine

WORK

I was amazed by your feature on the personalised jumbo jets – apparently a growing trend among the world’s richest.

As much as I believe spending hundreds of millions of dollars just to “pimp your ride” might be out of line (considering many less selfish ways in which this money could be spent), I wouldn’t say no to a chance to swap my economy class ticket for an inflight experience on board a custom-made A380! - Vashant

for PLAY see page 33

The Arabian Review

Issue 120

Review

UAE Property Market Affairs

Oil Prices - Domino Effect Bahrain Noor El Ain

Entrepreneurship Awards

HONESTY IS THE BEST POLICY

The Swimming Challenge Exclusive Interview HH Shaikh Khalid bin Hamad bin Isa Al Khalifa Bahrain BD2

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Princess Ameerah speaks out “when your cause becomes bigger than yourself” Bahrain BD2

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Gulf Insider March 2015

In reference to an interview with KPMG’s Jamal Fakhro, published in GI February edition, I’d like to applaud the Pearl Initiative for their efforts to introduce transparency practices among the organisations in the region. I’m afraid, however, that the task might prove rather challenging for Bahrain, where a large number of companies are family businesses that have been run in certain manner for three or four generations.

The corporate governance in such enterprises is usually far from “out in the open.” Nevertheless, I believe that with small steps, we can make a difference towards transparent and healthy corporate culture in the kingdom. - Jess

SUPPORTING HOMEGROWN TALENT Thank you for featuring the Bahraini artist Mayasa Al Sowaidi in your Art section. She is truly talented, I love her work! - Ally

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News

GULF ROUNDUP NEWS AROUND THE GCC AND BEYOND

BUSINESS & AFFAIRS

Bahrain Trade Union Sues Labour Ministry Bahrain’s Labour Ministry is being taken to court by trade unionists, who claim a new law discriminates against expatriates.

A case has been filed at the High Administrative Court by the Bahrain Free Labour Union Federation (Al Hurr). It has been prompted by complaints over an amendment to the Trade Union Law, which critics claim no longer recognises expatriates’ membership of trade unions.

Unionists argue that this reduces the strength of labour unions, which consist of thousands of foreign workers as well as Bahrainis.

“We got information that the ministry was going ahead with such a move in November and we had filed a case in the Urgent Matters Court in December to stop it,” Al Hurr’s public relations and media head Abdulla Al Moaraj told the GDN. “But our case was dismissed and the court said it was not an urgent matter, while the ministry said it was still reconsidering the clause.” – GULF DAILY NEWS

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Gulf Insider March 2015

Bahrain Tops MENA on 2015 Index of Economic Freedom Bahrain continues to be the freest economy in the Middle East and North Africa, according to a new report.

With an overall score of 73.4, the kingdom ranks 18th in a global index of 178 countries.

Bahrain is well ahead of its fellow GCC states, with the UAE (economic freedom score of 72.4) at 25th spot being the second highest regional economy, says the 2015 Index of Economic Freedom, released by the Heritage Foundation and the Wall Street Journal. While the kingdom’s global ranking has slipped from 13th last year, it remains the regional leader by a wide margin.

Among other GCC countries, Qatar ranked 32nd with a score of 70.8; Oman followed at 56, scoring 66.7; Kuwait was placed 74th with a score of 62.5; and Saudi Arabia ranked the lowest at 77, scoring 62.1. – GULF DAILY NEWS

Gulf States Continue Dialogue on VAT, Says UAE Gulf states are pursuing discussions on plans to introduce value-added tax (VAT) in the oil-rich region, with a meeting scheduled later this month aimed at resolving points of contention, an United Arab Emirates finance official said.

The six nations of the Gulf Cooperation Council (GCC) have been mulling the introduction of VAT since 2007 to broaden their revenue base, with negotiations happening jointly to avoid any one nation losing out in competition with others in the region.

However, the sharp recent reduction in oil prices could lend a further push to introduce the levy, given that most Gulf states are expected to record budget deficits in the coming fiscal year and are reluctant to pare back spending on infrastructure and social spending aimed at developing their economies and improving the lives of citizens.

A levy of between 3 per cent and 5 per cent has been proposed by the committee but Khoori said a figure has not been finalised. – ARABIAN BUSINESS

News

Dubai Rents, Prime Property Prices Set to Fall 10 pc in 2015

Kuwait Slashes Spending, Projects Big Budget Deficit Kuwait’s finance ministry has slashed spending and projected a big deficit in a draft budget for the next fiscal year, as plunging oil prices hit its export revenues.

The draft budget for the year starting in April envisages spending of 19.07 billion dinars (USD 64.6 billion), down by 4.14 billion dinars or 17.8 per cent from planned spending for the current 2014/15 year, the ministry said.

Meanwhile, next fiscal year’s revenues are projected at 12.05 billion dinars, down from 20.07 billion dinars originally expected for the current year. A total of 1.21 billion dinars would be allocated next year to Kuwait’s Future Generations Fund (FGF), part of its sovereign wealth fund. The result would be a budget deficit of 8.23 billion dinars, which the government would cover through borrowing from its general reserves or from the local and foreign capital markets, the ministry said. – ARABIAN BUSINESS

Calling the top of the Dubai real estate market yesterday, the property agent JLL predicted that, after remaining flat for the past six months, the prices and rents in the city will drop this year by an average of ten per cent.

JLL based its forecast for 2015 on a lack of affordability in the market and the fall in oil prices.

“We’ve reached the peak of prices for residential in Dubai and that’s a good thing. We are at the top of the cycle now and we believe that both prices and rents will decline this year,” said Craig Plumb, the head of research at JLL’s Dubai office.

JLL said that its prediction for price falls was for the average price of new-build properties in the city, while the secondary market of existing properties could suffer even larger falls. – THE NATIONAL

Tamkeen Highlights Strategy 2015 – 2017 to BBBF

Esam Hammad (4th from right) with BBBF members 10

Gulf Insider March 2015

Tamkeen highlighted its new 2015 – 2017 strategy and business support programmes to members of the Bahrain British Business Forum (BBBF) at a luncheon held recently at the Diplomat Hotel. The presentation, delivered by Tamkeen Enterprise Engagement Manager Esam Hammad, underlined how the organisation’s shift in strategic focus to enhance quality, customer support, and achieving results has yielded a number of improvements to better serve the changing dynamics of the market, including moving to automate the registration and application process for its flagship programmes and providing more customised and integrated support solutions to customers.

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News

Who Controls 74 pc of the Wealth in GCC? The Gulf Cooperation Council (GCC) countries region is fast becoming a lucrative place for banks and wealth managers to do business, with the amount of money privately held by rich households now amounting to USD 2.2 trillion, up from USD 1.1 trillion in 2010, a new research has found.

The combined wealth is now being held by at least 1.5 million wealthy households in the GCC. Each of these households have between USD 200,000 and more than USD 50 million held in cash or bank accounts, and other assets that can be easily converted into cash.

The data provided by management consultancy Strategy& suggest that there are only a small number of people taking control of the region’s multi-trillion private wealth, and these are the so-called high-net-worth individuals (HNWIs), which have at least USD 1 million in investable assets.

According to a study by Strategy&, the vast proportion of the region’s wealth, amounting to 74 per cent, are in the hands of the wealthy residents of the UAE and Saudi Arabia. – GULF NEWS

Gulf Banks Helping to Underwrite Region’s Aviation Boom Cash-rich Gulf banks are becoming bigger players in the region’s aviation boom, helping carriers like Emirates, Qatar Airways, and Etihad Airways to fund their fleet expansion.

Figures from European planemaker Airbus show that 47 per cent of its aircraft deals in the Middle East in the first 11 months of last year were funded by local banks, up from 17 per cent for 2013 as a whole.

Gulf lenders and airlines alike say deals are done only on a commercial basis.

Opportunities for further funding are huge; Emirates has about USD 107.5 billion worth of aircraft on order from Boeing and Airbus over the coming few years. The order books for Qatar and Etihad are about USD 57.7 billion and USD 28.59 billion respectively at list price. – BUSINESS TIMES

Bahrain: Work on Target for Dragon Mall Diyar Al Muharraq announced that the main structural framework of Dragon Mall and the Asian Dining Street in Dragon City has been completed, ahead of its targeted date.

Set in the southwest corner of Diyar Al Muharraq on a 115,000 square metre area, Dragon City is the first-of-its kind development in Bahrain, with a gross floor area of circa 51,000 square metres, approximately 750 individual retail store spaces, warehousing of circa 4,500 square metres, car parking for some 1,500 customer vehicles, and an Asian Dining street of some 6,000 square metres, which is an architectural highlight in itself.

Diyar Al Muharraq had appointed Nass Contracting for the construction of Phase 1 of Dragon City. Construction work on the project commenced on May 15, 2014, and the targeted date for completion is June, 2015.

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Gulf Insider March 2015

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News

ADVERTORIAL

CITIBANK BAHRAIN

PARTNERS WITH ROYAL GOLF CLUB

Anastasios Fragkopoulos, Nadera Abuali, Harpreet Arora, Stephan Havrilla, Navneet Kampani, Hussain Al-Baluchi, and Noor Ghazwan

C

itibank Bahrain announced its partnership with the Royal Golf Club (RGC), through which added privileges will be provided to Citigold customers and Ultimate credit card customers, along with Royal Golf Club members.

By using Gold debit card or Ultimate credit card at the club, the members will be entitled to a ten per cent discount on food items and a special rate of BD 53 for the Championship course. In addition, the Ultimate credit card owners will avail a free round of golf once a month throughout the year.

Speaking during the signing of the partnership agreement, Citibank Bahrain Consumer Banking Head Navneet Kampani said, “We are a unique global bank that brings the world’s most innovative financial products and solutions to Bahrain with a goal of delivering a remarkable experience to our customers. Offering our Citigold

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Gulf Insider March 2015

Citibank has been an important financial partner in establishing the RGC as the preferred venue in Bahrain for business and social connections. clients the right wealth management proposition and a global operating platform is at the heart of our local strategy.”

RGC General Manager Stephan Havrilla welcomed the collaboration with Citibank, adding, “Citibank has

been an important financial partner in establishing the RGC as the preferred venue in Bahrain for business and social connections. With Citibank’s extensive range of products and services, our members can experience a wide variety of personal banking needs of their choice without hassle.

“In addition, Citibank’s flexible payment terms with their Ultimate credit card has added convenience and benefit to the process of obtaining our exclusive club membership.”

Also present at the occasion were Citibank Branch Banking and Wealth Management Head Hussain Al-Baluchi, Corporate Communications Manager Nadera Abuali, Citigold Segment and Business Development Head Harpreet Arora, Cards, Marketing and e-Business Manager Anastasios Fragkopoulos, Marketing Officer Noor Ghazwan, and RGC Senior Marketing and PR Manager Sue Addison.

Special Feature

BAHRAIN 2015 WHAT TO EXPECT

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Gulf Insider March 2015

Special Feature

What are the prospects for Bahrain economy in 2015?

What new initiatives have been planned for us? Here’s what’s coming up in the freshly started year 2015.

