FRANSABANK HOUSING LOANS Ekaruna talked to Mr. Philippe el Hajj, Fransabank’s Deputy General Manager, Head of Retail & Branch Network
Mr. Philippe el Hajj Fransabank’s Deputy General Manager Head of Retail & Branch Network
Established in 1921, Fransabank today enjoys the ranking of a top four leading Lebanese financial group. Present across 10 countries, Fransabank Group provides a broad range of retail, commercial, corporate, investment and international banking services to local and international clients. It is committed to providing its large clientele base with first-class services and products in the areas of banking and finance, crafted with the highest level of professionalism and integrity. Ekaruna What are the latest Fransabank service offerings that you have you planned and launched in 2015? How does Fransabank work with the increase of demand for housing loans in particular? Philippe el Hajj Fransabank’s portfolio in the different business lines developed in 2015 and met our expectations. The second half of the year will witness more of this success, in addition to developing our traditional products like cards, housing loans and car loans which enable the bank to offer an even wider range of banking services and products. In terms of mobile banking, we continue to spread both the SIMBA app and Fransabank mobile app among our customers. As for our latest offerings in particular, and within Fransabank’s social responsibility which aims to resolve the housing crisis and facilitate the payment process, Fransabank was pleased to announce the start of the Housing Loan unbeatable Summer Campaign. The bank offers unique benefits on its housing loan programmes and its housing loans under BDL 346 Circular, with a full exemption of the registration fees. The down payment is
25% of Plot Value; Loan Tenor ranges between 15 years and 30 years; whilst the loan amount is between 200,000,000 LBP and 800,000,000 LBP. This summer, Fransabank also launched its MasterCard Cross Border Campaign, which encourages customers to travel, spend on their card, and win! Traveling Fransabank MasterCard® holders are given the chance to win one of 55 Apple watches when using their credit or debit cards during their time abroad. The offer is valid from the 20th of July until the 5th of October 2015 for transactions on POS* only. Ekaruna What makes your bank’s services (customer, technology, etc) different from the rest of the market? Philippe el Hajj Recent studies on the competitiveness of the banking sector have agreed that Fransabank is at the forefront of banks in Lebanon in terms of trust, safety, excellence, reputation, quality of service, and communication with customers, as well as anticipation of their needs. Fransabank is keen to characterise its products and services with added value, innovation and competitive conditions. On the other hand, Fransabank’s geographical locations throughout Lebanon, along with expert and knowledgeable human resources, make for two additional factors that are essential for differentiating Fransabank from the rest.
Bankmed has introduced comprehensive and personalised housing loan packages, offered to Lebanese residents and non-residents with innovative features that suit the diverse demands of growing consumers’ needs. This step falls within Bankmed’s Corporate Social Responsibility (CSR) initiatives. In fact, the Bank has integrated CSR as part of its main business model. Bankmed boasts prompt customer service, competitive interest rates, and long installment periods that can extend to 22 years. Bankmed Housing Loan (in USD): this is especially designed to take advantage of a financing plan to suit the needs and conditions of the Lebanese consumers with convenient installment terms of up to 22 years. Home Loans related to ISKAN and supported by BDL ISKAN Loan in LBP, the housing loan in cooperation with the Incorporation for Public Housing (IPH): the loan package’s main features are a loan amount ranging between 20 million LBP and 270 million LBP, an installment period of up to 30 years, in addition to exemptions from stamp fees, registration fees, mortgage fees, and mortgage release fees. Housing loan supported by the Central Bank of Lebanon in LBP for residents and expatriates: this loan is defined by a grace period ranging between 6 and 48 months from the loan date, with no file fees, and an installment period of up to 30 years.
BANKMED HOUSING LOANS Bankmed’s comprehensive and personalised housing loan packages remain the best solution in the midst of significant changes. Ekaruna Magazine spoke with Mr. Mohammed Itani, Consumer Credit Products Division Head, about the Bank’s housing loans programs.
All of the mentioned loans require insurance policies including life and home insurances. The cost of insurance can be calculated within the loan or paid annually. It is worth noting that at Bankmed, staff work is not only limited to selling but also extends to offering advice to customers and helping them, in some cases, choose the best product which fits their demands. Our staff clearly and transparently provide customers with all loan details and required payments, without concealing any expense or fee to be incurred. Moreover, what truly distinguishes Bankmed’s housing loans is the speedy approval that goes hand in hand with our unmatched benefits. Bankmed is able to provide the consumer with in-principle approval within 48 hours on housing loans. In addition, during the home loan period, the customer is able to postpone one bill due every six months. Through an online credit evaluation scheme, customers will receive primarily approvals on housing loans before even submitting any required documents.
BBAC HOUSING LOANS PROVIDING A SUITABLE PLAN FOR ALL SCENARIOS
The Lebanese real estate market is flourishing, allowing buyers to find what they need regardless of their budget. Leading banks such as BBAC understand that their clients, due to the current economic situation, are coming across great real estate opportunities and will need their bank’s support to make an informed decision. BBAC has been actively supporting many of its clients when buying their first and dream homes, by offering them a variety of housing loans with competitive features. At the core of our offering is the BBAC Housing Loan. It is a straightforward scheme adapted to the customer’s specific payment capabilities to buy, construct or renovate a house. The loan amount is unlimited, covering up to 75% of the property estimated value at a competitive interest rate of 4.5% for the first two years, then 1-year LIBOR + 4% for the remaining loan period. It comes with a grace period of up to 24 months and a loan period of up to 30 years.
BBAC, in collaboration with Banque du Liban (BDL), is presenting its customers the BDL Housing Loan, which offers Lebanese residents and non-residents an affordable way to own their home at a preferential interest rate with a repayment period of up to 30 years and a grace period of up to 48 months. The Iskan Housing Loan, in collaboration with the General Institute of Housing, is suitable for Lebanese residents with a moderate income who are looking to purchase their first home. The loan, which is in Lebanese Pounds, covers up to 90% of the property estimated value and offers a loan amount of up to 270 million to be repaid over a period of up to 30 years at a highly competitive interest rate. With the Iskan Housing Loan, the client benefits from free house registration and mortgage fees. Lebanese based abroad who wish to own a home back in their home country can also benefit from the opportunity the current market in Lebanon offers. A special loan scheme has been developed for them - the Expatriate Housing Loan. All Lebanese citizens residing or working abroad with at least two years of work experience are entitled to benefit from this loan. The loan amount, which is in US Dollars or Euros, covers up to 70% of the estimated value of the property in the case of purchase, construction or renovation. The loan period is up to 20 years with competitive interest rates. Other specialized loans are the Military Housing Loan, in collaboration with the Army Housing Section, and the Judge Housing Loan, in collaboration with the Judges Mutual Funds, which are offered at low interest rates and come with many other benefits. Founded in 1956, BBAC is today one of the leading Lebanese commercial banks, with its headquarters located in Beirut. The bank’s total assets amount to 5.6 billion USD and it is staffed by more than 800 employees across its head office and branches.
CONTENTS
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ARTS & CULTURE THE ARTIST: IYAD NAJA We visit the talented product designer to discuss his work and influences THE ART OF: BECOMING AN ENTREPRENEUR A little guide to striking out on your own - from us, to you
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HOMES & INTERIORS 14
EDITOR’S LETTER
Welcome to Ekaruna’s banking issue 17
PROPERTY DIGEST NEWS ROUND UP News and views on the local, regional and international property scene 25
FEATURES INTERVIEW RELAY: HOUSING LOANS The Ekaruna team meets with some of the country’s renowned banks to discuss their various housing loans COVER STORY: CHALLENGE ACCEPTED Yasmin Harake chats to Rodrigue Abi El Hesn about the resilience of Lebanon’s banking sector STATE OF THE MARKET: A REAL ESTATE REPORT An opinion from a real estate expert SPECIAL REPORT: A COUNTRY WITH A CRISIS A look at the Syrian refugees finding shelter in Lebanon THE SCOREBOARD A breakdown of mobile banking applications 14
INSIDE STORY Ekaruna takes a look inside Bank Audi’s Novo branches SPOTLIGHT ITEM: FIND A PENNY, PICK IT UP All day long you’ll have good luck MOODBOARD The mesmerising collection by this edition’s artist, Iyad Naja THE ARCHITECT Meet Talal and Vicky Antar, the husband and wife duo behind antar group INTERIOR TRENDS Hello, smart banking 63
EVENTS GOING ONS LISTING Ekaruna lists the top real estate and banking events in the region
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LIFE & STYLE STYLE HER Get your wardrobe working as hard as you do STYLE HIM Suit up with this season’s on-trend workwear BEAUTY Skin secrets for her GROOMING Skin secrets for him 73
HIGH LIFE Local Getaways Dar Alma 77
LISTINGS PROPERTY LISTINGS Properties for sale, anyone? 85
PROPERTY SHOWCASE HARRODS Elite living with Harrods 97
HIGHLIGHTS PRESS HIGHLIGHTS Spotlight on what’s hot in the local and regional markets SOCIETY HIGHLIGHTS What, when, where, why
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FROM THE EDITOR
THE LETTER When it comes to finances, we could all be a little better at putting some money away each month. Whether you’re saving for a holiday, a wedding or even a pair of shoes you’ve decided you simply cannot live without, saving just isn’t as satisfying a spending – unless you’re buying your first home, that is. Welcome to the Banking issue. If you’re ready to fly the nest and you are in fact house hunting, make sure you take a look at our Q & A with some of the country’s most reputable banks for their advice when applying for a housing loan on page 26. We also met with Rodrigue Abi El Hesn, the Head of Market, Financial Institutions & Country Risk Management at Credit Libanais S.A.L. to talk about the upcoming challenges facing Lebanon’s banking sector on page 30. Thinking about starting out on your own? If so, we’ve put a little guide together for your eyes only – check out the art of becoming an entrepreneur over on page 48 for a little direction. If your working wardrobe is starting to look a little outdated, take some inspiration from Style Her and Style Him over on pages 68 and 70 for some sophisticated charm; perfect for office hours and beyond. So, without further ado, may we present to you what is without a doubt our most anticipated issue of the year. I’d like to thank all of the banks that contributed to this edition of Ekaruna (and apologise for the numerous telephone calls and emails they’ve had to answer over the last few weeks – sorry about that).
Happy reading, Yasmin Harake Editor-in-Chief
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MASTHEAD
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THE SECTION
PROPERTY DIGEST NEWS ROUND UP Page. 18
NEWS ROUND UP Local Affairs
MINISTER: BEIRUT’S LAST PUBLIC BEACH WILL STAY OPEN The popular sandy destination is one that allows Beirut’s less affluent families to enjoy the beach without having to pay the expensive entry rates at private resorts.
“I am going to take all the necessary measures to ensure that the Ramlet al-Baida beach will remain open to the public,” said Ghazi Zeaiter, the Public Works Minister, in a conversation with The Daily Star. Back in April, Zalfa alHasan, Beirut Judge of Urgent Matters, ruled that three large areas covering around 28,000 square metres of the beach were to be cordoned off, with two real estate companies Mediterranean Real Estate and Bahr Real Estate, both owned by Wissam Ashour, declaring ownership of the land. The Minister went on to explain that investigations are to be made into these statements, “but at the end of the day this beach is going to remain public.”
LEBANON’S BANKS UNITE AGAINST TERROR Riad Salameh, the Central Bank governor, has reassured the country that the necessary measures are being taken to prevent money laundering and terrorism funding. On a recent trip to Paris, the governor spoke to a French TV station, saying, “Lebanon is fully committed to all international decisions and resolutions in terms of money laundering and terrorism funding. We won’t accept any account of individual or group, which is linked to terrorism activity, and all banks are abiding by these guidelines.” According to The Daily Star, banks across the country have stressed the importance and need for security to monitor any cash movement that occurs across the border, with Lebanese bankers claiming U.S. authorities are concerned about the financial capabilities of ISIS.
