Getty Images and APO Group announce strategic partnership

Getty Images and APO Group announce strategic partnership

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Getty Images and APO Group announce strategic partnership to provide innovative and integrated text, photo and video services to companies operating in Africa and the Middle East

Getty Images, a world leader in visual communications, and APO Group, a leading media relations consultancy and press release distribution service, have announced a wide-reaching collaboration to promote integrated text, photo and video solutions to organizations operating across Africa and the Middle East.

The two companies put pen to paper at an official signing ceremony at the Getty Images headquarters in London.

Serving nearly One Million customers in almost every country in the world, Getty Images is the most trusted and esteemed source of visual content in the world, servicing the media, corporate and advertising sectors. Its digital asset management and distribution services optimize efficiency and content syndication for hundreds of partners globally.

Since its formation in 2007, APO Group has quickly become the most influential and reputable media relations consulting firm in Africa and the Middle East through its pioneering press release distribution and innovative monitoring solutions. Its global advisory services allow organizations from all over the world to harness the potential of media by developing strategic communications plans that help to build positive connections with key audiences.

The strategic partnership will combine Getty Images’ unique capabilities, in tandem with APO Group’s world-class media relations to help organizations connect their compelling stories with new audiences.

Getty Images will provide APO Group customers with its full suite of image production, distribution and digital asset management solutions, while APO Group’s range of media 

relations services, dedicated to Africa and the Middle East, will be available to Getty Images customers.

Africa, in particular, represents a significant growth opportunity for customers of both organizations. With its population set to double by 2050, it will be home to 40% of all humanity by the year 2100. By working together in the region, Getty Images and APO Group can help raise the profile of Africa on an international scale.

In recent years, APO Group has established itself as the media relations consultancy of choice for multinationals requiring local support in Africa and the Middle East, and for African organizations looking to expand internationally. With over 300 diverse clients such as Facebook, Uber and Hilton ‘ as well as 57 of the leading global PR Agencies ‘ APO Group has doubled its turnover in the last two years and is the undisputed market leader for media relations in Africa and the Middle East.

Getty Images and APO Group are also united in their passion for sport. APO Group is the Main Official Sponsor of World Rugby’s African association, Rugby Africa, while Getty Images is the official photographer or photographic partner to over 80 of the world’s leading sports governing bodies, leagues, and clubs, including the F’d’ration Internationale de Football Association (FIFA), the International Olympic Committee (IOC), National Basketball Association (NBA), Union of European Football Associations (UEFA), National Hockey League, NASCAR, Professional Golfers Association (PGA), Manchester United, Borussia Dortmund, FC Bayern Munich, Cricket Australia and New Zealand Rugby Union.

In 2018 the two companies worked together to increase the international exposure of the Rugby Africa Gold Cup competition a qualifier for the 2019 Rugby World Cup.

‘In APO Group we are confident we have a great partner to develop our presence in Africa and the Middle East,’ said Lee Martin, Senior Vice President, Global Strategic Development at Getty Images. ‘They are the market leader in their field, and have deep knowledge and expertise of corporations and media across the regions. We look forward to an exciting collaboration that will help us break new ground in untapped markets that are full of potential and opportunities.’

‘This partnership further demonstrates our commitment to working with best-in-class organizations all over the world to provide innovative and integrated communication and media relations solutions to our corporate customers,’ said Lionel Reina, CEO of APO Group. ‘The power of our combined multi-domestic services reflects an increasing demand from corporations to work with a limited number of suppliers in order to communicate more efficiently about their African and Middle Eastern activities.’

The strategic partnership was acknowledged with a photo of Lee Martin, Senior Vice President, Global Strategic Development at Getty Images, and Lionel Reina, CEO of APO Group, displayed on the NASDAQ Tower in New York’s Time Square. The NASDAQ Tower is considered the most visible LED video display in Times Square and is one of the most valuable advertising spaces in the world.

Getty Images and APO Group announce strategic partnership in Africa and the Middle East

Foreign investors snap up Turkish homes

Foreign investors snap up Turkish homes

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Foreigner nationals strategically snap up Turkish homes: why and how you can too

Cameron Deggin, former finance specialist, Turkey investment expert and MD and founder of Property Turkey, explains what has caused the spike in sales to Foreign nationals in 2018 and how to make the most of this opportunity for yourself.

2018 was an eventful year for Turkey. The lira dropped significantly due to a combination of both international and national political and economic factors. In response, the country worked to bounce back from this downturn, revitalise the financial climate and encourage investment in Turkey by amending tax, foreign currency and citizenship regulations.

The amendment that stood out to people on the global scale, in particular the Middle East, was the citizenship regulation changes. These involved a reduction in the amount of investments needed to acquire a Turkish visa, most notably lowering the value of a real estate investment was previous $1 million, now only $250,000.

This means that a foreigner, and their immediate family, is granted immediate citizenship status contingent upon a specified and quantifiable investment in the country. In comparison to residency status, which is what investors and wealthy individuals are granted in most countries, citizenship by investment means that laws are in place to grant full citizenship rights and privileges without any lengthy residence requirements. This is one of the few methods someone can gain these rights in another country, outside of the normal grounds of citizenship which are based on birth place or relationship to another person who is a citizen, whether by marriage or descent and naturalisation.