STAYING CONNECTED Telecommunications Regulatory Authority

Technology and Operations   Quality of Service is a top priority for the Authority. We will revolutionize our Quality of Service tools by making them available on our website and through mobile apps in service of

telecoms consumers in the kingdom, enabling them to supply us with vital data which compares the quality of telecoms operators’ various services.  (NBN) National Broadband Network is essential to the country’s telecoms infrastructure growth. TRA will work as a mediator with Bahrain’s government, overseeing its deployment. NBN Will facilitate a singular, ultra-fast broadband network across the Kingdom, offering

consumers highly advanced, cost effective ICT solutions and allowing operators to break new ground in telecoms service innovation.  2015 is Bahrain’s year for the next big move: The Internet of Things (IOT), A network of physical objects or “things” embedded with electronics, software, sensors and connectivity to enable it to achieve greater value and service by exchanging Big Data through Machine to Machine (M2M) Communications.  TRA’s ethos is to constantly adapt and improve its regulatory activity; thus we will review multiple regulatory tools such as regulations and policies in different areas of the telecoms industry in light of the wave of change seen in the internet realm.

Cyber Security

In the coming years, TRA will put in place several policies and mechanisms addressing cyber security issues, including installation of an early warning and outreach mechanism for digital threats, and the development of a national telecom disaster response and recovery plan.



Consumer Protection

A USD 50 million King Faisal Corniche project will revamp the northern Manama coastline, creating a multi-purpose modern beachfront development.

The consumer dispute regulation will be developed, and it will act as formwork of how TRA intends to deal with consumer complaints.  The new automated system for handling consumer complaints will have several communication channels, such as email, call centre, online portal, National Complaints System, and a mobile app.  The Authority will launch consumer awareness campaigns, which will cover general issues, such as TRA services, seasonal issues (for example roaming bills, a.k.a. bill shock, and bulk messages), and awareness on consumer rights.  The new “open dialogue policy” will be implemented, which will involve the consumer advisory groups on issues that directly affect us, the consumers.  Also, TRA will review the current consumer protection framework and will closely monitor the compliance of the operators. 

Gulf Insider March 2015

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Special Feature

BUSINESS MATTERS

Bahrain Bourse

Economic Development Board



Bahrain-China Ties Chinamex, the Chinese government agency behind the Dragon City Bahrain project, will establish a regional trading centre in Bahrain.  China National Building Material Company (CNBM) and Chinamex will offer trade financing services for the Chinese tenants at Dragon City Bahrain.  The Bahrain Chamber of Commerce and Industry signed an MoU with the China Association of International Trading that will generally enhance economic relations between the two countries. 

Bahrain Bourse plans to launch a range of Islamic investment products, including a novel equity-based murabaha financing tool and Islamic real estate investment trusts (REITs).  The exchange also aims to host sukuk trading, which currently takes place over the counter.  The bourse is also working on creating a Bahrain Islamic prices index, expected to be introduced this year.

The Central Bank of Bahrain (CBB) The CBB is working on introduction of new Shariah-compliant products through the newly formed Central



The Ministry of Transportation The MOT has signed a concession agreement with a joint venture between UK-based National Express and Ahmed Mansour Al Aali, which will become the new public bus operator in Bahrain, operating around 140 buses using 26 different main routes, covering all major areas in the kingdom.



LOCAL FOCUS Tamkeen

Programmes The Enterprise Support Programme, re-launched in late September 2014,



At 3.6 per cent, Bahrain market growth is likely to be somewhat lower in 2015 than it was in 2014, primarily due to what is expected to be flat oil production.

Tourism Sector The availability of public beaches will improve through nine new developments along the west coast of Bahrain over the next five years.  A USD 50 million King Faisal Corniche project will revamp the northern Manama coastline, creating a multi-purpose modern beachfront development. It will include a 1.5 kilometre stretch of public coast, the Avenues Bahrain shopping centre, and a public park – covering 85 per cent of the site’s total area of 265,000 square metres. The project is expected to be completed in early 2016. 

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Gulf Insider March 2015

Sharia Board, which will oversee Islamic finance products in the kingdom. This board will help further standardise the Islamic financial sector by replacing the current standard of self-regulation and including new Sharia governance rules, making it mandatory for banks to have an independent external Sharia audit.

The Ministry of Works

The MOW’s 2021 strategic plan includes changes to several roads as well as plans to connect all traffic lights in the kingdom with fiber-optic cables, which will allow to determine and adjust traffic flow accordingly.



has been bolstered with a host of new features, including an online portal to be launched later this year, which automates the application process and enables extremely detailed and tailored support packages for each enterprise.  Redesigned Professional Certification Scheme, which enables Bahrainis to get professional certificates from internationally accredited institutions, also has an online portal to enable you to apply and choose from over 100 certifications in various fields.

Customer Engagement and Support 

There are now more ways to get

Special Feature

BAHRAIN 2015 ECONOMIC IMPLICATIONS Outlook for Bahrain At 3.6 per cent, Bahrain market growth is likely to be somewhat lower in 2015 than it was in 2014, primarily due to what is expected to be flat oil production. By contrast, non-oil growth is likely to remain robust at 4.5 per cent.  A period of lower oil prices and their effect on Bahrain’s public finances prompted S&P to revise its outlook on Bahrain to negative from stable. However, S&P cited favourable growth expectations for the kingdom, linked to forthcoming disbursements from the GCC Development Fund and Bahrain’s diversified economic base as reasons for optimism.  Also, Fitch Ratings revised the outlook along similar lines. 

Global Economic Backdrop  The

stronger US Dollar will likely further reduce import price inflation and contribute to the established track record of price stability.  Moves toward economic tightening in the US are likely to translate into a gradual increase in the cost of capital, even though the benign liquidity situation in the region will cushion its impact.  The situation in the oil markets looks likely to be characterised by volatility, at least in the near term. This underscores the importance of the ongoing efforts toward economic diversification. in touch with Tamkeen; in addition to the social media channels, customer service centres, call centre support hotline and email, Tamkeen also has appointed local community representatives in all governorates to help coordinate Tamkeen’s outreach efforts at the grassroots community level.

New Initiatives Tamkeen’s focus is to accelerate enterprise growth and enable them to move from start-ups to mature enterprises – especially through supporting export activities and helping expand Bahrainbased enterprises into larger neighbouring markets. This will be done in coordination with organisations such as the Bahrain Chamber for Commerce and Industry, Ministry of Industry and Commerce, and others.  Tamkeen is also looking into establishing more business incubators – besides the three existing ones – in partnership with the Bahrain Development Bank. These centres support start-ups and existing enterprises during the initial stages. 

Volatility of Oil Prices The renewed volatility of oil prices notwithstanding, the dynamics of the regional economies are likely to remain robust with strong momentum persisting in the non-oil sector. This should continue to benefit the Bahraini economy.  Investor and consumer sentiment should benefit from significant continuity in the non-oil sector, which should support regional tourism and investment flows.  The regional governments are likely to redouble their efforts toward economic diversification, which should continue to create new opportunities for Bahrain-based companies. 

Data provided by Bahrain EDB’s latest Bahrain Economic Quarterly (BEQ) 2014.

Gulf Insider March 2015

19

Business

ARAB BILLIONAIRE SHARES HIS EXPLOSIVE VIEWS At last month’s World Economic Forum in Davos, Business Insider interviewed an Arab billionaire investor about the state of geopolitics. He agreed to answer questions on the condition of anonymity. The interview lasted 30 minutes.

By Nicholas Carlson

B

usiness Insider: It’s been four years since the start of the Arab Spring. In Egypt, it seems like the revolution has been undone. What is the state of Egypt’s economy now?

Arab Investor: Things are improving in Egypt in the past six months. Starting January 2011 and until six months ago, things were very challenging, so the risk perception and the risks were quite high.

Today, my view is that the actual risks have come down. That is the perception from the inside.

From the outside, the perception is obviously still one of elevated risk. That is reinforced by a geopolitical picture in some parts of the Middle East/North Africa region that is unsettling.

I find it ironic that a year ago the conventional wisdom was [that the ouster of Egypt’s democratically elected 20

Gulf Insider March 2015

president, Mohammed Morsi] was a coup. The conventional wisdom today is that it was the best coup ever. [The new president,] El-Sisi, is a guy who’s a moderate. He can rein in the hard interpretation of Islam. What took place here was a fight for the soul of Egypt.

Business Insider: Was the Arab Spring itself a good thing or a bad thing?

Arab Investor: The reasons for the revolts were correct: The growing income inequality, the growing unemployment.

The problem was, whenever you unleash one of those springs, you can’t control the final outcome. The people who [unleashed the Arab Spring] were youth who were not organized. They didn’t have a political mandate on the ground.

So, the Muslim Brotherhood, which was never on the forefront of the Arab Spring, they jump on it because they

were the only semi-organized force on the ground. They exploited the situation to their benefit.

Business Insider: And now it’s gotten better?

Arab Investor: It’s getting better by the day. I wouldn’t advocate returning to the situation before 25 January 2011 [the beginning of the Arab Spring] because there were [legitimate] grievances [with then president Mubarak.] But now we have at least we have charted the course. We agree on a private-sector-led economy with a lot of social programs.

Business Insider: Mubarak, the militarybacked president prior to the Arab Spring, has recently been cleared of certain charges. Is that a good thing, bad thing, or irrelevant?

Business

Arab Investor: Irrelevant. I mean, if you are accusing him of political negligence, of neglecting education, healthcare, of responsibility for the growing slums that have been built around Cairo, he’s certainly guilty of that. Is he guilty of embezzling a house, a villa? Be serious.

To me, that’s not important.

I judge him by how poorly he behaved on key agendas: The relationship between Muslims and Coptics, the lack of healthcare, and unemployment, the slums, the income inequality. Those are areas where he failed to lead. So it’s a political trial as far as I’m concerned and not one that involves criminal activity, unless one can prove he gave orders to shoot on demonstrators, which nobody has been able to prove.

Business Insider: In the United States some people say – maybe half the people say – that president Obama did a very bad job managing the Arab Spring and what happened over there. What’s your view?

Arab Investor: As a result of many factors, the United States has not always been either consistent [about] or understanding of the realities in various countries.

I think [Obama] misunderstood the fact that the [population’s] illiteracy on the one hand and money on the other made it possible to rig the democratic process.

Plus there was a misguided belief that immediate, total democracy works universally, one version of it, throughout the world. I think that’s an open debate.

I think democracy needs prerequisites and it is a process.

Also the assumption that [the Islamists] will moderate after they are integrated into the political process has proven wrong.

History is filled with examples of people who use democracy as a ladder.

You know, we go to the top floor through democracy and then we go up and we take the ladder with us. Democracy is the ladder.

Business Insider: How and why did ISIS come out of Syria?

Arab Investor: You have a brand

of extremist religions — extreme interpretation of Islam, which have their original roots in Saudi Arabia. That was the source of this interpretation, especially in the Wahabi interpretation.

It migrated to Egypt as a result of an unholy alliance between President Sadat and the Islamists who killed him. So, in 1971 President Sadat made a deal – that famous deal where he met the leaders of the Muslim Brotherhood in a place called Gianaclis, and they agreed that he would open the door to get them out of prison in return for them attacking the Nasserites and the leftists, who were the strong party at that point in time.

The reasons for the revolts were correct: The growing income inequality, the growing unemployment.

The problem was, whenever you unleash one of those springs, you can’t control the final outcome.

They succeeded, but he paid the ultimate price, which is his own life. Because at the end of the day he was killed by them.

And if you look at his four or five latest – the last speeches of his life, he said “I made a mistake. I should never have done this.” Anytime you tamper with religion you will pay.

So we’re living with that and throughout the region, starting with al Qaeda, followed by ISIS. Now ISIS has 70,000/80,000 fighters in Syria and Iraq.

