Gulf Insider June 2014

The multi-award winning Arabian magazine

The Arabian Review

Issue 113

MIDDLE EAST Travel trends

GCC

Investor’s risk appetite increasing

MBA

Is it worth the time and money?

BAHRAIN’S TELECOM MARKET Status Quo and Emerging Trends

MAHER SALMAN AL MUSALLLAM Gulf Air’s Acting CEO Bahrain BD2

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Gulf Financial Insider

Cover Story

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MAHER SALMAN AL MUSALLAM

Gulf Air’s Chief Executive Officer

20

27 BAHRAIN

Bahrain’s Telecom Market

UAE

Outperforms GCC and Global Markets

GCC

Rising Cost of Living

KSA

Growth is Top Priority

MBA

Is it Worth the Time and Money?

MIDDLE EAST

Demand for Global Citizenship Programmes

AVIATION

Key Challenges for Regional Aviation

20 24 26 27 32 34 40

50

41 43 44 50 58 62 64

AFGHAN

Skateboarding School

TRAVEL

Oran: Where History Meets the Present

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CONTENTS June 2014

CULTURE

Museum of Islamic Art Doha

CAR REVIEW Infiniti Q50

LUXURY

Men’s Accessories – Watches

PHOTOGRAPHY Yulia Trubnikova

ART SPACE

Doing it For the Art

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64

The Arabian Review Publisher & Editor in Chief - Nicholas Cooksey

COMMENT...

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

Global paradox of the US Dollar The U.S. dollar seems invincible because each time there is economic turmoil, the rest of the world is forced to beat a path to America’s safe haven currency – a circumstance unlikely to change soon, according to economist Eswar Prasad, who notes that despite the U.S. government printing trillions of dollars since 2008 to keep the economy going, the huge paradox is that the dollar has not been debased. This is because most nations want to keep healthy levels of foreign exchange reserves, but there are few stable options for them. For example, Europe is not putting its money in China. And China, aware of ongoing weakness in European economies, won’t invest in Europe.

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According to Prasad, given the sheer amount of dollar assets the world holds, nobody wants the dollar to plunge in value because if it did they would all get hurt. So, even though the U.S. is a net debtor to the rest of the world to the tune of $4.5 trillion, it’s actually making money on its net position.

China, by contrast, is a net creditor by about $1.7 trillion, but it is losing money because it’s mostly put its investments in the U.S., Prasad says.

Although China is expected to take over leadership from the U.S. as the world’s largest economy in 2014, the Chinese leadership is not celebrating.

Nicholas Lardy, an expert on the Chinese economy, says Chinese leaders fear that flaunting the country’s wealth will result in greater pressure on Beijing to meet international and domestic expectations. “I think the leadership is worried that saying they are number one without taking into account that they have 1.3 billion people creates expectations that they cannot fulfill”.

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The multi-award winning Arabian magazine

The Arabian Review

Issue 113

MIDDLE EAST Travel trends

GCC

Investor’s risk appetite increasing

MBA

Is it worth the time and money?

Arabia’s most intelligent magazine 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.

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.

Gulf Insider now also includes:  Easy to navigate website that offers online access to the magazine and much, much more.

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Status Quo and Emerging Trends

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Inspiring Example

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Issue 112

MIDDLE EAST Leading hotels review

QATAR

Doha’s new mega airport

PRIVATEPUBLIC SECTOR TANGO What it means

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Euromoney Conference examines sukuk

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FROM ACTION TO ART

The Rolling Stones’ Fiasco

Inside...

NEW SEC TIO N!

Bahrain Grand Prix through the lens

LATEST CAR REVIEWS AND NEWS

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DUBAI

World’s 7th most expensive city

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Market outlook

AFGHAN WAR ... Human faces

INNOVATION IN GCC ECONOMIES

MINI COOPER vs VW GOLF R

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Words of Appreciation Issue 110

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Bahrain/India Relations New ties; new opportunities

BMW 6 Series 650i review

High Net Worth

CELEBRATING FOUR DECADES OF BANKING AND 25 YEARS OF CONSUMER BANKING IN BAHRAIN

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It’s always a pleasure to browse through GI’s pages. It really stands out against other publications. Keep up the excellent work!

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The Arabian Review

I would like to commend GI for the excellent review on the Rolling Stones live concert in Abu Dhabi. I read the article with a flood of conflicting emotions, going from shaking my head in disbelief at a grotesque idea of setting up VIP lounges at the rock concert, to literally giggling at the mismatched combination of the rock legends with the crowd of yuppies sporting polo shirts. I was not surprised, though. How easy is it to foresee the disastrous consequences of introducing a seven-decades-old rock and roll concept to the culturally brand-new and random society of money-focused foreigners, or Middle Eastern locals for that matter? Let’s be honest, it takes many years to develop certain cultural trends, and no amount of Dirhams will be able to speed up the process.

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I’m really glad I read your Profile feature introducing Yousif Al Thawadi, Bahrain’s 51-yearold Ironman. It was a true eye opener! For someone who’s always found enough excuses to skip work out, I felt truly inspired by Mr Al Thawadi’s willpower.

He’s a living example of how making a commitment to a healthy lifestyle is possible regardless your age.

Abdulla, 40 years, Finance Manager

Respect your Heritage While I try to refrain from making my judgments based on the cultural differences, I’m afraid I just can’t keep quiet on this one. The decision of Saudi religious police to level the ancient graveyard in al-Baha is straight out shameful. Not only will it cause irreversible loss of historical value, but also it is disrespectful to the people buried under those tomb stones. Why would you be bothered what religious beliefs they followed while still alive some 3,000 years ago?

Kate, 31years, Teacher

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Gulf Round Up News

GULF ROUNDUP NEWS AROUND THE GCC AND BEYOND

Iran billionaire executed over $2.6B bank fraud A billionaire businessman at the heart of a $2.6 billion state bank scam, the largest fraud case since the country’s 1979 Islamic Revolution, was executed, state television reported.

Authorities put Mahafarid Amir Khosravi, also known as Amir Mansour Aria, to death at Evin prison, just north of the capital, Tehran, the station reported. The report said the execution came after Iran’s Supreme Court upheld his death sentence.

Khosravi’s lawyer, Gholam Ali Riahi, was quoted by news website khabaronline.ir as saying that his client was put to death without any notice.

The fraud involved using forged documents to get credit at one of Iran’s top financial institutions, Bank Saderat, to purchase assets including state-owned companies like major steel producer Khuzestan Steel Co. Khosravi’s business empire included more than 35 companies from mineral water production to a football club and meat imports from Brazil. According to Iranian media reports, the bank fraud began in 2007.

The trials raised questions about corruption at senior levels in Iran’s tightly controlled economy during the administration of former President Mahmoud Ahmadinejad. – ARAB NEWS

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Gulf Insider June 2014

Mr Faisal Al Jalahma introducing TRA’s e-learning platform

TRA Introduces E-learning Platform Telecommunications Regulatory Authority (TRA) announced on May 18 the launch of an innovative e-learning platform that is based on using e-learning cards to train employees. The users will be able to access the application from their desktop PCs, notebook computers, smart phones, tablets, and eBook readers. The e-learning courses are designed to develop and raise telecommunication law awareness, and provide the users with an understanding of legal methodology and the principles and methods of legal research. “Micro learning on the go is an innovative method to retain knowledge, and as such, TRA has introduced this e-learning application to benefit employees both in the Authority and in the Telecoms sector by breaking down large amounts of relevant information into concise parts that will be available at their fingertips,” said Mr Faisal Al Jalahma, TRA Director of Human Resources and finance.

Firms found faking Saudization data Saudi’s Ministry of Labor recently discovered that 404 companies and establishments were faking their Saudization figures. The ministry denied these firms access to its computer services as a penal measure.

Since the ongoing crackdown on illegal foreigners began, the ministry’s Saudization committee has conducted 39,559 field tours, which resulted in the detection of a total of 13,989 violations, according to a ministry report. The ministry’s teams also found expatriates occupying 9,211 jobs reserved for Saudi nationals.

The report said a total of 2,388 companies were denied access to the ministry’s computers while 1,045 firms slapped with fines.

It said 4,229 expatriates were deported for violating labor regulations and as many as 12,294 others were let free after they signed undertakings not to repeat their violations.

It said a total of 8,474 cases were sent to the supreme labor commissions in Riyadh and Jeddah, of which 5,651 cases were still awaiting decisions. – SAUDI GAZZETTE

News Gulf Round Up

BDB Group Announces Main Goals for 2014

Hamad international Airport

Qatar Airways Move to HIA Qatar Airways (QR) officially moved to its new home at Hamad International Airport (HIA), the world’s newest state-of-the-art hub, on May 27th. The move to HIA’s facilities is set to complement QR’s five-star service, helping in supporting Doha’s national carrier as it continues its fleet and route expansion. “This airport will enable Qatar Airways to offer our passengers an unrivalled experience,” said Qatar Airways Chief Executive Officer, His Excellency Mr Akbar Al Baker.

The airport currently has the capacity to accommodate 30 million passengers annually, and will eventually accommodate 50 million passengers a year.

New Warship Handed Over to Royal Navy of Oman Portsmouth Naval Base in England was lit up red, white and green on May 29th as BAE Systems handed over the third of three new warships to the Royal Navy of Oman.

AL RASIKH is a 99 metre corvette designed, built and delivered as part of Project Khareef. The Interim Acceptance ceremony was attended by dignitaries from both Oman and the UK who witnessed the ship’s crew board the vessel to raise the National Flag of Oman for the first time.

Bahrain Development Bank Group held Press Conference on May 14, summarising its achievements of the five-year period from 2009 to 2014, in addition to revealing its operational plan and main goals for 2014, which included increasing financing volume to more than BD 60 million, expanding branches network (with Manama Suq Branch and Seef Mall Muharraq branch to be opened this year), and providing 4,000 job opportunities through financed projects, among other. The group’s non-financial projects included providing 3,000 beneficiaries with consultancy and training services, and improving export support programme, to encourage small and medium businesses to export.

RMK Projects Announces Launch of Nasmah West RMK Projects (a division of RM Kooheji & Sons), a leading property developer in Bahrain, inaugurated the launch of freehold residential tower Nasmah West at the Crowne Plaza’s Conference Centre on May 14.

The launch began with a special VIP session, followed by the Press Conference. Present at the event were RMK Projects senior management and representatives.

The 25-storey luxury freehold residential tower, located in Juffair, consists of 124 quality apartments, with wide range of facilities including rooftop swimming pool, fully equipped fitness centre, squash court, and party hall. The property provides scenic views of the city and the sea.

Artist’s impression of Nasmah West Gulf Insider June 2014

9

Gulf Round Up News

Batelco Provides Communication Solutions for Four Seasons Hotel The new Four Seasons Hotel, which will open soon in the Bahrain Bay development, has selected Batelco, as a trusted ICT solutions provider, to provide Voice IP Telephony and Data Network Infrastructure solution requirements. The operator is serving the hotel’s core ICT requirements based on leading brands such as Avaya and Cisco, delivering an IP Telephony solution consisting of more than 1700 handsets with voice mail, call accounting, and contact center capabilities, as well as a data network supporting the hotel’s IP systems and providing 100 per cent WIFI coverage throughout the premises. “Batelco has become a proven experienced business enabler trusted by global business customers,” said Batelco Business Division General Manager Mr Adel Daylami.

Many Saudi women’s wealth stuck in bank accounts. Economists explain downside of holding too much cash According to a recent World Bank report, the volume of deposits by Saudi women in local bank accounts is estimated at SR60 billion.

Several economic experts underlined the need for investing this wealth, benefiting them in the best possible ways, Al-Madinah daily reported.

Talaat Hafez, secretary-general of the Media and Banking Awareness Committee of Saudi Banks, said there are exaggerations in the World Bank report about women’s deposits in banks.

He said that there are no frozen assets for any male or female customers at the banks; “It is the customer who has to decide what to do with the money in their accounts. They have the final word whether to deposit them in any investment projects or other ventures and banks have nothing to do with it.

“There are some customers who want to put their deposits in their current accounts while some others want to keep a part of their wealth in current accounts and the rest either in saving accounts or depositing them in mutual funds.”

Reacting to reports about frozen bank assets of women, Fadl Al-Buainain, another economic expert, said the economy depends basically on circulation of wealth in a way helping to realize real development.

According to Al-Buainain, keeping assets at banks would be harmful economically; “The value of this money would be decreased with the passage of time due to inflationary trends. In other words, the purchasing value of the money would be diminished and this will be a loss for the women customers.”

Al-Buainain noted that women keep their money at banks mainly because of their failure to find better ways to invest it in the local market. Their investments are confined only to the stock market or the real estate sector, he claimed, adding that the government is not taking any initiative to create investment opportunities to utilize these frozen funds.

Muhammad Al-Qahtani, professor of economics at King Faisal University, said around 30 percent of current accounts in Saudi local banks belonged to women and this accounted for a total of around SR70 billion. – SAUDI GAZZETTE

Courts receive 163 disobedience cases A number of parents have filed some 163 disobedience (uqouq) cases against their sons and daughters in courts throughout the Kingdom in the past six months of the current year, local media said.

Omar Ishaq, lawyer and legal adviser said these types of cases are normally filed by parents against their sons or daughters in case of disobedience on the part of their children. The judge meets with all parties concerned with the case and rules either to penalize the accused or end the case, he said.

Ishaq called for the criminalization of the issue of disobedience, requiring detention and further asked the courts to tighten penalties on issues related to disobedience, the paper said. Disobedience takes different forms including, but is not limited to, verbal insults or showing physical aggression toward parents.- ARAB NEWS 10

Gulf Insider June 2014

Gulf Round Up News

Salaries in Dubai Rising Faster than Inflation

Dubai Property Prices almost near 2008 Peak Levels Property prices in Dubai’s residential sector are almost reaching 2008 peak levels, with the market not likely to see any major price correction in the short term, Standard and Poor’s, a global ratings agency, said.