This massive incentive in combination with the struggling lira, made for an extremely opportunistic buying time for foreign buyers. The opportunity was snapped up by many: to be specific, 40,000 Turkish homes were sold to foreign nationals in 2018, a 78% increase on 2017 sales.

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Not only have these foreign buyers bag a bargain villa in the sun for well under value. They also have direct access to apply for citizenship for them and their families.

Interested in a slice of the Turkish pie? Here’s what you need to know.

Who’s buying now?

Other Middle Eastern countries are majority of 2018 foreign buyers in Turkey, Iraqi citizens bought 8, 205 houses, Iranian bought 3, 652 houses, Saudi Arabia with 2 718 house sales and Kuwait with 2199 house sales.

Outside of the Middle East, Russians bought with 2,297 houses in Turkey in 2018.


Benefits of Turkey Second Citizenship Program and Turkish passport:

  • Free Education and University Reimbursement Plans are provided
  • Full free medical assistance for life, for all family members included
  • Pension Programs Included
  • Visa Free Travel for 148 countries
  • Turkish passport has 10-year validity and is renewable for life
  • Turkey Identity Card Included
  • No need to declare your wealth
  • Turkey allows Dual Citizenships
  • No Military Service required for TCBI Applicants
  • Future Access without visa to EU, 26 Schengen Zone Countries
  • Muslim country offering democratic and safe environment for family
  • Eurasian country with a hospitable and welcoming manner to foreigners 
  • High quality health facilities
  • High quality educational Facilities
  • Prospective Visa free travel to EU


Different ways you can get involved:

As per the new regulations regarding application of Turkish citizenship code, foreigners who satisfy at least one of the below mentioned investment options will be able to obtain Turkish Citizenship (TC) in the year 2019 for themselves as well as their families:


  • Option (A) stipulates that a minimum amount of property (real estate) investment shall be made for $250k USD on the condition to not sell the invested property within the next 3 years. This amount has been reduced from $1m USD to $250k USD recently (or the equal value in Turkish Lira).
  • Option (B) requires to deposit $500k USD in cash (or the equal value in Turkish Lira) for at least 3 years in one of the Turkish Banks.
  • Option (C) requires that a fixed capital investment shall be made minimum of $500k USD (or the equal value in Turkish Lira. This investment shall be confirmed by the Ministry of Industry and Technology.
  • Option (D) indicates that TC could be obtained provided that government bonds and bills to be purchased on the condition to hold them for at least 3 years. And this investment shall be confirmed by the Ministry of Treasury and Finance. 
  • Option (E), foresees that it will be possible to obtain TC in the event of an investment to be made into a Turkish real estate investment trust, or buy the shares of the venture capital investment fund with a minimum amount of $500k USD. 


This means, it is possible to obtain TC for yourself, as well as for your family members: your wife and children below 18 years old (18 years old included) with proceeding one of the abovementioned investment options according to your choice, and once the required conditions are duly met.

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Canon Partners with Copatra Graphics

Canon Partners with Copatra Graphics

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Canon Partners with Copatra Graphics to further its Commitment to the Saudi Arabia’s Graphic Art Industry

Canon Saudi Arabia, the leader in imaging and printing solutions, today announced a strategic partnership with Copatra Graphics, a leading provider of printing and media solutions in the Kingdom of Saudi Arabia. With this collaboration, existing and prospective graphic art customers across the Kingdom will have access to Canon’s innovative, technology-led solutions, designed to deliver high quality and efficiency.

Canon Saudi Arabia, reporting to regional headquarters Canon Middle East, was formally established in 2018 to support growing demand for business solutions in the Kingdom. The company’s largest regional direct presence operates from Riyadh with two branches in Jeddah and Khobar, with the aim of directly contributing to Saudi’s economy and industry diversification strategy as outlined by Vision 2030.

With over 50 years of experience in the Saudi market, Copatra Graphics today provides high quality solutions to the printing, packaging, and graphic art industries to a variety of businesses across the region. This strategic partnership aims to extend Canon’s reach in the sector to meet customer requirements for Wide Format and Production Print Products in the Kingdom. As Canon’s partner in the region, Copatra Graphics will benefit from the company’s technology expertise to better deliver business success by recognizing and seizing new opportunities in the industry.

The alliance strengthens Copatra’s portfolio to include the latest solutions from Canon such as Canon’s imagePROGRAF inkjet products and Colorado 1640 wide format printer, powered by UVgel, amongst other innovative products. Experts in the industry have indicated that more than 40% of production jobs need to be turned around within 24 hours and a majority of those are same-day orders. This is accompanied by a growth in print volumes in the wide format marketplace in the recent years. Canon’s UVgel print technology provides a significant competitive advantage by filling this gap to unlock additional value for customers.