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Lebanon is fully committed to all international decisions and resolutions in terms of money laundering and terrorism funding.
NEWS ROUND UP
INFRASTRUCTURE INVESTMENTS ARE THE WAY FORWARD With the aim of creating more jobs whilst simultaneously reducing poverty and improving the quality of life in the country, the World Bank has said more investments need to be made in Lebanon’s
infrastructure. In a report called “Promoting Poverty Reduction and Shared Prosperity”, the World Bank said that poverty and unemployment are both significant factors when it comes to the challenges facing the Lebanese government – both of which were made worse upon the outbreak of the civil war in Syria and the huge influx of refugees the country saw as a result.
DECLINE IN REAL ESTATE VS. LEBANON’S ECONOMY
BANKS REMAIN UNAFFECTED BY POLITICAL UNREST
Economena Analytics, an independent data provider, recently unveiled that the current downturn in real estate across Lebanon is going to have a negative impact on the economy something that will be seen over the next 12 months. A survey of 17 leading economists found that none of them predict any increase in real estate transactions or prices over the next year, and 10 out of 17 of them projected declines in both areas.
Considering Lebanon has an unstable parliament, no president and 1.2 million Syrian refugees on its doorstep, it might seem blatant that banks would suffer as a result. Not according to bankers like Freddie Baz. With a huge number of Lebanese abroad, deposits have continued to flow, and banks are “completely immune” to domestic crises, in the words of Baz. In a conversation with Bloomberg, Baz continued to explain the country’s financial situation, and how it hasn’t affected him or his career. “We haven’t lost our ability to attract deposits even under very difficult circumstances,” he said.
Growth will potentially take place elsewhere, through public spending, banking, restaurants and ICT.
NEWS ROUND UP Regional Affairs
SAUDI ARABIAN ECONOMY TO SHOW CONTINUED GROWTH WITHIN ITS REAL ESTATE SECTOR The country’s economy will not suffer from the lowered oil prices.
According to Jamil Ghaznawi, the National Director and country headKSA of Jones Lang LaSalle (JLL), the country’s economy will not suffer from the lowered oil prices, but continue to show growth within the real estate sector. In an interview with Arab News, Ghaznawi answered, “We do not expect that the bubble will burst or major price correction,” when asked about the current state of the sector.
DUBAI TO BECOME HOME TO THE SUPER RICH The fastpaced, elite cosmopolitan city that is Dubai is only becoming more and more appealing for affluent international investors who have the means to spend a great deal of money in real estate. In a report titled ‘The Europe, Middle East and Africa luxury residential real estate report 2015”, Wealth-X and Sotheby’s International Realty have concluded that Dubai has a very high chance of becoming a fast-growing ultra high net worth (UHNW) hub across the Europe, the Middle East and Africa (EMEA) region in the foreseeable future. The total number of UHNW individuals, or those with more that $30 million in assets in Dubai is 495, including 34 billionaires. With luxury properties in the emirate almost 40% cheaper than London, it isn’t difficult to see why those with the financial ability are flocking to Dubai.
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The total number of UHNW individuals, or those with more that $30 million in assets.
NEWS ROUND UP
The House Building Finance Company (HBFC), is the only housing bank operating in Pakistan.
PAKISTAN NEEDS TO PROVIDE MORE AFFORDABLE HOUSING LOANS Talking to The Express Tribune, Saleem Kassim Patel, the former senior vice chairman of the Association of Builders and Developers of Pakistan (ABAD) said, “Pakistan needs more housing banks that could provide consumers with loans on affordable terms. Moreover, the central bank should bound
QATAR’S RESERVOIR PROJECT RECEIVES FINANCING FROM AL KHALIJ COMMERCIAL BANK The second phase The first phase of a huge reservoir project in Qatar will not take place is already underway, and Al Khalij Commercial Bank until after 2020, and has provided financing to the joint endeavor between will see an additional Consolidated Contractors Group and Teyseer 16 reservoirs put into Contracting Company. The aim of the large-scale place across the 5 project is to increase Qatar’s storage of drinking mega sites. water to a seven-day supply. The current phase of the projects will see the creation of a storage capacity containing about 2,300 million gallons of water across 24 concrete reservoirs.
commercial banks to set aside a certain percentage of their loan portfolio for the housing segment.” The House Building Finance Company (HBFC), is the only housing bank operating in Pakistan, and with a share of 24% it is the most significant market player in regards to gross outstanding housing portfolio. When discussing the data that reveals a large section of the HBFC’s portfolio is made up of small loans, in contrast to other institutions whereby their portfolios are primarily bigger loans, the State Bank of Pakistan (SBP) said, “This confirms that banks are focusing on high-end customers. There is a need to increase the primary mortgage market by extending services to low-income and salaried-class customers.”
TURKEY ISSUES A FRAUD WARNING IN REAL ESTATE SECTOR The government of Turkey has put out a warning to Saudis in regards to the likelihood of potential fraud happening within its real estate sector. Fikret Ozer, the Turkish Consul General in Jeddah, has confirmed that there are fraudsters operating in the industry, and that Saudi investment in Turkish real estate has risen dramatically this year. In a statement printed by Arab News, Ozer comments, “In one case, a Saudi citizen filed a complaint against an agent who was tasked with purchasing a residential apartment, but the apartment turned out to be different from the one agreed upon.” With this in mind, Turkey is encouraging those wishing to invest in its property to confirm the real estate agent they are dealing with is legitimate and recognised by the Turkish authorities before going ahead with any purchase.
NEWS ROUND UP International Affairs
In terms of overall lending, they have boosted profits, but they are being careful.
LAS VEGAS COMMERCIAL REAL ESTATE IS MAKING A COMEBACK Before the recession, bankers across Las Vegas were granting loans left, right and centre – giving money to borrowers for construction projects, even if paying it back looked unlikely. Now, however, banks in Southern Nevada have made some drastic cuts when it comes to construction and development lending. It isn’t only Las Vegas that has been affected, with the rest of the country also taking a hit. According to Vegas Inc., the senior vice president of the community bank group at Los Angeles-based Crowell, Weedon & Co., a stock brokerage and money management firm said it was “very much a regional issue.”
BANK OF ENGLAND: FINANCIAL STABILITY COULD BE IN JEOPARDY Concerned by the levels of household debt, the Bank of England is making assessments in regards to the challenges being faced by the housing market. According to The Guardian, Threadneedle Street has said that lenders are making allowances and changes to the criteria that permits a buy-to-let mortgage, along with making a bigger range of deals available to borrowers with less than 25% deposits. Whilst the looser requirements could potentially strengthen house prices, it does pose a threat should borrowers have to sell during a difficult time. The bank’s financial stability report stated, “Buy-to-let borrowers are potentially more vulnerable to rising interest rates because loans are more likely to be interest-only and extended on floating rate terms, and affordability tends to be tested at a lower stressed interest rate than owner-occupied lending.”
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The Bank of England has flagged a problem posed by the buy-to-let boom, saying that it could jeopardise financial stability.
NEWS ROUND UP
APRA CHANGING AUSTRALIA’S LENDING REGULATIONS Banking sources have stated that the Australian Prudential Regulation Authority (APRA) has written to lenders in response to their plans for the rest of the year, as it hopes to ensure that loans for investors will fall below its 10% growth limit. According to The Australian, the authority brought out guidelines for the country’s banks to abide by back in December, including one that states investor lending should be capped at 10% per year, and that borrowers could pay at interest rates of at least 7%. The warnings issued from APRA have had a real impact on banks recently, with many reducing their discounts to investors and bidding farewell to any cash incentives they previously offered.
CHINA TAKES THE LEAD IN BUYING U.S. RESIDENTIAL REAL ESTATE According to a report released by The National Association of Realtors, China has come out on top when buying U.S. homes last year. The National Law Review’s website reveals that the Chinese spent more money than any other international buyers when buying residences in the U.S. last year, and collectively spent a huge $28.6 billion worth on U.S. residential property. This represents almost double the amount Canadian investors spent, with them making $11.2 billion worth of purchases in residential real estate in the same one-year period. The third largest group of investors from a foreign country is India, with approximately $7.9 billion being channeled into the American economy.
29 YEAR OLD IS RAISING €1.6 BILLION TO BAIL OUT GREECE A 29 year-old by the name of Thom Feeney has taken it upon himself to raise the money and bail the country out of its financial crisis. Feeney set up a crowdfunding page on IndieGoGo, with hopes that he will be able to raise all €1.6 billion, saying he is sick of “dithering politicians.” Speaking to The Guardian, the fundraiser himself said, “some basic maths told me that I only needed the entire population of Europe to donate €3.19 to reach the amount of the bailout fund.” At first, he struggled, with little interest and next to no means of spreading the word. “The idea seemed to explode overnight,” he continued. “I woke up to 1,200 emails and it got even more crazy from there.” Since then, Feeney has received thousands of goodwill messages thanking and supporting him, and currently he has raised almost €630,000 from more than 38,000 donors. “Ultimately,” he concluded, “I’m very proud of the people – not just from the UK, Greece or Europe but those from all over the world – who have got involved with this campaign. It truly is by the people, for the people.”
With Greece owing €1.6 billion to the International Monetary Fund, the country has been running out of options – and time – until now.
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THE SECTION
FEATURES INTERVIEW RELAY Page. 26 A LOAN AWAY FROM HOME COVER STORY Page. 30 CHALLENGE ACCEPTED STATE OF THE MARKET Page. 36 BUYING [SOME] TIME SPECIAL REPORT Page. 37 A COUNTRY WITH A CRISIS THE SCOREBOARD Page. 38
INTERVIEW RELAY
A LOAN away from
HOME Thinking about buying your first home but not sure where to start? Well, look no further. We here at Ekaruna paid a visit to some of the country’s largest providers of housing loans for some inside information, and they didn’t disappoint. We asked the questions so you don’t have to, and it turns out there are a lot of things to consider before you fly the nest.
Instead of committing to the first housing loan you come across, it’s important to assess the range of options available. Finding the one that best suits your needs and budget will only ease your long-term plan and eradicate any doubts you might encounter with a loan that doesn’t have your best interests at heart.
Expatriate Housing Loan Many banks in Lebanon offer expatriate housing loans, whereby Lebanese citizens who reside abroad can apply for financing to own a home in their native Lebanon.
So - with that in mind - do your homework, listen to the experts and start planning your housewarming. We’ll just wait for our invitations in the post, shall we?
BANK AUDI
Iskan Housing Loan A number of banks across the country offer the Iskan Housing Loan. Ideal for first time buyers, this loan is usually in collaboration with the Public Corporation for Housing (PCH) or the General Institute of Housing, and is more affordable with a range of beneficial features. Standard Housing Loan The majority of banks offer their own standard housing loans. Whilst these may differ in details, the objective is usually the same – to finance the purchase, renovation or construction of a home. Military Housing Loan Again, the military housing loans available might vary between banks but the purpose of the loan is generally the same. Usually available to members of the Lebanese Armed Forces, Internal Security Forces, General Security or State Security, the loan looks to recognise the efforts of the Lebanese military. BDL Housing Loan In collaboration with the Banque du Liban, the BDL housing loan is a subsidised loan that means increased financing and more time to pay it back. 28
Grace Eid, Head of Retail Banking Ekaruna What do you think it is about Bank Audi housing loans that appeal to the public in particular? Since 2009, Bank Audi started heavily promoting the Home Loan. Given that it is not an easy product, branch employees acted as consultants by giving customers tips and advice, handing out detailed simulators, and being fully transparent on the products’ features, among which its fees and charges. To reinforce the bank’s position as a transparent bank, a campaign was launched in 2013 presenting different banking tips, pieces of advice and watch-outs. In the aim of answering customers’ different needs, Bank Audi offers several home loan schemes in LBP and in USD, through its 74 branches spread all over Lebanon. In addition to the Public Corporation for Housing (PCH) loan for Lebanese residents, the Home Loan subsidised by the Central Bank for Lebanese residents and expatriates, the Home Loan in USD for Lebanese residents and expatriates, the bank offers plans for homes under construction, as well as for construction and renovation. Last and not least, the prime advantages of Bank Audi’s Home Loan are the fast approval, the competitive insurance premiums, the interest rates and the fees.