“We think the market will be tested in a couple of years of time when we see handover of units that have been marketed over the last two years and a new pipeline building up,” said Tommy Trask, Director, Corporate Ratings, S&P. Referring to difference with the past, Trask pointed to the new Federal Mortgage Law, new regulations for developers/contractors and Dubai increasing transfer fee charges.

“We have a federal mortgage law limiting the LTV (loan-to-values) on mortgages, the escrow law and regulations for contractors/developers and Dubai increasing (transfer) fee to 4 per cent to cool down the real estate sector… these measures had some impact.”

What hasn’t changed back, Trask said, was the strong economic growth being witnessed then and now.

Earlier this year, the International Monetary Fund raised its 2014 economic growth forecast for the UAE to 4.5 per cent, but had warned of a potential property bubble if authorities were not careful.

Construction accounts for about 10 per cent of Dubai’s gross domestic product (GDP), while real estate and business services stands for 20 per cent of the GDP. – EMIRATES 247 12

Gulf Insider June 2014

Salaries in Dubai will increase more than inflation which will continue to drive consumer spending this year, says Hamad Buamim, President and CEO, Dubai Chamber.

Mr Buamim was talking post the release of CBRE’s 2014 report on “How global is the business of retail”, which revealed the UAE had retained its position of being the second most favoured global market by international retailers, with Dubai holding on to its second position among the most preferred cities by retailers in 2014.

Emirates NBD, a top Dubai bank, has said that cost of living in the UAE is expected to continue rising in the second half of the year and may even reach over 4 per cent year-on-year by the end of 2014, primarily driven by economic growth and inflow of expatriates pushing up rents and property prices higher.

Headline inflation in the UAE remained relatively low at 1.9 per cent in March, up from 1.5 per cent in December 2013. – EMIRATES 247

Iranian Judge Summons Zuckerberg over Privacy Violation Facebook founder and CEO Mark Zuckerberg has been ordered to appear in an Iranian court to answer complaints that Facebook-owned applications Instagram and Whatsapp violate individuals’ privacy, semiofficial news agency ISNA reported.

Quoting Ruhollah Momen Nasab, an official with the paramilitary Basij force, the agency said an Iranian judge also ordered the two apps blocked.

Facebook is already banned in the country, along with other social websites like Twitter and YouTube. However some senior leaders like Foreign Minister Mohammad Javad Zarif are active on Twitter.

The administration of moderate president Hassan Rouhani is opposed to blocking such websites before authorities create local alternatives.

While top officials have unfettered access to social media, Iran’s youth and technological-savvy citizens use proxy servers or other workarounds to bypass the controls.

Hardliners accuse Mr Rouhani of failing to stop the spread of what they deem as “decadent” Western culture in Iran.- THE NATIONAL

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www.facebook.com/GulfInsider Hundreds of Abu Dhabi Tenants Defrauded Hundreds of tenants have been defrauded by bogus landlords and property agents who rent one home to several families and then disappear before the scam is uncovered.

Police in Abu Dhabi have investigated 211 cases of property fraud in the past 15 months, 66 of them in the first three months of this year.

One victim, Salwa, an Arab resident, paid a year’s rent of Dh70,000 and Dh4,000 in commission in January to an Emirati “landlord” and his “agent”, and was given a receipt and a contract.

Two days later she discovered the property had been leased to several families and the papers were forged.

“I was shocked to learn that legal procedures weren’t a sufficiently deterrent and the fraudsters didn’t stop,” she said.

“The same ads featured week after week in the same magazine. There were more than 75 reports filed against the same perpetrators. The Emirati man was arrested but his accomplice remains at large.”

Brig Gen Maktoum Al Sharifi of Abu Dhabi Police said the police were cooperating with the metropolitan anti-crime council, which comprises 14 government establishments in Abu Dhabi, to regulate the property profession. – THE NATIONAL

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Insider Business Interview

Gulf Air operates in a challenging operational environment characterized by volatility and severe competition.

14

Gulf Insider June 2014

Interview Insider Business

MAHER SALMAN AL MUSALLAM With over a year as Gulf Air’s Acting Chief Executive Officer under his belt, Maher Salman Al Musallam is focusing on the long term.

I

n 2014, GF initiated retrofit of its A330 fleet, reopened several destinations, added new ones, and began overseas recruitment drives, after a long break. Is Bahrain’s flagship carrier getting back on track?

Yes, undoubtedly. Gulf Air’s 2013 restructuring strategy, which was launched in December 2012 and led by the airline’s Board of Directors, chaired by H.E. Shaikh Khalid bin Abdulla Al Khalifa, Deputy Prime Minister, and driven by the Executive Restructuring Committee and Gulf Air management, has delivered tangible, positive results.

Beyond an impressively restructured balance sheet that saw Gulf Air achieve the airline’s strongest financial results in eight years, Bahrain’s national carrier now has a realigned fleet to correspond with the airline’s new capacity and network requirements. By the end of 2013 Gulf Air had a mixed wide and narrow body all Airbus fleet of 26 aircrafts with high specification on-board products and an entire average age of only 5.7 years.

The airline also led the way amongst its regional competitors in terms of nationalization (65 per cent of the airline’s total workforce is Bahraini), while

Gulf Insider June 2014

15

Insider Business Interview

maintaining a multinational workforce reflecting the airline’s position as a global carrier.

In tandem, the airline continues to deliver significantly improved service levels, aided by the carrier’s ongoing product enhancements both in the air and on the ground. The ongoing retrofit of our A330 fleet, used primarily to London and Bangkok, is one example that will see the introduction of fully flatbed seats in Falcon Gold class, revamped Economy class and upgraded in-flight entertainment systems by the end of 2014.

Today, Gulf Air’s network is geared towards supporting the Kingdom of Bahrain’s evolving business requirements and passengers from Bahrain through offering high-frequency direct access to 37 key destinations in 22 countries in the region and beyond. The airline has strengthened its network through the addition of five new destinations (in 2013) and increasing the frequency of flights to eight existing key destinations.

The 2013 results are significant and a sign of progress as, today, Gulf Air has a clearer vision of its future cost structure and is well positioned to not only address the coming challenges but nurture the national carrier’s long term future growth. We anticipate further positive developments in 2014 to reflect 16

Gulf Insider June 2014

The airline’s position as a key national infrastructure asset has been strengthened and it continues to fly the flag of the Kingdom globally.

Gulf Air’s ongoing move towards long term commercial sustainability.

It has been over 14 months since the introduction of GF’s three-year restructuring plan, which coincides with your CEO tenure. Would you say the implementation of its strategic goals has been successful so far?

Yes. Gulf Air’s strategy is commercially focused and this has driven our strategic agenda since December 2012.

Today, Gulf Air is in a significantly stronger position then when we began this journey; our restructuring is on-track with a 52 per cent reduction in annual

losses and a financial performance that surpassed the airline’s restructuring target

by BHD14.5 million. Our position as a key national infrastructure asset providing business links which are important for wider economic development has been strengthened and we continue to support Bahraini business at home and abroad, promote local tourism and trade, and fly the flag of the Kingdom globally.

The Board of Directors, Executive Restructuring Committee and Gulf Air management and staff have been integral in the ongoing implementation of the restructuring strategy and in working to ensure that the national carrier’s important role as a key national infrastructure asset continues into the future.

Ultimately, the progress Gulf Air has achieved to date would not have been possible without the commitment and contribution of all the national carrier’s staff and management. The Gulf Air family is composed of aviation professionals, united in their vision for Bahrain’s national carrier and working alongside one another. None of this could have been possible without them.

What do you consider to be the greatest threats currently facing GF? Gulf Air operates in a challenging operational environment characterized by volatility and severe competition. We, along with other carriers, face high fuel costs, excess capacity and economic uncertainty.

To stay on our current positive trajectory towards long-term commercial sustainability the airline needs to continue to evolve and adapt to its operating environment and continue to carve a niche for itself as we move closer to creating a dynamic, commercially sustainable national carrier for the Kingdom of Bahrain and its people.

Against what benchmarks do you measure your success?

Industry benchmarks are vital to ensuring our service and product delivery is the highest standard possible.

Milestones such as our ranking number one among the full service carriers in the Middle East for on-time-punctuality and other developments in 2013 resulted

Interview Insider Business

in increasingly positive feedback from the airline’s customers. As a result, Gulf Air’s annual customer satisfaction results indicated a 51 per cent drop in customer complaints in 2013 compared to 2012. Each department and division is benchmarked to measure developments over time and ensure we are on the right track.

GF competes against well-established international carriers in the region.

How do you stand out in the GCC market at the moment?

Gulf Air offers a different business proposition to its passengers than many international carriers in the region. Gulf Air’s business strategy focuses on pointto-point traffic, especially in the region, Gulf Air operates lower-density aircraft allowing the airline to focus on offering passengers access to high-frequency flights putting control of when to travel very much back into the hands of passengers.

Carving a role for itself in a highly competitive environment, the airline holds a leadership position in the Middle East by operating one of the largest regional networks with numerous daily frequencies to ten regional cities and five neighboring Arab states. This strategy has allowed Gulf Air to successfully differentiate itself from its competitors while striving to support the Kingdom

Gulf Air continues to support Bahraini business and promote local tourism and trade while providing key business links, crucial for the Kingdom’s economic development. of Bahrain’s ongoing economic growth by strengthening strategic business and tourism ties throughout the airline’s network.

Gulf Air also continues to differentiate itself from its competitors by offering its hallmark Arabian hospitality with a variety of on the ground and inflight products and services catering to the needs of the airline’s diverse passenger-base.

Can you tell us about your marketing strategy to build the GF brand?

Gulf Air is one of the first commercial airlines established in the Middle East.

Bahrain’s national carrier commenced operations in 1950 and its history of successes and achievements to date is rich and inspiring – helping to paint an image of not only Bahrain but the entire GCC region.

As such the airline has been able to develop a high-level of brand awareness around the world.

Today, the airline operates one the largest networks in the Middle East and is renowned for its traditional Arabian hospitality, evidenced by the airline’s signature family and business friendly products. Gulf Air is committed to being an industry leader and developing products and services that reflect the evolving needs and aspirations of its passengers – in line with the Gulf Air brand and reflective of our role as Bahrain’s national carrier.

How would you describe your personal approach to management?

My personal approach to management is built upon a few tenets: respect, growth, engagement, accountability.

These are the cornerstones to my personal and professional development and I truly believe they are key to ensuring the continuous growth and improvement necessary to enhance efficacy in any workplace while instilling greater awareness, confidence and trust in your team.

Gulf Insider June 2014

17

Insider Finance IIslamic Banking

WIFFMC: GLOBAL EXPANSION OF

ISLAMIC FINANCE Industry leaders discuss the Islamic financial market’s potential to expand international horizons.

M

ore than 420 Islamic finance industry leaders attended the 10th Anniversary special edition World Islamic Funds and Financial Markets Conference (WIFFMC 2014) held last month at Gulf Convention Centre, to examine key regulatory reform initiatives needed to build scale and improve global competitiveness of Islamic funds and investments. The two-day event, held under the official support of Central Bank of Bahrain (CBB), commenced with an inaugural address by Mr Abdul Rahman Mohammed Al Baker, CBB Executive Director – Financial Institutions Supervision, who referred to rapid growth of Shari’ah-compliant

finance sector, and the need for creating conditions that will allow attracting new international investment flows and capital market issuers. Several matters deliberated during the conference included challenges the industry faced in the past, namely lack of product diversity and misconceptions among conventional finance investors about Shari’ah financial market. Investment opportunities for the Islamic investors in jurisdictions such as Luxembourg were also assessed. One of the major highlights of WIFFMC 2014 was a high-profile CEO and Industry Leaders’ Power Debate that focused on attracting more international investors to Islamic financial markets.

ABDUL RAHMAN MOHAMMED AL BAKER CBB Executive Director – Financial Institutions Supervision “It is estimated that Islamic financial assets globally reached USD 1.5 trillion in 2013, and it is expected to exceed USD 2 trillion by 2016. There are more than 600 funds worldwide that comply with Islamic principles. The international Sukuk market reached USD 272 billion in first quarter of 2014, almost 16 per cent growth over 2013.The CBB, through its enabling legislation, promotes development of new products for investors in both Islamic and traditional finance, while providing credible regulation in both areas.”

JENNIFER M. IVORY New Jersey Department of the Treasury Member “A combination of Shari’ahcompliant elements with conventional banking would be a great source for shareholders. I believe improving global competitiveness of Islamic funds and investments is easily achievable; it’s all about development and design of traditional banking products that are at the same time in partnership with Islamic banking. This would also create the powerful catalyst for global and cross-border market stabilisation.”

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Gulf Insider June 2014

Insider Telecoms Special Feature

TELECOM FEATURE

BAHRAIN’S TELECOMS MARKET:

STATUS QUO AND EMERGING TRENDS Bahraini businesses benefit from the highest telecommunications infrastructure index in the Middle East.

By John Hunt

B

ahrain, with a population of just 1.2 million, is the smallest of the GCC nations and also one of the least populous sovereign states on Earth. Nonetheless, one should not be fooled by this island nation’s compact size, as Bahrain possesses the highest telecommunications infrastructure index in the Middle East, and operates a full 4G service throughout the land from the country’s three service providers: Batelco, VIVA and Zain.

Promising Figures Data

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Gulf Insider June 2014

provided

by

the

Bahrain

Telecommunications Regulatory Authority (TRA) for Q4 2013 show a slew of encouraging figures. Total mobile subscribers number 2.21 million, a market penetration rate of 173 per cent. Total broadband subscribers number 1.63 million, a penetration rate of 128 per cent, while the number of fixed-line subscribers continues to fall – 251,000 lines representing a 20 per cent penetration rate. This latter figure, down a fifth from the 25 per cent penetration rate as at Q4 2012, is, ironically, strongly indicative of a market that is maturing and becoming more sophisticated.

Revenues from Bahrain’s Telecoms and ICT sector now exceed half-a-billion dinars (USD

Special Feature Insider Telecoms

1.326 billion) per annum. This represents the direct contribution that this sector makes to the economy, but this is obviously dwarfed by the benefits that Bahraini businesses achieve from having access to a fast, modern and reliable telecoms and ICT infrastructure.