‘Over the last few years, the Kingdom of Saudi Arabia has witnessed significant growth within the graphic art, publishing and printing sectors, which has driven demand for revolutionary technology to boost productivity and ensure high quality. Copatra Graphics’ extensive market reach and experience in this industry makes them the ideal partner for us to extend our commitment to businesses in Saudi Arabia looking to tap into new opportunities.’ commented Shadi Bakhour, B2B Business Unit Director for Canon Middle East. He added ‘This partnership will go a long way towards strengthening our ability to deliver our suite of solutions to our customers in the Kingdom and we look forward to extending our collaboration well into the future.’

According to a report by the Printing Industries Research Association (PIRA) the Saudi print industry is presently well established with significant market potential in digital printing for suppliers of print equipment, consumables and print service providers. It is set to expand at 5.5% by value across 2017£2022 to pass $7 billion by the end of this period.  

Yasser Anan, CEO of Copatra Graphics said: ‘We are excited to partner with Canon, a proven leader in the imaging and printing industry. Our position as one of the pioneers in the regional graphic arts industry, along with Canon’s value proposition will provide us with the edge we require to lead this competitive local market and most importantly enhance our customer’s experience. Together with Canon, we will continue to deliver quality, productivity and profitability in the Kingdom.’

ADCB launches ADCB Emirati

ADCB launches ADCB Emirati

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ADCB launches ADCB Emirati- bespoke banking service for UAE nationals

ADCB Emirati is available in two variations, “Emirati” for the ambitious young generation and “Emirati Excellency” that offers sophisticated and exclusive wealth management solutions.

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Abu Dhabi, UAE:  Abu Dhabi Commercial Bank (ADCB) has announced the launch of ADCB Emirati, a comprehensive banking and lifestyle service offering tailor-made solutions exclusively for UAE Nationals. Keeping in mind the goal of supporting upcoming and current Emirati generations, the new service is built around the values, ambitions and needs of the young Emirati.

By signing up for ADCB Emirati, customers can benefit from priority services such as a dedicated relationship officer, valet parking, and a special queue at ADCB branches. Access to a 24/7 dedicated contact center along with preferential rates and fees are also included. ADCB Emirati also entitles customers to TouchPoints Rewards, ADCB’s award winning loyalty program that gives reward points redeemable instantly at a wide range of retailers towards miles, vouchers, bill payments and more.
 
ADCB Emirati offers several other additional benefits that include Shari’ah compliant solutions, and hand-picked offers and discounts from a range of partners across lifestyle, entertainment, shopping, dining and even travel. ADCB Emirati customers can also benefit internationally starting from discounted booking rates from selected partners and complimentary access to the Diamond Lounge at the VIP Terminal in Abu Dhabi International Airport and a range of international lounges.

ADCB Emirati is available in two variations, ‘Emirati’ for the ambitious young generation and ‘Emirati Excellency’ that offers sophisticated and exclusive wealth management solutions along with day to day banking needs.

Hassan Sajwani, Head of Emirati Segment, ADCB said: ‘As a proud Emirati, the customer’s success is driven by their values, traditions and ambitions that we strive to support. Hence, we have created an entirely new banking experience called ADCB Emirati. It’s designed to fulfill the customer’s individual financial and lifestyle needs as an Emirati, giving them unparalleled access to exclusive products and services, preferential rates and lifestyle and dining offers.’

DBS bank announces five-year wealth expansion plan in the Middle East

DBS bank announces five-year wealth expansion plan in the Middle East

DBS bank announces five-year wealth expansion plan in the Middle East

Dubai branch to serve as strategic hub for bank’s Middle East private banking arm

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Dubai branch to serve as strategic hub for bank’s Middle East private banking arm

Announces new senior-level appointment and plans to double headcount and triple revenue for private banking operations

DBS, Southeast Asia’s largest bank and the only Asian bank among the top six wealth managers in AUM for Asia (ex-China onshore), today announced its expansion plans in the Middle East over the next five years. Catering to a growing wealth segment that looks towards Asia for investment opportunities, DBS aims to make its Dubai office a strategic hub for its Middle East private banking arm, positioning itself as the partner of choice for clients wishing to access the Asian market. With over SGD 518 billion in assets, DBS has a diverse employee workforce from over 40 nationalities across 18 markets, and is strongly positioned to be the Asian partner for a growing Middle Eastern investor segment.

Along with its expansion plan, DBS also unveiled its new and expanded office premises located at the heart of Dubai’s financial hub, DIFC, where it aims to double the headcount for its private banking operations by 2023. Over the past seven years, total revenue of DBS’ Dubai branch has witnessed a significant growth rate of 20% per annum. Targeting the region’s growing presence of ultra-high net worth (UHNW) and high net worth (HNW) individuals, family offices and sovereign wealth funds, the bank also aims to triple its revenue over the next five years by focusing on increasing client diversity, spread and penetration.

As part of its extended offering, the bank is building a bespoke investment portfolio including private equity funds within growth segments such as e-commerce, health technology, real estate, logistics and fintech across growing Asian markets; structured products in key segments for China and India; dual currency loans; and REIT Initial Public Offerings with underlying assets in Europe and North America.