Business Insider: How great is the

threat from extremists and what is the appropriate response?

Arab Investor: Look at the map.

Tunisia, Libya, Sinai, Syria, Iraq, Hamas, Yemen [are all struggling with Islamic extremists]. If Egypt had also been in that category you would have had a brand of repressive Islamic interpretation [across the region]. Everyone has a stake in Sisi’s success — even the U.S. If he fails, significant terrorist attacks in the United States will be an every-decade occurrence.

Business Insider: Let’s talk about oil.

How has the sudden drop changed things and what does it mean? And is it permanent?

Arab Investor: Is it permanent? I believe that lower oil prices will destroy supply of marginal fields including heavy oil or shale, and that will bring back a balance sometimes down the line. That’s how markets work. And that is against the backdrop of a slower demand in China and in Europe.

Business Insider: Are you making any kind of bets one way or the other?

Arab Investor: No. If I knew [when the price would rise again] I would.

Now, within our region, Egypt stands to benefit tremendously from [lower oil prices] because Egypt is a net an importer of oil. So, Egypt benefits today to the tune of $7 to $8 billion in reduction in budget deficit and balance of payment as a result of the drop in oil prices, per year. That’s a substantial amount and Egypt benefits.

Obviously, some countries in the region will be adversely impacted, and that may result in lower FDI [foreign direct investment], which may adversely affect Egypt. So, yes, you may find less inflows, but I would take any day a reduction of my budget deficit and balance of payments as opposed to relying on FDI’s coming from somewhere else.

This interview has been abbreviated for publication. To read interview in full visit BusinessInsider.com

Gulf Insider March 2015

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Business

GCC MARKETS PREDICTED TO REBOUND The impact of falling oil prices on GCC capital markets is unlikely to continue over the longer term thanks to continued high government spending and underlying investments in the oil sector, according to ICAEW.

I

CAEW members and guests gathered at the Jumeirah Emirates Towers in Dubai last month to discuss the impact of the oil price correction on capital markets. Delegates at the event included Fadi Al Said, Director, Portfolio Manager & Analyst at Lazard Gulf; Tim Fox, Group Head of Research and Chief Economist at Emirates NBD; Humayun Shahryar, Founder and CEO of Auvest Group; Wadah Al Taha, Chief Investment Officer at Al Zarooni Group of Companies; and Terry Willis, Regional Director Middle East, Africa and CIS at Energy Industries Council.

The keynote speech was provided by the Lord Mayor of the City of London, Alderman Alan Yarrow. Speaking at the event, Yarrow said: “The GCC states are fully aware they need to reduce their reliance on hydrocarbons, with the topic in the spotlight over the volatility of oil prices. That is why the Gulf states have put in place bold and ambitious infrastructure plans that will look to diversify their economies into a wide number of sectors.

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Gulf Insider March 2015

USD 35

Speakers agreed that the oil price could go down to USD 35 per barrel by July 2015

Business

“The City of London, with the expertise and experience that our financial and professional firms possess, wants to support the Gulf with these plans.

We have so much to offer ranging from innovative financing models to our expertise in the insurance and legal markets, education, qualifications and Islamic Finance. My message is clear: we want to be the region’s natural economic partner of choice.”

Audience and panellists agreed that what matters most for investors is not oil prices but governments’ ability and willingness to spend in non-oil sectors.

GCC governments’ spending is high, at least for the medium term, and they have plenty of reserves that can support their spending plans if needed.

Speaking at the event, David Petrie said: “There is no doubt capital markets were affected by the oil price correction, but this should be short-lived as underlying

GCC governments’ spending is high, at least for the medium term, and they have plenty of reserves that can support their spending plans if needed. investment in the sector continues and non-oil businesses remain attractive investment targets.

“There may be a vested interest for GCC oil producers if oil prices trend down even further – this is resulting in shut downs and other commercial inefficiencies in those parts of the world where production costs are much higher, say over US$100 per barrel. ” Event attendees agreed that the oil price correction provided investment opportunities in other sectors such as petrochemicals, trading, light manufacturing, aviation and logistics, and renewable energy.

Alexander Gross, Director at Merrill DataSite, commented: “The recent reduction in oil prices could drive companies in the energy sector to dispose of more non-core assets in order to shore up their main business. As a virtual data room provider, we think this could also lead to an increase in M&A deals, including possible takeover bids for more ‘debt-laden’ oil & gas companies.”

Speakers agreed that the oil price could go down to US$35 per barrel by July 2015, but is expected to rise again to its normal price between US$65 to US$75 per barrel.

Gulf Insider March 2015

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Finance

FRANKENSTEIN FINANCE How supercomputers preying on human fear are taking over the world’s stock markets.

By Robert Harris

A

spectre is haunting Europe: the spectre of capitalism. A vast and highly unstable mixture of debt trillions of dollars of sovereign, corporate and private borrowing accumulated over decades is strapped to the advanced Western economies like a suicide bomber’s gelignite vest.

The task facing the Western politicians is somehow to defuse this bomb without inadvertently triggering the sequence of defaults and bankruptcies that would set it off. No wonder they walk around the problem scratching their heads, prodding it gingerly here and there. The horrible truth is dawning that the problem may well not be technically solvable.

For the first time in my life I am 54 I get the sense of what it must have been like to have lived in my grandparents’ or great-grandparents’ generation: in 1913, say, or 1937. One feels a great smash coming ever closer, almost in slow-motion, and yet there seems to be nothing that can be done to avoid it.

How have we got ourselves into this mess? After all, we were supposed to be living in an era of unprecedented peace and prosperity.

Communism had collapsed and the threat of nuclear annihilation had receded. Immense advances in computer technology were creating whole new economies. Vast markets were opening up in the developing world. Above all, we were supposed to have learned enough about economics to have created the necessary institutions - the World Bank, the International Monetary Fund, the 24

Gulf Insider March 2015

G20, the OECD - to ensure we never repeated the mistakes of the Thirties.

Where did it all go wrong?

Before I began my research, I subscribed to the widely-held view that people in the financial sector generally had qualifications in economics or business, wore striped shirts and braces (if they were male), and sat in trading rooms shouting wildly into four phones simultaneously.

To my surprise, I found that this image is entirely outdated.

One extremely successful hedge fund manager I spoke to with USD12 billion in assets under management won’t hire anyone without a top PhD in maths or physics; even economics is considered too ‘soft’ a degree. Increasingly, the people in the dealing rooms these days young, casually-dressed look as though they should be in lecture halls. They are known in the business as ‘quants’ short for ‘quantitative analysts’.

Quants analyse the market with intense mathematical and statistical precision to predict share price movements and the level of investment risk; they sit at screens and rarely talk in anything louder than a whisper.

The trading is mostly done by computer, for which the quants write the programmes, which may hold shares for only a few milliseconds, or by algorithms devised by quants.

Increasingly, the role of the trader is like that of a pilot in a fly-by-wire jumbo jet. The job is done by computers: he for some reason quants are mostly men - sits at

a screen and monitors the operation, only intervening when something goes wrong.

Recently I watched an algorithmic system in Geneva belonging to a hedge fund trading on the New York Stock Exchange. The computer had picked the stocks it wanted to trade.

It communicated with the broker’s computerised system in the US which, in turn, communicated with the computerised exchange that facilitated the deal. At no point was a human involved.

In the 20 minutes I was watching, the machine made a profit of USD1.5 million. This hedge fund has made a return for its investors of more than 80 per cent in the past three years, at a time of a falling market.

‘Our computers love it when the markets panic, because when people panic they behave in very predictable ways,’ I was told. In other words, the machines thrive on fear.

In 1965, the founder of the computer firm Intel, Gordon Moore, propounded what is known as Moore’s Law: that computers would double in power and halve in cost every 18 months. His forecast has proved amazingly accurate.

To take one example: as recently as the Nineties, CERN’s experimental data was all analysed by a Cray X-MP/48 supercomputer which cost the scientists USD15

Finance

million. Yet that machine had less than half the computing power of a modern Microsoft Xbox, which costs USD200.

When something continues to double in size in this case computer power it is called exponential growth. But as Moore himself observed a few years ago, exponential growth can’t continue forever. It can be pushed to its limit, he said, ‘but eventually disaster happens’.

We have been warned.

As the current sense of sleepwalking towards calamity continues, my worry therefore is not so much the obviously imminent Greek default, or even the

In the 20 minutes I was watching, the machine made a profit of USD1.5 million.

This hedge fund has made a return for its investors of more than 80 per cent in the past three years, at a time of a falling market. strains in the Eurozone, or the US budget deficit, or the long-term intentions of the Chinese.

It is that the financial system itself has somehow slipped all human control that it has become the preserve of a profoundly anti-democratic elite.

The digitised financial machine does not work for us: we work for the machine. And I do not believe that our political leaders have the faintest idea how to bring it under control.

Robert Harris’s new novel, The Fear Index, published by Hutchinson, is available from Amazon.com

Gulf Insider March 2015

25

Telecoms

ADVERTORIAL

TELECOMS FRONTRUNNERS VIVA ranks the best in 4G network coverage and quality of service.

V

IVA Bahrain reported the widest 4G network coverage and ranked top on quality of service, according to official independent reports issued by the Telecommunications Regulatory Authority (TRA) end of last year.

Independent Study The assessment was conducted by an independent agency to ensure a reliable, fair, and non-discriminatory audit of all three networks, Batelco, VIVA, and Zain, and hence allow consumers to make informed choice.

The detailed audit of mobile service providers on various parameters for mobile telephony and broadband services included network availability, call drop rate, and billing. The reports evaluated key quality of service indicators of the operators’ mobile networks, including network coverage (i.e. how much of the population can access a network) and quality of services available (i.e. the users experience when using each of the 3 networks).

Verdicts Based on the findings, VIVA’s 4G network has the widest coverage in Bahrain, reaching 99.7 per cent of the population.

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Gulf Insider March 2015

Additional key indicators were evaluated under the Quality of Services (QoS) report, which presents a performance snapshot of voice, data, short messages services (SMS), and video streaming services. VIVA ranked top in voice quality of service, scoring

“We are pleased with VIVA’s positive performance positioning our 4G network with the widest coverage in Bahrain”

97.4 per cent success rate in setting up and holding a call, it showcased 100 per cent data coverage on its 4G network, and 100 per cent of successful transfers at an average speed of 35 Mbps. VIVA’s 4G network also recorded a 98 per cent success rate of setting up and holding a video stream for two minutes.

“Based on the tests conducted by the Telecom Regulator, all three operators are performing well, which is further proof of the healthy level of competition in Bahrain,” VIVA Bahrain CEO Ulaiyan Al Wetaid commented.

“We are pleased with VIVA’s positive performance positioning our 4G network with the widest coverage in Bahrain.

VIVA’s technological advancements and investments in infrastructure have ensured that we meet the communication needs of our customers which demand cutting-edge services and the best customer experience,” he added.

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Property

TUNISIA PLANS GIANT HOSPITAL ...LIKE A SAILING VESSEL

Architect and millionaire Vasily Klyukin

T 28

he White Sails Hospital & Spa is shaped like a giant sailing ship and has been earmarked to be built in the Tunisia Economic City (TEC). Its designers are so

Gulf Insider March 2015

keen to make it as authentically boatlike as possible that even the medical staff working there will be made to wear maritime uniforms.