TRA’s Contribution The vibrancy of the Bahraini telecoms and ICT market is due in no small part to the TRA, which believes in a vision of ‘A communications environment that enriches the social and commercial fabric of the Kingdom of Bahrain’, alongside a mission to develop a competitionled market for the provision of innovative communications services for all.

This is perhaps best exemplified by the TRA’s adherence to ‘light touch’ regulation, to letting the market and consumer decide what services it wants and which provider it chooses to supply them. The belief of the TRA is that regulation should only be applied in exceptional circumstances or if the market should show any form of errant behaviour.

However, there are two further examples of what a solid yet discreet TRA can achieve. Batelco, the indigenous service provider, has used the bedrock of the TRA – and the support it has historically provided – to establish itself in overseas markets. The Batelco Group has evolved to become a major communications operator with direct and indirect investments in 16 countries, providing telecommunications and ICT services in Egypt, Jordan, Kuwait, Yemen, KSA and others.

general logistical ability) enable it to host the recent ‘GSR14’ event, the 14th annual edition of the United Nations’ International Telecommunication Union’s (ITU) Global Symposium for Regulators (GSR).

In early June, at Manama’s Gulf Hotel Bahrain, hundreds of delegates convened at the event which was being held under the headline theme of ‘Maximising the Potential of the Digital World’.

GSR brings together the heads of national telecommunications/ICT regulatory authorities from all around the world, and has earned a reputation as the global annual venue for regulators to share their views and experiences on the most pressing regulatory issues in the telecommunications/ ICT industry today.

Roughly seven hundred delegates attended GSR14, underlining the importance and global pull of the symposium – as well as the suitability of Bahrain to host the event for the first time.

GSR14 was able to foster a dynamic dialogue between delegates, from both public and private sectors that culminated in the production of a non-binding series of regulatory best practice guidelines. The platform allowed industry stakeholders to share their views in a neutral environment, and explore avenues of collaboration and co-operation for the further development of the telecommunications/ICT sector.

The TRA Bahrain, which organised the event with the ITU, was justifiably proud both of its role as host and co-organiser, and also as a platform that saw the cutting edge of Telecoms regulation explored to the full. GSR14 was also a paperless event, in line with the TRA’s commitment to ‘green business practice’ as part of its Corporate Social Responsibility (CSR) initiatives.

The belief of the TRA is that regulation should only be applied in exceptional circumstances or if the market should show any form of errant behaviour.

The Global Pull Secondly, and most recently, we saw the strength of Bahrain’s telecoms and ICT infrastructure (as well as the country’s location, accessibility and

Gulf Insider June 2014

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Insider Telecoms Special Feature

Heading in the Right Direction

TELECOM FEATURE

Dr Mohammed Al Amer, Chairman of the Bahrain TRA, told us: “Over the last few years, Bahrain has overcome a number of obstacles, yet the strength of our telecommunications and ICT infrastructure has not waned, but become more solid.

“The headline figures of market penetration and revenue, as well as the continual adoption of the latest technologies (such as 4G) show that we are definitely headed in the right direction. While we advocate ‘light

touch’ regulation as the best way to go, we believe that the TRA is a very solid bedrock which allows our telecoms and ICT providers to operate freely, yet know that he highest levels of regulation are in operation to keep the market running as smoothly as possible.

“Hosting GSR14 was a proud moment for us. It reflected our belief that Bahrain’s telecoms and ICT sector is a role model for the region.

“The solid regulatory base that the TRA has built and nurtured is good for our service providers but it also

enables us to examine and expand our CSR activities, especially with regard to the environment. The Bahrain TRA believes that there are many connections between the telecoms and ICT industries, and the environment at large. Total customer confidence in a country’s ICT infrastructure can have a positive impact on the environment and regulators have a part to play in this regard, even if it comes down to examining a prospective development and asking: ‘Is this sustainable? Is this ‘green’?’

“If individuals and companies are offered access to an ICT infrastructure that is modern, fast, reliable and correctly priced, then they are going to make the most of it. Working from home, teleconferencing, using e-Government services and online banking are just a few of the myriad ways in which CO2producing journeys for face-to-face meetings can be lessened. Additionally, the installation of state-of-the-art equipment which provides more speed, uses less power and is designed to be as ‘future proof’ as possible for longevity – further saving resources – is a worthy goal, and is often directly in the hands of TRAs.

While we advocate ‘light touch’ regulation as the best way to go, we believe that the TRA is a very solid bedrock which allows our telecoms and ICT providers to operate freely.

“We find ourselves in the fortunate position of not having to ‘scramble around’ for positives. The facts and figures speak for themselves,” concluded Dr Al Amer.

John Hunt works for R3 / Strategic Communications Consultancy, an International Strategic Communications Consultancy dealing with government and non-government organisations, and the corporate and private sectors across the GCC.

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Gulf Insider June 2014

BAHRAIN TELECOMS SUMMER 2014 REVIEW

Our regular update of the latest service and product news, enabling readers to get the most from Bahrain’s telecoms providers.

BATELCO

1Gbps Dedicated Internet Service Batelco announced the launch of the first in Bahrain 1Gbps Dedicated Internet Service. Other speeds have also been introduced including 25Mbps, 150Mbps, 200Mbps, 300Mbps, 400Mbps, and 500Mbps. Moreover, the operator announced a price reduction of 38 per cent for its popular 100Mbps Inet Dedicated Service. The Dedicated Internet Service offers a high-speed internet connection, with features that include a domain name with a ‘bh’ country code, as well as email and web server hosting.

VIVA ZAIN

Samsung Galaxy S5, Gear 2, and Gear Fit Zain launched the Galaxy S5, as well as the latest wearable technology innovations from Samsung – the Gear 2 and Gear Fit. The Galaxy S5 is Samsung’s fastest 4G LTE smartphone, and it comes packed with many features including download booster which combines the power of 4G LTE and WiFi to enable super-fast downloads, HD voice capability, a built-in finger scanner, HDR camera, a built-in heart rate sensor, and Multi-Input Multi-Output Wi-Fi. The smartphone is also dust and water resistant.

New HD Voice Technology Zain’s new network offers superfast download speeds, and wider and stronger coverage. It provides mobile users with faster video streaming, browsing, and social networking. The main feature of the new network, however, is the much-anticipated High Definition (HD) voice technology, an exclusive free service that offers high audio quality on voice calls to all Zain customers, without the need for registration or subscription.

Cinema.bh VIVA entered into an agreement with Awan Media as exclusive partner of Bahrain Cinema Company (CineCo), introducing online ticket buying feature through its cinema. bh site, from any mobile device. The service enables movie enthusiasts to select the CineCo theatre and the movie, as well as the show timing and seating preference, making the payment via credit or debit card.

The ticket can be then scanned at the cinema entrance. The site allows cinema-goers to connect to six CineCo multiplexes including Bahrain City Centre mall, Seef 1 and 2 cinemas, Al Jazeera, Awal, Al Hamra and Saar cinemas.

Self-care App VIVA introduced a new mobile self-care app compatible with both Android and iOS smartphones, offering its customers option to access and manage their accounts and stay connected with VIVA’s latest product and service offerings.

Subscribers can also browse through the latest promotions and activate VIVA services based on their requirements through the allinclusive app.

British Telecommunications VIVA signed an agreement with British Telecommunications (BT) to build a Global IP Exchange (GIPX) interoperability hub in Bahrain, targeted to be launched in the first quarter of 2015. The partnership with VIVA Bahrain unlocks significant pull-through business for mobile roaming, Wi-Fi roaming, and other future IP Exchange propositions, allowing telecom operators to provide their end customers with fully interoperable services and innovative products.

Gulf Insider June 2014

23

TELECOM FEATURE

Business & Finance

Insider Finance UAE

UAE OUTPERFORMS

According to a global study, UAE ranks top 10 among the world’s richest countries in built asset.

GCC AND GLOBAL MARKETS

T

he UAE is one of the greatest built asset contributors to GDP compared to the world’s 30 highest grossing countries according to the findings of the ARCADIS Global Built Asset Performance Index, which declared that 44 per cent of the UAE’s economic output in 2013 can be attributed to income from built assets.

Developed in conjunction with the Centre for Economics and Business Research (Cebr), the Global Built Asset Performance Index illustrates how buildings and infrastructure contribute to GDP across the world.

Based on findings within the report, the UAE placed third on a per-

capita basis, with built assets income estimated at US$17,470 per person in 2013. This is only behind Singapore and Qatar and ahead of the USA, Hong Kong and Japan.

On an absolute basis, however, UAE ranked only 23rd out of the 30 markets surveyed, due to its relatively small geographic size and population.

Performance growth – the Asian economies to watch In terms of future performance, Singapore did not fare as well. While Asia is by far the region that is expected to see the biggest built asset performance expansion by 2022, with eight of the

On a per-capita basis, the top ten nations on the Global Built Asset Performance Index are:

Country

1. Singapore

GDP income per capita (US$) 29,500

2.

Qatar 20,630 3.

United Arab Emirates

17,470

4.

United States

17,460

5.

Hong Kong

16,340

6.

Japan 15,450 7.

Canada 15,430 8.

Australia 14,050 9.

Germany 12,730 10.

France 12,720

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Gulf Insider June 2014

17,470

United Arab Emirates

world’s top 11 markets expected to see the most growth are located in Asia, Singapore and Japan were the economies not to be in the world’s top 11. China, Indonesia, India and Malaysia were all in the top five for projected built asset performance by 2022.

The Global Built Asset Performance Index illustrates, for the first time, how Singapore compares to 29 other countries that collectively represent 82 per cent of global GDP and are a mixture of both advanced and emerging economies. The Index reveals that total built asset income within these countries stands at USD 27.2 trillion, amounting to 40 per cent of total GDP. This figure is expected to rise to USD 28.2 trillion in 2014.

UK and Europe lag behind The Eurozone countries have some of the highest built asset wealth per capita, but returns are relatively low due in part to a higher proportion of income from services and other intangible sources also due to recent economic stagnation and overcapacity problems. When compared to some of its peers, the UK has lower levels of built asset wealth per capita, but does manage to extract a better than average economic return from its built assets relative to the value of the built asset stock.

Performance growth – the economies to watch The fastest growth in built asset performance over the next decade is expected in China, Indonesia and Saudi Arabia. China’s built asset income is expected to increase dramatically by 77 per cent up to US$12 trillion by 2022.

Similarly, income in Indonesia and Saudi Arabia is set to rise by 65 per cent and 70 per cent respectively.

On the whole built asset performance growth is expected to be greatest in lower income economies, as the process of economic catch up continues over the coming decade.

Advanced economies are expected to see built asset returns increase by, on average, 21 per cent, compared to 66 per cent growth expected in emerging markets.

Insider Finance Salaries

GCC RISING COST

Companies forced to increase allowances and benefits.

OF LIVING

C

ompanies across the GCC are recognizing the need to introduce new measures and are starting to shift their budget allocation to employee allowances and benefits according to the latest GCC Survey conducted by Aon Hewitt, the global talent, retirement and health solutions business of Aon plc (NYSE: AON).

providing children’s education assistance to other staff as well as management  Children’s education assistance is usually capped  Approximately one third of companies across the GCC award the allowance as a cash payment, the remainder settling school fees directly.

The largest report of its kind in the GCC, the Aon Hewitt Allowances and Benefits Survey is based on an analysis of over 100 companies across different sectors. The findings revealed that:



Children’s education allowance: Children’s education assistance is currently highest in Qatar and Kuwait; this can be as high as US$17,000 and US$16,000 per child respectively.  Children’s education assistance eligibility has also increased dramatically in the GCC, with almost half of the companies across the region now 

Housing allowance: Housing allowance across the GCC is highest in Qatar and ranges between US$21,000 and US$53,000; this is closely followed by the UAE which ranges between US$20,000 and US$53,000.  Housing allowance is approximately 25% of the basic pay across the GCC; however this is 35-40% in the UAE and Qatar.  According to the survey, housing allowance remains stable despite rental prices across the region increasing.

Start Range



The

End Range

Qatar

21,000 53,000

UAE

20,000 53,000

Saudi Arabia

16,000

53,000

Bahrain 15,000 56,000

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Kuwait

14,000 46,000

Oman

13,000 44,000

Gulf Insider June 2014

The report also measures, furniture and relocation allowance, end of service benefits, life and accident assurance, long term disability, private medical benefits, loans, mobile phones, and annual leave entitlements.

25%

Approximate Housing Allowance across GCC

Other:

Housing Allowance Average Amount in US$ Country

allowances and benefits in the GCC are housing, transportation, children’s education assistance and home leave benefits. The survey found that housing and transportation is typically provided on a monthly basis as a cash payment whereas children’s education assistance and home leave benefits are usually provided at actual cost of the school fees or the cost of the ticket respectively.  The home leave benefit is usually provided as a ticket once per year to the country of origin covering the employee, spouse and children. Some organizations also provide the benefit as a cash payment in which case the payment is based on the average cost of the ticket.  Across the GCC allowances are typically provided based on seniority, with the amount varying by up to 100%, based on employee category.

most

commonly

provided

Children’s Education Assistance Average Amount in US$ Country

Start Range

End Range

Qatar

8,000 17,000

UAE

8,000 12,000

Kuwait

7,000 16,000

Bahrain

7,000 12,000

Oman

5,000 9,000

Saudi Arabia Insider Finance

GROWTH IS SAUDI’S

“TOP PRIORITY” S

audi Arabia is focused upon ensuring sustainable economic growth and has already secured significant achievements, senior government officials told a global audience at The Euromoney Saudi Arabia Conference in Riyadh last month.

The Ministers of Finance, Housing, Economy and Planning; along with the Secretary General of the Saudi Supreme Economic Council outlined some of the major steps the country has taken, as well as outlining future strategies.

H.E. Dr Ibrahim Al-Assaf, Minister of Finance, said: “We are targeting key areas of the economy to drive economic growth. Transport and mining projects, along with a sustained focus upon job training and development for Saudi nationals, will form the foundation of our economic growth in 2014.”