Said Tan Su Shan, Group Head of Wealth Management and Consumer Banking, DBS Bank, ‘As the former Development Bank of Singapore, DBS believes that Dubai and Singapore are strongly linked by their shared values of innovation, technological progress and visionary thinking, making Dubai a natural choice for a regional hub. Wealth in the Middle East remains on the rise, with the number of UHNW clients with more than USD 500 million in assets in this region projected to increase by 28% ‘ from 390 in 2017, to approximately 500 in 2022[1]. With Middle East client appetite for Asia wealth solutions growing, DBS is well-positioned to support our Middle East clients in accessing Asia’s growth opportunities through our strong Asian network, innovative investment solutions and world-class digital capabilities.’

‘In the next few decades, global economic growth will be fueled by the growth in Asia, with predictions that China, India and Indonesia will dominate the rankings of top economies in the world[2], helped by its large, young population and technologically wired smart nations. DBS, as one of the region’s largest and safest banks, plays to this pivot to Asia. As the world’s leading digital bank, we are also well positioned to capture the major digital trends in the region.’

As part of its expansion plan, the bank also announced the senior-level appointment of Rudiger von Wedel as Head of International, DBS Private Bank, effective 19 November 2018. Based in Dubai, he takes over from Rob Ioannou, who will be moving on to lead DBS’ wealth, trust and estate planning business, as well as drive the build out of DBS’ Single Family Office offering and Australian desk. Rudiger, who will be reporting to Lawrence Lua, Deputy Head of Private Bank, is a veteran in the industry and was most recently Chief Executive Officer of the Global Wealth Division of the National Bank of Abu Dhabi (NBAD).

Established in March 2006, DBS’ Dubai branch became the first Singapore-based bank to receive a banking license at the DIFC. The bank’s ‘AA-‘ and ‘Aa1’ credit ratings are among the highest in the world. Globally, the bank was recently named ‘Best Bank in the World’ by Global Finance and ‘World’s Best Digital Bank’ by Euromoney in recognition of its global leadership. DBS was also awarded for its strong private banking offering, having recently won ‘Best Private Bank in Asia’ and ‘Best Private Bank for Innovation’ at Private Wealth Management/The Banker’s 2018 Global Private Banking Awards.

Global Finance names QIB as the safest Islamic Bank in Qatar

Global Finance names QIB as the safest Islamic Bank in Qatar

Global Finance names QIB as the safest Islamic Bank in Qatar

Global Finance evaluates the ratings and total assets of the key players in each region

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Doha, Qatar: For the second year in a row, New York-based Global Finance Magazine has named Qatar Islamic Bank (QIB) the safest Islamic Bank in Qatar in 2018. Marking a new addition to its list of achievements, QIB was also recognized as the 2nd safest Bank in Qatar and the 11th safest Bank in the Middle East.

Global Finance evaluates the ratings and total assets of the key players in each region, providing an overview of which financial institutions offer the greatest safety for customers and stakeholders. The rankings are recognized as a trusted standard of financial safety for over 25 years. The Banks were selected through an evaluation of long-term foreign currency ratings from Moody’s, Fitch, and company reports.

The ranking reflects QIB‘s successful growth strategy, prudent financing policies, and its disciplined approach to risk management. Over the past few years, QIB‘s leadership has been working on a business strategy to build a long-lasting competitive advantage by introducing new products and services, boosting service performance, upgrading the Bank’s risk management framework, and migrating to new technology platforms that allow the Bank to better serve its customers. The successful implementation of this strategy has contributed to the Bank’s leading position in Qatar and the region.

QIB’s Group CEO, Mr. Bassel Gamal commented on the news: ‘Recognition from a trusted source like Global Finance is a testament that our business approach, to place the financial safety of our customers first, is working. We are in business to support the growth of the country and the prosperity of all the people living and working in Qatar. To do so successfully, we need to be a responsible Bank in everything we do. That is why we apply a well-thought, conservative risk management approach from the way we provide credit and ensure our own funding to the introduction of new innovative digital services which are rigorously tested and retested before we made them available to our customers.’   

In the first nine months of 2018, QIB achieved a net profit of QR2,005.3 million, representing a growth of 13% for the same period in 2017. Total assets of the Bank have increased by 1.4% compared to December 2017, and now stand out QR152.5 billion. Financing activities have reached QR106.4 billion and have grown by 3.7% compared to December 2017. Total income for the nine months period, ending in 30 September 2018, was QR 5,108 million, registering 8.2% growth compared to QR 4,722 million for the same period in 2017, reflecting a healthy growth in the Bank’s core operating activities.

In June 2018, Fitch Ratings affirmed Qatar Islamic Bank at ‘A’ with a stable outlook, and Moody’s Investors Service (“Moody’s”) affirmed long-term deposit ratings to QIB at ‘A1’. In April 2018, Standard & Poor’s (S&P) affirmed the Bank’s credit rating at ‘A-‘, and Capital Intelligence Ratings (CI) has affirmed the Bank’s Financial Strength Rating (FSR) of ‘A’.

The ‘Middle East’s Top 50 Safest Banks’ list was published in the November 2018 issue of Global Finance, an industry-leading magazine that provides a valuable source of financial industry data to 192 countries. Each year the magazine releases its ‘Safest Banks’ ratings covering the global and emerging markets.