Architect and millionaire Vasily Klyukin says his design is ‘the most pleasant hospital in the world’, and a visit will feel ‘more like a cruise’ than a nerve-racking medical appointment.

Vasily, a Russian businessman and cofounder of Sovcombank, a commercial bank, explains: ‘I was engaged in design and architecture since moving to Monaco two years ago. I was looking forward for this moment and finally it’s happening!

My very first building to be constructed!’

Formally presented on 10 September, the Tunisia Economic City will be a modern city built over nearly 100 sq km along the coast in the Enfidha area. The project will cost $50 billion, which project developers say is already available thanks to the participation of 50 donors and 30 countries.

One of the first buildings to be

constructed over there will be the White Sails Hospital and Spa, which is expected to be realised jointly with international engineering company Thornton Tomasetti.

The company Lalei Al Barakah Est. from Saudi Arabia will become an investor of this project.

The architect explains: ‘The main idea is to build a clinic, where people will feel the calmness and peacefulness, rather than experience the fear while visiting.

‘The hospital will take care of the good mood and the healthy spirit. Visitors will feel themselves more like the guests during the cruise, rather than patients.

Even the medical uniforms will be styled as marine uniforms.’

Vasily, who is set to be one of the first to blast into space after bidding on a Virgin Galactic seat at an AmFar charity auction, says: ‘I will fly into Space next year. My health condition has to be checked every six months.

‘That is why I know this feeling very well: every time I’m approaching the white building of the clinic, I don’t feel any joy.

‘But I would like to show you the hospital, where there is no room for fear.

And so that my son could ask about this hospital: ‘Daddy, when will we visit the ship again?’

Affairs

KARIM AL-SHAKAR UNDERSECRETARY FOR INTERNATIONAL AFFAIRS

A few weeks before his retirement, Gulf Insider meets for a candid discussion on Bahrain’s place in the world.

Y

ou’ve played a vital role as Bahrain’s representative to the United Nations (UN) at various times since the 1970s. What has been the highest point over these last four decades?

As you know, Bahrain gained its independence in 1971. I joined the newly formed Department of Foreign Affairs a year before that. So, naturally, I have witnessed many turning points in the Kingdom’s international relations, including becoming a member of the United Nations and the Arab League.

One of the things that I am particularly proud of was chairing of the Arab Group in 1989, when the General Assembly invited Yasser Arafat. The American authorities denied him a visa, branding the PLO as a terrorist organisation, which created serious tensions amongst the Arab nations and a great challenge for me. I appreciated that our then Foreign Minister Shaikh Mohammed Bin Mubarak Al Khalifa gave me full authority to choose the right course of action. Eventually, we succeeded in bringing Yasser Arafat to the UN, citing the Headquarters agreement between the UN and the host country. Almost all

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Gulf Insider March 2015

the member states voted in favour of the Arabs, except for the US, Israel, and the Marshall Islands – following which the General Assembly was moved to Geneva.

Has engagement at the UN benefited Bahrain?

It certainly has. Let’s not forget the very first time we collaborated with the UN, which was shortly before we became independent from the United Kingdom in August 1971. It was the UN that helped solve the ongoing dispute between the UK and Iran over the status of Bahrain. This challenging task involved secret talks between Bahraini and Iranian leaders, together with the UN representative, late Ralph Bunche, as a mediator. The UN also launched a factfinding mission, which later concluded in favour of Bahrain’s independence. The overwhelming majority of the people of Bahrain wished to gain recognition of their identity in a fully independent and sovereign state, free to decide for itself on its relations with other states, and this conclusion was endorsed and accepted by the Security Council.

Karim Al-Shakar

What other challenges have you faced?

I believe that Iraq-Iran war in 1979 and the Iraqi invasion of Kuwait in 1990 were the most challenging chapters in Bahrain’s foreign policy to date. Bahrain had stood against that invasion from the very beginning, calling for ending the war. I was with the Minister of Foreign Affairs Shaikh Mohammed Bin Mubarak Al Khalifa when the when the Iran-Iraq war broke out. The UN Secretary-General at the time was Kurt Waldheim. We encouraged him to use the UN Charter Article 99 to bring the matter to the Security Council, which he eventually did. This resulted in passing the first resolution for ceasefire, but neither Iran nor Iraq accepted it. The war finally ended with Resolution 598.

The region’s two prospering countries were left war-damaged…

Precisely; we immediately focussed on the reconstruction of both Iraq and Iran, because we believed that the foreign policy, on its most basic level, means that in order to make peace, you need to build peace. Your neighbour should not be left to suffer – be it from

Affairs

Mr Karim Al-Shakar (third from right, second top row) at his graduation in 1970.

the war repercussions or poverty for that matter – as it creates instability. In that context, restoration of Iraq and Iran was essential to maintain peace and security in the region.

What was Bahrain’s position on the Iraqi invasion of Kuwait?

Initially, no Gulf state would openly call for Iraq to vacate Kuwait; Saddam Hussein’s army was powerful and experienced, and there was a potential danger that he would advance into the neighbouring countries. The first call for the international coalition to face Saddam Hussein’s tyranny came from Shaikh Mohammed, because it was Bahrain’s responsibility, as a UN member, to maintain world peace and security.

Fortunately, we had great leaders such as British Prime Minister Margaret Thatcher, who was determined to stop Saddam Hussein’s aggression – especially after the British journalists of Iranian origin were killed in Iraq, despite Saddam Hussein’s promise to Mrs Thatcher to release them. He did, but in their coffins. Shortly after the incident, the coalition was formed between the UK and US to force Iraqi army out of Kuwait. I was ambassador to the UK at the time, but I was called back to Bahrain just in time to witness the arrival of the Secretary of State for Foreign and Commonwealth Affairs Douglas Hurd to the Kingdom. King Hamad bin Isa Al Khalifa was then the Crown Prince, and we all met at his palace, where the British diplomats requested permission to use Bahrain’s airport and American airbase for the Royal Air Force to attack the Iraqi forces and liberate Kuwait, and we offered the facilities. Our air force

and military joined the GCC forces, too.

Have you met Margaret Thatcher in person?

Yes, on two occasions when she visited Bahrain. I met her as a Prime Minister. She was sharp-minded and very decisive in her approach. After she resigned, she came to Bahrain to give a lecture recollecting the liberation of Kuwait, and she waived her regular fees, which would normally go to the Thatcher Foundation. She was very fond of Bahrain and its leadership.

The foreign policy, on its most basic level, means that in order to make peace, you need to build peace.

How would you define the current foreign policy of Bahrain?

We believe in peace and security for all nations. We want to be part of the world where people live together in dignity and equality, and human rights are given to all. These are the values stated in the UN Charter, and we support them.

What’s your view on the current situation in the Middle East?

After 9/11, George W. Bush declared

“War on Terror,” but I think invading Iraq and Afghanistan were very foolish decisions. The organisations such as the Taliban or ISIS are the “products” of West’s interventions in Afghanistan.

We’ve joined the international forces in the fight against ISIS, and we are aware how dangerous this group is.

However, the only way, in my opinion, to defeat them is from within – the people themselves.

The problem is how to control such activities before they reach political power. It is not viable to have religious policies governing the country; you cannot have a religious scholar acting as head of the state, with the elected president at the same time. Religion should be separated from the politics.

How would you relate this issue to the current situation in Bahrain?

People are of course entitled to freedom, dignity, and human rights – these are basic and inalienable rights for any person. However, in Bahrain, some groups are using the situation in the Arab world as an excuse for their hidden agenda. We have parliament and elections, people are not deprived of their rights. We have social welfare, youth employment programmes, etc.

It appears to me that some people would just demonstrate and protest for the sake of it; for instance, why would you boycott the elections if you call for democracy? Plus, you cannot demand to implement a system unless the majority of the people agree on it.

Bahrain has only gone through four elections. This is a very brief time in history. This process needs time to grow.

Gulf Insider March 2015

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Affairs

How would you like to see this process develop?

I’d like to see a trial phase for two or three generations. Only then, the situation should be reviewed and assessed. We need to consider the fact that we’re surrounded by countries with different systems and different interests.

Some might have interests against our own, so we need to make sure we’re stable enough to defend ourselves.

Will Bahrain invite Iran to the next Manama Dialogue?

We invite them every time, because Manama Dialogue is an open forum for all the interested parties, even from beyond the Gulf. Its main purpose is to promote stability and viable economic cooperation between the Gulf states and others.

Our King sent greetings after Iran’s new president Hassan Rohani took office, expressing Bahrain’s willingness

diplomacy, with its successes and setbacks.

What if you could take a do-over on your career?

I’d do the same. I remember when I studied economics in India, my professor sat down with me and suggested that I considered changing my major, as I would not be very successful in it. I wasn’t really that good in maths. So, I switched to political science, which baffled many

Mr Karim Al-Shakar with US President George H. W. Bush and First Lady Barbara Bush (left), British Prime Minister Margaret Thatcher (centre), and UN Secretary-General Kurt Waldheim (right).

What’s the current status of diplomatic talks between Bahrain and Iran?

The last time we talked was during the UN General Assembly, when we invited Iran’s Foreign Minister Mohammad Javad Zarif to visit Bahrain to take part in Manama Dialogue. But, he never came.

As we understand it, there is a pressure from the Iranian Revolutionary Guard who are controlling the country’s foreign policy. They seem to hinder any chance of taKing a step forward in the relations between Iran and the Gulf states.

What’s the best case scenario you see between Bahrain and Iran over the coming years?

Good relations between countries are based not just on politics, but also economic exchange, so both sides can mutually benefit. At this point, most of the merchandises of Iranian origin we receive come from Dubai, but let’s not forget that we used to be the central hub for distributing Iranian products. I believe we should reopen this direct channel.

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Gulf Insider March 2015

It is not viable to have religious policies governing the country.

Religion should be separated from the politics. to work on our bilateral relations. I can assure you that if Iran took one small step towards such improvement, we would take ten more in return.

Now that you’re on the brink of retirement, after serving 46 years as a diplomat, what are your plans?

I’ll continue my diplomatic duties to some degree. I’m also considering writing a memoir about Bahrain’s

Mr Karim Al-Shakar meeting Cuban President Fidel Castro.

people, as it didn’t seem very practical, since Bahrain was a British protectorate at that time. I was fascinated by politics, always actively involved. I even spent two years in prison, from 1965 to 1966, for my dissident views. When Bahrain gained independence I was lucky to join the political scene from its very beginning. Politics and diplomacy turned out to be my destiny.

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Affairs

COMPANY PROFILE

DASSAULT SYSTEMES Gulf Insider visits Dassault’s HQ in Paris.

T

he name Dassault conjures up, for most people, images of jet fighters and luxury private jets.

In actual fact, Dassault Group is a widely diversified organization having interests in aerospace equipment manufacturing, software solutions, electric hybrid vehicles (Cleanova), media (Le Figaro), thoroughbred racehorse auctions and French vineyards Dassault Systemes S. A. is the largest and most successful software company in France. In 2013, Dassault Systemes opened an office in Dubai Internet City. This office functions as a hub for Dassault Systemes in the region and has enabled the company to expand usage of its 3DEXPERIENCE platform for innovative companies with a focus on aerospace and defense, energy processing and utilities, the architecture, engineering and construction industries, as well as government and academic institutions.