H.E. Dr Muhammad Al-Jasser, Minister of Economy and Planning, said: “While oil and gas will remain a key part of our national economy, we are also heavily promoting economic diversification to promote job creation and unlock the potential of Saudi citizens, especially the youth, who will drive the knowledgebased economy. We have a five-year plan with higher education institutions to promote research and development growth.”

Budgeted government expenditure reached a record SAR 855 billion in 2014, driving non-oil exports that reached a record SAR 206 billion in 2013.

In addition, investment in housing has also played a key economic role.In

Budgeted government expenditure reached a record SAR 855 billion in 2014, driving non-oil exports that reached a record SAR 206 billion in 2013. response to projections that show the Kingdom’s population set to increase from 27.4 million in 2010 to 38.5 million in 2030, the Kingdom is making steady progress on its SAR 250 billion plan to construct 500,000 houses for Saudi nationals, according to comments made at the Conference.

H.E. Dr Shwaish Al-Dowaihy, Minister of Housing, said: “The housing sector can be enhanced by increased lending from the private sector, and we are seeing progress in this area. The Kingdom’s housing programme offers the most advanced electronic system for payment services, and I wish to thank the Saudi Arabian Monetary Agency for their support in this area.”

Diversifying the economy is a key priority for the Kingdom of Saudi Arabia.

H.E. Mr Majid Al-Moneef, Secretary General of the Saudi Supreme Economic Council, said: “The Kingdom is committed to improving the knowledgebased economy, and driving innovation.

New processes will bring new addedvalue to our society, and enhancing the nation’s global competitiveness.”

According to figures released at The Euromoney Saudi Arabia Conference, some 45 percent of patents in the Arab world now come from Saudi Arabia.

One of the Kingdom’s most prominent economic diversification projects is the Saudi Arabian General Investment Authority (SAGIA)’s construction of four Economic Cities, set to generate US$ 150 billion in GDP and create 1.3 million jobs by 2020.

In another key session, Jamie Dimon, Chairman and CEO of JPMorgan & Chase Co., discussed regulation, the global banking landscape and the importance of competition.

Dimon outlined some of the challenges facing different nations in the globalised economy, but expressed optimism about the resilience and potential for future growth of the world economy: “The number of global companies doing more than USD1 billion in annual turnover will double very quickly and it will triple in the GCC” he affirmed.

Gulf Insider June 2014

27

Insider Finance Economy

RAPID GROWTH MARKETS

FORECAST REPORT

R

apid-Growth Markets Forecast report highlights robust growth across the GCC According to EY’s latest Rapid-Growth Markets (RGM) Forecast report, growth remains robust across the GCC. Qatar’s economy is predicted to grow by 6.0%, Saudi Arabia by 4.3% and the UAE by 4.1% in 2014.

Bassam Hage, MENA Markets Leader, EY, said: “Economic growth across the GCC remains robust, with the region re-

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Gulf Insider June 2014

The key challenge for the GCC remains continuing to diversify its economies and invest in its growing non-oil sectors.

4.3%

Economic growth in the UAE over the next four years

emerging as an influential global hub for trade between Asia, Europe, Africa and North America. The key challenge for the GCC remains continuing to diversify its economies and invest in its growing non-oil sectors.”

In Saudi Arabia, GDP is expected to grow by 4.3% in 2014 and 2015, with non-oil growth expected to average 4.7% across 2014-2017. While this reflects a slight slowdown from the 2010–2012 period, growth remains strong in the non-oil sector and will continue to support Saudi Arabia in diversifying its economy.

The economic outlook in Qatar also remains positive, with growth set to increase by an average of 6.0% across 2014 to 2017. Growth in the non-oil sector in particular is predicted to increase in excess of 10% this year and a rapidly expanding population continues to boost domestic consumption. This growth has been largely generated by infrastructure funding which is set to drive spending on tourism, hospitality, and construction.

Major infrastructure projects include the Doha metro and Hamad International Airport.

Economic growth in the UAE is set to increase by an average of 4.3% over the next four years. This will be largely attributed to Dubai’s successful bid to host the World Expo 2020. Confidence remains high in the UAE and EY has upgraded its growth forecast for the country in the medium term. Though the benefits of hosting the event will be concentrated mainly in Dubai, EY predicts ancillary growth in other Emirates as a result. The successful bid is predicted to stimulate growth in the non-oil sector, including increased spending on construction, tourism and hospitality.

“Emerging markets remain center stage both for the potential they offer and the challenges they pose. Businesses and governments are taking a fresh look at opportunities that can shape the future of their markets and people. Businesses seeking to establish, expand or maintain interests in emerging markets, should raise their sights to the longer term, and the serious prospect that their global position will be determined by these markets,” concluded Bassam.

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Insider Utilities GCC

GCC UTILITIES

FACING CHALLENGES AS POWER DEMAND Power demand grows 6-8% year-on-year.

A

ccording to power and utilities specialists at EY, the long-held operating models of the GCC’s utilities, which are based on state-owned monopolies, are facing several challenges. With demand in the GCC growing between 6-8% each year, driven by high industry and population growth, utilities in the GCC must meet the soaring demand while managing changing regulations and preparing for the onset of competition.

Christian von Tchirschky, MENA Power & Utilities Leader, EY: “Some countries, such as Saudi Arabia, will need to double their capacity – from around 50GW to 90GW – by 2020.

This immense growth means utilities must act now to develop strategies to better balance demand and supply.

Building new capacity, reducing subsidies and increasing efficiency are some of the key ways that GCC utilities can improve their operating models.”

Building new capacity is an important strategy that utilities can use to redefine their future generation portfolio. The UAE’s first nuclear

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Gulf Insider June 2014

plants are due to come online in 2017 and the development of renewable energy, particularly solar, is set to increase.

However, increasing supply must be paired with curbing demand if a sustainable energy balance is to be achieved. GCC utilities need to develop smart ways to cut consumption through strict demand side management programs.

Government pressure to reduce subsidies levels has led to the introduction of new pricing structures for nonresidential customers, while residential customers still pay relatively low tariffs for lower levels of electricity consumption and then higher prices when they reach a certain usage level.

“Getting customers to use less energy is difficult when heavy subsidies make tariffs artificially low.

There is a need to increase customer awareness of the real value of electricity – and that its current price is only so low because it is subsidized.

Enhancing efficiency along the value chain will also help utilities meet demand,” commented Christian.

GCC Insider Utilities

Regulatory changes herald competition The push to increase efficiency is also driven by regulation that will permit the introduction of competition into the sector in the future. GCC utilities need to benchmark against their peers in other markets and exploit the opportunities that come from automation and more customer-

centric activities. They also need to tackle reduction of technical losses along the value chain, through optimization and the automation of systems and processes. This may include the implementation of smart grids.

“As in other parts of the world, it is expected that utilities will no longer capture 100% of the value chain, but, especially on the generation side, new

market entrants will start to play a major role. The challenge for the incumbent utilities will be finding the right business model to still generate the margins they need in the future,” said Christian.

The first wave of competition may come through greater use of the existing interconnection that links the power systems of the GCC countries. Currently used only to support emergency shortages, the interconnection may form the basis of a future energy trading market. It will be up to the regulators of each country to decide how much competition they will allow, and utilities will need to prepare for the different options that may evolve in their specific market.

Learning lessons from other markets

The UAE’s first nuclear plants are due to come online in 2017 and the development of renewable energy, particularly solar, is set to increase.

GCC utilities have the opportunity to learn from other global markets that have experienced similar challenges.

Utilities often underestimate the impact of competition and the need to adopt their operating models early, ahead of regulatory changes, to safeguard their margins.

GCC countries will need to introduce of feed-in tariffs and other incentive schemes to accelerate the implementation of renewable energy to incentivize the best technologies and avoid the kind of unfocused implementation we have seen in other markets.

“Despite the challenges, there is optimism that the forthcoming changes to the GCC utilities sector will bring positive long-term benefits. The biggest opportunities for new market entrants may lie in the services around distributed generation. If we think about rooftop solar installations, you’ll see new players, including international energy service companies, competing with local companies to provide these kinds of services. The greatest lesson we can learn from other markets is how the pressure on utilities from competition can dramatically enhance efficiency along the value chain, including better customer service,” concluded Christian.

Gulf Insider June 2014

31

Insider Education Executive MBA

IS AN EXECUTIVE

MBA WORTH THE MONEY?

T

he entry requirements for an Executive MBA from London Business School are quite stringent.

Only candidates with a minimum of 7 years’ experience in management are admitted to the course, which is designed to be undertaken whilst they continue in their full time work. A significant time investment is required of the students: a minimum of 30 hours a week of studying, plus the long study weekend once a month in Dubai at the Dubai International Financial Centre (DIFC).

The financial investment is also considerable. The cost of Executive MBA programmes are rising across the board, and the one by London Business School is costly (over $100,000). And then there’s airfares to and from Dubai… and hotel stays! Though London Business School has affiliations with several hotels in Dubai to offer students discounted rates, even so, it adds up!

Gulf Insider spoke with Nouf Al Khalifa, newly appointed Director of London Business School’s Dubai Centre, about its Executive MBA Programme.

That said, London Business School is quick to point out that their Executive MBA programme in Dubai is priced competitively with other global MBA programmes, commensurate with the $100,000 tuition at Insead and the full-time MBA fees at top US schools from Harvard to Stanford, while priced below the Executive MBA at US schools Chicago Booth, Columbia, Duke Fuqua, Kellogg and Wharton which charge prices ranging from $156,000 to $178,000.

According to London Business School, their Executive MBA alumni define their return on investment in two key ways: 1) the monetary value of the promotions they achieve and the entrepreneurial ventures they launch in the first five years after graduation and 2) the invaluable personal leadership development and lifelong global network of contacts they earn by association with the School.

Nouf Al Khalifa tells us that the London

Business School’s Dubai Centre offers the exact same 20 month course that you would study if you were based in London. Lecturers are flown into Dubai from London. Designed for busy executives, courses for each module are conducted over long weekends once a month with complex subjects being covered over several weekends.

Students fly into Dubai to attend these courses from as far away as Russia and Europe.

Nouf believes that the quality of the course justifies the cost; “the quality of education is first rate, and class size is limited to between 50 and 54, which means students receive a lot of individual attention. The international assignments are outstanding; students have the option to pursue electives in different countries around the world, including China, India, South Africa, and Argentina.” She further points out that some of the teaching, even for those taking the course in Dubai, still takes place on the London campus.

I point out that in the Internet Age education is now, to a degree never known before in the history of mankind, widely and freely available. For example, both Harvard and MIT have within the last year announced their courses can be viewed by anyone, anywhere in the world without cost. Nouf replies that she is aware of this, that such provision is referred to as “MOOCs” (Massive Online Open Courses) and that they are rapidly gaining popularity. However, she tells me that they do not offer personal attention and students are not afforded the same opportunities to build relationships, nor do they result in an actual qualification. “Our Executive MBA Programme is a fantastic way to network. You can meet like-minded, ambitious, and enthusiastic people with whom you could very well start up something in the future. It is not uncommon for people to change their careers after completing this course” she tells me.

As the old saying goes; “you pays your money, and you takes your choice”!

To find out more about London Business School’s Executive MBA programme visit www.london.edu

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Gulf Insider June 2014

GCC Insider Business

RISK APPETITE INCREASING AMONG

GCC INVESTORS G ulf-based individual investors surveyed in the UAE, Qatar and Kuwait ranked as the world’s most risk tolerant investor group, according to a global survey published by Natixis Global Asset Management, one of the largest asset management companies in the world.

A vast majority (70%) of Gulf-based respondents are more willing to endure higher levels of risk now than they could a few years ago, in contrast to less than half of global investors (49.7%) who say the same. Indeed, asset growth is increasingly becoming a priority over simply protecting principal (83% versus 67% globally).

More than five years on from the financial crisis, the scars still remain, particularly in Europe where 71% of respondents (2013: 68%) want to take as little risk as possible, even if it means they have to sacrifice returns;

globally, the number stood at 66%. The mood is better in the US, with 53% of respondents willing only to assume minimal risk. Progress is evident, but it is not happening at a velocity that creates exposure to the additional risk necessary to meet retirement objectives.

Performance is personal The Natixis Global Asset Management survey showed that, for many individual investors around the world, including the Gulf region, performance is being measured in more personal terms. When it comes to measuring success, nearly twice as many Gulf-based individual investors (40%) cited meeting their savings targets as a key benchmark, rather than overall market returns (22%).

Sixty-two per cent said they would be happy to achieve their investment goals over a year even if they underperformed the market, 64% are willing to set a

target return that is independent of overall market returns, and 69% worry more about the risk of not achieving their investment goals than the risk of not beating the benchmark.

More than two-thirds (69%) of Gulfbased individual investors believe that traditional methods of portfolio construction no longer provide the best way to pursue returns. Just 20% said they were very confident their current investment approach will protect their portfolio from dramatic swings in value.

67% of Gulf-based individual investors use the services of an investment advisor at least occasionally, higher than the global average of 63%. The percentage of investors discussing risk with their advisors more than before grew significantly (77% vs. 55% last year) as did the percentage revealing their needs and expectations more than before (76% vs. 47% last year).

70%

Gulf-based respondents are more willing to endure higher levels of risk

Gulf Insider June 2014

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Insider Travel Citizenship Programmes

DEMAND FOR GLOBAL CITIZENSHIP PROGRAMMES MOSTLY FROM MIDEAST

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early 60% of applicants for second citizenship or second residence programmes come from the Middle East, but Asia is the new frontier with ultra wealthy Chinese and Indian nationals and non-residents likely to spur demand for these programmes in the next five years.

These are some of the key findings of a joint special report released by Wealth-X, a leading UHNW (Ultra High Net Worth) intelligence and prospecting firm, and Arton Capital, the global citizenship experts, at a Dubai forum on global citizenship.

Global citizenship programmes offer individuals and their families residency and citizenship options in a host country, with economic investment in a predefined list of assets within the country as a precondition.

The report, titled A Shrinking World: Global Citizenship for UHNW Individuals, also showed that the average net worth of a second citizenship applicant is well above the global average for UHNW individuals. Second citizenship applicants have an average net worth of US$205 million, compared to the global UHNW average of US$135 million.

