Namibia Comes out Top of African Countries in Global Entrepreneurship Index

Namibia Comes out Top of African Countries in Global Entrepreneurship Index

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Namibia Comes out Top of African Countries in Global Entrepreneurship Index

The Ashish J Thakkar Global Entrepreneurship Index of 85 countries ranks Singapore as the best environment for entrepreneurs.

Of the African nations, Namibia scores highest and comes 42nd overall ‘ ahead of other prominent African markets, such as Nigeria, Kenya and South Africa.

The research, conducted by Mara Foundation and Opinium Research, examines the state of entrepreneurship around the world.

Inaugural index features special ‘Focus on Africa’ section, with a deeper look at ‘women in the workplace’ and ‘youth unemployment’.

Singapore has topped an in-depth study of the world’s nations as offering the best environment for entrepreneurs, according to an Index developed by Mara Foundation (www.Mara-Foundation.org) and Opinium Research.

The inaugural Ashish J Thakkar Global Entrepreneurship Index measures entrepreneurial environments around the world and assesses each of its 85 countries against a set of criteria that spans policy, infrastructure, education, entrepreneurial environment and finance.

Top scoring African nations by pillar: http://APO.af/8GSxCV

Of the African nations, Namibia ranks 42nd overall, Rwanda ranks 43rd, Botswana ranks 44th and South Africa ranks 46th ‘ all of which perform well on the ‘Policy’ pillar but have some way to go to improve on their infrastructure and education in particular. 

Of the top three African countries in the Index, Namibia and Botswana are stronger on the education pillar because of comparatively higher levels of literacy and quality in education. Both countries have made education central to their development.

Rwanda scores highly on the Policy and Finance Pillars driven by government initiatives to increase the ease of doing business. Credit is easily available and business transparency is high.

Zambia scores particularly well on the Finance Pillar (72). Primarily because of the availability of credit and a low total tax rate.

Zambia, South Africa and Rwanda, the top 3 countries in Africa on the Finance pillar, stand head and shoulders above their peers, with scores of 72, 66 and 65 respectively. This places Zambia in the top 10 of all countries globally on the Finance Pillar, just behind the USA (78).

Significant challenges exist in terms of Africa’s political stability, underdeveloped infrastructure, poor education and under-diversified economies. Comparatively lower scores for infrastructure are primarily driven by a lack of electrical access and the technology that comes with reliable access to energy, such as telecommunications and internet access.

Lower scores for education are due to the overall quality of education and lower literacy rates. Boosting opportunities for a quality education is imperative for increasing the region’s quality of entrepreneurs and start-ups and providing a suitable workforce.

Overall scores and Pillar scores: http://APO.af/6aerfA

Ashish J Thakkar Global Entrepreneurship Index 2016 score [Full scores available in Full Report: http://APO.af/cV2YTt]

While much of Western Europe does well overall in the Index, Greece and Spain rank relatively low (34th and 50th respectively). Both nations are continuing to reel from the after-effects of the financial crisis, which have been exacerbated by poor levels of entrepreneurial opportunities.

Rona Kotecha, Executive Director, Mara Foundation said: The Ashish J. Thakkar Global Entrepreneurship Index offers a powerful insight into various elements that impact entrepreneurship globally. Whilst Mara Mentor enables and empowers entrepreneurs, the Index and its 20 policy recommendations are designed to provide a starting point for changes that can be implemented to create more effective entrepreneurial environments. This, in turn, will lead to job creation and a positive impact on economies around the world.’

The Ashish J Thakkar Global Entrepreneurship Index 2016 is the brainchild of serial entrepreneur, Ashish J Thakkar, who started his first business at the age of 15. The Index is a Mara Foundation initiative that has been developed with support from independent research consultancy, Opinium, to create a wide-ranging and thorough analysis of the state of entrepreneurship globally.

Ashish J Thakkar, Founder, Mara Group & Mara Foundation said: ‘Through the work of Mara Group over the past 20 years, I have come to recognise the immense contribution that entrepreneurs make to economies and societies around the world ‘ particularly in relation to job creation. In recent years, however, it has become more and more apparent that governments and the private sector are simply not doing enough to support entrepreneurs in their endeavours. With the creation of this Index, we hope to provide some solid policy recommendations that will help guide discussions and improve entrepreneurial environments globally.’