Since its creation in 1981, Dassault Systemes has revolutionized the design

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Gulf Insider March 2015

The company proudly declares that through the use of PLM, they can improve the real world by using virtual environments. and development of industrial products and processes. Largely through the use of 3D technology to design complex forms and digital models, the company can offer a 3D perspective on the entire lifecycle of a product or structure from its initial design to production to lifetime maintenance.

While the company was initially set up to help engineers to create designs for

aircraft building processes they came to find that the terms CAD (Computer Aided Designs) and CAM (Computer Aided Manufacturing) were too restrictive to be identified with Dassault Systemes products so they came up with PLM, the acronym for Product Lifecycle Management.

The company proudly declares that through the use of PLM, they can improve the real world by using virtual environments.

Online capability means faster communication between Dassault and their clients and a reduction in cost due to avoiding the necessity to construct expensive mock-ups prior to beginning actual construction or manufacturing of the end product.

Dassault Systemes were used by Boeing to provide 3D mock ups of the Boeing 777 which meant that the first B777 flew without there ever having been an actual life-size model being built,a first for the aviation industry.

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News

GULF ROUNDUP NEWS AROUND THE GCC AND BEYOND

LIFE IN THE GULF

Bahrain Plans to Segregate Expat Bachelors Areas of Manama will be set aside for single male expats, under a new proposal by the Capital Trustees Board, which replaced Manama Municipal Council last year.

According to the report in Gulf Daily News, the proposal has been made after expat labourers in the city have been accused of harassment, trespass, and causing a nuisance.

The new rule proposes that landlords would be obliged to inform the Capital Trustees Executive Authority before renting a property to an expat tenant.

“Expatriate bachelors are involved in immoral activities, and many families are complaining about their behaviour and attitude,” trustees chairman Mohammed Al Khozaee told Gulf Daily News. “Confining them to designated areas will ensure that families are separated from these bachelors, which will ensure peace for all.” – ARABIAN BUSINESS

Bahrain’s New Traffic Laws Come into Force After weeks of warnings, Bahrain’s tough new traffic laws came into force last month.

Under the new rules, jumping a red light could result in a fine of up to BD 500 and six months in jail, while anyone not wearing a seatbelt, driving recklessly, or driving a vehicle without lights at night, among other things, risks a fine of up to BD 100. Even touching a phone while driving could lead to a fine of up to BD 500.

The old law, which dated back 35 years, stipulated fines as low as BD 5 or BD 10 for speeding and driving under the influence. However, the new legislation outlines dramatically increased fines and jail times for various offences, including up to BD 6,000 fine and prison term for jumping a red light and causing a fatality. For a full list of penalties, visit www.rethink.com.bh and click “traffic law”. – GULF DAILY NEWS

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Gulf Insider March 2015

Five Middle Easterners Make It to Mars One Third Round Only 100 applicants eager to go on a one-way trip to the Red Planet have made it through the project’s latest round of cuts, including five Middle Easterners.

The Dutch non-profit foundation Mars One, which aims to establish the first human settlement on Mars, originally received more than 200,000 applicants during its first selection programme in April 2013. Five Middle Easterners are among the shortlisted: Mohammed Sallam from Egypt; Najeeb Waleed Iraq; and Elaheh Nouri, Sadegh Modaresi, and Saeed Ghandhari from Iran.

The candidates will face another round of selections later this year, which will whittle down the final list to 24.

The finalists will form six crews of four and will spend the next eight years training for the trip. Only four people will make the first one-way trip in 2024, with plans to send another crew every two years to colonise the Red Planet.

The voyage itself is expected to take around seven months.

A recent MIT study has found that, should the colonisers land successfully on the planet using currently available technology, the settlers are likely to survive for just 68 days. – AL ARABIYA

News

Qatar Airways Chief Denies Claims of Sexist Contracts

Fitness Challenge at Bahrain’s Elite Seef Residence & Hotel A high-energy friendly competition, the Kinetix Health challenge, was held last month at the Elite Seef Residence & Hotel, hosted by International Federation of Bodybuilding and Fitness champion Sami Al Haddad.

The Kinetix health club, which features top of the line equipment from Technogym, is located on the sixth floor of the 171-room property, overlooking a large swimming pool, kid’s club, grill area, and restaurant. The monthly gym membership is BD 50 and one-hour sessions with a personal trainer costs BD 10. For more information, contact +973 1758 9044 or visit www.elitegroup4u.com.

KSA: 75,000 Government Employees Skipped Work Last Year Around 75,000 government employees did not show up at their work places last year, according to a report presented by the Control and Investigation Board at the Shoura Council.

Of the 74,879 absentees, the largest number was from the Ministry of Education, followed by the Ministries of Islamic Affairs, Health,

Qatar Airways CEO Akbar Al Baker described as “a load of bull****” claims he forces his flight attendants to sign restrictive contracts that penalise pregnancy and weight gain.

“That is people creating issues because we don’t have unions and... they don’t like that,” Al Baker said on CNN. “Our work practices are very progressive, people have all the rights that they require and [the] rumours being circulated [are] absolutely untrue.”

Al Baker said inspectors from the International Transport Workers’ Federation (ITF) had visited his airline and found “that all these rumours are unsubstantiated”.

Qatar Airways contracts forbid any member of the cabin crew, the vast majority of whom are female, from marrying during the first five years of their employment with the firm.

Women who become pregnant also usually have their employment terminated.

“The treatment of workers at Qatar Airways goes further than cultural differences. They are the worst for women’s rights among airlines,” Gabriel Mocho, civil aviation secretary at the international grouping of transport unions, said last year. – ARABIAN BUSINESS

Municipality, Justice and Higher Education, the report said.

Muna Al-Mushait, a Shoura member, urged the government to introduce the fingerprinting system to end the menace of absenteeism among civil servants.

Abdullah Al-Harbi, another member, said 57,539 absentees were from five ministries with the Education Ministry accounting for 29,581, Islamic Affairs Ministry (10,608) and Health Ministry (8,475). – ARAB NEWS Gulf Insider March 2015

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News

Abu Dhabi Named Safest City in the Middle East

Kuwait Gov’t Backs Plan to Implement Midnight Curfew The Kuwaiti government has approved what is essentially a midnight curfew, with all stores, restaurants, cafes and other public facilities to be closed by midnight.

The move would help improve security in the country amid an increase in crimes such as drug abuse, vehicle theft and shootings, Kuwait Municipal Director Ahmed Al Subaih was quoted as saying by Kuwait Times.

Alcohol is banned in Kuwait and nightclubs and similar bars are rare.

The curfew would be applied at 10 pm in the industrial areas of Shuwaikh, Sharq, Ardiya, Sabhan and Fahaheel, while businesses in residential areas will have two additional hours.

The curfew would be extended to 1 am on Thursday and Friday nights (Friday and Saturday mornings) and on public holidays.

“Exceptions will only be made upon official permission from the Interior Ministry,” al Subaih was quoted as saying. – ARABIAN BUSINESS

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Gulf Insider March 2015

Abu Dhabi has been named the safest city in the Middle East and one of the 25 safest cities in the world, according to the Economist Intelligence Unit’s Safe Cities Index 2015, which takes into account digital security, health security, infrastructure safety and personal safety.

Abu Dhabi beat Doha at number 29 and Riyadh at number 46, with the UAE capital scoring strongly in digital security and infrastructure safety. There was no place for Dubai in the list, which ranked 50 cities in total.

Globally, Tokyo took the top spot, followed by Singapore, Osaka, Stockholm, Amsterdam, Sydney, Zurich, Toronto, Melbourne, and New York.

As for the personal safety, evaluated in terms of prevalence of violent crime, the role of police, and how secure residents are from theft and violence, Abu Dhabi was ranked 32nd, behind Doha at 14th. – ARABIAN BUSINESS

Bahrain Rents 13th Highest in the World Rents in Bahrain are the 13th most expensive in the world on average, according to a new survey.

The Numbeo Cost of Living Index 2015 says that on a country-by-country basis, it is more expensive to rent here than in the US, Denmark, and France. However, rent is still cheaper than in Qatar, the UAE and Kuwait, which had the third, fourth and 10th most expensive rents in the world respectively.

Meanwhile, Bahrain ranks 33rd overall in terms of total cost of living, including rent and consumer goods and services, out of a total of 119 countries surveyed. The most expensive country was Switzerland followed by Singapore and Norway, while Nepal was cheapest, behind India and Pakistan. The report is based on average prices for each country, rather than specific cities. It found that Bahrain has the worst local purchasing power in the GCC, ranking 44th worldwide. The country had the 48th most expensive groceries worldwide and fourth most expensive in the GCC. It also had the 42nd most expensive restaurants worldwide, again putting it at fourth in the GCC. – GULF DAILY NEWS

Travel

ADVERTORIAL

LUXURY GOES SKY HIGH What makes a perfect flight? We take a curious look inside Etihad’s new A380 and B787.

Abu Dhabi-based airline also redefined and renamed its cabin classes. The A380 features The Residence, the only threeroom private cabin on a commercial airline; and the First Apartments, which are fully private suites. And, on the B787, there is the enhanced First Suite, with many new facilities. The Business Studio and Economy Smart Seat feature on both the A380 and the B787.

Keeping You Entertained

L

ast year, Etihad Airways unveiled the new product and service offering on its Airbus A380 and Boeing B787 Dreamliner aircraft – following the airline’s pledge to transform air travel and make your journey a remarkable one.

Redefined Cabin Classes With the launch of this new fleet, the

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Gulf Insider March 2015

The carrier has introduced the latest Panasonic eX3 entertainment system across both fleets, providing more than 750 hours of on-demand entertainment, improved gaming, and high definition screens across all cabins. The system has video touchscreen handsets in all cabins, offering an additional screen, so you can play games or view the moving map while watching a movie. Noise cancelling headsets are provided across all cabins, with built-in magnetic audio jacks for the best sound quality.

The A380 aircraft has full mobile and Wi-Fi service, and the B787 is equipped with Wi-Fi, with mobile service to be introduced later this year. Both aircraft have USB and power points at every seat.

Perfect Airline, Designed by You Etihad’s new design vision was to bring the individuality and exclusivity of a luxury boutique hotel experience to the sky in a way that embraced Arabian modernism.

In 2008, recognising that no single design agency could deliver its vision, the carrier established the Etihad Design Consortium (EDC), which brought together three leading design companies, Acumen, Factorydesign, and Honour Branding, to develop innovative cabin and seat designs for the new fleets.

The EDC collaborated with Promise Communispace, a co-creation and research agency, to launch a comprehensive consumer research programme in Abu Dhabi, Sydney, London, and New York, asking consumers to help design the perfect in-flight experience. In fact, 80 per cent of the new product offering is a direct result of the feedback and information garnered from these workshops.

The Residence by Etihad The Residence offers levels of luxury and total privacy normally found only on

Travel

into a fully flat bed of up to 80.5 inches long.

The Lobby On the A380, First and Business Class guests can relax and socialise in The Lobby, which is a serviced lounge and bar area located between the first and

Etihad’s new design vision was to bring the individuality and exclusivity of a luxury boutique hotel experience to the sky. private jets. It is a spacious three-room cabin (a bedroom, a shower room, and the lounge area), which can comfortably accommodate two guests.

Each Etihad Airways A380 features a boutique version of The Residence, with different colour palettes, table marquetry, and custom carpets. The Residence also features a large 32 inch LCD monitor in the lounge area and a 27 inch LCD monitor in the bedroom.

Throughout their flight, guests in The Residence enjoy the services of a personal Butler, meticulously trained at the Savoy Butler Academy in London.