The report also revealed that applicants have better liquidity, more than US$66 million per person, nearly double the global average of US$35 million. This

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means that these individuals can easily meet all the requirements for citizenship or immigrant investor programmes with their liquid investments.

There are currently almost 200,000 ultra high net worth (UHNW) individuals (those with at least US$30 million in net assets) globally worth a collective $27,770 billion.

Billionaires account for 1% of the world’s UHNW individuals holding 23% of the collective UHNW wealth, which represents US$6.5 trillion. It is predicted that by 2020 the billionaire population will grow by 80% by the year 2020, an increase of 1,700 billionaires.* Armand Arton, President and CEO of Arton Capital, said: “We are witnessing the largest ever succession transition as wealth in excess of US$16 trillion transfers from one generation of UHNW individuals to the next by 2044. This transition is likely to create a surge in the number of UHNW individuals deciding to change their citizenship as the next generation considers their asset portfolio by identifying the most relevant market to invest in. Many of these international investment decisions are based on the benefits each geographical jurisdiction offers to these individuals and therefore global economies have the opportunity to attract substantial foreign direct investment.

The Middle East has the highest proportion of billionaires in the world – 40% of global UHNWs.

80%

The billionaire population will grow by 80% by the year 2020

Citizenship Programmes Insider Travel

Global citizenship programmes offer individuals and their families residency and citizenship options in a host country.

Other highlights from the report include: Pakistan, Lebanon and Egypt have the highest number of UHNW second citizenship applicants, with nearly 40% of all applicants worldwide coming from these three countries. The United States and Russia are the fifth and sixth on the list of countries with the most applicants.  Europe is the most popular region in terms of UHNW second citizenship applications, accounting for nearly half of the total number of applications.  The relative affordability of these schemes can be as low as 0.1% of the net worth – equivalent to 0.5% of the liquid assets – of the average UHNW individual.  The savings gained through participation in these schemes can be immense. For example, a UHNW individual moving from the US to Dubai can save nearly $1 million on capital gains tax alone.  Billionaires are five times more likely to apply for second citizenship than an average UHNW individual. 

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Insider Travel Aviation

AEROSPACE AMBASSADORS PROGRAMME

Encouraging career paths in the UAE aerospace, aviation, defence and space industries.

fill these future jobs with highly skilled professionals. The Global Aerospace Ambassadors Programme is a direct and strategic initiative that will help us to achieve this objective.”

Hussein Dabbas, IATA Vice President for Africa-Middle East, said: “The Middle East is the fastest-growing aviation region in the world, and airlines in the region will need over 2,600 new aircraft over the next 20 years. These aircraft will need 50,000 skilled technicians to service this growth. Around 74% of airlines and independent Maintenance, Repair & Operations companies in the region expect to recruit new engineering and technical personnel within the next 5 years.

The programme focused on workforce development and how to encourage young Emiratis to choose career paths in the aerospace, aviation, defence and space industries.

I

nspiring the next generation of industry leaders was a key focus for Abu Dhabi’s second Global Aerospace Summit which was held last month, with the launch of the new Global Aerospace Ambassadors Programme.

The programme focused on workforce development and how to encourage young Emiratis to choose career paths in the aerospace, aviation, defence and space industries. The initiative will welcome UAE Nationals studying engineering in universities in the UAE to learn more about the opportunities that studying science, technology, engineering and mathematics (STEM) subjects will create for them.

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By being exposed to some of the most exciting developments in the aerospace and aviation industries, the participants will be encouraged to excel at scientific subjects, knowing that success in these areas can lead to careers at the cutting edge of the sectors.

Homaid Al Shemmari, Chief Executive Officer, Aerospace & Engineering Services at Mubadala, commented: “A main challenge we face in our industry is Human Capital Development and this will become more pronounced as the Nibras Al Ain Aerospace Park grows and emerges as an aviation, manufacturing and maintenance hub. One of our main objectives is getting our youth excited about STEM subjects today in order to

“For this to happen, students must be encouraged to study STEM subjects so that future engineers have the right skills to take the industry forward,” added Hussein.

Hosted by Mubadala in Abu Dhabi, the Global Aerospace Summit is a strategic, invitation only, interactive forum where global industry leaders join to discuss industry issues, identify growth strategies, technological developments and shape the future of aerospace, aviation, space and defence.

Mobile Technologyy Insider Travel

EFFECT OF MOBILE ON YOUNG BUSINESS TECHNOLOGY TRAVELERS

By Neal Jones, Chief Sales & Marketing Officer, MEA at Marriott International

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obile technology has changed the way people research, plan and book their holiday – and this is no different for business travelers. The internet has made travel-related search easier and travel booking sites have put flights, hotels and weeklong agendas a clickaway. So what do travelers expect from a hotel once they arrive at their destination from a technological perspective?

They expect hotels to be equally techsavvy, offering high speed Wi-Fi, mobile work space and more recently, mobile check-in. So have hotels in the Middle East kept up with these changes and what is driving the need for change?

Globally Millennials, also known as Gen-Y , have grown up. Born between 1980 and 2000 with technology at their fingertips, they are now travelling the world over expecting an easy travel experience with as little disturbance as

possible to their daily routine wherever they go. Furthermore, from a business standpoint, this group will comprise 75% of the global workforce by 2025; like their personal experiences they expect business travel to be equally easy. In the Middle East this desire is no different.

Mobile Millennials in the Middle East According to a report by Viacom, Millennials are a more influential segment in the Middle East than in other part of the world. Globally, Millennials count for 34% of the total population on average where as in the Middle East it is 48%, almost half the entire population. Having grown up with growing economies, business Millennials in the region have become accustomed to the latest technology trends and are considered early adopters

of both the latest tech products and online experiences.

They are also more addicted to the internet than in other country; 55% of Millennials in Egypt would rather stay at home than go on holiday without access to the internet. In Saudi Arabia this figure is 39%. In addition, more than four in five individuals based in the Middle East stay connected wherever they travel. In order for businesses in the travel industry in the Middle East to thrive, it is imperative they understand this group’s value, spending power and technology habits.

Here is another reason why: a number of studies and surveys over recent years show clear signs that habits for business travelers are changing. According to a study by Concur nearly 90% of business travelers use mobile apps and 62% of them use them on every business trip, with 89% stating that mobile apps improve their travel experience.

As a result businesses in the travel industry are revamping their offerings across the board to cater for this generation and in turn get a bigger slice of the business traveler market.

Change is coming At any given moment, today’s global traveler may want to take a personal call, handle a business meeting or host a social gathering. Given this new set of expectations, a hotel’s public spaces have to evolve their design to accommodate the diverse needs of all of its guests, often at the same time.

And the change doesn’t stop there.

As a result of this demand, hotels in the region are now offering free Wi-Fi in public spaces including business airport lounges which offer charging stations for laptops and mobiles, personalised apps, mobile boarding and much more. Whilst some are clearly at the top of their game when it comes to catering for the techminded, the overall travel industry still has a long way to go in order to become fully compliant for this generation.

Businesses in the industry need to strive for ‘digital parity’ to take full advantage of this powerful generation; 24/7 access is no longer an option, it is a must.

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Insider Travel Trends

FUTURE TRAVEL TRENDS IN THE MIDDLE EAST Youth travel market + technological advances will shape the future of travel in the Middle East.

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Trends Insider Travel

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he global travel industry has rebounded rapidly from the 2009 financial crises and is poised for a period of sustained growth over the next decade, specifically in the Middle East, according to findings from Amadeus’ latest global report - ‘Shaping the Future of Travel - Macro trends driving industry growth over the next decade’.

Globally, overnight visitor flows are expected to grow at 5.4% per annum over the next decade, significantly faster than GDP growth at 3.4%. Subsequently, the Middle East and Africa region is expected to witness even higher growth, at an annual rate of 11.9%, a few percentage points above the 8.4% growth registered over the previous 10-year period.

Written by Oxford Economics, the Amadeus-commissioned report forecasts a 7.6% growth in outbound travel spend for the Middle East and Africa over the next ten years, far ahead of Europe and the Americas but behind the substantial 17.9% growth for Asia. The Gulf region, due to its geographical position and the ambitious growth plans by its main international airlines is set to benefit from this ‘Asian effect’.

In the competition for long-haul transfer passenger traffic, hub airports in the Middle East are thus far winning the race.

Some of the findings show that Saudi Arabia and the UAE rose as the leading countries in the region in terms of air traffic volume, with Qatar demonstrating the strongest growth. These three countries together stand for over 53% of travellers, representing more than 52 million of the 99 million passengers whose point of departure originated from the Middle East in 2012.

This data highlights the UAE as the most prominent point of origin for intercontinental journeys, while Saudi Arabia’s volume is driven by domestic traffic. Behind the demand on certain intercontinental routes – particularly those that connect the Gulf Cooperation Council countries to Europe and South Asia – is the growing macroeconomic significance of the region. This includes the large number of expatriates who reside in the GCC and need to visit their home countries regularly. The growing domestic routes in Saudi Arabia, on the other hand, are not only supported by the country’s vast geographical size, but also by the thousands of pilgrims who journey within the country.

In terms of connecting air traffic, the Middle East showed strong performance with the three key airports of Dubai, Doha and Abu Dhabi experiencing high connecting traffic volumes around 50% and growing at 10% per year, while other major airports in the region (Jeddah, Riyadh or Cairo) showed connection rates of around 10%.

While the volume of international transfer long-haul Origin & Destination passengers across major European and North American hubs have been growing relatively modestly over the past five years (8% in North America and 10% in Europe), the number of such transfer passengers flying through the Middle East hubs has been increasing at the rapid rate of 79% over the same period.

Antoine Medawar, Vice President, MENA, Amadeus, said: “The under-15 population in the region, which represents approximately 21 per cent of the total, with numbers in some countries such as Saudi Arabia going as high as 30 per cent, has been highlighted as a prominent influencer in the future of travel in the region. This projection will be looked at by interest by the industry at large”.

As this segment of the population matures, a new generation called ‘first-time’ or ‘coming-of-age’ travellers will join the global travel pool looking for new experiences. Like their counterparts across the world, their travel related behaviour will be heavily influenced by technology and social media.

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Insider Travel Aviation

KEY CHALLENGES FOR REGIONAL AVIATION

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ew markets and workforce development have been highlighted as the two key industry challenges by leaders in the aviation, aerospace, defence and space sectors, met at Abu Dhabi’s Global Aerospace Summit last month. Almost half of respondents (44.9 per cent) in a survey of participants, more than 100, at the event believe developing new products and new markets is their key challenge, with more than a fifth (22.4 per cent) believing workforce and human resource development is the primary issue.

Human capital development was a core theme of the Summit’s agenda and the survey showed clear concerns in this area. The two major issues are talent retention (39.2 per cent) and recruitment of new graduates with the correct skill set (35.3 per cent), with the ability to source appropriate training and development for existing staff (23.5 per cent) following behind.

More than two-thirds (69.8 per cent) of respondents believe that aviation infrastructure in their regions is not capable of handling increased capacity required to meet projected future demand. This figure, coupled with the result that 35.2 per cent believe their industry’s growth is not supported and promoted by national government, suggests that the industry needs to demonstrate more clearly the economic benefits it brings.

The three regions predicted to witness the most international growth over the

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coming decade are the Middle East (36.4 per cent of respondents), Chine (30.9 per cent) and other Asia Pacific markets (16.4 per cent).

James Hogan, Etihad Airways’ President and Chief Executive, added: “Our industries bring direct economic benefit through jobs and exports. And they are also often ‘multiplier’ businesses which stimulate far wider economic benefits through trade, tourism and associated growth. In Abu Dhabi, for

The second Global Aerospace Summit attracted well over 1,500 delegates from 425 companies in 56 countries. example, Etihad Airway’s total economic contribution into the local economy is expected to top $10.73 billion by 2015 – an incredible impact from a business which has just celebrated its 10th anniversary.”

One way in which Etihad Airways has grown is through widespread use of codeshares, strategic partnerships and equity investments. Survey respondents believe this is an approach which will

be increasingly adopted throughout the industry. 96.2 per cent believe the next two years will see an increase in partnerships in the airline industry, with two fifths (39.6 per cent) believing that increased formal consolidation through changes in airline ownership will be most likely and half (50.9 per cent) believing other forms of partnership, excluding equity investment, will be the more likely path. Only 5.7 per cent believe in a resurgence of traditional alliances and just 3.8 per cent believe the industry will see a decrease in cooperation.

The Global Aerospace Summit ran from 7-8 April 2014 at the St. Regis Hotel, Saadiyat Island, Abu Dhabi. It focused on the challenges of driving industrialization and growth across aviation, aerospace, defence and space The wide ranging themes covered by the Summit included new events for CEOs, dedicated, sector-specific strategy seminars, Defence Industry Closed Door Briefings and a Military, Satellite and Communications session. It brought industry experts together to answer the challenges faced by the sectors and shape future growth strategies.

Leaders from companies in both established and emerging markets shared their experiences of supporting industrialization, improving supply chain standards and creating value-added jobs for highly skilled individuals.

The second Global Aerospace Summit attracted well over 1,500 delegates from 425 companies in 56 countries.

Afghanistan Insider Culture

AFGHAN

SKATEBOARDING SCHOOL

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ne of the world’s poorest and most conservative countries seems a strange place to set up a skateboarding school, but the Australian founders of Skateistan who built it from small-time project to award-winning international NGO, say it has proved a remarkably successful way to reach out to marginalized children, particularly girls.

Women can’t ride bicycles in Afghanistan, but skateboarding is novel enough to be open to women and has attracted them in droves to the Kabul school where classes are free, and at the back of the skating section are neat changing areas and classrooms where children can study everything from basic literacy to advanced computing when they put down their boards and take off their helmets.

Six days per week, the 5248 square meter facility right next to the Afghan National Olympic Stadium opens as a safe, controlled place for Kabul’s children to play and learn and the innovative program has attracted government contributions from Norway, Germany, Denmark and Canada.