President Akinwumi Adesina, President of the African Development Bank said: ‘I commend Ashish J. Thakkar and the Mara Foundation for creating this timely index. It provides useful insights on how Africa can unlock the potential of its youth and boost entrepreneurship. As populations are aging rapidly in much of the rest of the world, Africa can reap the economic dividends of its growing labor force. Africa is poised to become the next center for entrepreneurship, but we must provide Africa’s youth with the required skills and create an environment that will enable them to become the business leaders of tomorrow.’

Mo Ibrahim, Founding Chairman of Satya Capital Limited, Founder and Chair of the Mo Ibrahim Foundation said: ‘Entrepreneurs are a great engine for development. In Africa, you need to encourage and create the right environment for their success. I really wish to congratulate The Mara Foundation for developing its important index which is a useful tool for all of us.’

Richard Branson, Virgin Group Founder said: ‘The Mara Foundation has done some great work supporting entrepreneurs all over the world. I’m delighted to see their new entrepreneurship index that will help identify opportunities for business, not-for-profits and Government to work together to create the right environment for entrepreneurs to thrive and to create jobs.’

High Interest Rates: How do they impact Small Businesses in East Africa?

High Interest Rates: How do they impact Small Businesses in East Africa?

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How Do High Interest Rates Impact Small Businesses in East Africa?

Small & Medium Businesses in East Africa should be looking at ways to maximise their efficiency and improve debt management to navigate the risks that high interest rates pose for their businesses.

That’s the word from Billy Owino (https://Twitter.com/OwinoBill), Regional Director for Sage East Africa (www.Sage.com), the market leader for integrated accounting, payroll, and payment systems. He says that business builders feel the pressure of rising interest rates more severely than their larger counterparts. Big business and government policymakers should look at ways of helping smaller businesses manage the challenges they face as a result of high interest rates.

Owino notes that Small & Medium Businesses are central to the region’s economy, generating a large proportion of income, tax revenues and jobs. In Kenya, for example, Small & Medium Businesses are estimated to account for more than 80% of job opportunities (http://APO.af/jRqAou). A vibrant Small & Medium Business sector creates inclusive growth and tax revenue ‘ which is why governments in the region see small business as a priority.

Defending East African currencies

Though interest rates have started to ease somewhat across East Africa, they remain relatively high in countries such as Uganda and Kenya after central banks acted in the past two years to protect currencies from depreciation. For many Small & Medium Businesses, this has been a handbrake on growth, says Owino.

On the one hand, higher interest rates mean that many consumers have less money to spend, particularly on luxury goods. On the other, it means that many small businesses are paying more to service overdrafts, car loans, commercial mortgage repayments and credit card debt.

Unlike large businesses, many small businesses need access to credit to fund growth or bridge temporary blockages in their cash flow because they don’t have big cash reserves, says Owino. High interest repayments might affect the sustainability of those who are already operating on tight margins’raising the risk of default, foreclosure and even bankruptcy.

Interventions from government and big business

Governments in the region have taken some steps to counteract the effects of high interest rates on consumers and small businesses. The Kenyan government, for example, introduced a law capping bank interest rates at 4 percentage points above the central bank’s benchmark rate.

Though this has helped to contain interest rates banks charge their customers, there is a danger of unintended consequences such as banks charging other fees to make up for the income they lose, says Owino. Another idea with potential to make a difference is government helping to fund small businesses through small business funds.

‘By supporting business builders with loans at low interest rates, governments can help create jobs and tax revenues for tomorrow,’ says Owino. ‘Many development banks run by government and international multilateral institutions such as the International Finance Corporation are making a difference, but access to finance is still low among East African Small & Medium Businesses.’

If you are running a Small & Medium Business in East Africa, high interest rates are likely to be part of the landscape for a while to come. But there are some ways to improve your debt management to minimise the impact on your business:

Cut costs: Look for ways to reduce wastage and inefficiency in the business so that you can service debt faster or avoid taking a loan in the first place. A robust accounting system can help you better understand your expenses so that you can find ways to cut costs.

Speak to your suppliers: Sit down with your major suppliers and try to negotiate favourable credit terms. If you can get 30 days to pay for stock, interest-free, that’s preferable to using an overdraft.

Stay in touch with your creditors: Rather let your lenders know immediately when you are struggling to make your repayments. This will give you an opportunity to negotiate new terms rather than incurring massive penalty interest and harming your relationship with the bank or suppliers.

Prioritise: Pay off the debt with the highest interest rates first.