First Apartments With the launch of the First Apartments on the A380, Etihad has redefined its first class and set a new industry standard.

The nine First Apartments, installed on the upper deck in a 1-1 configuration, create the world’s only single-aisle first class in a wide-body cabin. Each First Apartment, which has a 64 inch high sliding door, includes a reclining armchair and a full-length ottoman, both upholstered in Poltrona Frau leather. The ottoman transforms into a separate 80 inch long fully flat bed.

Other unique features include a chilled mini-bar, a personal vanity unit,

a swivelling 24 inch monitor, with a 74 per cent larger footprint than the airline’s previous award-winning First Class Suites. A fully equipped shower room is also available on the A380 for exclusive use by first class guests.

First Suites The eight First Suites on Etihad’s B787s are designed in a 1-2-1 configuration, along a unique curved aisle – another first in commercial aviation.

Each completely private First Suite has a large seat and ottoman, both upholstered in Poltrona Frau leather, with the latter designed to convert into an 80.5 inch long fully flat bed. In the centre suites, the privacy divider slides back creating a ‘double’ suite. Other features include a chilled mini-bar and a 24 inch TV monitor.

Business Studios Etihad has launched its new Business Studios on both the A380 and the B787, offering 20 per cent more personal space than the airline’s previous business class seat.

Set in a 1-2-1 forward and aft configuration, all the Business Studios have aisle access, and the seat converts

business cabins, featuring a leather sofa, a marquetry table, and a large TV with a USB connection.

Economy Smart Seat New Economy Smart Seat offers a unique ergonomic fixed-wing headrest, lumbar support feature, and an 11 inch personal monitor screen with the Panasonic eX3 personal entertainment system.

Final Touches A key design objective for Etihad Airways was to transform the boarding experience, making it more akin to stepping into the lobby of a boutique hotel. With that in mind, in all entry-ways of both aircraft, the galley equipment is concealed behind custom Arabic fretwork screens and blinds, while the trolleys are covered by wood-finish doors, setting a welcoming environment for those coming on board. Moreover, in the premium class boarding areas, the carrier will exhibit artwork and artefacts.

Etihad has also developed prayer areas, which are equipped with a realtime electronic Mecca-finder, based on the aircraft’s geographical position.

For more information, call +973 1650 0444 or visit www.etihad.com Gulf Insider March 2015

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Travel

JAN IFCIC InterContinental Regency Bahrain’s new general manager talks about the trends in the hospitality industry.

W

hat is your background in hospitality? Are you familiar with the Middle East market?

My professional background is made up of more than 22 years of international experience, mainly in operations of rooms division, services, and revenue. I’ve worked in the Middle East for the past 11 years; you could say it has become my natural career path to gradually move from one country to another within the region. Bahrain is my sixth location here, and I’m very excited about it.

What is your first impression of Bahrain, comparing to the other places in the region?

Personally, I’d rather avoid such comparisons.

I always look to explore the new place with an open mind and heart. What I love about Bahrain is the warm welcome I’ve been receiving. Even though it’s been only a few weeks since my arrival, I feel that I’ve already met a great part of the population.

How would you define the role of general manager today? Has it changed over the years?

In my experience of the past two decades, I can say that, at its very core, the role remains unchanged. It has always been about the people – coordinating with the team on one hand and building relations with the guests on the other.

What has definitely changed, though, are the dynamics of customer interaction. Today, it’s a lot about technology, where the new means of instant communication require instant response. This adds the virtual communication aspect to a general manager’s typical role of personal interactions with people.

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Gulf Insider March 2015

Travel

What’s your personal view on this change? Hospitality is a peopleoriented industry, and people today reach out more and more to online channels when making decisions about the travel plans, including hotel stays. That’s why the online tools have become such an important factor for us. The “old” ways simple can’t compete with this.

What’s your strategy for InterContinental Regency Bahrain?

My strategy is very simple: to continue building our strengths and develop our opportunities.

What are the key challenges when it comes to promoting a property as unique?

In today’s world, we cannot be focussing solely on the facilities, because many other hotels will have similarly outstanding products. Yes, we have a beautifully refurbished product – the “hardware”, as we call it – but our marketing strategy will lay emphasis on the location and the “software”, which refers to the people and services. Over the past 35 years of our existence on the market, we have built our reputation of providing luxury services in the heart of Manama.

Thanks to our guests’ reviews, our hotel is at the top position on social media, such as TripAdvisor. And, if you look at the comments, it’s all about the experience and personalised service.

That’s what matters the most.

Nowadays, most of the hotels offer their guest services through smartphone applications and online channels. Does it make it difficult to maintain the “human touch”?

It’s important to make the guest experience as easy as possible, and smartphones and online bookings do just that. But, we need to make sure we don’t make it overly complicated, because most online users are inclined to leave if the process takes too long.

Our strategy is that nothing should take more than three clicks, and we’re working to make it even easier.

As for the human touch, today’s demographic – the Generation Y –

prefer to go online rather than make a phone call. We’re recognising this trend. At the same time, we make sure to offer traditional ways of communication for those who prefer person-to-person interactions.

How do you think the hotel industry in Bahrain is performing at the moment?

I’m happy to see the upcoming developments. It is reassuring for an hotelier, because developers do not invest their money in projects without a potential to be successful. I am confident that, despite more and more properties being opened, we’ll have enough to cater for, provided we - the hospitality professionals - cooperate together with the tourism sector authorities to keep promoting Bahrain as a destination, whether for business or leisure.

The trend reflects the importance of being global with local relevance and personal uniqueness.

In your view, what will be the leading trends in hospitality for 2015?

As I mentioned before, the Generation Y customers and their specific demands will be a dominating trend not just throughout the 2015, but also in the following years. That “click away, with the human touch” concept is probably going to stay. Also, the demand for the “local experience” among the travelers is increasing.

Today’s world of globalisation seems to create that need to experience the individuality of local cultures in other words, the trend reflects the importance of being global with local relevance and personal uniqueness.

Gulf Insider March 2015

43

Life

18

o.

N e l i f o r P Insider

ZAHER KASSIR Director of business development and strategies at The Gulf Hotel

H

ave you always wanted to work in hospitality industry?

My first choice was medicine. Back in 1997, I started my first year of medical school, after receiving the scholarship.

But then, my father suggested that I changed my major, as he felt that I’d face overwhelming competition as a doctor.

Following his advice, I switched to hotel management. I got my master’s degree in Tunisia and postgraduate diploma in hospitality marketing in Paris.

Do you ever regret not becoming a doctor?

Not really. I do sometimes wonder if it wouldn’t be better for my family life, because as an hotelier, you work long hours, often on holidays, away from your loved ones. I wouldn’t change my career, though. It’s in my blood now.

In your view, what does it take to succeed in hospitality?

A lot of people say that hospitality is the art of care. I think the key to success is the ability to show that passion for whatever you do and with whomever you work.

Also, as you know, the devil is in the detail, so paying attention to it is really important – especially when it comes to the intangible aspects of the services and customer care.

Your professional experience covers 15 years, including management

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Gulf Insider March 2015

positions in five-star hotels across the world. Out of the countries you’ve worked and lived in, which were your favourite?

“I’ve either studied or worked in Tunisia, France, the UAE, Saudi Arabia, Libya, Malta, Sudan, and now Bahrain.”

My first pick would be my homeland, Lebanon. However, unfortunately, our tourism sector has been suffering since 2010. Apart from Lebanon, my favourite location is Bahrain, because the industry here is really strong and full of potential.

The tight competition means that you need to put a lot more effort into your work than you would elsewhere for the same results, so it helps you grow and develop. I’m really excited to have moved to Bahrain; I’m already very fond of my stay here.

You’ve joined The Gulf Hotel in December last year. How do you find it so far?

For a sales and marketing professional, working for such property as The Gulf Hotel is a dream come true. In every industry, there will always be the market leader that serves as a benchmark for the others. In Bahrain, the hospitality market leader is The Gulf Hotel. Working with such brand motivates you to maintain that top-level quality and take it even further. It is a perfect environment for me to prove my skills.

Have you faced any particular challenges in your new position?

To begin with, I tend to challenge myself. I like to set the bar as high as possible, to show what I’m capable of.

But, of course, once you set that bar high, there is no way back; you have to live up to the challenge. It’s not that difficult to become a leader as much as it is to maintain that position, especially if your brand is constantly the centre of attention of the competition.

LIFE IS A GAME. MAKE YOUR OWN RULES.

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T. +973 1700 4575

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Life

7 DRAMATIC DUBAI DINING EXPERIENCES Gulf Insider boldly explores Dubai on your behalf  AT.MOSPHERE To ascend the world’s highest restaurant in the world’s tallest building, one goes through the Armani Hotel. After I present my credentials at reception, an elegant Chinese woman with a British accent takes me through the stylishly morose lobby to an elevator that takes us down to a second lobby, where I am handed over to a statuesque Russian with a Russian accent. Many key cards are swiped along the way, into elevators, into turnstiles.

And then, finally, I am zooming up at 33 feet per second into the future, as my ears pop and pop some more.

“MINIMUM SPENDING FOR GENTLEMEN IS AED 200” - This is the sign that greets me at the entrance to the At.mosphere Lounge. For my 200 dirhams (about $50) I am offered afternoon tea. The highest high tea in the world. In the pleasant circular room, 46

Gulf Insider March 2015

I nibble on truffle-and-egg sandwiches and drink down my Laurent-Perrier Brut as the harpist serenades us. Outside the 122nd-floor window a thousand airplane warning lights are blinking off a thousand skyscrapers as the sun sets.

KISAKU

This Japanese restaurant is up on the top floor of the disheveled Al Khaleej Palace Hotel in Deira. The quotient of actual Japanese salarymen is high here, the décor is minimal, the food is authentic and superb and although gentlemen will probably spend more than 200 dirhams, there are no signs commanding them to do so. Along with the NHK channel on the TV and the clink of sake glasses hitting marble, all the classics of a hardworking Japanese bar are present.

THE AFRICAN GARAGE CLUB Located in the Ramee International Hotel in Nasser Square, this is sweaty and human and real. The clientele sit in hollowed-out cars, and the bar at the back is fitted inside the windows of an ancient bus. There’s a portrait of Jimi Hendrix over the stage, supervising some serious guitar- and drum-driven

South African jams. On the dance floor, the women are dancing so hard, they’re practically doing push-ups.

AL NAFOORAH

This Lebanese restaurant in the Jumeirah Emirates Towers offers by far the best meal I had in Dubai. I dined outdoors beneath the lit-up palms. The air is infused with scent. There are the sautéed chicken livers drizzled with pomegranate sauce, the smoothest, tastiest chicken livers I’ve ever had. The richness of the liver is like a narcotic.

PIERCHIC

The Madinat Jumeirah, an enormous resort comprising 80 acres of Arabianthemed insanity, offers Pierchic - the resort’s seafood restaurant built at the end of a long pier. The restaurant is most perfect in the dark, with the sail of the Burj Al Arab twinkling in the near distance. From this vantage point, Dubai after sunset looks interplanetary. We hear the slap of the waves against the

pier, and order a pan-fried sea bass and an equally pan-fried halibut. These two taste average; the best part of the meal lives under the sea bass, a mash of veal bacon and Savoy cabbage that we pick at for an hour while the worried server hovers over us with the eternal Dubai question: “Is everything to your liking?”