Images: Skateistan Gulf Insider June 2014

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Insider Travel Trade Hubs

THE NEW TRADE HUBS Why airports in emerging markets act as the new trade hubs.

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he new developments at emerging markets airports are setting a benchmark in the world for airport infrastructure. The storming growth experienced in the GDP of some African, Asian, American and Middle East markets has strong relation with the boom in the aviation sector in these countries.

Striving to satisfy the growing travel and cargo demand, these countries have laid ambitious plans for airport cities like Dubai World Central, which will be the largest airport in the world with augmentations like a planned city, shipping facility, and business hub.

Projects at various airports in India, Africa, South East Asia and Americas make an over US$ 150 billion market in the world. According to the recent IATA outlook on 2014 the air traffic in Asia Pacific is expected to see a modest improvement of gains of US$ 3.6 billion which will be largely depending on the cargo performance by the countries in Asia and Middle East.

Knowing the fact that aviation industry in countries like the UAE contributes almost 14 per cent of the GDP and foreseeing the opportunities, airports

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across Middle East have mega projects like Midfield Terminal (Abu Dhabi), New Terminal at Bahrain International Airport and the Madinah Airport in Saudi Arabia.

Recently the Oman government also unveiled plans for expansion at Salalah

Knowing the fact that aviation industry in countries like the UAE contributes almost 14 per cent of the GDP and foreseeing the opportunities.

International Airport. Similar initiatives are planned in African continent too, Federal Aviation Authority of Nigeria plans for Abuja Aerotropolis and other projects in Africa like expansion of Kotoka

International and Maputo International Renewal are also considered to take the African air transport into new heights.

The Asian countries including China, India South Korea and Japan also have sky cities and airport cities planned.

Middle East carriers are expected to post a US $2.1 billion profit (their highest ever) and the African airlines are also expected to return a combined profit of US$100 million. The small and emerging airports also play a vital role in these countries by serving billions of passengers. Small Airports in AsiaPacific region alone handled 240 million passengers, about 12 per cent of the region’s total traffic in 2012.

Leapfrogging the traditional expansion models, the Airport in emerging markets are offering a complete package from hotels to golf course to business centres, which are equipped with the latest technology. The Investment opportunities in these markets are endless with most of these airports opening their doors for PPP, BOT and privatisation modes in development and operational stages.

Advertorial

ORAN

WHERE HISTORY MEETS THE PRESENT Algeria’s second largest commercial centre and a birthplace of the inventive Raï music form, Oran makes a perfect destination for those who like to spend their holidays exploring “undiscovered” hideaways.

Located one hour drive from Oran, the Madagh beach is known for its ricked beauty.

The shallow warm waters, surrounded by rocks and small reefs, make it a great place for snorkeling enthusiasts.

T

he Moorish Andalusian traders to 1940s southern France. If in town, who founded Algeria’s major make sure to visit several heritage sites port city around AD 937, as well. originally named it Wahran, which translates as “two lions” – The Here and Now hence the presence of two lion statues Oran has always been Algeria’s capital outside the city hall on Place du 1er of nightlife and music. You will not have Novembre, Oran’s main square. The trouble finding a great nightclub, bar, or current name is simply a French version cabaret, mostly located at La Corniche, of Wahran, coined by the French during which runs from the city’s Front de Mer their rule in 19th century. Much of the (seafront) all the way to the neighbouring development and progress evident cities. For a daytime leisure, Front de in Oran today can be credited to that Mer offers multitudes of fine crêperies, period. More recently, the Algerian restaurants, and pizzerias. And for the authorities took on an ambitious USD sandy beaches – while those in the 19 billion worth of project, seeking to immediate vicinity could use some improve infrastructure and turn the city maintenance – a short trip away from of Oran into attractive Mediterranean the busy city centre guarantees some of metropolis. Filled with history, the city the most scenic seashore views and a Santa Cruz Fort simultaneously beams with easygoing relaxing day out.

Built at an elevation of above 400 metres and liberal atmosphere.

W I D E N Y O U R W between ORLD 1577 and 1604, it stands next to W I D E N Y O U R W O R L D Chapel of Santa Cruz, famous for its huge The Olden Times statue of Virgin Mary.

Although parts of Oran offer nothing more than skyscrapers, there are older WIDEN YOUR WORLD WIDEN YOUR WORLD districts that make for truly interesting Starting from last month, Turkish Airlines operate round-trip flights between sightseeing. In fact, almost the whole Istanbul and Oran four times per week. To view the flight schedules, please visit city itself is one big sight – full of www.turkishairlines.com, contact the call center at +90 212 444 0849, or visit centenarian French-built apartment any Turkish Airlines sales office. buildings that take you back in time Gulf Insider June 2014

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Insider Culture Doha

MUSEUM OF ISLAMIC ART, DOHA CREATING AN AUDIENCE FOR ART Mark Hudson looks at the truly dizzying array of cultural activity currently going in and around Doha, the capital of Qatar.

W

hen they decided to build the Museum of Islamic Art in Doha, the veteran ChineseAmerican architect IM Pei was summoned out of retirement to design it. The fact that the then 86-year-old Pei was best known for the landmark glass pyramid in the forecourt of the Louvre - still widely regarded as the world’s greatest museum - was by no means accidental. The Museum of Islamic Art was designed to make an impact: to put the Qatari capital on the map as a cultural centre and to broaden global perceptions of Islamic culture.

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Just five years after its opening, this groundbreaking institution is already acclaimed as one of the world’s great museums.

The ongoing public art programme of the Qatar Museums Authority, headed by Sheikha Mayassa al-Thani daughter of the previous Emir of Qatar and, according to the Economist, “the art world’s most powerful woman” includes works by American sculptor Richard Serra (a colossal steel column on the harbour front), YBA Sarah Lucas, and Swiss duo Fischli & Weiss.

Bowling along Doha’s cornice, you

pass on one side clusters of dhows, the sailing vessels that have plied the Gulf and the Indian Ocean for millennia, and on the other a forest of futuristic towers.

If much of their office space is not yet occupied, this appears a mere detail in the Qatari masterplan. The country’s aim, decreed from the top, is to transform itself from a carbon-based economy into a knowledge-based economy by 2030.

I’m on my way now to Katara, a newly created “cultural village” beside the sea, a network of shady lanes with canvas canopies keeping off the blazing Gulf sun, which is home to a whole

Doha Insider Culture

cluster of institutions including the Doha Film Institute, the Qatar Philharmonic Orchestra and the Arab Postal Stamps Museum.

Beside the complex stands a vast marble amphitheatre open to the sea, used for concerts and performances, around which huge screens are suspended during the annual Doha Tribeca Film Festival - a collaboration with the legendary New York festival. If the scale is Olympian and the range of partnerships mind-boggling, you can’t help wondering who all this activity is actually for.

“It’s about building an audience for art and developing the artists of the future,” says Mayssa Fattouh, artistic director of the Katara Arts Center, a pleasantly chic gallery and café.

“We’re showing Qatari artists alongside international names. Visiting artists are doing workshops with local artists and schoolchildren, building on the traditional culture that’s already here.

It’s an organic, o n g o i n g process.”

But the most exciting current public art project is happening in a succession of underpasses on the highway out of the city, where FrancoTunisian street artist El Seed (El Cid, get it?) is creating a sequence of vast spraycanned panels with the assistance of local students.

The artist’s assistant Khalid Ali explains that his style, known as calligraffiti, combines the raw improvisation of “tagging” with the sweeping arabesques of traditional Islamic calligraphy - while the phrases unfurling along these booming tunnels are taken from ancient poetry expressing pride in the desert and the nomadic way of life. “We had to specially import the spray-cans,” he says, with some amusement. “Graffiti is illegal here.”

There’s an even deeper sense of the ways Qatar’s cultural development can be integrated with existing Middle Eastern forms at Mathaf - the Arab Museum of Modern Art - based around the world’s largest collection of modern and contemporary Arab art.

Currently showing on the top floor, with surprisingly little fanfare, are works by five early Middle Eastern modernists, which show how individual artists, generally working in isolation, were fusing traditional forms with Western ideas, often to very beautiful effect, as early as the 1920s.

But any sojourn in Qatar will inevitably and rightly revolve around a visit to the Museum of Islamic Art, whose unmistakable structure evokes a range of traditional I s l a m i c a r ch i t e c tu r a l forms, with two lighting vents at the summit anomalously evoking eyes glimpsed above a veil. As you enter, your gaze is carried up towards the geometric apex, while the great looping lighting rigs hanging o v e r h e a d e n h a n c e the sense of the place as a kind of secular mosque. Ahead you can see through immensely tall windows across the bay towards the post-modern skyline of contemporary Doha.

Indeed, what’s most striking as you walk through the galleries of peerless objects, exquisitely displayed, is how much Islamic art has interacted with other cultures, whether it’s China in Central Asia, Byzantine Greece in the eastern Mediterranean, India in the Mughal courts or the Christian West in Spain and North Africa. The processes of synthesis taking place in Qatar today have precedents going back thousands of years.

The Museum of Islamic Art was designed to make an impact: to put the Qatari capital on the map as a cultural centre and to broaden global perceptions of Islamic culture.

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Advertorial

RAMEE GRAND:

RUKA LUXURY RESTAURANT & LOUNGE

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f I were to be perfectly honest, I’d say I welcomed invitation to visit Ramee Grand’s signature Japanese restaurant with a moderate enthusiasm. With its fast-spreading reputation as high-end outlet, I thought I knew what to expect, more or less. After all, Bahrain’s fine dining scene offers variety of quality spots that in the end leave you with similar experience.

The First Impression As I was taken all the way up to the 24th floor in a direct speed-lift, my

Chef Naotaka and Chef Raman

Gulf Insider’s Agnieszka Piechoska finds out the secret behind Ruka’s instant turning into Bahrain’s landmark everyone is clamoring to try.

Sue Henson of Summit Interior Design – somehow reminded me of Dubai’s posh hot spots. It turns out the panorama motif continues throughout the outlet, as it gives bird’s eye view of Manama and the Arabian Gulf literally from a 360-degree angle. “Ruka is the first and so far the only restaurant in Bahrain that features such visual treat,” I was assured

by Mr Gardier.

The Facilities The place offers a full package for the evening-turned-night out. Start with the dining section, where contemporary Japanese fusion dishes are prepared in an open kitchen by two accomplished chefs – Japanese Chef Naotaka Tokuhisa who has earned some 20 years’ experience in five-star hotels of Bangkok and Dubai; and Chef Raman Udas who was expertly mentored by renowned Chef Reif Oathman during his three-year residency at legendary Zuma in Dubai. After your dinner you can shift to the lounge area, which perhaps wouldn’t stand out as much but the live music by resident DJ Laura Love, who plays there almost every night, makes it worth visiting. Ruka’s bar – interestingly fitted with ice-carving station – holds a positive surprise in the form of awardwinning mixologist Fadli, a finalist of prestigious Diageo World Class Bartender Competition in Dubai. And for those seeking a bit more VIP treatment, Ruka has private dining and wine-tasting rooms, with separate entrance and even meeting facilities.

The Standouts enthusiasm began to grow with each passing level, on account of the glass wall facing outside the building, through which unfolded stunning panoramic view. Experience like so is sure worth overcoming your fear of heights, which apparently, I was told, was the case of Mr Nicolas Gardier, Executive Assistant Manager at Ramee Grand Hotel & Spa, who was kind enough to show me around the hotel’s luxury outlet. “This lift stops only on this particular floor, and Ruka is the only facility here,” he told me as we entered the restaurant.

The ambience – work of highly talented

Out of everything I saw during my visit, I was impressed the most with the outdoor (but partially shielded and air-conditioned) terrace that allows you experience to the fullest the aforementioned 360-degree view of the island. If not for signature dishes from the Robata Grill, I’d say a chance to feel like you float above the city should be enough to give Ruka a try.

Ruka is located at Ramee Grand Hotel & Spa, Seef District. For more information call +973 17 111971, email ruka@rameegrandbahrain.com, or visit www.rameegrandbahrain.com Gulf Insider June 2014

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Insider Travel Vacations

THE ART OF

GREAT VACATIONS

V

acations are key to staying energized, focused, rested and motivated. And when you are energized and motivated, you perform better on your job and are happier overall. All work and no play make Jack, well, you know the story.

But just like in business and life, there are guidelines and “best practices” to ensure that you get the most out of your vacation.

SECRET 1

Don’t wait till the last month to take a trip because it will never happen.

You will always be too busy. By planning, scheduling and paying for your trips far in advance, you’re almost certain to actually take them. If you’ve already paid for a trip -- you’re going! When you

SECRET 3 After years of perfecting the ‘Executives’ vacation, we offer, “The 5 Secrets to Taking Great Vacations” - enjoy! plan that far in advance, you get to look forward to it for months! It’s a great motivator.

SECRET 2

Make a list right now of the six places you and your family would love to go to.

Then enlist their help! It’s a great family activity. Next, pick one special or exotic place this year and -- that’s right -- book it now. Go ahead, buy the airfare, book the hotel and car and pay for it. And then, have everyone mark it on his or her calendar. Watch the attitude of your family change -- for the better. Suddenly there’s something bright, fun and enjoyable you are all looking forward to.

Gee, the kids sure are nice to be around again!

You will never ‘find’ time for anything. If you want time you must make it - Charles Buxton, English author (1823-1871)

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Even though you may get back in time to start the week at work, don’t go right back to the office. Give yourself time to readjust, run errands, and settle back in. Nothing ruins of good vacation more than going back to work the very next day. Vacation? What vacation?

SECRET 4

Besides your large vacation, plan to take at least one extended weekend, holiday or other three or four day break per quarter.

Hitch a day on both sides of the weekend and enjoy a 4 day weekend, and voila! -- you’ve got a bona fide vacation using just two personal days.

Try to go somewhere on at least one of these, and spend the others around the house getting things done or just relaxing (see secret 3). In fact all the previous rules apply: plan, schedule, and pay for it in advance!

SECRET 5

Leave your laptop, blackberry, and paperwork at the office.

Your vacation is exactly that -- a vacation!