INTERVIEW RELAY
Ekaruna What factors could contribute to an increased influx of applications for housing loans at bank Audi? Why? One of the main factors that could contribute to an increased influx of applications is cross-functional working teams working to achieve one objective: satisfying customers’ needs and offering them the best home loan plan. The bank makes sure to follow up closely with every party/entity (branches, direct sales force, real estate developers and the PCH). Moreover, in order to create awareness of its latest offers, Bank Audi always communicates its latest offers/promotion through various media channels, mainly outdoor advertising, press and radio. Ekaruna After making an application for a housing loan, how long does it usually take for Bank Audi to come to a decision? Can you briefly explain the process? The Bank’s decision time depends on the documents provided by customers. If all the files are correct and complete, the process is as follows: 1. If the loan amount is less than USD 150,000, the Bank will give an approval/decline after 48 hours. 2. If the loan amount is above USD 150,000, the approval/decline is given after 7 days. Ekaruna With a selection of housing loans to choose from, how do customers know which one is best suited to their needs? Customers choose the home loan that suits them best after checking the terms and conditions of every type of home loan. It depends on their income and on the loan amount etc. For example: 1. A Lebanese expatriate can’t benefit from a PCH Home Loan but can benefit from the Home Loan subsidized by BDL or from the Bank Audi Home Loan. 2. A couple earning a total income that exceeds $4,500 can’t benefit from the PCH Home Loan, but from the two other home loans mentioned above. 3. Customers who already own a house can benefit from a Home Loan subsidized by BDL, but only if it is their primary residence. The above criteria helps customers take the best decision regarding the type of home loan to apply for.
BSL
Antoine Hanna, Head of Retail Ekaruna What kind of incentives does BSL provide customers with during the first few months of repaying their housing loan? BSL is offering a special Furniture Gift (up to 1.5% of the loan amount) with every approved Housing loan product.
Ekaruna What is the most significant piece of information customers need to submit in order to attain a housing loan and why? There are many essential pieces of information or required documents needed in order to provide clients with a housing loan: - Lebanese citizenship - Clean CDR record/Information Report - Proof of income - Proof of down payment Ekaruna How long does the housing loan process usually take from application to a decision being made? A standard housing loan usually takes 10 days: - Application and information/data collection (2 days) - If clean history, real estate expert estimation process (3 days) - Studies, analysis and credit committee decision (around 5 days) Ekaruna What would you consider to be a red flag or something to be wary of in a housing loan agreement? Is there anything customers should avoid? Major red flags in a housing loan are: - False and misleading information in the application - Fake documents received (proof of income, down payment, sales contract) - A bad credit report or information history
CREDIT LIBANAIS
Fadi Sader, Assistant General Manager & Head of Consumer Banking and Retail Products Ekaruna Currently, do you see more customers borrowing money to build, renovate or buy a home? Why do you think this is? The number of housing loans borrowers remains acceptable, despite the critical economic situation. Most of them are buying small and medium-sized apartments in accordance to their monthly income. The luxury properties are not showing, at this time, a noticeable increase. Ekaruna How does the demand for housing loans at Credit Libanais differ now to this time last year? The flow of housing loans, in general, shows a decrease in the number of loans comparing to the previous years due to the new Central Bank regulations i.e. 75% financing and debt burden ratio not exceeding 35% of the monthly income including insurance. The housing loans granted with the cooperation of the “PCH” remains, in a way, stable.
INTERVIEW RELAY
Ekaruna What are the main factors customers need to consider before they make such a long-term commitment and why? Firstly, customers would have to consider stability in employment. Then there is continuity, the accuracy of the required documents and the capability of repayment at any time during the life of the loan. Ekaruna What is the typical age range of customers that come to Credit Libanais with an application for a housing loan? The typical age range is between 25 and 45 years old.
FRANSABANK
Mr. Philippe el Hajj, Deputy General Manager and Head of Retail & Branch Network Ekaruna How does Fransabank ensure its customers are reassured and content throughout their repayment period? Can customers contact you with any problems or queries for advice? Customer satisfaction and reassurance are at the heart of Fransabank; therefore, ensuring that our customers are reassured and content throughout their repayment period is very crucial. At Fransabank “We Care” about our customers: - Our 78 branches are made up of highly qualified employees who have been trained to offer constant help and support to our existing and potential customers. The employees at Fransabank are always ready to answer the queries of the client and assist them. - Whether the client is physically present at the branch or communicating to us by phone, all Fransabank front desk employees will be ready to assist them. - Another medium to stay in touch is through Fransabank’s call centre where staff are ready to assist them and forward their claims if needed. Ekaruna What are the mistakes first-time buyers can make when applying for a housing loan, and how can they avoid these? A house is one of the biggest purchases a person can make. The most common mistake one can make is not taking care of all the details a housing loan involves, especially the details that involve paying extra cash. At Fransabank we make sure to be fully
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transparent about all our products. The wellbeing of our clients and their satisfaction prior to the sale and after the sale is what matters the most to us, therefore our front desk employees inform the client about all the extra fees and procedures a housing loan requires, such as the file fees, mortgage fees and even the fees resulting from an early settlement of the loan. Ekaruna Does Fransabank work with customer feedback in order to adjust and improve their housing loan packages? How? The main concern of both the Marketing and Product Development departments at Fransabank is customer satisfaction. As a result, all of our Housing Loan products and related services, offers and promotions are tailored to meet the customers’ needs based on constant feedback from the front line employees and managers as well as the comments communicated through the call centre. The latter’s main job is to report any comment directly to the Retail Products and Services Department who then takes immediate action to fix and improve the situation. This process is mostly applicable on our housing loan products, which are handled with extreme care and importance. Ekaruna If someone has been considering applying for a housing loan for some time, do you think now would be a good time to do so? Why? Directly affected by the current political situation, the balance between supply and demand is shifting in the real estate sector in Lebanon and prices are shrinking, developers’ offers are expanding and a customer capable of buying a house is on the way to become a scarce resource. As a result to that, Fransabank has launched their best promotion ever - with every Subsidised Loan or Regular Fransabank Housing loan, the plot’s registration fees are granted as a gift to the clients, and one gift would reach the equivalent of $40,000 - per client! Now would definitely be the perfect time to apply for a Housing Loan.
STATE OF THE MARKET
BUYING [SOME]
TIME Mireille Korab Abi Nasr is the Head of Business Development at FFA Real Estate as well as a member of the board for both the Real Estate Developers Association Lebanon (REDAL) and The Real Estate Syndicate of Lebanon (REAL). Talking to Ekaruna, the real estate specialist comments on the current state of the market and what it means for potential buyers.
Ekaruna Can you talk to us about the current state of the Lebanese real estate market? Mireille Korab Abi Nasr At the moment, the market is a buyer’s one. We are at this time of the cycle where the market is at a plateau due to many factors - namely the mismatch of supply and demand as well as the current situation in the region which in turn causes a lot of people to be reluctant when making fast decisions - buyers have the upper hand right now. Ekaruna Can you explain the current relationship between supply and demand in a little more detail? Mireille Korab Abi Nasr There is a real mismatch between supply and demand in Lebanon. It was only early last year that we saw developers realising the drastic change of purchase power as well as the change in needs and wants of the client and consequently adapting their products to those new factors. Whilst developers do in fact have a great deal of product that they need to sell, their supply isn’t meeting demand of the buyers in terms of the type, size and price of apartments. This is why we at FFA Real Estate give a lot of time and consideration to market research before launching any new projects. Without thorough research, a project is likely to underperform due to fast pace of change in lifestyle and buying dynamics. Ekaruna Is this also the case when it comes to selling land? Mireille Korab Abi Nasr Due to the scarcity of land in Lebanon, it is not very negotiable. The prices are somehow fixed with very little room for negotiation and from a positive perspective, this means 38
Mireille Korab Abi Nasr, Head of Business Development at FFA Real Estate
that the prices of land will never fall. The cost of BUA (built up area) is not getting any lower, and developers are paying a high price when buying a new land. Since they cannot count on lowering prices to sell, they need to come up with other strategies such as flexible differed payments and innovative financial structures to increase the appetite of the buyers. Nowadays there is a need to strengthen the trust and transparency between developers and buyers as well as spreading a wave of positivity to attract more investments to the country. This is the basis of the national campaign launched by Real Estate Developers Association Lebanon (REDAL) and the Real Estate Syndicate of Lebanon (REAL). There needs to be trust in the market, economy and country; it is about time this movement is started, not only to revive the real estate sector but also to show to both the local and international community that Lebanon is looking good, and to shed light on the lucrative investments opportunities it offers. Ekaruna Do you think the market is likely to stay this way for long? Mireille Korab Abi Nasr No, I don’t think it will. It is a cycle, and we are actually coming up to the end of this one. This is why I would tell buyers not to hesitate or wait for a new cycle – I encourage them to take action because now is the time to buy.
SPECIAL REPORT
A COUNTRY
WITH A CRISIS
He laughed as he chatted through the open car window, and he gave a grateful smile as my dad rummaged for some change in his pocket. Having a limited understanding of Arabic, I asked what he’d been saying as I craned my neck around to make sure he had retreated back to the side of the road safely. His name was Mohammad, he was eight years old and there were more than a million others just like him. Last summer, I returned to Lebanon for the first time in four years. At first, I didn’t notice anything particularly different about the country. The hot evening air upon leaving the plane was somewhat comforting, the anxious relatives waiting at arrivals were expected and the chaos on the roads was nothing out of the ordinary. It was the next day when I encountered a young Syrian boy that I realised the country had undergone an unimaginable change.
products and providing debt relief. He discussed the severity of the situation at the Beirut Ministerial Conference on the European Neighborhood Policy Review, which saw the Commissioner for European Neighborhood Policy and Enlargement negotiations, Johannes Hahn, sign two financing agreements that would grant 38.13 million dollars to support national stability as well as the protection of maritime resources.
The United Nations Higher Commission for Refugees (UNHCR) has recently confirmed that there are currently more than 1.2 million Syrians in the country registered with them, which leads us to wonder just how many more have fled their homes and remain anonymous on Lebanese soil. The majority of refugees have been forced to find shelter in overcrowded camps and abandoned buildings. Each family has a story, and many of them lived very comfortable lives in Syria before the violence started. Losing their relatives, homes and businesses, they now find themselves sleeping under thin canvas tents that offer little privacy and safety. So what is the country doing to ease the situation?