THE 101 BAR

Where is the best romantic view of Dubai? The answer is: the 101 Bar at the One & Only The Palm resort, which hangs

FINE DINING

Life

off the crescent of the enormous palmshaped archipelago of artificial islands.

This watering hole and restaurant is built on stilts, giving it a Seychelles kind of feel. The view of the Dubai Marina lighting up the shoreline is easily the most romantic in the city, unless you’ve brought your own yacht.

ARMANI HOTEL Located in the Burj Khalifa, it has a circular dining room with tastefully beige décor. The nightly fountain show outside the artificial Burj Khalifa Lake include various dances performed by the towering plumes of water. In deference to local excess, we decide to order nearly all of our dishes off the truffle menu. A part of me wants to write the rest of this article as... He was eating!

The most! Expensive! Black truffle! In! The world’s! Tallest! Building! But I will restrain myself.

And then something happens that I do not expect. The food proves to be as delicious as the view outside. The plump roasted scallops with celeriac and black truffle, the stracciatella cheese with artichoke, Parmesan, and black truffle— all are subject to slow chewing and contemplation.

For dessert, I’m presented with la sfera, which is essentially an edible Fabergé egg, made with vanilla cream, violet crème brûlée, and cassis sorbet.

I didn’t know dessert could be so good with truffle.

Gulf Insider March 2015

47

Life

14 HARD THINGS YOU NEED TO DO TO BE SUCCESSFUL You have to do the hard things.

1. You have to make the call you’re afraid to make.

8. You have to invest in yourself even though no one else is.

2. You have to get up earlier than you want to get up.

9. You have to grind out the details when it’s easier to shrug them off.

3. You have to give more than you get in return right away.

10. You have to deliver results when making excuses is an option.

4. You have to care more about others than they care about you.

11. You have to search for your own explanations even when you’re told to accept the “facts.”

5. You have to fight when you are already injured, bloody, and sore.

12. You have to try and fail and try again.

6. You have to feel unsure and insecure when playing it safe seems smarter.

13. You have to meet deadlines and deliver results that are unparalleled.

7. You have to lead when no one else is following you yet.

14. You have to keep moving towards where you want to be no matter what.

You have to do the hard things.

The things that no one else is doing.

The things that scare you. Those are the things that define you and make the difference between living a life of mediocrity or outrageous success.

The hard things are the easiest things to avoid. To excuse away. To pretend like they don’t apply to you. People accomplish outrageous feats of success when they do the hard things that smarter, wealthier, more qualified people don’t have the courage — or desperation — to do.

The Bahrain based lifestyle and luxury magazine with style and editorial flair that is enjoyed by affluent customers - both

Arab and Expats.

Online edition at www.Bahrain-Confidential.com

146 Issue

EXCLUSIVE:

WHO’S THAT WITH CRISTIANO RONALDO?

INSIDE NOW:

THE LITTLE BLACK BOOK OF ESSENTIAL NUMBERS

GOING OUT?

THE BEST DEALS OF THE MONTH

Guide to Arabian life, luxury and fashion!

BAHRAIN BD2 KSA SR20 KUWAIT KD2 OMAN RO2 QATAR QR20 UAE DHS20

You can now read our magazines virtually at

www.bahrain-confidential.com 48

Gulf Insider March 2015

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Style

THAT FINISHING TOUCH Parfums De Marly’s unveil their new extravagant range of accessories for both men and women.

MUST HAVES

Men’s Horse-Hair Bracelet Available in shades of brown and black, the bracelets can be personalised by using horse hair of choice. Crafted in Monaco.

Price: BD 128

Women’s Scarves The scarves have been crafted in Italy and are made of 100% pure silk.

Price: BD 128

Men’s Cufflinks Made of Zamac and sold in a luxurious black lacquered box.

Price: BD 81

Available on www.pmarly.com 50

Gulf Insider March 2015

Style BD34 BD34

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Gulf Insider March 2015

51

Motors

CAR NEWS COVERING THE LATEST UPDATES FROM THE REGION

BENTLEY AND AHMED ZAYANI & SONS HOST DRIVE EVENT AT BIC Ahmed Zayani & Sons hosted an exclusive drive event at the Bahrain International Circuit (BIC), giving VIP Bahraini guests (and us media) the opportunity to experience the performance of the ultra-luxury Bentley model range. The drive line-up included three variants of the Continental GT range, GT V8, GT V8 S, and GT Speed. In addition, guests had the opportunity to experience Bentley’s flagship Mulsanne and the luxury sedan Flying Spur in its W12 and new V8 variants.

FIRST ME LAND ROVER EXPERIENCE CENTRE IN BAHRAIN Land Rover inaugurated its first Land Rover Experience Centre in the Middle East region, in collaboration with Bahrain International Circuit (BIC). The facility boasts spacious grounds, diverse off-road tracks, and is in close proximity to the Bahrain Grand Prix Circuit. BIC’s off-road course covers 3.5 kilometres of varying terrains, such as sand, rock, hill, and water landscapes. There are 32 natural and man-made obstacles, including slide slopes, humps, rocks, gravel roads, and watercourses. The Experience Drives are unique and tailored to all guests, no matter what their skill level.

2015 NISSAN JUKE LAUNCHED IN ME Nissan unveiled its latest Urban Crossover, the 2015 Juke, at the launch event held at the Dubai Autodrome. The upgraded 2015 Juke’s three core areas of innovation include design, performance, and technology. The new model is powered by a choice of either a 1.6-litre natural-aspirated engine or a 1.6-litre turbo-charged 4-cylinder engine. Nissan Juke prices starting from BD6,300.

NEW MERCEDES AMG GT UNVEILED The all-new Mercedes AMG GT and GT S were unveiled in Bahrain by Al Haddad Motors at the Ritz-Carlton, Bahrain Hotel and Spa. Both twodoor, two-seater sports cars, the AMG GT boasts 462 horsepower and comes with a starting price of BD 68,000, while the AMG GT S has 510 horsepower and is available from BD 87,000.

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Gulf Insider March 2015

Motors

CAR NEWS - ADVERTORIAL

ALL-NEW LEXUS NX TURBO ARRIVES IN BAHRAIN

E

brahim K. Kanoo announced the arrival of the all-new Lexus NX Turbo luxury compact SUV to Bahrain last month, as it was revealed by Lexus NX Chief Engineer Takeaki Kato at the Lexus showroom in Sitra. The event marked Lexus’ entry into the fast growing luxury compact crossover segment. The NX Turbo, which is the first Lexus fitted with a 2.0 L turbo engine is available in Bahrain in two grades, the NX 200t and the NX 200t “F Sport” grade with sporty exclusive features.

The Power

- The first-ever Lexus 2.0-liter turbocharged gasoline engine that produces 235 HP was tested extensively on various road conditions and harsh environments and comes with a world-first combination of watercooled cylinder head integrated exhaust manifold and twin scroll turbo charger.

Visual Appeal

- Front and rear flares fuse with the diamond-shaped body at the spindle grille, and innovative LED headlamps and daytime running lamps firmly express Lexus’ bold design language. Lexus has designed a new range of 18-inch alloy wheels specifically for the NX 200t, with designs that evoke exotic sports cars rather than SUVs.

A Step Inside

- Convenience and versatility abound in the NX 200t, which offers the world first power folding 60:40 split/recline rear seat. The reclining angle can be adjusted using switches located on the sides of the rear seat. The Drive Mode Select dial on the centre console lets the NX 200t driver tailor the vehicle’s responses and driving feel to suit driving conditions or just the driver’s mood.

Technology

- The NX 200t features a newly developed shock absorber, capable of controlling even the smallest micro-level fluctuations and a new Adaptive Variable Suspension (AVS).

It also includes Lexus Remote Touch Interface (RTI) with a touch pad. The model is available with a Mark Levinson premium surround sound system (which features a 12 channel amplifier to drive 14 ultra-high efficiency speakers) as well as a colour 6.2-inch Heads-Up Display, which projects a range of frequently checked information on the lower windshield glass in the driver’s line of sight, including vehicle speed, tachometer, audio system, navigation system, and more.

Safety Features

- The Panoramic View Monitor, introduced into a Lexus vehicle for the first time, helps the driver avoid other vehicles and pedestrians

approaching from the sides. This system combines video from four cameras mounted to the front and rear sides of the vehicle, offering a 360 degree view of everything happening around the car, including the blind spots.

Also offered on the NX 200t is the Blind Spot Monitor (BSM) with Rear Cross Traffic Alert (RCTA), and the Lane Departure Alert that warns the driver before the vehicle is about to veer from a traffic lane.

F Sport

- The F Sport variant promises a special driving experience with its aggressive looks, such as a grille that’s even bolder than on the standard model.

The L-mesh black grille integrates with a metallic coated lower bumper moulding, and black side mirrors match the grille.

Exclusive wheels, cabin styling and trim, and bolstered sports seats add to the F SPORT repertoire in the NX 200t. The unique instrumentation and drilled nonslip aluminum pedals and footrest were inspired by the Lexus LFA supercar. The tachometer red line is even more clearly marked in this model.

For more information, visit Lexus showroom in Sitra, call +973 1773 7773, or visit www.lexus.com.bh.

Gulf Insider March 2015

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Motors

DUBAI

WHERE POLICE DRIVE IN MORE STYLE THAN YOU DO!

D

ubai’s impressive fleet of cop cars already includes a Lamborghini Aventador, a Bugatti Veyron and a Ferrari FF - and now they have the new Lexus 2015 RC F. Boasting a 5.0-litre V8 engine, it can accelerate to 100 kph in just 4 seconds.

If your wondering why Dubai needs such exotic police vehicles, it all about clever PR as these cars are mostly just used for patrolling the tourist-heavy areas.

Image: YouTube/Dubai Police 54

Gulf Insider March 2015

The Best New Performance Cars in Bahrain

Coming up in April’s

We reveal: The best high performance models on offer (includes SUVs) What makes each special - and how they compare with rival models How much they cost, what you get for the money, and how to get the best offers from each dealer

Motors

2015 RENAULT CAPTUR Nick Cooksey drives the latest import from France that looks like a ‘pocket’ SUV and is aimed for the tastes and pockets of younger drivers.

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EXTERIOR This compact SUV/Crossover has been based on Renault Clio, the most popular small car in Europe. Consistent with the hip styling from Renault’s Laurens van den Acker, the Captur comes in several custom options and an abundance of funky colours, both for the interior and exterior, which includes two tone painted alloy wheels. Such strongstatement design might not appeal to some, but, without doubt, others will love to own it for that very reason. This

Motors

is very much a young person’s car (and is priced accordingly).

INTERIOR Aesthetics aside, the spacious interior scores extra points for practicality, with the unusual sliding rear seat for even more legroom, in addition to plenty of storage space. The raised seats provide a nice driving position and offer a clear all round view, with a look and feel of a 4x4, although it is not.

EXPERIENCE

DOWNSIDES

The new model drives really smooth, and its suspension and grip over the twists and curves do not disappoint either. I drove it fairly hard into a few corners and was pleasantly surprised how well it handled them for its shape.

It’s not a fast vehicle – the “sportiest” version accelerates from 0 to 100 km/h in a little over ten seconds – but, it’s acceptable for that class of a car.

I would have one small complaint about a tad fiddly buttons on the console. Also, the loud (and for me, annoying!) warning buzzing noise that screams at you when you drive without a seatbelt or reach the speed over 120 km/h is unnecessary for a mature driver. However, this feature could possibly be more useful for an inexperienced teenager (?).

