EXCLUSIVE REPORT: TOP DEALS AND MARKET DATA Vol. 15 Issue 6 October 2010
One year on, Gulf Air boss tells all RBS denies Dubai World firesale Will KSA mortgage law save market?
RAK SPECIAL REPORT
The man who sold the world: RAKIA CEO sells global assets
Bahrain..............BD 1.0 Kuwait............... KD 1.0 Oman................ RO 1.0 Qatar.................. QR 10 Saudi Arabia.......SR 10 UAE.................. DHS 10
Omega boutiques (BurJuman, Deira City Centre, Dubai Mall, Mall of the Emirates, Mirdif City Centre, Sahara Centre, WaďŹ )
and at select Rivoli Stores. Toll Free: 800-RIVOLI
GEORGE CLOONEY’S CHOICE.
17th of September 1755. In the offices of the solicitor Mr. Choisy, a young Master Watchmaker from Geneva named Jean-Marc Vacheron is about to hire his first apprentice. This agreement is the first known reference to the founding watchmaker of a prestigious dynasty and it represents the establishment of Vacheron Constantin, the oldest watchmaking manufacturer in the world in continuous operation.
Ever since this agreement, and true to the history that built its reputation, Vacheron Constantin has been committed to passing on its knowledge to each of its Master Watchmakers in order to guarantee the excellence and durability of its craftsmanship and of its timepieces.
Malte Tonneau Moon Phase and Power-reserve Hallmark of Geneva, White gold case, Hand-wound mechanical movement RĂŠf. 83080/000G-9408
CONTENTS Vol. 15
RAK in the market
REGULARS 30 Letters 42 Executive moves 107 Data monitor
SPECIAL REPORT: Khater Massaad, CEO of RAKIA and RAK Ceramics on why he is selling his international assets for a double AA credit rating and Sheihk Omar bin Saqr Al Qasimi on the RAK Airways relaunch.
112 Calendar 114 Hotels 116 In your shoes
GCC NOW 10 The round up News, numbers and people from around the region
32 Sitting tight
55 Payback time
FINANCE Region won’t firesell assets says Royal Bank of Scotland.
20 Mishal Kanoo
FINANCE Refinancing dates are looming for the region’s firms.
34 Opec turns 50
60 Medicine man
ENERGY Is it time for the energy body to widen its remit?
AVIATION Gulf Air’s Samer Majali on turning the airline round.
Nawras pricing is too high.
36 Brave new world
66 Saudi’s hot property
24 Michael Burchill
BUSINESS Post-recession, companies need a new approach.
REAL ESTATE How will Saudi Arabia’s new mortgage law fare?
Happy workers make more money.
38 Net gains
72 Future gadgets
UAE must change business laws.
22 Matein Khalid
26 Michael Preiss Indonesia’s growth curve.
28 Phillip Anderson Why do an MBA?
Issue 6 October 2010