The problem is an evident one. You can’t travel far without stopping at a traffic light and seeing mothers and their children sitting under the shade of a nearby tree, with numbered belongings and even fewer prospects. Struggling to get by as it is, the recent news from the World Food Program (WFP) that the organisation has had to halve its food aid has devastated the suffering refugees in Lebanon. Speaking to the Lebanese Examiner, Muhannad Hadi, the WFP Regional Director for the Middle East said, “Just when we thought things couldn’t get worse, we are forced yet again to make yet more cuts. Refugees were already struggling to cope with what little we could provide.” As of July, the organisation has only been able to grant $13.50 to each person, per month. Whilst Lebanon continues to provide the little assistance it can, time will tell if the plight of the Syrian people will soon draw to a close.
In June of this year the Foreign Minister, Gebran Bassil, called upon the international community for assistance in dealing with the crisis by doing things such as buying Lebanon’s agricultural
THE SCOREBOARD
BREAK IT DOWN
Thanks to the power of mobile banking, you can now have access to your account at the tap of a screen. No matter where you are in the world, or when it is that you want to check your available balance, you can log in securely and have real-time information right at your fingertips. We here at Ekaruna have looked far and wide (across the app store, that is) to bring you a breakdown of mobile applications from banks in Lebanon. Take a look, decide which one is right for you and get downloading.
BANK AUDI AUDIMOBILE Enquiries View mini-statement that shows your last 5 transactions.
SGBL BANKING WITH SGBL Location Services Locate your nearest SGBL branch, ATM and Sogepoints partner.
FRANSABANK FRANSABANK Location Services Locate your nearest Fransank branch and ATM.
Operations Check your up-to-the-minute account balances. Access your accounts and transfer money between them: (Primary to secondary, primary to credit card, secondary to primary & secondary to credit card). Pay credit card bills
Enquiries Chat securely with a customer service agent. Receive alerts for new updates.
Enquiries Contact Fransabank’s personal banking advisors directly.
Operations Access and manage your accounts and transactions Make transfers between your accounts. Set a budget and analyse your spending. Sort your transactions by category. Simulate your personal loan and make an application online.
Operations Use iBank: Fransabank’s internet banking service which allows you to conduct all your banking transactions in a secure, simple and speedy manner. Access your prepaid card account and view the available balance.
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THE SCOREBOARD
CREDIT LIBANAIS CL E-BANK Location Services Locate your nearest Credit Libanais branch and ATM
BLOM BANK EBLOM MOBILE Location Services Locate your nearest Blom Bank branch and ATM.
BANK OF BEIRUT IMOBILE Location Services Locate your nearest Bank of Beirut branch and ATM.
Enquiries Find information in regards to latest offers, accounts, services, loans, Bancassurance and cards. Simulate a loan and make an application online. Be notified and informed about the bank’s latest news instantly.
Enquiries Check the balance of your Golden Points.
Enquiries Access the bank’s website for more information.
Operations Manage accounts and credit cards, transfer money, and check up-to-theminute balances Monitor your loyalty points available on your credit cards. Interact with Credit Libanais through various social media channels. Requests Apply for a Term Deposit account, order a cheque book and stop payments on single or multiple cheques.
Operations Check the real-time balance of your accounts. Stop, activate and change the limit of your cards. Transfer money. Send money to anyone in Lebanon using e-cash.
Operations Check your available balances and conduct inter-account transfers. Make transfers to third parties within the bank. Access your uncollected cheques list. Update your personal profile.
Requests Set the threshold of your SMS alerts.
Requests Request a new cheque book.
THE SCOREBOARD
BANKMED MEDMOBILE Location Services Locate your nearest Bankmed branch and ATM.
BANQUE LIBANO-FRANÇAISE MY BLF Location Services Locate your nearest BLF branch and ATM.
Enquiries Make enquiries in regards to balances, transaction details, loans, cards and Bancassurance. Stay in touch with Bankmed through the MedMobile message centre, where you can send requests and receive feedback. Enquire about an array of Bankmed services including MedPoints, MedPlans and MedMiles.
Enquiries Stay in touch with BLF through their messaging tool with inbox and outbox to message your branch. Keep updated with the bank’s latest news. Receive push notifications. Check cards and insurance policies.
Operations Perform transfers from your phone – both locally and internationally. Manage scheduled and recurring transfers by setting up, tracking or stopping e-transfers. Top up your Bankmed prepaid card. Requests Submit a request for a cheque book or an official statement of account. Make a number of card service requests, such as changing your card limit and renewing your card in advance. Report your lost or stolen card or request to change your billing address through Medmobile. 42
Operations Manage accounts and credit cards, transfer money locally and internationally and check up-to-the-minute balances that have no limitation on transaction history. Simulate loans (new car loan, used car loan, housing loan, educational loan, personal loan & travel loan). Requests Renew Term Deposit Accounts and standing orders (view and stop). Request a change of pin.
THE SECTION
ARTS & CULTURE THE ARTIST Page. 42 IYAD NAJA THE ART OF Page. 48 BECOMING AN ENTREPRENEUR
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THE ARTIST
THE DESIGNER
IYAD NAJA In a discussion with Beirut-based designer Iyad Naja, Yasmin Harake learns about the meanings behind his work and the inspiration that started it all.
THE ARTIST
Arriving at Art on 56th, a little gallery nestled in the heart of Gemmayzeh, I can hear soft, soothing music playing from behind the door I find myself standing outside. I am shown in and I sit at a table in a little room decorated with some beautiful paintings. A beaming smile appears, and we shake hands – the impressive designer whose work have seen so much of on Instagram, Mr. Iyad Naja, introduces himself and sits across from me. Born in Lagos, Nigeria, Iyad was raised between Africa and Lebanon. He studied at a boarding school in England – cue an excited “really?” from myself - which he quickly compares to the life of Harry Potter and I can’t help but laugh. A designer like no other, Iyad has an impressive CV. With a career that began with him traveling to Kuwait for experience, to becoming the youngest creative director in a team in Jordan, he now commands a business of his own and his work speaks for itself – literally. You’ll see what I mean shortly.
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take people for granted, and assume they are always going to be there.” Referring to her as a poet, someone spiritual and very special, he explains how her passing left a void within him and a number of other people. It was then he decided to do something that would keep his grandmother forever in his thoughts. “I took her poetry, and the words she would say to me - I wanted them to be adorned in metal, to be preserved. I made a side-lamp, choosing metal as my only material because the irony of bending steel, while using poetry to create something so soft is so powerful. It would forever preserve her words in a moment in time.” Intrigued by his openness and honesty, I ask Iyad when all of this began. “It’s been recent actually,” he replies. “My father was an interesting man. He would see me colouring and painting, and unlike many parents, he didn’t want me to go into a morbid job.” Iyad tells me he studied in Bath, England for five years and that he was supposed to go to the American College of London to study fashion design at the request of his father. However, it wasn’t to be. “I never wanted to do that!” he laughs. “It was interesting, but I just knew I didn’t want to do it.”
I want to know more about the person sitting in front of me, so I ask him to tell me a little about himself. “I’m a very curious person,” he begins. “I like to know why things are made, why things are done a certain way. I think being so detail-orientated and curious about things is to my advantage - it all channels towards the piece that I’m working on.” From what I’ve seen of his work, I am inclined to agree with him. Beautiful lamps and tables come to my mind; items of such intricate detail that one might have difficulty imagining them, let alone creating them. In person, Iyad comes across as relaxed and inquisitive - someone who pays a great deal of attention to both his work and other aspects of his life. He continues, “I’m not a moody person. I’m very constant; I don’t cling to my happiness or my sadness.” I ask if this is something that he feels is reflected in his work. “No,” he replies. “It’s actually very ironic because as a person I’m very talkative, very active and very agile. My work tends to present a little mystery, and is sometimes minimalistic – and I’m not like that as a character.” I ask him to explain how his work can differ so greatly from his personality, and his reply is a thought-provoking one. “Maybe it’s something that is projected from the inside, out. It’s my inner-self projected on to items – it’s where I was born, who I am, my culture and where I come from, as well as my sentiments, emotions, words and images that are projected and present in my work.” One of Iyad’s many talents is the beautiful way in which he uses traditional Arabic calligraphy, and he credits one lady in particular. “It stemmed from my grandmother, who I really love and respect,” he tells me with affection in his voice. “She was a beautiful, active lady.” Clearly a true inspiration to him, Iyad’s grandmother played a major role in his life until she eventually passed away. He clicks his fingers and says, “just like that, she vanished. You tend to
“ BENDING STEEL – WHILE USING POETRY TO CREATE SOMETHING SO SOFT – IS SO POWERFUL.” After some time and in Iyad’s words, “a little bit of a debate”, he returned to Lebanon, enrolling at the Lebanese American University. He reflects on how overwhelming the experience was with so many courses to choose from, and very little guidance to direct him. The solution? “I decided on Communication Arts – it had the word ‘art’ in it.” I laugh, remembering how I made a similar move when I opted to study English, and accidentally chose the major that teaches it as a foreign language. Iyad quickly realised the course wasn’t for him and changed to advertising. “I went to the first class and we were told to design a logo. We were cutting paper and I thought to myself, okay, this feels right.” After graduating with honours and interning at the right agencies, Iyad’s working life went from strength to strength; he landed himself a job handling campaigns, and attained some experience in the GCC. However, it wasn’t all it appeared to be. Iyad stops for a moment, trying to put how he felt into words. “The glory is shortlived,” he says. “You do a campaign and you get an award. The next day there’s another brief and you have to prove yourself all over again.”
Images courtesy of Omar Safa and Bernard Khalil
THE ARTIST
Explaining the journey his career took while he was working abroad, Iyad tells me, “I went from graphic designer, to senior graphic designer, to junior art director, to art director, to senior art director up until I was made creative director,” he reveals. “I was the youngest creative director in the team when I was working at Intermarkets in Jordan.” Achieving this much success in such a short space of time, I want to know what Iyad learned from this. “I had to fit into a position,” he responds. “This was the first lesson I learned, that whether we like it or not, we live in a society where you have to play a role.” Three years after he started working, Iyad found himself doodling. His friend pointed out the way in which he takes pleasure in decorating and furnishing his home, and she suggested they make a mirror using his late grandmother’s poetry - and that’s exactly what they did. I have to ask him, why a mirror? He smiles, and remembers how his friend told him, “we’re in our thirties, Iyad. Let’s preserve our youth by making a mirror.” I ask what words he chose for the mirror, and he tells me that the mirror is conducting a dialogue with him. “It says, ‘you are a picture of pure beauty, and 48
with every reflection, you give me life.’” I try to muster something intelligent, but unfortunately, all I can manage is a quiet “wow.” Iyad goes on to explain how he had never actually planned to have his pieces “out there” and that it was only when people began to show interest and make requests that he started to think differently. Iyad names many elements that have an influence on his creativity, with his grandmother’s words being the foundation. The stars, astrology and cosmology along with symmetry, balance and order all play a role in his work. This leads us to discuss the distractions around us, and how he keeps himself grounded by reading and informing himself about history, poetry and literature. It is here that he points out one of the most significant things he has learned. “People used to learn Arabic to trade with us. We are makers.” Talking about a loss of identity, Iyad says suddenly, “look at Scandinavian art,” he says. “It’s beautiful, it’s contemporary, but our wealth of identity is overwhelming – can you not be inspired by that alone? When you want to create something quickly it’s an insult to intelligence and to your culture – it’s very shallow. When something has no worth it is being done for the wrong reasons.”