Be proactive in the management of your own debtors: Make sure your own credit control and collection processes are sound

Turkish Trade Centers to Open Doors in Dubai's One Central

Turkish Trade Centers to Open Doors in Dubai’s One Central

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Turkish Trade Centers to Open Doors in Dubai’s One Central

Dubai World Trade Centre’s One Central has welcomed the Turkish Trade Centers to its first award-winning commercial office building.

With the goal of facilitating and enhancing trade between Turkey and Dubai, Turkish Trade Centers is one of the key commercial tenants to sign a lease and operate with a free zone licence within One Central, the AED 8bn mixed-use development managed and developed by the Dubai World Trade Centre Authority (DWTCA). One Central is an offshore zone strategically situated in the heart of the Dubai World Trade Centre complex.

Abdalla AlBanna, Vice President ‘ Free Zone Operations, Dubai World Trade Centre said, ‘Historically, Dubai has played a significant role in the economic development of the region by facilitating the movement of goods and services, and the exchange of knowledge and ideas. One Central is another excellent free zone business platform and a very well-rounded development fit to enhance trade ties, supporting international enterprises and associations to enjoy numerous offshore license benefits to propel the economy further. We are confident that the establishment of Turkish Trade Centers will open more avenues for trade and commerce in the region.’

DWTC’s One Central has been selected by the Turkish Trade Center management as the hub for the operations because it provides a business environment that is conducive to trade growth and has a well-developed legislative framework that regulates business activities. Established as a Free Zone company under the DWTC Authority, Turkish Trade Center organisation is gearing up to promote trade and commerce between the two countries, by providing Turkish businesses, legal and financial assistance for setting up operations in the UAE. 

Under the development and management of Dubai World Trade Centre Authority (DWTCA), One Central is an integrated real estate development in Dubai’s business district, facilitating international trade and commerce and attracting multinational businesses to set-up and expand in the region through the establishment of permanent representative offices or new regional headquarters in the UAE and Dubai specifically.

Alongside the Turkish Trade Centers, other organisations that have signed lease agreements include Pinsent Masons LLP, R M E Luxembourg Business Center, R M E Business Center FZE and Schlumberger Global Support Centre Limited. 

One Central will provide 540,000 square metres of development space, and houses business, residential and leisure developments, including five Grade A, LEED Gold certified office buildings, four hotels ranging from 3, 4 and 5 stars with an estimated 2,000 keys, and residential towers offering 1,300 premium residential units.

Hempel Paints to Transfer All of Saudi Arabia's Manufacturing Operations to New Factory in Jeddah

Hempel Paints to Transfer All of Saudi Arabia’s Manufacturing Operations to New Factory in Jeddah

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Hempel Paints to Transfer All of Saudi Arabia’s Manufacturing Operations to New Factory in Jeddah

Hempel Paints, a global supplier of marine, protective and decorative coatings, announced plans to move its entire production in Saudi Arabia to its new plant in Jeddah’s Second Industrial City as part of a strategy aimed at meeting the needs of its Saudi customers. Inaugurated two years ago, the factory in Jeddah is Hempel’s first 100% water-based production factory in the Middle East, the largest in region, and the second largest in the world.  The strategic move coincides with the centennial anniversary of the inception of Hempel Group.

Commenting on the announcement, Engineer Ahmed Abdul Aziz, Sales and Marketing Director at Hempel Paints Middle East said: ‘We, at Hempel Paints, keep up with market developments and strive to meet customer needs and requirements. We completely understand that Saudi Arabia, in line with its Vision for 2030, will witness dynamic developments across all aspects, particularly the construction sector, which is the largest in the region. Plans are underway to build 40,000 hotel rooms by 2018 in Riyadh and Jeddah and 120 hotels by 2020 in the Kingdom. According to Raden bin Sa’afaq Al Dweish, Chairman of the Housing and Urban Development Committee of the Eastern Province Chamber of Commerce Industry, around 1.5 million residential units are in demand in the market.’

Commenting on Hempel Paints’ current annual production and 2017 expansion plans, Abdul Aziz stated: ‘Built on 15,000 square metres, the factory has production lines with manufacturing capacity of 32 million litres a year. The plan is to increase the maximum capacity to around 40 million litres annually.’

As for Hempel’s market share, Abdul Aziz said: ‘The paints and coatings market has a great growth potential, with an estimated value of SAR 3 billion a year, and Hempel Paints is aiming to double its market share in the Kingdom.’

Hempel Paints’ market share is expected to grow in the next five years due to the company’s commitment to providing its customers with best quality products and services. 