Resist the temptation to check in with your office. This is your and your family’s time. Train your manager and or assistant to handle all business while away. They will do fine without you, and it will all be there when you return. Benefit: You will actually feel like you’re on vacation and you’ll enjoy it even more!

So there you have it -- the 5 Secrets to Great Vacations. We guarantee that if you follow these rules, you will not only enjoy your life more, but you’ll be more productive at work as well. Imagine that -- more successful and happier!

Sometimes you can in deed have it all J

INSIDER MOTORS

Porsche Boxster GTS

Infiniti Q50

AUTOMOTIVE NEWS AND REVIEWS

Jaguar F-TYPE Gulf Insider June 2014

49

Insider Motors Car Review

INFINITI

Q50 ENTERING NEW ERA

I was able to take my hands away from the steering wheel for long periods and experience the car steering itself.

Nick Cooksey tests Infiniti’s very latest model.

I

nfiniti has just launched here in the Middle East their new Q50, marking, according to the company, a new era for its model range.

This car is packed full of the best in car technology known to man such as its digital steering system, something that has been used in aviation for decades but never before in cars. Essentially this technology, ‘Direct Adaptive Steering’

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is set up like a video game - there’s no direct connection between the steering wheel and the front wheels. This allows the driver multiple settings of steering weight and response speed, giving drivers a choice of driving experience beyond anything available from ‘traditional’ steering.

To really test its effectiveness I drove the car off road across some rough

ground and was impressed that the steering wheel did not vibrate even the slightest in my hands.

Infiniti Q50 brings more worldfirsts. The Predictive Forward Collision Warning system alerts the driver to risks beyond their field of view, sensing the speed and distance of not one, but the two vehicles directly ahead, giving early warning of a potential accident.

I will remember my test drive of the Q50 for the rest of my life because it’s the first time I have really engaged with a technology such as Infiniti’s Active Lane Control which helps the car to remain safely in the middle of the lane while driving. I was able to take my hands away from the steering wheel for long periods and experience the car steering itself - a strange and at first slightly disconcerting feeling that in the future drivers will no doubt take for granted.

Inside, this car is fitted out beautifully and to the standard of any other top of the range car currently on the market.

There’s plenty of passenger leg room room in the back and it uniquely boasts not one touch screen control panel but two, doing away with the previous rotary dial/button system, and is enabled

Car Review Insider Motors Starting Price

BD15,995

for reading emails and even accessing Facebook.

Soundproofing is excellent, as is the Bose sound system (with up to 14 total speakers). The exterior is attractive with distinctive LED head lamps, aggressive lines, and an advanced aerodynamic design. There’s a 7-speed auto transmission with paddle shifters (made of solid magnesium).

The Q50 offers, I’m told, the fastest hybrid for a sedan in the world. Compared to the standard 326-horsepower 3.7-litre V6 engine, the hybrid combines a 3.5-litre V6 petrol engine with a hybrid system delivering 350 horsepower and 536Nm of combined torque making it capable of zero to 100km/h in just 5.1 seconds.

This is real sports car performance. Not so long ago I didn’t believe hybrids would really take off in the Gulf. Now I’m having to reassess that view.

The car can be driven in - Eco, Standard, Sport and Custom settings and each gives the Q50 an entirely different personality. Testing the car on Dubai’s Autodrome racetrack, the Eco felt like sending me to sleep but then it’s designed for busy city driving ...obviously.

Standard mode felt fine, but switching to Sport mode I instantly noticed a major and exciting change come over the car.

It suddenly turned into a performance car and felt so much firmer and tighter. It was a considerable change. I was able to drive the car at high speed on the track in

The Middle East is one of the top markets for Infiniti, a company that was only established in 1989 and which is now one of the fastest growing brands in this region.

Sports mode and it didn’t disappoint as I took sharp bends at high speed to the wonderful sound of screaming rubber.

Handling was excellent.

The Q50 also allows drivers to create unique settings for engine, transmission, handling and steering controls – if that’s what you want, and comes in a choice of 8 colours and various trims. It’s available in Premium and Sport grades; the latter featuring sport styling, brakes and suspension tuning. Optional extras include sunroof, folding seats, a multi media pack... and more.

The Middle East is one of the top markets for Infiniti, a company that was

only established in 1989 and which is now one of the fastest growing brands in this region - last year Infiniti saw 19% growth on top of 11% growth the year before. Infiniti clearly want to be seen to be a serious player and stand head to head with the best German brands and seem to be doing everything right and taking a long term view to achieving this aim. The new Q50 is a very good car and will help Infiniti towards their ultimate goal.

To arrange a test drive in Bahrain call the Infiniti showroom on +973 1773 2732

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

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Insider Motors Car Review

T Jaguar F-TYPE 5 V8 S CONVERTIBLE

Nick Cooksey drives the biggest baddest cat around the mean streets of Bahrain.

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his car looks amazing at every angle you look. I look out of my fifth floor office window at the twenty plus cars parked below, many of which can be classed as being ‘up-market’, and the F-TYPE just stands out from the rest. It’s the car that your eyes are automatically attracted to.

When Jaguar decided to name it the F-TYPE it meant they had very high expectations and that it was worthy to be considered a true descendent of the famous Jaguar E-TYPE which became not just legendary for Jaguar, but an icon of sports cars generally, in fact an icon for the 1960s. So, the F-TYPE has very big shoes to fill.

The F-TYPE comes in three versions, and I’m driving the big one. The 5 liter supercharged V8, knocking out 495 horsepower with 460 lb ft of torque making it capable of going from zero

Car Review Insider Motors

to 100 kph in 4.2 seconds - this is a fast and beautiful beast! At moderate speed the rear spoiler pops up to ‘assist’ (look sexy more like).

So as not to spoil its perfect lines with door handles, press the key fob to open the car and the previously hidden door handles pop out for you. Get inside and you may notice that the seating position is slightly lower than usual, even for a car like this, thereby lowering the center of gravity to increase sporting performance. Inside the cockpit feels comfortable, sophisticated, and leather is everywhere as you might expect for such a high end luxury sports car. Control buttons are finished in aluminium.

There is a touchscreen display in the centre console and another TFT display between the dials in the instrument panel. The audio system provides 770 W across twelve speakers.

Press the start button and the V8 roars into life like the big cat that it is. AC vents pop out from the dash in the same way headlights used to pop out from some of the sports cars of the 1980s and early 1990s.

I tested the electric hood which worked perfectly, taking 12 seconds to open and 12 seconds to close, and then kept it closed for the rest of my time with the car so to avoid Bahrain’s 47 degree heat. Of course in winter it would be a different matter.

Driving on the roads of Bahrain I was unable to do the F-TYPE any justice whatsoever. At one point on the highway, upon finding myself at last with a clear run ahead of me, I floored the accelerator pedal and experienced the massive engine scream (aided by Jaguar’s Sports Exhaust System) as the immense power of this car seemed to project me forward at near supersonic speed. Alas, within just a couple of seconds I was having to firmly apply the brakes so as not to collide into the rear ends of cars, which had just seconds earlier been so far away, hogging what are laughingly officially referred to as ‘overtaking lanes’.

I keep hearing that the Jaguar F-TYPE was created to rival the Porsche 911, but to me the British and German cars are such different creatures from each other.

Yes, both cars are genuine Super Cars, but the F-TYPE is wider, stockier, heavier, and is an honest 2 seater. Its style is big

space was. The car I drove had a spare tire sitting in the boot which left about enough space for a few groceries for a single person and perhaps a small box of pencils. But this car is special and amazing so who cares about petty bourgeois practicalities?

Starting Price

BD46,000

I experienced the massive engine scream (aided by Jaguar’s Sports Exhaust System) as the immense power of this car seemed to project me forward at near supersonic speed.

JAGUAR SUPER PERFORMANCE BRAKING SYSTEM

QUAD EXHAUST PIPES

8-SPEED QUICKSHIFT AUTOMATIC TRANSMISSION

and brash compared to the more simple and understated competence of the 911.

Criticisms? Well, for such a big car I was surprised just how small the boot

For your own test drive in Bahrain contact EuroMotors on +973 17 750 750 The author of this article, Nick Cooksey, in addition to being publisher of Arabian Magazines, is a jury panel member of the Middle East Motor Awards.

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Insider Motors Car Review

PORSCHE’S NEW

BOXSTER GTS & CAYMAN GTS Nick Cooksey tests the new GTS in Palma de Mallorca.

S

o here I am in Mallorca – my mission; to try out Porsche’s new Boxster GTS and Cayman GTS. Have I ever said before how much I love my job?

Unfortunately I didn’t have a chance to drive the Cayman; this was a two day event but I only had the time to attend one of those days which meant that I didn’t get into a Cayman or the chance to put the cars to the test on the racetrack, but I clocked up plenty of miles around the beautiful island of Mallorca to get a good feel for this motor and anyway, the Boxster and Cayman, despite having different names, are essentially the same car; the Boxster being the convertible version of the Cayman which, being incrementally lighter is therefore slightly more powerful. Of course there are other differences but they are relatively minor.

As the weather was perfect I was glad to be driving the open top Boxster.

The Boxster may keep its name and be recognizable from earlier models dating

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back to the 1990s, but this is now a completely different and far superior beast to what it once was. The Cayman/ Boxster is incredibly well balanced, super responsive, comfortable, good

The Boxster being the convertible version of the Cayman which, being incrementally lighter is therefore slightly more powerful. looking, has near perfect steering, and can leave even a moderately competent driver feeling like a pro.

Now let me tell you about the amazing engine sound. Motoring through surprisingly frequent tunnels on the testing route, the crackling note coming out of the black tailpipes was hands down fantastic. The 3.4-litre flat-six motor, designed with a free-flow exhaust, sounds exhilarating. I decided not to play the sound system (which I’m sure is superb), so as to enjoy these adrenalinerushing sound effects, made even better thanks to Porsche’s Performance Exhaust System (standard with the GTS, an optional extra otherwise).

The car can accelerate from 0 to 100km/h in around 4.7seconds, and produces 330 bhp which meant that I was able to overtake slower moving traffic on busy winding roads with superb ease.

So what exactly is a GTS? And what makes it different (and about $10,000 more expensive) than the standard S model? Well, Porsches like every other premium German car brand are sold

Car Review Insider Motors

Starting Price

BD24,800

Starting Price

BD24,400

as base models unlike, for example, Japanese cars which typically come fully loaded. So if you want Suspension Management (which you should – it lowers the car and improves handling), or you require smoked headlamp lenses, then you must buy them as optional extras, and as you probably already know, they don’t come cheap - smoked headlamp lenses add nearly $1,000 to

the price and seem to me both expensive and pointless. Well, GTS is a fully loaded Porsche and a bit more – it also has different bumpers, black 20” alloys (instead of 19”), an extra 15 horsepower which frankly is hardly noticeable, and of course a GTS badge which will mean more to some people than to others.

So is the GTS worth the extra money over the S? Personally, if I were

For your own test drive in Bahrain contact Behbehani Brothers W.L.L on +973 17 45 99 11

considering buying for myself I would want probably two thirds of the extras and so would opt for the standard S model and save myself a bit of money.

One last thing –Many people says that the Cayman/Boxster for sheer driving pleasure is currently the best value sports car on the market. I do not disagree!

Specifications

BOXSTER GTS Engine: 3.4-litre six-cylinder petrol Output: 243kW/370Nm Transmission: Six-speed manual/ Seven-speed PDK Fuel: 9.0L/100km (manual); 8.2L/100km (PDK) CO2: 211g/km (NEDC Combined)

CAYMAN GTS Engine: 3.4-litre six-cylinder petrol Output: 250W/380Nm Transmission: Six-speed manual/ Seven-speed PDK Fuel: 9.0L/100km (manual); 8.2L/100km (PDK) CO2: 211g/km (NEDC Combined)

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

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Insider Motors Car News

CAR NEWS

EURO MOTORS Launches Offer for 2014 BMW 3 Series and 5 Series Euro Motors launched on May 11th a limited time offer for 2014 BMW 3 Series and BMW 5 Series, with prices at BD12,995 and BD16,995 respectively, including a comprehensive warranty of three years or 100,000 km. “These models continue to be sought after by our customers in Bahrain. As a result of this exceptional growth we have launched a promotion that makes owning one of these amazing vehicles easier,” said Paul Yates, General Manager of Euro Motors.

WHEELS OF ARABIA

Launches Ducati’s Monster 1200 and Diavel

PORSCHE CENTRE BAHRAIN Welcomes the Iconic 911 Targa

The latest generation of the 911 Targa has arrived at Porsche Centre Bahrain, Behbehani Brothers w.l.l., with the legendary model boasting the classic Targa concept with highly advanced roof technology. The introduction of the modern classic in Bahrain marks the continued progression of the Porsche 911 family, as the new 911 Targa 4 and 4S models join the brand’s iconic product line-up. Neil Harris, Sales Manager of Porsche Centre Bahrain, said: “In the 911 Targa, we see the driving dynamics come together with stunning design and the very latest in ground-breaking roof technology.”

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Wheels of Arabia, a division of Khalid Almoayed & Sons W.L.L., held an event launching two new Ducati products in the Bahrain market, the Monster 1200, a top-of-the-line naked bike, and the Diavel, performance-packed solution to the cruiser market. The evening brought together a variety of people from Bahrain’s biking community to share in an outdoor viewing of the products and a brief overview, held at the premises of the Wheels of Arabia showroom in Salmabad. “We are proud to have Ducati join our brands on an exclusive basis, as it is associated with quality and performance, while expressing our deep commitment and passion for bikes,” said Mr. Abdulrahman Almoayed, Director at Wheels of Arabia.

Car News Insider Motors

Y.K. ALMOAYYED & SONS Launches New Infiniti Q50

EBRAHIM K. KANOO

Y.K. Almoayyed & Sons announced the launch of the new Infiniti Q50 in Bahrain, during a specially organised event at the RitzCarlton, Bahrain Hotel & Spa on May 12th.

“2013 was a record growth year for us and now, with the launch of the all-new Infiniti Q50 with its beautifully new sporty and muscular design, ground-breaking technology, and outstanding performance, we are confident to surpass last year’s achievements.” said Paul Baker, General Manager at Y.K. Almoayyed & Sons.