Another “novelty” may catch the attention of some of the drivers in Bahrain – your Captur can be fitted with removable and machine-washable zippered seat covers. Could that mean no more slippery plastic on the seats?

TECHNOLOGY AND SAFETY The trendy model makes a great inexpensive option for the young, techsavvy market. It has Bluetooth handsfree system and a USB socket to connect an IPod to the stereo system.

Safety-wise, it features six airbags, including two that run the full length of the car. It’s also worth a mention that the Captur scored the maximum five-star safety rating from Euro NCAP.

Starting Price: BD 5,995

To arrange your own test drive in Bahrain call YK Almoayyed on +973 17 703 286

Price Comparison While we usually offer three alternative models to a car reviewed, we have to make an exception for the Renault Captur. After scratching our heads, we can only think of one other car that’s both comparable and available in Bahrain, the Nissan Juke Crossover.

Nissan Juke Crossover From BD6,300

The author of this article, Nick Cooksey, in addition to being publisher of Arabian Magazines and Gulf Insider Media, is a jury panel member of the Middle East Motor Awards.

Gulf Insider March 2015

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Motors

MCLAREN 650S SPIDER Nick Cooksey finds the latest McLaren to be crazy fast, and ideal if you REALLY want to be noticed!

Starting Price: BD 135,000

M

cLaren lent me this amazing car for the weekend and everywhere I went I was treated live a movie star.

People wanted their photos taken next to it and a woman even called out to me in a car park in Juffair to ask if she can be my wife – yes, really!

The 650S has replaced the 12C. It was

not meant as a replacement but after its release customers just stopped buying the 12C. The original12C had 600hp. It was then upgraded to 625hp. Now the 650s has, well 650hp! But it’s not just a few extra horsepower that makes this so much more powerful as the huge rise in torque – from 443lb ft to 500! This you

really start to feel at around 4,000 revs!

Floor this car and prepare to be scared it’s speed and power is crazy!

The 650S has a 3.8 liter V8 twin turbo charged engine and a carbon fiber chassis. It will go from zero to 100kph in 3 seconds, and thanks to the improved torque it can hit zero to 160 in just 5.7 seconds.

The author of this article, Nick Cooksey, in addition to being publisher of Arabian Magazines and Gulf Insider Media, is a jury panel member of the Middle East Motor Awards.

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Motors

The McLaren technicians seem to have looked at every detail of the 12C and tried to improve it with the 650S. The intercoolers and radiators are bigger, and the exhaust is brand new.

In outright performance this car beats a Ferrari 458 Italia, even the Speciale, (its Ferrari equal is perhaps the F12).

At the press of a button the solid roof collapses over 20 seconds into the rear and the car becomes a convertible.

Driving along and enjoying the clear blue winter sky above me was a pure delight. In fact anyone who does not pay the extra few grand for the Spider (that

The McLaren technicians seem to have looked at every detail of the 12C and tried to improve it with the 650S.

means it has convertible option) I think needs their head examined.

The 650S was a pleasure to drive. It was fun, surprisingly comfortable, and I just love its design – particularly its long rear which is like a beautiful work of art.

As I said at the beginning of this article, driving this car brings a lot of attention. It was fun to begin with, but after a short while for me became a bit tedious. Anyone buying such a car should therefore enjoy lots of attention.

To arrange your own test drive in Bahrain call Al Ghassan Motors on +973 6669 6966 Price Comparison Ferrari 458 Spider From BHD100,000

Porsche 911 GT3 From BD50,900

Lamborghini Huracan From BD99,000

Gulf Insider March 2015

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Art

DOHA FILM INSTITUTE Doha Film Institute announces grants for projects by MENA-based filmmakers.

Silk Railroad

Dégradé

T

he Doha Film Institute last month announced recipients of its grants programme. 21 projects from 24 countries – comprising 9 narrative feature films, 8 feature documentaries, 4 short films (three narrative and one experimental) – will receive funding for development, production or post-production.

Eleven of the projects are from the Middle East North Africa (MENA) region, 8 are from the OECD’s Development Assistance Committee list of countries (DAC), and two are from the rest of the world. For the first time, filmmakers from Italy, Madagascar, Myanmar, Nepal, The Philippines and USA will receive grants.

The Fall session marks the 9th session of the grants programme, which is dedicated to supporting new cinematic talent, with a focus on first and secondtime filmmakers.

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Gulf Insider March 2015

Among the 21 projects selected for funding, three films are from Tunisia – Walid Mattar’s narrative feature ‘Northern Wind’ which is a subtle exploration of friendship between two men whose lives cross paths due to a factory relocation, Claire Belhassine’s feature documentary ‘The Man Behind The Microphone’, about Hedi Jouini who is known as the ‘Frank Sinatra of Tunisia’, and secondtime grantee Kaouther Ben Hania’s documentary ‘Zaineb Hates the Snow’, an intimate family portrait about a young girl who is relocated to Canada following the death of her father.

Two projects from Qatar-based filmmakers were awarded grants – Nora Al Subai’s ‘Opening Doors’, the true story of Amna Mahmoud, a courageous Qatari teacher who opened the first school for girls in Qatar in 1957 and Karem Kamel’s

‘Light Sounds’, about an unlikely duo of Sri-Lankan immigrants who work as cleaners in a washroom neighbouring a mosque.

Several projects with unique perspectives on the conflicts in the MENA region are among the grantees: ‘Dégradé’ is the debut feature from twin brothers Arab & Tarzan Abunasser about twelve women stuck in a Gaza hair salon for an entire afternoon, as they witness a violent confrontation taking place across the street; ‘In the Future, They Ate from the Finest Porcelain’ by Larissa Sansour is an experimental short about Palestine which examines the role of myth in history and national identity; and ‘To All Naked Men’ by Bassam Chekhes is a narrative drama set in the aftermath of the Syrian war.

Twelve of the 21 funded projects are directed by women, including Deniz

Art

Opening Doors

The Fall session marks the 9th session of the grants programme, which is dedicated to supporting new cinematic talent.

Erguven’s ‘Mustang’, a Turkish project about five vibrant girls who grow out of childhood in a family obsessed with their virtue, Anahita Ghazvinizadeh’s ‘They’, about the transition from childhood to adulthood and the openended questions of identity faced by the young protagonist, Nour Wazzi’s family drama ‘The Trophy’ and ‘Scales’ by Saudi Arabian director, Shahad Ameen, which blends fantasy and reality in a tale of a 13 year-old girl fighting against her imminent fate of becoming a mermaid.

Female-driven projects are also strongly represented in the documentary category where 7 of the 9 grantees are women. They include Marie-Clemence Andriamonta Paes’s ‘Madagascar 1947, The Sound Of Silence’, about the largely unknown post-WWII rebellion

by Malagasy war veterans which was harshly suppressed by the French colonial authorities, Jewel Maranan’s ‘Tondo, Beloved’ about the effects of poverty as people are caught up in the path of Manila’s port expansion, and Maryam Ebrahimi’s ‘The Confiscated Images’, about Iranian Gulf war photographer, Saeed Sadeghi, whose images were used to propel the myth of the Holy War.

Dégradé

The Man Behind the Microphone

Gulf Insider March 2015

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Art

A picture paints a thousand words, so we don’t need to add anything beyond saying that these pictures are by the Bahrain based photographer

ASIM KV

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Art

Gulf Insider March 2015

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Off Topic

HOW TO GET MORE OUT OF

LINKEDIN

Manage who’s seeing your page

Soon all users will also be able to use the revamped “Who’s Viewed Your Profile” feature. Even non-Premium users will be able to see how users are finding them.

It will also advise on how to attract more attention to your page.

Improve your visibility

– did you know that active group users get four times more profile views as those who don’t use this resource?

Keep track of contacts

- Use the “Relationship” tab on a user’s page to remind yourself of details regarding your professional relationship (and only you will be able to see it).

Endorse and recommend your connections - Recommend colleagues

with a brief anecdote. Don’t waste your time with generic compliments - the only recommendations that matter to recruiters on LinkedIn are specific and to the point.

Tap into the job listings

- There’s an easy-to-use job listings tool that’s helpful if you are either looking for a job or looking for an employee. All of your searches are kept private, so browse the listings LinkedIn recommends for you based on information in your profile, search for keywords, and find opportunities within your networks.

Profile picture

W

ith 280 million users, LinkedIn is the definitive business networking site. But if you’re just using the site to keep your resume online you’re missing out on some great opportunities.

LinkedIn has been rolling out several new features in the past year. Here’s 11 ways to make it a more valuable tool:

Follow your favorite “Influencers”

LinkedIn’s Pulse page collects posts from top Influencers from many industries.

You can follow your favorites and have their posts appear in your updates feed.

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Gulf Insider March 2015

This also shows recruiters your interests and aspirations.

- LinkedIn pages with profile pictures get more views than those that don’t. Your photo should be clear, not include other people, and be appropriate for your industry.

Share articles - LinkedIn is the place to Make your page easy to scan share articles and videos relevant to your industry and business. And you can now use LinkedIn as a blog to add a new level of expertise to your page.

End useless connections

- If there are people you don’t want to access your information anymore, you can now go to that user’s page and select “Block or report” in the dropdown box next to the “Endorse” icon.

Recruiters won’t bother learning about you if your page is a chore to read.

Write a summary

- Finally, don’t neglect the crucial “Summary” box.

Think of it as a first impression of your professional profile. It is also the perfect place for keywords to enhance search engine optimization (SEO) benefits for your page.

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The multi-award winning Arabian magazine

WORK for PLAY see page 35

The Arabian Review

Issue 121

Also inside:

Art - Mayasa Al Sowaidi Interview - Jamal Fakhro

BAHRAIN’S NEW REAL ESTATE LAW Protects Buyers and Tenants?

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Last Word

Try asking yourself:  Am I passionate about my work?  Am I one of the world’s best at doing this work?  Will the market compensate me well enough for it?

Generally, people do not know whether, say, investment banking, consulting, running a startup, or asset management will satisfy all these tests.

Therefore, seek out informational interviews with people in those fields.

The networking practice you will get in trying to set up these interviews will also be valuable.

Once you set up such interviews, ask the people how they would answer the three above questions.

For example, in the informational interviews, you might ask the following:  In your company, are there people who are really passionate about their work? What do they do differently than those who are mostly there to pay their bills?  In your field, what are the key things that the most talented people do that differ from the ones who are merely competent?

SUCCESS IS NOT ABOUT MONEY

If you become financially selfsufficient by doing what you want to be doing and it makes you happy, you are successful.

… it’s about controlling how you spend your time.

S

o here’s a different definition of success — success is controlling how you spend your time!

Just to be clear: this is not about declaring a vow of poverty.

In fact, for many people, controlling how they spend their time is the kind of success they can achieve only after they have earned enough money that they no longer have to worry about paying their bills.

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Gulf Insider March 2015

Many people never achieve that level of financial security. But if you become financially self-sufficient by doing what you want to be doing and it makes you happy, you are successful.

But if you get there by working a grinding job that pays well but makes you miserable, then you need to stop and ask yourself what you really want to be doing with your life.

Is the compensation that people receive in this field satisfying or frustrating? What is the difference between people in your company who feel fairly compensated and the rest?

If you conduct 10 to 15 such interviews, you should be able to assess whether you would be happy working with people in that field.



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