Hempel decorative paints are widely used by homeowners, architects, and construction companies. Armed with over 100 years of paint expertise, the company produces a wide range of interior, exterior and floor coatings solutions.

Hempel Paints has been present in the Kingdom for more than 45 years, controlling a considerable market share and maintaining strong market positioning thanks to its technologically-advanced paints available at its showrooms located strategically in the Kingdom.

Turkish Airlines Wins New Award in Advertising

Turkish Airlines Wins New Award in Advertising

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Turkish Airlines Wins New Award in Advertising

Turkish Airlines, ‘Europe’s Best Airline’ for six consecutive years, has won the respected gold prize in Epica Awards for the ‘Batman v. Superman’ advertising campaign.

In the blockbuster ‘Batman v Superman: Dawn of Justice’, the airline made a cameo with its Boeing 777 type aircraft. The idea was to claim that Turkish Airlines was flying to the movie’s imaginary cities of Gotham City and Metropolis. Outside the on-screen reality, Turkish Airlines was committed to the unveiling of innovative movie-themed experiences that gave fans around the world the possibility to look into the world of the iconic superheroes, including the possibility for travelers to ‘book’ flights to the airline’s two ‘new’ additions to its route network.

Turkish Airlines was awarded under the Product & Brand Integration category which awards ‘operations promoting branded products or services via appearances in pre-existing films, television shows or other media, enabling brands to gain or reinforce status from the context in which they are placed’. Making Turkish Airlines the first real world airline in a superhero universe, the campaign resulted in 125 million earned media impressions while ads on YouTube reached a view count of over 30 million.

Mr. Ahmet Olmu?tur, Turkish Airlines’ Chief Marketing Officer said ‘We are proud of this prize that shows Turkish Airlines’ commitment in always offering new delightful and unexpected experiences to its passengers and followers worldwide.’

Epica Awards, which was established in 1987, is considered to be unique in the crowded awards sector as it is the only prize judged by journalists working for marketing and communications titles.

Uncertainty Continues to Dictate Rental Rates in Abu Dhabi

Uncertainty Continues to Dictate Rental Rates in Abu Dhabi

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Uncertainty Continues to Dictate Rental Rates in Abu Dhabi

  • Asteco’s Abu Dhabi Q3 report highlights continued demand for more affordable properties and increased value for money
  • Apartment and villa rental rates drop by 6% and 3% respectively year-on-year
  • Apartment and villa sales prices fall by 1% on average quarter on quarter
  • Office rental rates 72% lower than 2008 market peak

Landlords in Abu Dhabi are coming under increasing pressure as tenants look for more affordable rental rates against a backdrop of macroeconomic uncertainty, with large units being the most affected tranche, according to the Abu Dhabi Property Review Q3 2016 report from leading real estate consultancy, Asteco.

John Stevens, Managing Director, Asteco, said: ‘The ongoing redundancies across various industry sectors and the reduction of staff housing allowances continues to negatively affect demand in Abu Dhabi with a number of tenants opting to downsize and / or move to more affordable developments.’

In the UAE capital, villa rents were down, on average, by 2% from the previous quarter. The highest drop was in Al Raha Gardens (6%) followed by Al Raha Beach Villas (4%). Demand for older villas inside Abu Dhabi City has also dampened down with premium units most affected, with an average decline of 10% since the same period last year. 

Saadiyat Beach Villas were the only exception with rates remaining stable since the beginning of the year, recording a 7% increase compared with the same period last year.

Rental rates for prime apartment projects on Saadiyat Island remained stable and close to full occupancy during Q3, while other prime and high quality apartments recorded a 1% decline compared with Q2 2016 falling by an average of 6% since Q3 2015. High end units in the Corniche saw rates drop by 9% from the same period last year. 

Stevens said: ‘The majority of vacant apartments, which were offered at reduced rates in Q2, have now been leased, especially the smaller unit types (studio, one and two bedroom). This indicates that there is demand in the market, but value for money is the most important factor. In comparison, rental rates for larger and more expensive three and four bedroom duplexes and townhouses have fallen by 10% since the last quarter, with a high percentage remaining vacant for over six months.’

The report revealed the rental gap for high-end apartments between Dubai and Abu Dhabi reduced significantly over the last quarter as Abu Dhabi recorded further declines, coming more in line with Dubai ‘ in Q1 2016 the price difference for one and two bedroom apartments between the two Emirates was typically AED 20,000 per annum and this has narrowed to AED 10,000.