Reveals the 2015 Toyota Avanza Ebrahim K. Kanoo unveiled a brand new MPV model, the 2015 Toyota Avanza, on May 17th at Toyota showroom in Sitra. Mr. Ayman Shehadeh, Marketing Manager, Ebrahim K. Kanoo commented: “We are introducing this model in Bahrain, following Avanza’s global success, as a practical seven-seat car that reaches new heights in terms of its elegant shape, quality, performance, and excellent fuel economy.” The model is equipped with 1.5L VVT-i engine that offers 102HP, and a 4-speed automatic transmission.

NATIONAL MOTOR COMPANY Announces the All New 2014 Honda CITY

MOTORCITY

National Motor Company announced the launch of the new 2014 model Honda CITY for Bahrain market at an official launch event held in Honda Showroom on May 21st. Compared to the previous Generation CITY which was launched in 2009, the new CITY has undergone a complete design change based on a grand concept of an “Advanced Cool Sporty Car” that offers dynamic stance, fuel efficiency, comfortable and spacious interiors. The new model will be available in six colors, and it comes with a three years or 100,000 km warranty as standard.

Holds Volvo’s “Family Fun Weekend” Motorcity, the sole distributor of Volvo in the Kingdom of Bahrain, held a “Family Fun Weekend” event from 22nd until 24th of May at the recently launched Volvo Showroom in Sitra. The most advanced Volvo features like “City Safety” were explained to the customers in an interactive way, and the customers got a chance to test drive their favorite Volvo model. Motorcity also announced a special offer on the entire Volvo range, including free insurance and registration, free service contract for three years/ 60,000km, buy back guarantee, five years/ unlimited km warranty, and roadside assistance and a courtesy car service.

Gulf Insider June 2014

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Insider Luxury Watches

MUST HAVES

MEN’S ACCESSORIES Introducing the latest additions in men’s luxury watches for the upcoming season…

PORTUGUESE PERPETUAL CALENDAR

BY IWC SCHAFFHAUSEN Model: IW502308 Price: BD 10,880 Available at: Asia Jewellers boutiques in Seef mall and Bahrain City Centre

CAPELAND BY BAUME & MERCIER Model: 10066 Price: BD 1,600 Available at: Bahrain Jewelry Center boutiques in Seef Mall and Moda Mall Inspired by a model initially launched in 1948, this chronograph is the flagship model of the Capeland collection and impresses with its 44 mm-diameter steel case with a balanced and dynamic design. Waterresistant to 50 metres, this timepiece is driven by a finely crafted automatic mechanical caliber (La Joux Perret 8120) that is visible through a transparent sapphire case back. Chic and elegant, it is proposed with a sun satin-finished blue dial, black counters and a date aperture. It also features two graduated scales: one tachymetric and the other telemetric – highlighted by red markings. This sophisticated and sporty timepiece is worn with a black alligator strap closed by a triple adjustable folding clasp with security push-pieces.

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Gulf Insider June 2014

A boutique edition Perpetual Calendar timepiece, this model features a silverplated dial, a dark brown alligator leather strap and a folding clasp in stainless steel. Powered by the Pellaton automatic winding system, the timepiece boasts a perpetual calendar with displays for date, day, month, year in four digits, perpetual moon phase, and small hacking seconds, in addition to a Breguet spring, and a rotor with an 18-carat gold medallion.

The Portuguese Perpetual Calendar has a diameter of 44.2 millimetres and a case height of 15.5 millimetres, and is limited to 500 pieces. It also has convex sapphire glass with an antireflective coating on both sides and a see-through sapphire-glass back.

Watches Insider Luxury

PORTUGUESE YACHT CLUB CHRONOGRAPH BY IWC SCHAFFHAUSEN Model: IW390208 Price: BD 5,554 Available at: Asia Jewellers boutiques in Seef mall and Bahrain City Centre The name of the Portuguese Yacht Club Chronograph harks back to the legendary Yacht Club Automatic of the 1960s and 1970s, a seafaring watch of such excellence and exclusivity that it became one of IWC’s most successful watches ever. The Portuguese Yacht Club Chronograph has all the precision of a nautical instrument in its genes and boasts a wealth of advanced technical features. Housed in a rubber-coated stainless-steel case, with a black dial, a black rubber strap and a folding clasp in stainless steel, this timepiece has a diameter of 45.4 millimetres and a case height of 14.5 millimetres. The watch also features convex sapphire glass with an antireflective glass coating on both sides and a see-through sapphire-glass back.

THE LONGINES HERITAGE DIVER L2.795.4.52.0

Model: L2.795.4.52.0 and L2.796.4.52.9 Price (Swiss retail): Respectively – CHF 2,100, and CHF 3,200 Available at: These models are Basel novelties and not yet available in the market. Longines timepieces are available at Rivoli outlets.

L2.796.4.52.9

A tribute to the achievements of pioneers in underwater exploration, The Longines Heritage Diver is available in two versions – one with three hands and the other a chronograph. These timepieces are re-issues of watches intended for use by divers produced in the 1970s.

The cushion-shaped steel case, fitted on a black synthetic or rubber strap, is the same 43 mm diameter as the original model and is water-resistant to 30 bar. The black, satin-finish dial elegantly combines red highlights and details coated with SuperLumiNova®. Both versions feature a bidirectional rotating inner flange.

The case has a brushed sunburst decoration on the upper surface, and the case back is engraved with the figure of a diver, recalling the first diving watches produced by Longines.

Gulf Insider June 2014

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

Guide to Arabian life, luxury and fashion!

Complimentary Copy

Arab and Expats.

Online edition at www.Bahrain-Confidential.com

137 Issue

Bahrain Gets ‘REAL’ Reality TV Looking For your Dream Home?

Discovering Bahrain’s Heritage

Luxury Homes in the UK

The Arabian Horse

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

You can now read our magazines virtually at

www.bahrain-confidential.com

Traditional Chinese Medicine and Acupuncture offers relief from chronic pain

Dr. Lucy Liu Qualified practitioner in traditional Chinese Medicine and Acupuncture

The Chinese Medical Clinic is part of The Bahrain Medical Group Medical Treatment and Acupuncture

Chiropractic & Medical Massage

Please call Bahrain›s leading traditional Chinese doctor and Acupuncturist,

Please call the Clinic on

Dr Lucy Liu on +973 3777 8922

to book an appointment

• If you have lower back, neck or shoulder pain...

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If you suffer from stiffness in your back, neck, or with any of your joints/ muscles, James and Annie from our medical and chiropractic massage team will be pleased to help you.

+973 1766 4088

Book Review Insider Life

WHY OCCUPY A SQUARE?

People, Protests and Movements in the Egyptian Revolution

By Jeroen Gunning & Ilan Zvi Baron

O

n 25 January 2011, tens of thousands of Egyptians came out on the streets to protest against emergency rule and police brutality.

Eighteen days later, Mubarak, one of the longest sitting dictators in the region, had gone. How are we to make sense of these events? Was this a revolution, a revolutionary moment? How did the protests come about? How were they able to outmanoeuvre the police? Was this really a ‘leaderless revolution’, as so many pundits claimed, or were the protests an outgrowth of the protest networks that had developed over the past decade? Why did so many people with no history of activism participate?

What role did economic and systemic crises play in creating the conditions for these protests to occur? Was this really a Facebook revolution? Why Occupy a Square? is a dynamic exploration of the shape and timing of these extraordinary events, the players behind them, and the tactics and protest frames they developed. Drawing on social movement theory, it traces the interaction between protest cycles, regime responses and

broader structural changes over the past decade. Using theories of urban politics, space and power, it reflects on the exceptional state of non-sovereign politics that developed during the occupation of Tahrir Square.

‘Gunning and Baron have combined social theory, an excellent grasp of the structural and historical context, and a sharply observant eye for detail to explain the extraordinary phenomenon of the Egyptian uprising against President Mubarak in 2011. The result is an outstanding and lively analysis of this episode that will likely stand the test of time. It also helps to throw light on subsequent events as Egyptians follow their uncertain course into the future.’ — Charles Tripp, Professor of Middle East Politics, SOAS, University of London ‘Gunning and Baron provide an innovative corrective to conventional views of Tahrir Square. Deftly deploying theoretical insights and first-hand observations, they highlight the deeper roots of urban protest and explain the critical roles played by informal networks and social organisation. This book speaks

equally powerfully to those in academia, the media and policy circles struggling to make sense of why the events of the Arab Spring have defied standard, topdown expectations and, in so doing, it provides an instructive insight for the future.’ — James Piscatori, Professor of International Relations, Durham University ‘This well-crafted and comprehensive study — a useful combination of social movement theory and international relations — proves how revolution is and remains possible in the Arab world.’ — Jean-Pierre Filiu, Professor of Middle East Studies, Sciences Po (Paris) and author of The Arab Revolution: Ten Lessons From the Democratic Uprising ‘This excellent book goes a long way toward dispelling the dual myths that the 25 January Revolution in Egypt came out of nowhere or was an inevitable consequence of political and socioeconomic frustration. The resulting synthesis is highly readable and will be of immense value those who want make sense of the daunting complexities of Egyptian politics over the last two decades.’ — Ewan Stein, Lecturer in International Relations, University of Edinburgh. GFI

To order either of these books visit www.amazon.co.uk Gulf Insider June 2014

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Insider Art Photography

PORTRAITS

BY YULIA TRUBNIKOVA Yulia Trubnikova

B

ahrain based Yulia Trubnikova discovered a love of photography after moving to the beautiful city of St. Petersburg and this love has grown since her arrival in Bahrain.

Yulia believes Bahrain to be an artistic and creative environment; “it gives me a lot of opportunities and endless inspiration, so my talents start to come out of the shell�.

She gets her inspiration from many things, particularly people.

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Photography Insider Art

Gulf Insider June 2014

63

Insider Art Interior Design

DOING IT FOR THE ART Sue Henson of Bahrain’s Summit Interior Design gives Gulf Insider an inside view of her inspired designs.

“We have the best job in the world and want to show that in our work”.

O

IBRIDA 64

Gulf Insider June 2014

ne could say Summit Interior Design is a direct result of Sue Henson’s most treasured project – the unique interiors of Ramee Grand’s Ruka, Ibrida and Tea Lounge. It was then that Ms Henson decided to set up her own design business, along with her partners and a small but experienced team.

SID’s portfolio includes also Novotel Al Dana Resort , Somerset Al Fateh, and Bahrain’s new Ramada Hotel in Seef, to name a few. The company has been granted US Green Building Council’s LEED credentials that give testament to their awareness of sustainable design.

Looking at SID’s completed projects, we noticed that each of them focused especially on patterns and repetition, with a distinctive concept threading its way through the interior tying the design together. Perhaps Ms Henson’s very individual, dedicated approach to every assignment, and particular love for pattern language, have something to do with it. As she puts it, “SID is a design business making money, not a business making money by selling design”. “We have the best job in the world and want to show that in our work,” she told us. We let her designs speak for themselves.

Interior Design Insider Art

RUKA IBRIDA

TEA LOUNGE

THE HUB SID office is located in 904 Orchid Business Centre in Seef.

For more information call +973 17305353 or +973 36722206, or email sue@summit-uk.com Gulf Insider June 2014

65

Last word

HOW 90-DAY GOALS CHANGED MY LIFE

By Tom Mendoza Get to Make work plan

Make Your Goals Immediately Don’t make a goal so far out that it doesn’t affect your behavior today. I need a goal that makes me move now.

The vast majority of people who make goals fail to give themselves a deadline, and they fail to write them down.

But, according to Stanford”s executive program, 90% of high-performing people:  set specific goals with outcomes,  set a deadline for their goals,  and write them down.

I’ll set my goals at the beginning of each quarter. I set three personal and three professional goals.

Set Three Personal Goals reach to goal stick to it

When I say personal, I mean personal. They’re just for me and I don”t share them with anyone.

When I set these personal goals I ask myself this question: “What can I accomplish over the next 90 days that will make me feel good about myself?”

Why? When you feel good about yourself, you act differently. This creates a personal feedback loop that changes you.

Set Three Professional Goals The second set of goals is focused on identifying what I can achieve that’ll have an impact on my business.

Remember: You’re not setting these goals to make others proud. You’re doing this to make yourself proud.

Once you realize this, it can become a breakthrough in your mind.

The goals don’t have to be huge. They can be small steps to achieve-so long as they stretch you.

Make these goals your highest priority Schedule action items for each goal; they’re appointments that you cannot break. Treat it as if it’s the most important meeting of the day, because it is. You are important and you need to treat yourself as important. Do all this, and you’ll do things you never dreamt possible.

At the end of 90 days you’ll have done something you’re proud of and you’ll realize you can do more. You’ll expect more of yourself, as will others.

You’re on your way. This is a system, but more importantly it’s a change in mindset.

But it’s not a failure if you don’t achieve all six. In fact, the first time I did this, I hit four of the six goals and I was ecstatic. I’d aimed at something and made tremendous progress.

For more than 20 years this system has worked for me. Many high-caliber professionals have adopted this system and found success. It changed my life and it can change yours.

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WEB DESIG

ProDesign Arabia has been designing and coding websites for small and medium-sized businesses for many years now. We can design and create sleek, modern websites that help businesses make an impact, increase sales and grow. Our language of choice is plain English, but we can speak fluent geek when we need to. We may be au fait with the more technical stuff but this doesn’t mean we can’t communicate with real people in the real world. In fact our strength lies in going out and meeting people, talking, and most importantly, listening and responding to our clients’ needs.

For more information contact: T: +973 1700 4575, F: +973 1772 1722, M: +973 3652 0004 sueallen@ProDesignarabia.com

We’ve nothing against good, hard logic.

But there are times the heart needs to take the wheel, to experience the pure driving pleasure of the world’s first road car with Direct Adaptive Steering, including Active Lane Control. Meet the all-new Infiniti Q50 at our showroom today.

The all-new Infiniti Q50

Infiniti.Bahrain

FOLLOW THAT INSTINCT.

Sitra, Tel: 17 732732 www.infiniti-bahrain.com