Nexign Partners with Bubbletone

Nexign Partners with Bubbletone

Nexign Partners with Bubbletone to Deliver Revolutionary Blockchain Solution for Telcos 

The platform creates a global marketplace where operators can publish and share product information as well as buy and resell as-is, or bundle, offerings from other operators

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Nexign and Bubbletone have announced an exclusive partnership to develop an industry-first blockchain-based Business Support Systems (BSS) solution for the telecom sector. The two companies aim to create a global marketplace for telecom operators, giving them the ability to collaborate with each other and consequently offer individually determined volumes and qualities of services to end users’an option that has not previously existed.

 

By facilitating seamless and secure exchange of financial and identity information between mobile network operators, phone users and service providers, the solution will enable roaming users to instantly purchase service packages, at local operator rates, using their existing SIM card. As a consequence, operators will benefit from BSS with embedded blockchain, enabling them to increase the efficiency of their business through rapid and seamless joining of the Bubbletone platform. Once operators join the platform, they will be able to expand their customer bases and increase revenue, without any additional costs, through distribution of digital value-added services.

 

‘The idea behind this project is to attract as many mobile operators as possible to the Bubbletone ecosystem and show them how easily they can take full advantage of blockchain technology and get direct access to the international telecom market in the digital economy era. Thanks to our exclusive partnership with Nexign, we will be able to provide mobile operators with a complex solution-for smooth incorporation into our blockchain-based platform’that doesn’t require any hardware customization or advanced integration processes,’ said Yuri Morozov, CEO and Founder of Bubbletone Blockchain for Telecom.

 

According to Research and Markets, blockchain in the telecom market is predicted to grow at a CAGR of 84.4% between 2018-2023, driven in large part by increasing support for OSS/BSS processes. The blockchain-based BSS solution from Nexign and Bubbletone has the potential to revolutionize the way operators do business and monetize services, for three key reasons:

 

The platform creates a global marketplace where operators can publish and share product information as well as buy and resell as-is, or bundle, offerings from other operators, to visitors in their network with full support for e-SIM, IoT Apps tokens and any ASP/OTT subscriptions, operators can now offer their own authentication service, publish their own tokens and sequences and sell direct to partners without any need for intermediaries
The blockchain network acts as a clearing house, checking all partial charge/volume transactions and mitigating any settlement risks before the billing period ends
 

‘Over the past 26 years, through our focus on customer-centric, business-driven innovation, we have consistently created unique solutions for the telco industry that have enabled operators to provide exceptional customer service and grow their revenue streams. Blockchain technology has the potential to open up a range of new and exciting opportunities for operators around the world and we are confident that the exclusive collaboration between Nexign and Bubbletone will result in an industry-leading blockchain-based BSS solution that will deliver business value seamlessly on a global scale,’ said Loukas Tzitzis, Chief Products & Marketing Officer at Nexign.

The Case For Investment In Africa

The Case For Investment In Africa

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New Book Makes The Case For Investment In Africa

With globalisation a key topic among today’s top Business Leaders, companies that are exploring developing markets are increasingly turning towards Africa. However, with misinformation and stereotypes abounding, many are at a loss as to whether or not they should move onto the continent. Pushing aside these and trying to offer an unbiased, educated guide to investing in Africa is Mark Byron’s Africa Arrives. To explore the points made in the book, MEA Markets’ Staff Writer Hannah Stevenson reviews it and gives her thoughts on its place on your bookshelf.

Africa is a vast, varied and vivacious land, filled with a myriad of opportunities: from mining through to tourism, there is something for an investor in almost every market throughout this stunning continent.

Despite this, the region is viewed by many as an emerging market, with a number of its countries suffering from political problems, technological drawbacks, staffing issues etc. However, as Mark Byron and Robert Jospeh Ahola showcase in their powerful new book, Africa Arrives: The Savvy Entrepreneur’s Guide To The World’s Hottest Market, there is much to be gained from entering into or increasing investment in the continent’s flourishing corporate landscape.

Mostly autobiographical, Byron gives an account of his own personal love affair with the continent and showcases his vast knowledge of the region and its opportunities. There is something for everyone across Africa, and Byron, whilst focusing on Nigeria, where he spent much of his childhood, showcases a great deal from across the region.

Unfortunately, the book is peppered with inconsistencies: whilst Byron desperately makes the case for readers not to judge Africa by unsubstantiated preconceptions, he makes a number of his own, such as when he insists on page 12 that gangs and drug lords in other countries are worse than war torn African countries, which is a matter of opinion, as none are positive. He also states on page 4 that ‘America’s under 30’s are notoriously clueless where the rest of the world is concerned’, in a completely un-ironic way. Whilst trying to tear down stereotypes and misconceptions, Byron is actually pandering to them and enforcing them himself.

Overall, although greatly informed on Africa and the business opportunities therein, Africa Arrives is let-down by Byron’s informal style, which makes the book more unprofessional than approachable, as was probably the intention. There is information to be gleaned from the book, but those seeking an informed, unbiased account of the continent as a whole should look elsewhere. Those simply seeking knowledge will enjoy this informal exploration of Africa and the many benefits the region offers.