THE ARTIST
From the calligrapher, the lamp will go to the 3D modeler who will render it and work on the thickness, height and dimensions. Upon completion, the file is sent to production and Iyad purchases the required materials, be it bronze, copper or steel dipped in gold. “Then,” he says, “I have to trace the fabrics from Milan, and coordinate with the shade lady who puts the fabric in place.” For a single lamp, there is a lot more that goes on behind the scenes than we think. “All of these people have contributed and collaborated in order to create that one lamp – this is why most of my items are not sold in furniture shops, they are perceived as art pieces.” Iyad tells me that he has some pieces in the gallery I currently find myself in, some in Riyadh and there could be some in Dubai for design week. “It’s more of a showcase,” he explains. “Each piece comes with a certificate and a story behind it.” He smiles, and assures me that it’s actually the pieces that find their buyers, not the other way around. With no website and factories for a workspace, Iyad lets his pieces talk for themselves. “This is my office,” he grins, picking up his laptop bag.
His attachment to history and tradition is so strong that he tells me it pains him to see the sheer number of artists using random and irrelevant words in their pieces. “I urge people to support those who use heritage and who know their identity. I hope my work will leave others feeling inspired.” Iyad has three stunning collections to his name; a contemporary line, calligraphy line and a third line he calls the reused collection. Speaking of the contemporary line, Iyad describes it as being very detailed, and whilst he admits it is a modern collection, he assures me that it can still be traced back to his roots. The juxtaposition of materials, such as concrete, mother of pearl and metal means the finished product is both beautifully unusual and of high-end quality. The calligraphy line is much more personal. Iyad uses words like “sentimental” and “majestic” when talking about it, and explains how it comes from a lot of intelligence and hard work. With it being so personal, Iyad reflects on the inspiration behind it, commenting on how we often take the people we love for granted. “Then, they’re gone, and their words have gone with them,” he says. The collection itself is a way to ensure, in his words, that “these words will stay forever.” Finally, the reused collection is a way in which Iyad reuses and repurposes materials in a modern way. So, what is involved when it comes to creating such a unique product? “I deal with specific copywriters and calligraphers. I’m very specific about dimensions,” he admits, and gives me a lamp as an example. “I have to do my research and brainstorm everything, all the while making sure the letters are long enough to create a stem.” Iyad tells me how the lamp will embark on a journey, going to his poet and from the poet to his calligrapher, where the font is explored and decided upon.
“TIME IS AN ILLUSION. WE CREATED IT SO WE CAN GET MORE OUT OF IT.” We discuss how he prioritises his responsibilities, given he has so many of them. “Time is an illusion,” he says. “We created it so we can get more out of it.” He continues by telling me that he doesn’t actually have a detailed plan when it comes to where he wants to go, but he certainly seems to be happy with the direction he is going in. “I’m not an expert,” he smiles. “I’m always learning and I will keep learning until the end of my time.” He pauses, thinking, before stating that there is never a right time to do something. “There is a call, or a sense of obligation to project what you know.” Before we say goodbye, I have two more questions for Iyad. I ask him to tell me something about him that might surprise me - and he pauses - thinking before he answers. “I don’t trust anything except my teeth.” I stare back at him, and he laughs at the confused expression on my face. “It’s about the density and the surface. My teeth tell me a lot about the material, and so does the sound the material makes when in contact with them.” I can’t help but laugh as he demonstrates the way in which he uses his jaw to assess the quality of materials. Finally, I ask him to share some words of advice for anyone looking to follow in his footsteps. “Invest in research,” he states firmly. “Know what it is that you want to project.” I ask him to tell me what success comes down to, and he replies instantly. “Trustworthiness,” he says. “And reliability. If your work is good, you’ll get there.” To see more of Iyad’s work follow him on Instagram: @IYADNAJA and like his page on Facebook: I.N Design
Images courtesy of Omar Safa and Bernard Khalil
THE ART OF
THE ART OF:
BECOMING AN ENTREPRENEUR EN·TRE·PRE·NEUR /äntrepre˙ner/ noun noun: entrepreneur; plural noun: entrepreneurs a person who organises and operates a business or businesses, taking on greater than normal financial risks in order to do so.
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THE ART OF
In recognition of our Banking issue, we thought we would talk finances with you. If you’ve thought about striking out on your own but you’re not too sure where to begin, these simple pointers could lead you in the right direction. Even if the closest you’ve ever come to becoming a banker is when you’re playing Monopoly with the kids, read on. You might be surprised. There are many perks when it comes to being your own boss. You don’t have to ask for permission to leave the office early for that doctor’s appointment on Friday, and you don’t have to bring a note of exemption when you come back on Monday. If you sleep through your alarm and wake up in a panic – well, you won’t panic, because no one is going to tell you off or fire you for enjoying an extra hour’s sleep. Not many people would say no to the power and freedom that comes with doing things their way. However, as idyllic as it sounds, this lifestyle isn’t for everyone. So on that note, and before you pack your belongings into a cardboard box (maybe I’ve watched too many movies) and hand in your resignation on your way out the door with Aretha Franklin’s ‘Respect’ playing somewhere in the background, promise us you’ll read this first. (Please note: we do not actually suggest you quit your job). ONE It’s very likely – at least at the outset of your journey into entrepreneurship – that you will be working a lot and on your own. In order to bring other people on at a later date, you need to establish yourself first and this is going to mean putting in the hours without a team of colleagues to support you. Transitioning from a busy working environment to a quieter, more solitary one can be a lonely experience. Make sure you spend some down time with friends and family – it won’t only help you relax, but it might inspire you when you least expect it. TWO Know your audience before you start spending. Think about who you’re targeting and why – it’s better to decide your path at the beginning rather than getting lost and having to retrace your steps. To make this work, you need to know exactly how and where to invest your money – talk to people, ask questions and use this information to set yourself up. THREE Next up, trial and error. When it comes to starting something from scratch, or just trying something new, it’s important to take the time to realise what works and what doesn’t. This isn’t necessarily an easy process, nor is it something that will come about overnight. Be prepared to make some mistakes along the way; you need to know what isn’t right for you and your business to know what is.
FOUR Don’t forget to plan ahead. It’s easy to get caught up in the moment, especially at the beginning when everything is exciting and full of potential. When working as an individual, it’s down to you to manage every department, whether it’s finances or marketing or something completely different that you never even knew existed. Sure, you have to budget financially - but budgeting your time will pay off in the end. FIVE Do your homework. You need to know the ins and outs of everything related to your new business venture, and it doesn’t hurt to take inspiration or advice, especially from someone who’s been there and done it before you. Get to know your competition, and always think about how you can go that little bit further. SIX Ever heard the expression, “it’s not what you know, it’s who you know”? Well unfortunately, this isn’t as far from the truth as we’d like it to be. In any field it’s important to meet people and maintain working relationships with them - that goes without saying. When you’re working for yourself, however, this is even more of a priority. Make yourself useful in terms of offering advice and support to other people - you’ll be glad you did. SEVEN Think about your workspace. Many entrepreneurs will start out by working from home. This isn’t a bad thing, however you need to remember the invisible line between your personal life and your working one. Whilst working from your bedroom might seem tempting at first, after a while you may realise your once relaxing and private space has become overrun with paperwork and scribbled phone numbers. Try to work in a spare room if you can - creating a balance of both working efficiently and being able to switch off after hours is tricky, but well worth the effort. EIGHT Don’t forget to relax. This period can be a trying one, and you’ll often find yourself being pushed to your limits. You might think that working all hours of the night will make the next day easier – it won’t. Take time off, do the things you enjoy and don’t feel guilty for catching up on Game of Thrones every so often.
A commercial ground floor retail location at a prime area in Cornish al Mazraa. RENT PRICE: 220,000$ / year TEL / MOBILE : 01 803 805 - 71 803 888 www.promo-properties.com 52
THE SECTION
HOMES & INTERIORS INSIDE STORY Page. 52 BANK AUDI’S NOVO BRANCHES SPOTLIGHT ITEM Page. 55 THIS LITTLE PIGGY... MOODBOARD Page. 56
CONCRETE TALK INTERIOR TRENDS Page. 57 HELLO, SMART BANKING THE ARCHITECT Page. 58
ANTAR GROUP
INSIDE STORY
BANK AUDI’S NOVO BRANCHES Taking technology to a whole other level, Bank Audi has introduced us to its innovative Novo branches – and we think it’s about time we get a little more acquainted. Open every day until 10pm, the Novo branches mean you no longer have to race to the bank on your lunch break, combating the traffic and waiting in line in order to deposit that cheque you keep forgetting about. 54
INSIDE STORY
Novo branches are all about creating a comfortable and convenient banking experience. Situated at City Mall in Dora, in downtown Beirut (Palladium Building), at Uruguay Street and Zaitunay Bay, they all boast the latest in smart banking technology whilst maintaining a welcoming and userfriendly environment. If you’re looking for privacy, Novo branches are home to a discreet Advisory Room where you can have your questions answered quickly and easily in comfort. Here, and in just a few minutes, you can make a card or loan application, look into the services Bank Audi has to offer, and open most of the available accounts – such as a current, Spring or wedding account – and have a related debit card issued on the spot. Novo branches also offer a Cards to Go service where customers can request prepaid cards and have them delivered there and then. With a special Card Artist feature, you can even design the card that suits you.
INSIDE STORY
Even Bank Audi’s Automated Teller Machines, more commonly known as ATMs, have had a little tech update. The latest generation of smart ATMs allows you to deposit and withdraw cash (in Lebanese Pounds as well as U.S. Dollars), deposit cheques, pay outstanding credit card bills, recharge your mobile phone line and conduct a number of queries should you have any. And – if that wasn’t smart enough already – Bank Audi has also installed two Interactive Teller Machines (ITMs) at the Novo Palladium branch in Beirut Central District, where you can carry out the majority of your banking transactions when it suits you, through face-toface video conferencing. But that’s not all. Featuring an intelligent and interactive Information Station, Novo branches give you the opportunity to browse an array of products and services provided by Bank Audi, from housing loans to credit cards. They also give you the chance to learn more about the various accounts you can open, as well as discover exactly which credit card is best suited to your individual needs. Clever, right? The Information Station also lets you enter a few details in order to have a loan simulated before your eyes, and can even direct you to your nearest ATM or branch. If you don’t have much time on your hands, it allows you to save your searches before emailing them or sharing them across a number of social media platforms. Both the Information Station and Advisory Room come with a live video conference facility that allows you to talk to a Bank Audi expert there and then. Bank Audi’s Novo branches take customer service to new heights, providing customers with a comfortable and relaxed atmosphere. Built with the needs and requirements of their customers in mind, the Novo branches stand out from the crowd with a personal banking experience tailored to your every need.
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SPOTLIGHT ITEM
this little
PIGGY…
“A penny saved is a penny earned” – Benjamin Franklin. Putting a little money away each month is no mean feat. With bills to pay, mouths to feed and an expensive shoe habit, watching your bank balance slowly decline until payday is fast becoming the norm. Saving money used to be fun, I’m sure of it. Remember when you would race to drop pocket money into your piggy bank, experiencing a little thrill every time you heard the coins land one by one? Well I do, and I kind of miss it. This is where it gets better. Tiffany & Co. has come to our financial rescue, with some serious cute thrown in. Known for heart-stopping engagement rings and its stunning ‘T’ collection, the jewellery brand seem to have upped their game even further. Boasting sunglasses, cufflinks and handbags, Tiffany’s even has two beautifully detailed piggy banks up for grabs - one for him, and one for her.
Sure, they make an adorably thoughtful gift if you have a baby shower scribbled somewhere in your calendar, but if we’re honest – we’d quite like one for ourselves. Available in standard piggy form, there are two more banks in the shape of a bunny and elephant, so you can opt for the traditional choice or a more playful one. Standing tall at 5 inches high and in earthenware, the entire collection is hand painted with delicate polka dots for a more personal touch. Let’s put the fun back into saving, shall we? Available exclusively at Tiffany.com, the New York flagship and select Tiffany stores. $125
MOODBOARD
CONCRETE TALK The innovative designer Iyad Naja introduces us to his stunning collection of intricate pieces for your home and office.