In the affordable and mid-range residential segments, Abu Dhabi’s rates have reduced moderately, by AED 5,000 on average, since Q1 2016, whereas Dubai’s rates were marginally down by AED 1,000.

In terms of apartment sales, there was a nominal 1% average decline during the quarter, with projects at Al Raha Beach and Saadiyat Island, as well as Al Reef, recording sales price gains of 3% to 5% respectively compared with the same period last year.

Villa sales remained quiet with a limited number of transactions mostly for completed units. Stevens said: ‘Sales prices decreased by 1% on average, since last quarter and by over 4% since Q3 2015. Sales prices for Saadiyat Beach Villas remained stable this quarter, however, prices were up by 4% compared with last year.’

Reduced  oil prices continue to negatively affect Abu Dhabi’s economy. Office rental rates are currently at their lowest point since market peak in late 2008, with rates, on average, 72% lower. Rents in prime office buildings are now close to AED 1,600 per square metre, representing a 4% decrease over the last three months.

Stevens said: ‘Large corporate and government entities often form the main tenants of prime office space, and with uncertain economic conditions and low oil prices, demand from these organisations has weakened considerably.’

For more details, please visit www.asteco.com

New Life into Containers Converted into Refugee Classrooms

New Life into Containers Converted into Refugee Classrooms

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Dubai Electricity and Water Authority (DEWA) and DP World, the global trade enabler, have completed the transformation of out-of-service shipping containers into classrooms for refugee camps, another successful initiative of the Carbon Ambassador Programme.

The second edition of the Dubai Carbon Programme was organised once again in collaboration with the Dubai Carbon Centre of Excellence (DCCE) and the United Nations Development Programme (UNDP). DP World provided all participating groups with six containers to convert them as part of their projects which will be displayed at the 18th Water, Energy, Technology and Environment Exhibition (WETEX 2016), which is organised by DEWA under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai, and under the patronage of H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, and President of DEWA, during the period from 4 to 6 October 2016 at Dubai International Convention and Exhibition Centre.

The project was sponsored by DP World and worked on by its employees, raising awareness on environmental issues by using sustainable material in the construction of the classrooms and by employing renewable resources such as solar energy to fuel the running of air-conditioning and electronic equipment. The programme aims to promote a culture of sustainable development among fresh graduates and young employees through engaging them in green activities planned by different public and private sector organisations.

DEWA provides all the necessary capabilities for the success of the Carbon Ambassadors Programme, engaging participants in activities, training courses, and workshops on sustainability, climate change and the environment.

The eight young Emirati women from DP World who worked on the project are Alia Janahi, Maryam Al Zaabi, Saeeda Khamis, Sana Al Awadi, Thureya Al Ali, Shatha Al Falasi, Khaloud Al Jasmi and Nora Al Ali. Inspired by nature, recycling and technology, they’ve created a classroom for children who are in need of educational assistance and better learning environments. 

The unique space will give refugee children access to real-life, working sustainable technologies, while enabling them and developing their thinking toward building a sustainable future for their communities. 

‘To achieve the Green Economy for Sustainable Development initiative launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai and help enhance Dubai’s position as a global hub for trade, finance, tourism, and green economy, DEWA organises the Carbon Ambassadors Programme in collaboration with Dubai Carbon. DEWA adopts a clear strategy to develop national staff. DEWA strives to enhance the creative skills of young people and motivate them to innovate. DEWA is also committed to involve the youth in achieving sustainable development objectives. The youth of today are the leaders of tomorrow, who will play a key role in decision-making at all levels. This is the goal of the Carbon Ambassadors Programme,’ said HE Saeed Mohammed Al Tayer, MD & CEO of DEWA. 

‘Since its launch, the Carbon Ambassador Programme was supported and it achieved success. DEWA has won the Training Initiative of the Year Award from the Emirates Green Building Council, for the Carbon Ambassadors Programme. DEWA sponsors the programme to involve youth in environmental and sustainability issues. This reflects our efforts to achieve the objectives of our wise government, in adherence with the Carbon Abatement Strategy, to reduce carbon emissions by 16% by 2020,’ concluded Al Tayer.