Turkey Looking to Improve the Country�s Investment Environment

Turkey Looking to Improve the Country’s Investment Environment

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Turkey implements further measures to improve the country’s investment environment

Authored by Pelin Baysal and G’rkem Bi?lgi?n of G’n Partners (www.gun.av.tr)

While Turkey has faced many challenging times over recent years, a wide range of efforts have and continue to be made by the Turkish government to further improve the country’s investment environment.

One such initiative is the recent introduction of a new law, ‘Law on the Amendment of Certain Laws for the Improvement of the Investment Environment numbered 7099’ (the ‘Law’), which was published in Turkey’s Official Gazette on 10 March 2018 to (i) support domestic and international investors, (ii) speed up the investment process and the establishment of a company, (iii) reduce costs and (iv) boost the economy. Several changes have been made to regulations governing Property Law, Law on Municipal Revenues, Customs Law, etc. including those that are outlined below. These changes came into effect on the date of their publication in the Official Gazette unless otherwise stated below. The following article provides guidance to investors on the procedural amendments in relation to company’s being established in Turkey.

Amendments to the Turkish Commercial Code numbered 6102 (‘TCC’)

Amendments have been made to article 40/2, which has abolished the requirement to notorise the business name and the signature before Notary Publics prior to submitting them to the relevant Trade Registry. Every merchant will now submit its business name and a signature during all company transactions to the relevant Trade Registry directly. If the merchant is a legal entity, the business name and signatures of the signatories, which have the authority to sign on behalf of the legal entity, must also be submitted. The signature should be made in the presence of a designated officer of the Trade Registry by submitting a written statement and the procedures and principles as to its implementation, which will be regulated under a Communiqu’ to be issued by the Ministry of Customs and Trade.

Changes have also been made to article 64. During the registration of joint stock companies and limited liability companies, the opening approvals of the company books are now only issued by directorates of the Trade Registry, rather than the Notary Publics. If the company books are kept electronically, the approval of Notary Publics or directorates of Trade Registry in their opening and closing process of the general journal and Board of Directors resolution book are no longer required.

Articles 428, 430 and 431 have now been abolished as they proved to be highly burdensome for small scale joint stock companies. For example, previously, the law required that when companies sought to recommend a person, related to the company in any way – in order for shareholders to appoint as their representatives to vote and carry out other related actions in the general assembly meeting on their behalf, the company was also required to recommend another totally independent and neutral person for the same position. These had to be announced pursuant to the articles of association and published on the company’s website.

Amendments have been made to articles 575, 585 and 587. Previously, authorities of Notary Publics were required to approve the signatures of founders and articles of associations of companies for limited liability companies. This is no longer the case. Now, articles of association should be signed by the founders in the presence of the designated officers of the directorates of the Trade Registry. As this amendment will only be applicable for limited liability companies, the articles of association of joint stock companies may continue to be executed before Notary Publics or before the director or deputy director of the relevant Trade Registry. This amendment came into effect on 15 March 2018.

Under article 585, the pre-condition of payment of at least a quarter of the undertaken capital prior to the establishment has been removed for limited liability companies. In this context, founders of limited liability companies are no longer faced with the obligation to make this upfront payment.

Amendments to the Tax Procedure Law numbered 213 (‘TPL’)

As to article 223 of the TPL, the opening approvals of company books kept physically by companies must be conducted by the relevant directorates of the Trade Registry during the establishment process. This article is in parallel to the amendment made in article 64 of the TCC, therefore, the authority of Notary Publics to carry out the opening approvals of the company books has also been removed. This amendment also came into effect on 15 March 2018.

Amendments to the Social Security and General Health Insurance Law numbered 5510

In accordance with the amendment made in article 11/3, during the establishment process of a company, the notification form will be directly sent to the Social Security Institution (‘SSI’) by the relevant Trade Registry so that the work-place registration will be conducted without any application to the SSI in person. This amendment aims to shorten the time spent during the establishment process.

The above amendments will be welcomed by many and provide only a small taste of the many measures the Turkish government is taking to retain and further enhance the country’s attractiveness for investors.

Abu Dhabi�s Real Estate Market Prepares for Stronger Growth in 2018

Abu Dhabi’s Real Estate Market Prepares for Stronger Growth in 2018

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Abu Dhabi’s real estate market nearing bottom as economy prepares for stronger growth in 2018

While the first quarter of 2018 has recorded a slowing rate of capital value declines across the UAE, developers of high end homes in Abu Dhabi appear to be sensing a bottoming of the market and are pressing ahead with new schemes, according to international real estate consultancy, Cluttons.

Faisal Durrani, Head of Research at Cluttons said: £2018 looks set to be a better year for the UAE economy as a whole, with GDP expected to expand by 2.6%, from a seven year low growth rate of 1.7% last year. This is, in turn, expected to help support more stable rates of job creation and increased government spending as confidence levels improve.

‘In fact, following the announcement by ADNOC at the end of last year to spend AED 400 billion over the next five years to boost growth, we expect to see further infrastructure project announcements this year as the government moves to bolster economic growth.’