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Images courtesy of Omar Safa and Bernard Khalil
INTERIOR TRENDS
HELLO, SMART BANKING In recent years, technology has evolved at a breathtaking speed. Moving on from the days of dial-up internet and mobile phones with buttons to high-speed broadband and touchscreen displays, our generation has witnessed an unprecedented change within the technology industry.
Welcome to the digital age. It is without a doubt that our lives have changed dramatically as a result of the innovative ways in which we are now able to communicate through the power of technology. Thanks to this revolutionised way of life, we can now carry out a number of tasks that would have otherwise been both and time and energy consuming – and banks across the globe have recognised this. Say hello to smart banking. Ramon Miranda is Avanade’s Chief Technology Innovation Officer for Europe, the Middle East, Africa and Latin America. Speaking with Microsoft, Ramon reflects on how banks are accommodating the changing needs and requirements of their customers. “Consumers are setting the trends today and banks have to remain flexible in order to keep up,” he reveals. “Smart Banking acts as a guide for banks, illustrating how they too can innovate just like the customers we have already worked with, and which technology is a best fit for them.” With an array of banks giving us the opportunity to download a mobile banking application to our phones and tablets, we can now access our bank balances and transfer money at the tap of a screen. Online banking means logging into your account through the web and gives you the chance to make payments, cancel direct debits and even apply for a loan. The beneficial features of smart banking are extensive and apply to both company and consumer. For customers, smart banking means having more direct communication with their bank, as well as the privilege of being able to access their account information anywhere, at any time. The bank will have a thorough understanding of the customer and their requirements, and therefore be able to create a more personal banking experience that is tailored to their every need – and thus raising the stakes in the competition with other banks. It isn’t only the launch of mobile applications that have made our lives that little bit easier – but the bank branches themselves. Incorporating high-tech equipment and state of the art technology, an array of banks across the globe are now offering features that were – up until recently – completely unheard of. For instance, many banks now offer ‘smart ATMs’, whereby customers can deposit cash as well as withdraw it. Additionally, people can now have their questions answered instantly by an expert through video conferencing, as well as have debit cards issued on the spot. Often much smaller with a modern appearance - and sleek, understated interiors – today’s smart banks contrast greatly with the traditional buildings and high-ceilings we are accustomed to. With so many advantages already, time will tell if smart banking will eventually mean saying goodbye to branches and hello to the future.
THE ARCHITECT
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THE ARCHITECT
THE DESIGNER
ANTAR GROUP Meet Talal and Vicky Antar, the husband and wife duo behind Antar Group.
THE ARCHITECT
Sitting in the taxi on my way to Kaslik, I skim through the questions I have prepared ahead of the interview I am about to have with Talal Antar and Vicky Naimeh Antar, the husband and wife duo behind Antar Group. Upon my arrival, Vicky greets me with a welcoming smile and I take a seat until the pair finishes their current meeting. A handshake with Talal and a few minutes later, I find myself sitting inside a boardroom with both of them, and can’t help but notice the beautiful view of the Mediterranean. Gesturing at the block below that slightly obscures the stunning scenery, Vicky laughs and says, “We just need to move this building!” I start by asking Talal if he remembers when he first decided that he wanted to become an architect. “I was seven,” he tells me. “I never once changed my mind about it.” He continues by describing the fascination he had with buildings and houses, and how that was his real inspiration for becoming an architect. “I also liked to draw a lot, but I didn’t link the two together until I asked my dad who was responsible for sketching and drawing buildings, and he told me – an architect.” Talal went on to study at the Holy Spirit University of Kaslik, (USEK) and he graduated with more than just a degree. “We met at university,” Vicky says. “He was studying Architecture, and I was doing Interior Architecture.” Now, the two have been working
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together for 20 years, and married for 17. Unlike her husband, Vicky was originally headed in a different direction when it came to here career path, with her almost opting for something in the medical field. However, her love for interiors and neatness won her over. “I appreciate nice things,” she says. Vicky reveals that she always paid attention to decoration, furniture and space, and how she has a soft spot for hotels, taking pictures of their interiors whenever she had the opportunity to stay in one. “In fact,” her husband interjects, “she would like to run a hotel – to build and run a boutique hotel.” Vicky nods in agreement, before admitting, “Yes, this is the dream!” After the pair graduated, they worked at different firms in order to gain some experience. “In the afternoons and after I finished work,” Talal says, “I would work on personal projects.” Eventually, he was able to leave his 9 to 5 job in order to start out on his own. “I used to take on all sorts of projects, not only architecture,” he says. “I used to make decorative items and furniture as well – anything to do with design!” I ask them if they faced any challenges at the outset of their journey, and they both nod in acknowledgement. “It was hard,” says Talal, and Vicky agrees. “Of course,” she says. “But year after year, you start to get to know your clients. As you get stronger and build your identity, you start to understand them
THE ARCHITECT
more.” Talal tells me that they were careful with their clients from the start. “We tried to give everyone the best, disregarding whether it was a commercial project or not.” They worked hard to set themselves high standards, and the group would not consider anything that fell below these standards. “We had to create something that we believe in,” Vicky states. “And this is why our projects are selective.” Talal speaks up, and reiterates something Confucius said. “Choose a job you love, and you will never have to work a day in your life,” he says. “This is what we go by.” So what aspects of the industry surprised them back when they started out? “The way people react,” Talal says. “That is always surprising. Sometimes people only care about the aesthetic aspects, with no consideration to its function.” Talal talks about how it isn’t uncommon for them to feel more satisfaction from smaller projects than the bigger ones, because they feel it is a genuine reaction they receive from their clients. “You have to prepare for either reaction,” he says. I want to know if he thinks there is somewhat of a conflict between the old, traditional style and the more modern requirements of today. “There is never a conflict,” Talal replies. “It should be a continuation of the old building – respecting the old features but adapting it to suit the way of life today.” He explains the significance of the building’s original identity, saying, “It should
be clear. The building should stay true to its time.” Vicky agrees, explaining how you must keep this in mind when working on an old house. “It must define the various periods of which it was built,” she concludes. I ask Vicky if she feels that Lebanon is losing touch with its architectural heritage, replacing the old buildings with much newer, modern ones. “Not only are newer, modern styles taking the place of older houses,” she responds, “but the architecture across Lebanon is so chaotic now. You cannot see the old buildings anymore,” she says. “People don’t appreciate them like they did before, they are too busy thinking commercially. It’s sad.” Wanting to know more about the new way of building, and especially across Lebanon, I ask them about the projects they have worked on that demonstrates a more modern style. I’m aware that they were responsible for the design of some of Bank Audi’s branches, as well as the newer Novo style, and having spent the last six weeks researching and talking to a number of banks I’m looking forward to getting their insight on the new wave that is smart banking. I ask Talal how their Bank Audi project differs to their other commercial endeavours, and he starts at the beginning. “We wanted to give the new branch (Bank Audi Dbayeh) a contemporary look,” he says. “We tried to combine technology with architecture by doing things like creating a multimedia elevation volume. It has a double role – by day, it provides shade
THE ARCHITECT
Talal illustrated the bank’s setting for me, going into great detail when describing the back office area for employees. “We wanted to give them a relaxing space that was totally free from stress. By using glass divisions, we were able to maximise the space and therefore create an enjoyable area for everyone to share.” I ask Talal and Vicky why they think so many banks both here in Lebanon, and internationally, are turning to more sleek and modernized branches. Talal pauses for a second, before answering, “I think banks are trying to become more friendly and accessible – whilst gaining their customers’ trust. This new way of banking means granting access to everyone, not just select groups.” He stresses how banks are making themselves more approachable to the public. Vicky gives me a very interesting response from an aesthetic point of view. “Modern architecture is clean, light. It is very relaxing for people to see. To be honest, I think it is a smart move to integrate this kind of style.” “There is no spotlight at the Bank Audi branch in Dbayeh,” Talal says. “We created a soft ceiling of natural light,” adds Vicky. The couple goes on to explain how this minor detail actually has a much bigger influence on customers than we may realise. “Natural light is more relaxing,” says Talal. “We always try to be minimal in our work, and we avoid using a lot of elements. We try to be practical whilst creating things that are both pleasing and soothing to the eye.” and by night, it lights up with various messages.” Talal continues by explaining how they tried to keep the principle elements of the signature style of the bank, such as the colour grey and material like granite, but developed it in a more modern way. I ask him if that was easy to do. “Everything is easy! The simplest way – the functional way – is always the right way,” he concludes. I am interested to know more about the Bank Audi projects, and so I ask Talal and Vicky how much freedom they were given to create a new image and space for the brand. “They wanted to change the way people think, and to interact more with their clients. The new project would mean people feel more comfortable by making the atmosphere more friendly.” Describing this new way of banking as a social encounter, Talal emphasizes the ways in which Bank Audi have adapted their services to create a more user-friendly environment, and in turn, a more pleasant banking experience. As opposed to queuing in a line, clients are now invited to enjoy a comfortable lounge area. In order to make their visit to the bank as convenient and as stress-free as possible, a number of new technologies have been implemented – such as a personal banker desk – which integrates a number of banking devices into one object. “Aesthetically,” Talal continues, “we have translated these functions and devices into something much more modern. There are no sharp edges, they look softer and more friendly.” Vicky then adds, “The new devices are very fluid”, and so providing more approachable, less intimidating equipment for clients to use. “This is the more difficult part,” Vicky states. “To integrate all of the various components into one small piece of furniture design.” 64
Telling me about a current project they are working on, I learn about a renovation they have undertaken in Kuwait. “We are renovating a hospital,” Talal tells me. “We are working on both the architecture and the interiors, but being careful not to destroy the original character of the building.” The idea of identity is clearly important to both Talal and Vicky, and they show a great deal of respect when working on older buildings that have a past. I ask them to tell me more about a specific part of the hospital they are altering, and Talal’s answer is an interesting one. “We are building a translucent wall that will act as an x-ray to show the spirit of the original building.” The hospital renovation began last year and is an ongoing project. Talal makes a very relevant statement, saying, “Just like the banks and their clients, the hospital wants its patients to feel comfortable and at ease. They want a friendly, welcoming and relaxing atmosphere that we will convey through earthy colours and tones – we also want to conceal all medical equipment in order for the patients to feel at home and at ease.” I’ve reached the end of my questions, but I’m not quite ready to leave. I ask Talal and Vicky to tell me how they believe Antar Group stands out from the crowd. “We take great pride in our work,” Vicky says and Talal nods in agreement. “It’s our work that people judge us by, and we remember that in everything we do,” Vicky says. “We let our work speak for itself.” To see more of Talal and Vicky’s work, visit www.antargrp.com or call them on 03 704 306.