‘Sustainability is a fundamental aspect of being a responsible business and we believe doing the right thing today is the best way to thrive in the future. That means partnering with our peers to deliver programmes that promote sustainable development for the long term. The Carbon Ambassador Programme is a shining example of that kind of partnership. It forms part of our strategy to involve Emirati youth in promoting sustainable development and to support the visionary leadership of the country in achieving the UAE Vision 2020 2021 to build a green economy in tandem with the Dubai Integrated Energy Strategy 2030. By strategically investing in issues that affect our society we are creating a legacy for future generations and their involvement is key,’ said HE Sultan Ahmed Bin Sulayem, DP World Group Chairman and CEO.

‘Our global sustainability programme, (Our World, Our Future), aims to integrate sustainability into every aspect of our business. That means investing in people, protecting our environment, ensuring the highest safety standards and taking steps towards building a vibrant, secure and resilient society. I am delighted to see our Ambassadors contributing to the welfare of the world in this way, building expertise, know-how and experience to pass on this knowledge. It is our future generations that will become the stewards of the world tomorrow and they need to be equipped with the right mindset and skills to achieve it all,’ added bin Sulayem.

‘DP World earlier supervised the first batch of Carbon Ambassadors, which consisted of 29 Emirati students who were tasked to design and implement a plan to transform four 20-foot shipping containers into self-sustaining and eco-friendly bus stops. We are pleased to renew our cooperation with DEWA to mobilise our youth in shaping the country’s economic and eco-friendly development,’said Nabil Battal, DP World Global Safety & Environment Director.

Alderley Gears for IKTVA Growth

Alderley Gears for IKTVA Growth

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Alderley is currently gearing up for IKTVA growth in the Kingdom of Saudi Arabia and are delighted to have recently secured a new facility. The new facility located at the MODON (Saudi Industrial Property Authority) 2nd Industrial City in Dammam, a total of 9025m’, will have four times the manufacturing capacity of their existing site in Dammam.

Alderley have been operating in the Kingdom for over 11 years and are predominantly recognised for top engineering and the manufacturing of metering and control systems. To date Alderley provide a range of through-life support services to the 122 liquid metering systems and 72 gas metering systems installed across the Kingdom. 

This substantial investment in new facilities demonstrates Alderley’s ongoing commitment to further strengthen local Saudi manufacturing and play their role in contributing to Saudi Aramco’s In-Kingdom Total Value Add (IKTVA) Program. 

Matthew Way, Chief Operating Officer for Alderley plc, comments, ‘I am extremely delighted by the purchase of the new facility, which will enable Alderley to keep growing in the Kingdom. Our aim is to increase our local workforce in Dammam and focus on the things we do best ‘ project management, engineering and manufacturing of Modular Packages for the oil and gas industry.’

Matthew continues by saying, ‘Alderley’s history demonstrates the commitment to investing and manufacturing in the Kingdom, which provides a great platform to build upon. Our recent acquisition strengthens our strategic direction in support of IKTVA and Saudi Vision 2030 through increasing our supply chain capabilities and creating highly skilled and specialised working opportunities within the Kingdom’  

Alderley Dammam is part of the Alderley Group specialising in the engineering, supply, operation and through-life support services of bespoke modular packages to the oil and gas industry.

Car Shoppers Prefer Dubizzle

Car Shoppers Prefer Dubizzle

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Dubai, UAE ‘ As of September 2016, dubizzle leads the online motors market, with 84% of UAE second-hand car shoppers visiting the platform for their next purchase. The UAE’s leading online classifieds platform owes its success to the users who sell and buy cars on dubizzle due to the platform’s focus on transparency.

dubizzle recorded over 109,000 daily active users on its motors section in September 2016, confirming its position as the number one online second-hand car marketplace in the UAE. 

‘dubizzle’s success is built on creating a highly transparent and liquid marketplace ‘ we invest in developing our platform with the best interests of our users in mind. Other platforms allow sellers to hide asking prices, which encourages consumer exploitation, while dubizzle actively works to create win-win exchanges. In fact, 85% of buyers search by price on dubizzle. Therefore, hiding asking prices hurts sellers as their ads will not prominently appear in search results, leading to fewer and lower quality leads,’ commented Jean-Pierre Mondalek, General Manager Motors at dubizzle. 

On average, dubizzle’s Motors section receives over 1,000 net new listings per day, which is six times more than the next largest motors platform in the UAE, offering the widest selection of content to the largest motoring audience in the UAE ‘ 40,000 live used car ads and 1.68 million unique visitors per month. In addition, each dubizzle motors ad typically receives its first lead within 30 minutes and over 20 inquiries within 30 days of being posted, ensuring highest liquidity and best return on investment for users. dubizzle also found that on average a car will sell within 30 days of being listed on the platform.