Residential Market

The Cluttons Abu Dhabi Property Market Outlook report for Spring 2018 indicates that the very top of Abu Dhabi’s sales market has been relatively positive, and is showing signs of stabilising. Sea facing villas on Saadiyat Island for instance, which remain the most expensive residential property type in the capital at AED 1,700 psf, have seen no movement in prices for two consecutive quarters.

‘This trend is likely to help tempt buyers back into the market especially as we feel the stability is likely to persist,’ says Edward Carnegy, Head of Cluttons Abu Dhabi. ‘In fact, we have noted a marginal uptick in demand from Emirati buyers predominantly, looking for second homes, or expanding their buy-to-let investment portfolios on Saadiyat Island. Interestingly, of the 13 submarkets we monitor in Abu Dhabi, sea view villas on Saadiyat Island have experienced the biggest price correction since 2015, with prices dropping by an average of 26.1%,’ he added.

Rents across Abu Dhabi’s residential investment areas decreased by 2.3% during Q1 2018, following the 4.3% drop during the final quarter of 2017. The latest change leaves rents 11.5% lower than this time last year.
The falling rents, according to Cluttons, are reflective of the lingering weakness in overall requirement levels. Tenants are wary of the threat of job losses and the rising cost of living, associated with the introduction of VAT and a general upward creep in inflation, which has left many household budgets under tremendous pressure.

‘As a result, tenants are negotiating reductions at renewal, while landlords are increasingly receptive to meeting the expectations of tenants by agreeing to close deals below headline asking rates, and they are offering flexible rental payments in multiple cheques to attract tenants as well as other incentives such as zero commission payable and rent free,’ added Carnegy.

According to the report, Abu Dhabi’s residential market has the potential to start stabilising by the end of 2018, but until then further softening is expected to persist.

‘The additional declines will be catalysed by rising levels of property handovers in locations such as Yas Island and Al Raha Beach by Aldar, which will curtail chances for a quicker recovery. We expect a decline of a further 5% to 7% for both residential rents and values during 2018, largely as supply and demand will likely remain out of kilter for a while yet.

Positively, bulk corporate leases are back on the agenda for some firms as they move to secure better lease terms, or indeed better quality accommodation for staff, while also making a saving.’ Durrani explained.

Office Market

Like the emirate’s residential market, Cluttons report says the office market in the capital is also still facing the pressures of firms that are downsizing or consolidating operations; a trend that began over two years ago. While rents across the city’s prime office buildings held steady during Q1, deals continue to be concluded below headline asking rates in many cases. In secondary and tertiary buildings, rates have dropped by as much as 30% to 50% over the same period.

Carnegy said: ‘In some cases, rents in tertiary buildings have fallen to nearly the same level as prime warehouses. However, these substantial drops do not accurately reflect market conditions and are a result of landlords holding out on rent reductions for extended periods of time, before being forced to make drastic adjustments due to increased vacancy as they chase the market down.

‘We are aware of a number of instances where landlords are now also willing to cover agency fees. This is a seismic change in behaviour as up to 60% or 70% of landlords are now willing to do this, compared to almost none a few years ago. In addition to this, many are also willing to offer increased parking provisions, increased rent free periods, shorter leases with increased flexibility.’

Overall, Cluttons’ report highlights medium term prospects are slightly more encouraging, with rising public sector spending expected to boost GDP growth, which in turn should aid in the return of more robust levels of occupier requirements.

‘However, this is unlikely to materialise for at least another 9-12 months. Until the market approaches that point, we expect further office rent drops of 5% to 10% on average, across the board, which we expect to continue underpinning the rising relocation activity we are seeing, after a couple of very quiet years. In parallel, occupiers from the banking and public sectors are testing the waters, attempting to capitalise on the softer rents; a clear indication that some are sensing the bottom of the current property cycle ‘ concluded Durrani.

IS ABERDEEN BACK ON THE COMMERCIAL PROPERTY INVESTOR�S SHOPPING LIST?

IS ABERDEEN BACK ON THE COMMERCIAL PROPERTY INVESTOR’S SHOPPING LIST?

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IS ABERDEEN (SCOTLAND, UK) BACK ON THE COMMERCIAL PROPERTY INVESTOR’S SHOPPING LIST?

Mark Fleming, director in the investment team at Savills in Scotland.

There has been a notable shift in investor sentiment towards Aberdeen’s commercial property market in recent months and 2018 could see investment volumes returning to, or indeed exceeding, the 10 year average.

The Scottish city is near unique in its abundance of long-term, index linked, income producing assets, that were pre-let and built between 2012-14 to satisfy demand from occupiers who had little to choose from in terms of existing stock at a time when the oil and gas sector was booming.

Global and domestic energy occupiers scrambled to have a foothold in the  European energy market capital and at one point in 2013 there was only 10,000 sq ft (929 sq m) of Grade A office space available in Aberdeen to satisfy over one million sq ft (92,900 sq m) of active requirements. As such developers were able to command attractive lease terms (e.g. long leases with index linked reviews), from occupiers who needed to expand and move to better quality offices in order to retain and recruit the skilled workforce necessary to compete in the industry.