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EVENTS GOING ONS LISTING Page. 64
GOING ONS LISTING
EXHIBITION #1
Smart Cities 2015 Smart Cities 2015 will see an array of both regional and international authorities, their stakeholders and potential partners walk through its doors this coming September. The event will discuss the progress that has been made in regards to the implementation of smart initiatives within the top ten key priorities that are required to build and develop smart projects across the UAE, Saudi Arabia and Qatar. The aim of Smart Cities is to bring individuals together in order to complete projects whilst using smart initiatives, such as ICT infrastructure & security, smart transportation, smart energy/ utilities, smart buildings & construction, smart government and smart healthcare & education. Date 1st – 2nd September, 2015 Organiser MEED Events Venue The Address Hotel, Dubai Mall Dubai, UAE
EXHIBITION #2
King Abdullah Economic City – Industrial Valley
architects, designers, urban planners, engineering consultants and real estate development consultants to name but a few at the prestigious gathering in Dubai. Cityscape works to ensure that each and every participant is exposed to and benefits from the innovative programmes and opportunities at the event. Date 8th – 10th September, 2015 Organiser Informa Exhibitions Venue Dubai World Trade Centre Dubai, UAE
EXHIBITION #4
Construction Week Qatar Awards 2015 The Construction Week Qatar Awards will be held for the fifth year on Wednesday the 9th of September 2015. Celebrating and recognising both individual excellence and corporate success, the event sees companies invited to nominate the people and projects that deserve recognition. There will be a total of fifteen categories as well as a large jury to judge the nominees. Both an exciting social event and a fantastic networking opportunity, the awards presentation occurs over a gala dinner that sets the tone for the rest of the prestigious evening.
This September, King Abdullah Economic City (KAEC) is hosting a meeting in Dubai to discuss a range of topics. The event will cover the latest facts and figures from the KAEC, how they have managed to support clients whilst moving into the Saudi Arabian market, and the KAEC Industrial Valley and what 100% foreign ownership actually entails. Now one of the most important cities in the region, a limited number of spaces are available with attendance granted on an invite-only basis, this event is one not to be missed.
Date 9th September, 2015 Organiser ITP Events & Conferences Venue Grand Hyatt Doha Doha, Qatar
Date 8th September, 2015 Organiser MEED Events Venue The Address Hotel, Dubai Mall Dubai, UAE
MEED describes Kurdistan Projects 2015 as a “ground breaking event” that details exclusive project opportunities across the Kurdistan region, taking place at the centre of Erbil. A selection of major private sector project sponsors will gather together with the Kurdistan Regional Government in order to showcase a number of upcoming project opportunities across a range of sectors – such as oil & gas, electricity, housing & construction, heavy industry, hospitality & tourism, infrastructure & transport, water and agriculture. Kurdistan Projects 2015 is the only event of its kind in the area that caters to all the major sectors of the region’s economy, and attracts leading stakeholders and VIP guests.
EXHIBITION #3
Cityscape Global 2015 Cityscape Global 2015 will enable its guests to discover opportunities within the global real estate market, as well as share knowledge and gain a real insight into the industry. With information on how the region is continuing to improve the regulatory framework in order to support investors. Inviting visitors from a vast range of backgrounds, Cityscape Global 2015 will see the likes of banks, financial institutions, investment companies, private investors, developers, 66
EXHIBITION #5
Kurdistan Projects 2015
Date 14th – 15th September, 2015 Organiser MEED Events Venue TBC
GOING ONS LISTING
EXHIBITION #6
EXHIBITION #8
5th Annual Middle East Banking & Innovation Summit 2015
Middle East Retail Banking Summit
The highly anticipated 5th Annual Middle East Banking Innovation Summit (MEBIS) is set to take place from the 14th until the 15th of September this year. Considered to be the foremost banking technology event in the entire GCC, the previous edition had over 400 Senior Executives, IT experts, retail banking specialists and senior finance professionals in attendance. The event gives all attendees an in-depth insight into innovative developments within the field of technology, specifically for the Middle East’s banking and finance sector. The event is the leading one of its kind, keeping guests in the know when it comes to banking innovation and discussing best practices. Overall, it makes for an excellent opportunity to meet and network with industry influencers and professionals. Date 14th – 15th September, 2015 Organiser Expotrade Venue Sofitel Dubai The Palm Resort & Spa Dubai, UAE
EXHIBITION #7
Cityscape Egypt 2015 Cityscape Egypt 2015 is the country’s leading international property exhibition, and provides more than 100,000 developments for visitors to compare – all under one roof. The event sees an array of options available, so there are homes suited to the general home buyer or the private or institutional investors. In one visit to Cityscape Egypt 2015, guests can have their questions answered immediately from leading industry professionals, learn more about the market and how it’s changing and browse the latest homes, shopping centres, business complexes, hotels and more. The event attracts people from an array of different backgrounds, such as investors from banks, financial institutions and private investors; residential, office, commercial, and industrial developers and service providers such as consultants, retailers, and property advisers with many more likely to be in attendance. Date 16th – 19th September, 2015 Organiser Informa Exhibitions Venue Cairo International Convention Centre Cairo, Egypt
The very first annual Middle East Retail Banking Summit is to take place this October at the Palace Hotel in Downtown Dubai. Organised by Efma, the event is running in conjunction with Microsoft, Veripark and Peppers and Rogers. The summit runs for one day only, and will gather a number of bankers from across Europe and the Middle East together to compare the best practices from outside the region, and to discuss the latest trends in retail banking. Some of the most renowned names in the industry will speak at the summit to share their experience and knowledge with attendees, and there will be a panel session where heads of retail from major Middle Eastern banks will discuss and debate the sector’s future. Date 22nd October, 2015 Organiser Efma Venue The Palace Downtown Dubai Dubai, UAE
EXHIBITION #9
Middle East Banking Forum 2015 The Financial Times, UAE Banks Federation and The Banker have come together to organize the Middle East Banking Forum 2015. The half-day event will focus on new ways of banking and innovation within the sector. There will be an array of presentations, panel sessions and live interviews with senior executives from both regional and international banks in attendance. The topics of discussion will include the power of original thinking, change management, digtial banking, social media and working with governments on “smart city” initiatives. Date 16th November, 2015 Organiser UAE Banks Federation, Financial Times & The Banker Venue Jumeirah Beach Hotel Dubai, UAE
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THE SECTION
LIFE & STYLE STYLE HER Page. 68 BEAUTY Page. 69 STYLE HIM Page. 70 GROOMING Page. 71
STYLE HER
SUIT YOURSELF
Wearing a suit to work from Monday to Friday, you might feel like there’s only so much you can do with your working wardrobe. Sure, you have to look smart and presentable – but that doesn’t mean you’re restricted when it comes to styling your office outfit. Allow us to introduce the on-trend pieces that work as hard as you do.
TOP OF THE GAME
There’s more than meets the eye with this elegant white crepe top from Miu Miu. A simple white front has an exciting twist at the back, with military buttons stamped from the collar to the hem. Cool and comfortable, this top is perfect for the August heat, whether you’re in the office or not. Miu Miu Crepe Top, at mytheresa.com
Larsson & Jennings Läder Suede And Gold-Plated Watch, at net-a-porter.com
GO WIDE
Goodbye skinnies, hello wide-leg tailoring. These Stella McCartney trousers are serious leg-lengtheners, with a high-waist and pressed creases to flatter your figure and accentuate your pins. For a stylish office outfit, team them with a fitted shirt and classic court shoes. By the way, the clever trousers have a hidden hook, button and zip at the front, so your look is as sleek as fashionably possible. We salute you, Stella. Stella McCartney Jasmine Wool-Twill Wide-Leg Pants, at net-a-porter.com 70
TICK, TOCK
Add a delicate finishing touch to your look with this stunning Larsson & Jennings watch. Made from midnight black suede and gold-plated stainless steel, it’s the perfect addition to any day or night outfit. Who said workwear has to be boring? Not us.
UNDER COVER
With technology moving faster than we do in the mornings, what better way to catch up than with a beautifully sleek iPad case? We’re assuming you have an iPad, of course. If you do – perfect, you’ll love this one from Saint Laurent. If you don’t, you should probably get one. Saint Laurent iPad Case, at farfetch.com
EYE SPY
Throw a little fun into your working wardrobe with some statement sunnies like these beautiful ones from Chloé. A touch of metallic adds a tough edge to a feminine silhouette the oversized frame compliments your face – whatever the shape. Made in Italy, we bet they work just as well as they look. Chloé Cutout Metal Temple Acetate Sunglasses, at lanecrawford.com
BEAUTY
THE SOFTER SIDE It’s all well and good to invest in a spectrum of lipsticks and an array of foundations, but unless you’re looking after the skin underneath - well, there’s just no point. Say hello to Elizabeth Arden’s Prevage Anti-Aging Overnight Cream. With advanced Idebenone technology (and no, we don’t know what that is either but we’ll figure it out in a second), the cream’s intense moisturising happens as you sleep, so it works whilst your skin is most responsive to treatments. Enhancing your skin’s natural nighttime repair process, the cream also works to minimise the signs of wrinkles, lines and age spots. The skin becomes more resilient as a result, and remains hydrated due to the powerful moisturiser. What’s not to love? (We just looked up ‘Idebenone technology’ you’re welcome. It’s the most powerful antioxidant when compared to other common antioxidants such as alpha lipoic acid, kinetin, vitamin C, vitamin E and coenzyme Q10. According to Elizabeth Arden, it also scored an Environmental Protection Factor of 95 out of 100. Not bad). Available at net-a-porter.com
STYLE HIM
SUIT YOURSELF In this issue, we’ve decided to take some fashion inspiration from – yes, you guessed it – the banking sector. Whether you work somewhere within a bank or not, it’s a good idea to have a few token pieces you can always rely on. Classic shirts and smart trousers get a small style update with formal finds at Mr. Porter and to save you the trouble, here are our editor’s picks for your eyes only. We are good to you.
CASE CLOSED WHITE-OUT
Lana Del Rey knew a thing or two about men’s fashion when she sang, “blue jeans, white shirt”, however since this is a working wardrobe, we’ve had to compromise on the jeans. A classic white shirt is a must-have for every businessman, and we love this statement Maison Margiela one. Ideal for taking you from day to night, this little number can be worn formally at a work function, and then unbuttoned at the neck for a more relaxed evening look; it’s your call. Maison Margiela Button-Down Collar Cotton Oxford Shirt, at mrporter.com
THE STRAIGHT & NARROW
Look seriously sharp in these slim-fit wool-blend trousers by Lanvin. A smart choice whether you have back-to-back meetings all day, or just a mountain of paperwork – these on-trend trousers are both formal and comfortable. Pair them with a crisp white shirt and tan brogues for a look that shows you mean business. 72
Lanvin Slim-Fit Wool-Blend Trousers, at mrporter.com
Crafted from soft and supple black leather, this briefcase is all about elegant luxury. Its classic appearance and signature monochrome star make for a stylish yet practical accessory, and the spacious interior means you can store all your office necessities in a safe and secure place. Aptly named the 'Meisterstück’ leather briefcase, its name directly translates to ‘masterpiece’, and well – we don’t disagree. Montblanc Meisterstück Leather Briefcase,at mrporter.com
WATCH IT
With this classic timepiece by Uniform Wares, clock-watching has a whole new meaning. Perfectly understated, the ‘M37’ is ideal for everyday wear and won’t break the bank. (Sorry, we couldn’t resist). Quartz-driven with vintage appeal and a monochrome allure, this Swiss-made watch is the finishing touch to your office attire. Uniform Wares M37 Polished Stainless Steel And Cordovan Leather Wristwatch, at mrporter.com
TIED UP
Pull your office look together with a silk-twill tie that has a beautiful finish (one that seems to change colour depending on the light. Fancy, no?) Its minimalist, low-key charm is sophisticated enough for work but stylish enough for an important brunch, so it’s a win-win situation. The perfect companion for a range of shirts in varying colours, this little accessory is quite the investment. Dolce & Gabbana Silk-Twill Tie, at mrporter.com
GROOMING
UNDER THE SKIN Do you ever stop to think about the ways in which the environment wreaks havoc upon your skin? Whether it’s smoke and fumes on the commute to the office, or the rays of sun we can’t help but turn our faces to whilst basking in the warm summer glow. The world’s environmental stressors are inflicting damage upon our skin every day, and we don’t even realise it. Baume 27 by M.E. Skin Lab is here, and there’s more to it than meets the eye. Nope, 27 isn’t just a random number – there are actually 27 ingredients packed inside this little round tub of goodness. They all work alongside one another to regenerate and repair your skin, all the while remembering to keep it soothed and nourished. Not convinced? Keep reading. With powerful – and visible, might we add – anti-aging results, Baume 27 is absorbed quickly, leaving your skin feeling soft and smooth. It’s easy and convenient to use – just apply a small amount to your face and neck in the morning upon waking and in the evening before you get a few hours of shut-eye. Available at mrporter.com
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PROPERTY SHOWCASE
THE SECTION
HIGHLIGHTS PRESS HIGHLIGHTS Page. 98 SOCIETY HIGHLIGHTS Page. 102
PRESS HIGHLIGHTS
Digital Venture PUSHING FORWARD
Digital Venture, part of JGROUP, has become the exclusive representative of Airpush, the largest leading global mobile platform across the Middle East and Africa. The new partnership paves the way for a revolutionary change in mobile advertising, allowing users and advertisers to experience more immersive and engaging content on their mobile smartphone devices. Airpush’s mobile platform utilises the latest in cutting edge targeting technologies, including geo-fencing, persona targeting, app inclusion targeting and A/B testing to ensure that advertisers are perfectly matched to the correct audience. Airpush also offers proprietary performance ad units, including the advanced Abstract Banners, consistently delivering dramatically higher performance than other standardized mobile ad units. This granular level of targeting combined with limitless creative capabilities is the first of its kind in the Middle East and Africa. Together, Digital Venture and Airpush intend to revolutionise mobile advertising across the Lebanon, Nigeria, Algeria, Bahrain, Kuwait, Iraq, Jordan, Morocco, Afghanistan, Egypt, Yemen, UAE, Libya, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, Syria, and Tunisia regions.