As part of its ongoing investment in features and services that benefit its users, dubizzle has recently partnered with CarReport, an international, independent vehicle history provider on used cars, to provide total transparency across the UAE’s used car market for the first time. Through this first-of-its-kind service, dubizzle aims to empower buyers by providing them with vehicle history and price guides for cars advertised on the platform ‘ creating peace of mind in the used car buying journey. This simultaneously helps sellers by improving the quality of leads received. dubizzle will continue to facilitate fair trade on the platform, offering a quick, easy and accessible marketplace for second-hand cars.

Azizi Developments - Dubai Healthcare

Azizi Developments – Dubai Healthcare

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Dubai, UAE – Azizi Developments, a leading UAE-based real estate developer with global reach into international markets, has announced its newest project in the emerging Dubai Healthcare City: Azizi Aliyah. The fully-serviced residence, a B+G+2P+14+R structure, is Azizi Developments’ first project in Dubai Healthcare City, conveniently located between Burj Khalifa and the future tallest skyscraper in the world, The Tower.

Azizi Aliyah is scheduled for completion in 2018 and valued at approximately AED 470 million. The residence will encompass 191 studio apartments, 135 one-bedroom apartments, and 20 two-bedroom apartments.

Farhad Azizi, CEO of Azizi Developments, said: ‘Azizi Aliyah encompasses our line of luxury apartments that cater towards the lavish, healthy lifestyle of professionals and nuclear families. Affluent singles, business owners, families and investors will also be treated to valet services, concierge, contemporary, healthy living, and green spaces. ‘ 

Mr Azizi, continued, ‘Investing in Aliyah is as convenient as its location. Azizi Developments is delighted to announce that we will also be offering flexible payment plans that are affordable enough to suit each individual client: 30% of the payment during construction with 70% upon completion and handover. We at Azizi Developments offer our services to investors to fully manage the process of renting units for them. This in-house renting option puts our clients at ease, removing concerns about renting out their investments themselves.’

Sprawling over a total construction area of 482,123 square feet, Azizi Aliyah will captivate potential investors with its convenient access to transportation, outdoor sports facilities, community retail centre, common areas, landscaped gardens, schools, private pool, spa, and gym. In addition to Azizi Aliyah’s scenic beauty is the convenience of direct access to Sheikh Zayed Road, Emirates Road, Al Khalil Road and is within close proximity to Dubai Creek, Wafi City and Business Bay. 

The development of Azizi Aliyah, which is at its mobilisation and fencing stage, is a luxurious community that encapsulates the principles of a healthy lifestyle while still located near major Dubai icons and attractions.

160 companies choose Abu Dhabi Global Market

160 companies choose Abu Dhabi Global Market

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Abu Dhabi Global Market (‘ADGM’), the international financial centre in Abu Dhabi, is pleased to register and license close to 160 companies from a broad range of industries and sectors in its first year of operations. This achievement sets another new milestone in ADGM delivering on its ambition to support Abu Dhabi’s economic plan and long-term growth.  

The varied consortium of well-established local family businesses and international companies registered with ADGM is testament to the free zone’s commitment to being an open, trusted and well-regulated financial and commercial hub, designed to serve the financial needs of Abu Dhabi and the UAE.

A Vibrant Group of Businesses and Companies in the financial free zone

The group of first movers into ADGM comprises financial, non-financial and retail businesses. In line with ADGM’s strategy of fostering a broad based, thriving and sustainable business community, a large pool of companies in the non-financial category has made ADGM their home base include the law firms, professional and corporate service providers and family offices. In other key sectors, real estate, investment and holding companies seeking to be close to the region’s business and growth opportunities are also among those who have also chosen ADGM as their hub.  Adding to the dynamic mix is a sizable group of retail and hospitality businesses catering to the needs of the financial free zone. Given its central location, retail businesses increasingly value Al Maryah Island as a highly attractive base and location for sustainable growth. 

ADGM Provides a Conducive and Sustainable Business Platform & Environment

In making a choice, many companies have attributed the ease of doing business, level of efficiency, a comprehensive range of business offerings and investment vehicles, and adoption of the entirety of common law in legislative framework as some of the fundamental reasons for being attracted to ADGM. 

As the UAE’s new International Financial Centre, ADGM has established a significant presence in the local and international business and financial regulatory scenes.  ADGM understands what businesses wants and has been meticulous in developing a conducive ecosystem that enables local businesses to thrive, regional companies to expand their presence and global entities to access the growth opportunities in the region.  