The resulting strong rental growth in the face of this overwhelming demand pushed Grade A rents north of £30 sq ft, in some cases reflecting growth of 30 per cent over two years. All this activity and rental growth in turn attracted strong levels of investment activity, driving prime office yields down to 5.5/5.75 per cent and putting Aberdeen on a par with Edinburgh and Glasgow. 

Following the crash in the price of Oil (which hit a low of around $28 per barrel in 2015), Aberdeen’s property market suffered a consequential slump in activity where take-up fell and supply of accommodation across all sectors increased. However, in tandem with the strong recovery in the price of Brent Crude seen in recent months ‘ which at the point of writing in January 2018 is hovering around $68 – $70 a barrel ‘ the city’s office occupier market is picking up again. The strong correlation between the price of Brent Crude and office take up is depicted in the chart below:

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This modest improvement in occupational markets is coinciding with a renewed interest in the city from investors, particularly from overseas, including Middle Eastern and US equity. The current activity is not necessarily just down to a recovery in the price of Brent Crude. Indeed, it is more likely to have been sparked by the devaluation of Sterling, coupled with the current soft pricing of investment stock in Aberdeen (following the Oil crash), making it significantly cheaper than elsewhere in the UK. However this recovery in Brent Crude and a perception that the worst is over, may continue to fuel this renewed Investment activity.

Key deals illustrating this activity include the acquisitions of: Lloyd’s Register building on Prime Four Business Park for c. £40 million; TOTAL’s HQ at Westhill Business Park for £39.375 million; Statoil’s HQ office, also on Prime Four Business Park, for c. £13.75 million; and Ensco House, Gateway Business Park for c. £6.75 million.

It is fair to say that the current interest is relatively risk adverse and far more focused on the cash-flow attributes of the deal including the quality of tenant(s), length of lease and indexed rent review mechanisms, rather than simply the intrinsic property characteristics (e.g. location, specification and rental growth prospects). Thus so long as the strength of the tenant is assured and debt is available, with these attractive yields on offer, the investor can be ‘guaranteed’ generous cash on cash returns far superior to those on offer elsewhere in the UK.

The following graph illustrates this recovery against crude oil prices and we predict that in 2018, we may well see investment volumes returning to or indeed exceeding the 10 year average.

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Today we are operating in a significantly different market place to where we were three to four years ago, but Aberdeen is back on the shopping list for certain investors who are looking for secure income offering attractive yields and very healthy cash-on-cash returns.

Cyril Ramaphosa has succeeded Jacob Zuma to become the 5th President of South Africa.

Cyril Ramaphosa has succeeded Jacob Zuma to become the 5th President of South Africa.

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Commonwealth Enterprise and Investment Council welcomes Cyril Ramaphosa as the 5th President of South Africa

Less than 50 days before the Commonwealth Business Forum (CBF) comes to the UK for the first time since 1997, Cyril Ramaphosa has succeeded Jacob Zuma to become the 5th President of South Africa.

Following Jacob Zuma’s resignation, Cyril Ramaphosa was elected on 15th February 2018, unopposed, as the South African President. The Commonwealth Enterprise and Investment Council (CWEIC) has welcomed Mr Ramaphosa’s election, not just as a success for South Africa but also for the Commonwealth. Mr Ramaphosa is a long-standing supporter of the Commonwealth and the CWEIC, and co-hosted the very first Commonwealth Business Forum in Edinburgh in 1997.

Chairman of CWEIC, Lord Marland has personally written to President Ramaphosa inviting him to attend and speak at the Commonwealth Business Forum, which takes place in the days preceding CHOGM 16-18th April. CWEIC is also expecting a strong delegation of South African business leaders to attend the Forum.

South Africa is the second largest economy in Africa, after Nigeria and is the only African member of the G20. South Africa’s leaders, from both Government and business, have a significant contribution to make to the Commonwealth prosperity agenda, specifically in the agriculture, mining, energy and service sectors. There are numerous opportunities which exist in these areas for business across the Commonwealth. In particular, private sector has a role to play in helping South Africa face its current challenges.

Commenting on Mr Ramaphosa’s election, CWEIC Chairman, Lord Marland of Odstock said: ‘I want to extend my congratulations to President Ramaphosa. His leadership will be invaluable in the coming months and we stand ready to assist the President in delivering his essential economic agenda for South Africa. As a long-standing friend of the Commonwealth, I was delighted to invite the President to give a keynote speech at the Commonwealth Business Forum. This would be a unique opportunity for South Africa to demonstrate its importance in the region, and across the whole of the Commonwealth’.

Lord Mayor Charles Bowman said: ‘The City of London extends its sincerest congratulations to President Ramaphosa on his election. As a long-standing supporter of the Commonwealth, we would be thrilled to host the President at the upcoming Commonwealth Business Forum in April and for him to deliver a keynote speech.

‘Over the years Lord Mayors of the City of London have led numerous business delegations to South Africa cementing the close economic and commercial partnerships between us. I am certain that these strong and sustainable ties between us will continue to grow well into the future.’