ANB Motorcycles PARTY STARTER
One of Lebanon’s most anticipated events of the summer, the Full Moon Party at Praia Beach Resort, saw an array of activities take place throughout the evening. Along with music played by a variety of internationally acclaimed DJs and glow in the dark neon body painting, ANB Motorcycles put on a thrilling show for the thousands of spectators. The KTM Motorcycle Show saw professional riders tackle a 200-metre jump, and ANB Motorcycles had its latest Vespa model on display for all to see. The Full Moon Party served as a reminder of ANB Motorcycle’s unparalleled efforts to promote ethical and safe motorcycle culture across the country.
Scuderia Lebanon s.a.l RIDE ALONG
Scuderia Lebanon s.a.l., the official Ferrari importer in Lebanon, arranged for a drive to take place from its showroom in Saifi to Le Montagnou in Kfardebian on the 25th of July. With the playful title, “Summer Ferrari, Some are not,” the event attracted more than 80 Ferrari owners who gathered around the poolside to enjoy the beautiful scenery and landscape. The owner of Scuderia Lebanon s.a.l., Hassan Haidar, commented on the event saying, “It gives me great pleasure to be gathered again with the Ferrari family in one of Lebanon’s most desired destinations. The adrenaline charged drive and refined setting reflect the essence of Ferrari and the passion of its owners.” The new California T was the highlight of the evening – an exciting new addition that is both sporty and elegant. Scuderia Lebanon s.a.l., continues to provide its clients with the highest qualities of customer service and exclusive driving experiences. 100
PRESS HIGHLIGHTS
Land Rover UNDER CONTROL
Jaguar Land Rover has unveiled the prototype technologies from its UK-based research team, and in doing so revealed plans for autonomous driving in the future. A Remote Control Range Rover Sport research vehicle demonstrated the ways in which a driver is able to control the vehicle – without even getting inside. Using a smartphone, the driver is able to use an app to steer, accelerate and brake as well as change gear. The Director of Research and Technology at Jaguar Land Rover, Dr. Wolfgang Epple, said, “Getting a car out of a tricky parking manouevre can be a stressful experience for any driver. A Remote Control car, or a vehicle that can autonomously turn in the road, demonstrates how we could use these new technologies to reduce the tedious parts of driving and improve road safety.”
QFB BANK ON IT
Qatar First Bank (QFB) is the first independent Shari’ah compliant bank authorised by the QFC Reulatory Authoruty (QFCRA) and in July of this year announced the appointment of Ziad Makkawi as its new Chief Executive Officer. Ziad is a veteran financial services professional with a 27 years experience as an entrepreneur and business builder within the financial services arena. Abdulla bin Fahad bin Ghorab Al Marri is the Chairman of QFB, and he commented, “QFB is rolling out its strategy of establishing itself as the premier Private Merchant Bank in Qatar, we will continue to build on our success in the Private Equity area and will build up our Private banking and Investment capabilities to broaden the services we offer our clients and shareholders. We are excited about having Ziad on board to drive this strategy, Ziad brings a depth of experience to this key role and we are confident that someone of his calibre, experience and talent will lead the team and grow the bank to new heights.”
HMH HELLO, HOTEL
To celebrate Eid al Fitr, Hospitality Management Holdings (HMH), have given customers the opportunity to enjoy a special promotion across its network of hotels. With a 10% discount on its bed and breakfast rate as well as a gift voucher for every day of their stay, guests are able to make the most of their travel experience. The vouchers can be redeemed at any of the hotel’s restaurants or spa, and the offer is valid until the 21st of September 2015. The CEO of HMH, Laurent A. Voivenel, said, “Eid al Fitr is one of the most joyous and biggest celebrations in the Arab world. We want to make it truly special for our guests by ensuring a memorable experience at an exceptional rate. Over 70 per cent of our room inventory has been sold out well in advance given the massive demand from Saudi Arabia and the rest of GCC.”
PRESS HIGHLIGHTS
Ajman Liwa DATES FESTIVAL
On the 2nd of August the Ajman Tourism Development Department (ATDD) held a press conference at The Ajman Palace Hotel. The conference was held to announce the second Ajman Liwa Dates Festival that took place on the 5th to the 7th of August at the Emirates Hospitality Centre in Ajman. Organised by the ATDD in association with a special committee from Liwa Dates Festival, the festival was to celebrate the season of “Ratab”. The festival was aimed to encourage the influx of tourists to Ajman, whilst introducing both residents and visitors to an array of dates, including Neghal, Khalass, Khenaizi, Fard, Lulu and more. A number of local farmers attended the fair to exhibit their produce. Ferghal Purcell, the General Manager of The Ajman Palace Hotel commented on the occasion, “There is no doubt that tourism here is the single biggest and most important economic tool to drive business and development to the emirate of Ajman. It is a great opportunity for us at The Ajman Palace Hotel to participate in this amazing initiative aimed at preserving and promoting the local heritage while enhancing the cultural knowledge and experience”.
Dentsu Aegis Network TEAMING UP
In June of this year, Dentsu Aegis Network announced a partnership with The Hub, located in Jordan. The Hub, having offices in Amman, will take on the responsibility of the media planning and buying specifications of Carat as well as other Dentsu Aegis Network clients across the country. With Jordan becoming increasingly significant in terms of acting as a gateway to the Levant region, the partnership will be advantageous to both companies. The country is currently witnessing more and more large advertising expenditures, especially amongst the banking, telecom and entertainment industries. The Hub is currently ranked in the top two of more than fifty agencies in Jordan, and its team of thirty-five media and marketing specialists have brands such as IKEA, Mitsubishi, Maserati and Jordan Dubai Islamic Bank as clients. Moving forward, The Hub will service Carat clients Microsoft, adidas, Mastercard and Reebok on a local level. The General Manager of Carat Levant, Karen Hoyek, commented, “The opportunities in this market are endless and this partnership will form the foundation for future expansion plans in the Levant. With a shared vision and working synergies, we expect this to be the beginning of a mutually beneficial relationship for both agencies and our clients.” 102
PRESS HIGHLIGHTS
The Beirut International Festival Association 1ST EDITION
On the 11th of August 2015, the Beirut International Festival Association was launched for the very first time during a press conference held at the National Museum of Beirut. H.E. Mr. Michel Pharaon the Minister of Tourism, H.E. Mr. Rony Arayji the Minister of Culture, Dr. Bilal Hamat the Mayor of Beirut, Judge Ziad Chebib the Governor of Beirut, Ms. Mona Elias Hrawi the President of the National Heritage Foundation, Mr. Elias Aoun the President of the Union of Editors, Mr. Kaaki the President of the Order of Journalists and Mr. Mounir Douaidy the General Manager of Solidere were all in attendance, along with members of the press and some of the board members of the Beirut International Festival Association. Mrs. Lama Tammam Salam, chairperson of the Beirut International Festival Association, welcomed those in attendance, saying, “Our vision and hope for the establishment of the Beirut International Festival is to create cultural events that will take place throughout all parts of Beirut and on all platforms.” This first edition of the festival, “Beirut International Festival – Nabad Beirut” will go down in history for both the Lebanese capital as well as the arts scene across the Arab world. Mrs. Salam concluded her speech by thanking all those who came to the press conference, and invited them to enjoy a cocktail reception hosted at the museum.
GROHE & H.A Sharbatly Foundation WATER WORKS
As part of the GROHE Water for Life initiative, the world leading German manufacturer in sanitary fittings again partnered with the H.A Sharbatly Foundation to ‘turn water into food’ ahead of the holy month of Ramadan. This movement – part of GROHE’s global water conservation programme Watercare – is a continuation of the Green Mosque programme that was conducted back in 2014 with the Sharbatly foundation. 3460 litres of saved water were transformed into 346 boxes of food to be distributed amongst families in need. Antoine Khalife, the Grohe VP for the Levant and Gulf, commented, “Grohe is on a global mission to help reduce average water consumption rates year on year; not only through our advanced product technologies but also through awareness campaigns to change mindsets and habits.” Sayed Ibrahim Hassan Sharbatly, the Vice President of the Board of Trustees at Hassan Abbas Sharbatly foundation for Community Service, said, “The collaboration between GROHE and the Sharbatly foundation provide to be highly successful and consequently we have decided to further our relationship. This holistic programme, created specifically to save natural resources but also proved food for the people in need, has two levels of success that reflects the true meaning of Ramadan and makes the programme worthy.”
SOCIETY HIGHLIGHTS
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SOCIETY HIGHLIGHTS
Harry’s Bar
LITTLE ITALY
WHAT Harry’s Bar Beirut’s finest Italian restaurant, has unveiled an all-new menu and introduced a brand new Executive Chef, Orazio Ganci. WHEN 12th June 2015 WHERE Harry’s Bar, Saifi Village WHY Harry’s Bar has showcased its all-new summer menu; a selection of exciting appetizers, salads, pizzas, mains and desserts for its customers to enjoy in a pleasant and relaxing atmosphere. The new and refined menu was designed by Michelin starred Chef, Alberico Penati, and created by the new Executive Chef, Orazio Ganci. The menu is also complemented by an extensive wine list from Italy’s most prestigious wine houses. The Managing Director and Partner of Harry’s Bar Beirut, Sami Hawa, said, “Ganci’s execution of Harrys Bar’ new menu marks a remarkable culinary landmark to Beirut, the region’s gastronomic capital. Chef Ganci carefully concocts new dishes which include an array of selections with a delectable Italian taste.” The restaurant is located in Saifi Village, featuring a stunning architectural design and warm, welcoming staff.
Printania Palace Introduces
PRINTANIA GARDEN
WHAT Printania Garden launch WHEN 24th June, 2015 WHERE Printania Palace, Brummana WHY Printania Garden launch marks this year’s newest summer destination grouping 5 different restaurants under one roof: Printania Garden.
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