Mr Dhaher Bin Dhaher, Chief Executive Officer of ADGM’s Registration Authority says: ‘As a broad-based financial centre, ADGM has been focused on creating a business-friendly and sustainable eco-system where local companies and international entities can grow together.  We remain relevant and responsive to the needs of our market by maintaining a dynamic platform and safeguarding the best interests of our registered companies and stakeholders.’

‘Through ADGM, businesses have access to and can conduct a wide range of activities to bolster their growth. We also have a supportive framework that meet the needs and requirements of family businesses by safeguarding their assets,’ added Mr Dhaher.    Numerous family businesses and individual companies have also set up in ADGM as it provides a supportive framework which allows them to manage family interests and safeguard their assets in the most efficient manner.

He highlighted, ‘Our registration process is efficient and straightforward. In some cases, we are able to issue licenses to companies within 48 hours of receiving their business registration. Our fully digitised platform and robust and supportive on-boarding services ensure a hassle-free transition for companies and their employees who want to attain a licence with the ADGM. This also part of our on-going commitment to deliver valuable client experience for ADGM companies and partners as an IFC.’

‘We believe in building an ecosystem with a strong legal framework and courts system and getting it right from the very start. We are pleased that so many businesses from diverse industries see and understand the future of the ADGM and significance of being part of the growth story of Abu Dhabi,’ added Mr Dhaher.

Fostering Greater Partnerships and Enabling Growth

ADGM will continue to work closely with key stakeholders to review opportunities and develop new synergies to attract more local and global brand names to Al Maryah Island.  ADGM will also increase efforts to heighten its profile as an international financial centre that offers exciting lifestyle and commercial activities on offer.

As ADGM moves into its second year of operation, it remains committed to providing an efficient and sustainable platform for local companies to become regional and global champions. ADGM will also further its dedication to support financial institutions in establishing their operations in Abu Dhabi and fulfil their expansion ambitions in Middle East, Africa, South Asia and beyond.

The Brexit Controversy Continues

The Brexit Controversy Continues

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The United Kingdom’s decision to leave the European Union earlier this year, sent shockwaves around the world. Its impact is still ramifying as the Pound Sterling value just hit a new 31-year low against the US dollar this past week. 

Did this result in panic-buying of the pound sterling across the GCC region? What consequences did it entail on the remittances industry? On the economy in general? These questions are answered as industry experts from The Foreign Exchange & Remittance Group, UAE Exchange and Xpress Money share their opinion on the subject matter.

Commenting on the impact of the Pound Sterling’s fall on the British economy, Mr. Rajiv Raipancholia, The Foreign Exchange and Remittance Group Secretary, said: ‘As the Pound continues to depreciate, individuals are looking for an opportunity to invest in the U.K. property market. Travel to U.K. for a holiday has become more favourable due to a weaker pound. The number of transactions for pounds’ remittances have increased but what is more important is that we have seen the amounts (volumes) grow by 15% to 20% in the last two weeks’.

Exchange houses across the GCC have witnessed a remarkable pick up in business, with many requests for transfers to the United Kingdom during the past week. 

‘The Great Britain Pound has been on a downward path post-Brexit. It hit a 31-year low last week, resulting in a loss of up to 18 per cent of its value but profitable to the Europeans residing in the GCC countries of Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates. With the GCC currencies pegged to the dollar, the weakening of the Sterling has positively impacted remittances. At UAE Exchange, our remittance volume from GCC to UK showed a steep growth of 135 per cent the past week vis-‘-vis the same period during last month. Though uncertainties prevail around UK’s economic prospects outside the EU, British expats are cashing on the favorable exchange rate and remitting to their home country,’ said Promoth Manghat, Chief Executive Officer, UAE Exchange.

From his side, Mr. Sudhesh Giriyan, COO, Xpress Money was quoted saying ‘Since the Brexit, the sterling pound has lost up to 18% of its value to hit 31-year lows. The pound has continued to fall against the US dollar as worries persist over UK’s economic prospects outside the EU. Treasury data shows that British expatriates worldwide, including the UAE and GCC region, are taking advantage of the weakening pound and are remitting money back home at very favorable exchange rates. As British citizens are one of the largest western expat groups in the UAE, remittances to the UK have picked up due to depreciation of the currency and we see this trend continuing in the coming days.’