Sharjah Islamic Bank Rings Bell to Celebrate Listing of USD 500 Million

Sharjah Islamic Bank Rings Bell to Celebrate Listing of USD 500 Million

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Listing underlines Nasdaq Dubai’s stature as world’s largest exchange for Sukuk

Sukuk oversubscribed 3.2 times by regional and international investors

Dubai – Ahmad Saad, Deputy CEO of Sharjah Islamic Bank (SIB), rang the opening bell today to celebrate the listing of a 500 million US dollar Sukuk on Nasdaq Dubai.

The listing adds further momentum to Dubai’s growth as the global capital of the Islamic Economy and underlines Nasdaq Dubai’s stature as the largest exchange in the world for Sukuk listings by value, currently standing at  43.0 billion US dollars.

The bell-ringing took place in the presence of Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai and Hamed Ali, Chief Executive of Nasdaq Dubai; and senior executives of SIB.    

Ahmad Saad, Deputy Chief Executive Officer of SIB, said: ‘Our listing on the region’s international exchange supports our visibility among global and regional investors as well as providing first class regulatory standards. The Sukuk was issued on September 8, 2016 and was oversubscribed by 3.2 times; it follows two earlier Sukuk listings by SIB on Nasdaq Dubai in April 2013 and April 2015, each of 500 million US dollars.’

His Excellency Essa Kazim, Governor of Dubai International Financial Centre, Secretary General of Dubai Islamic Economy Development Centre, and Chairman of Dubai Financial Market said: ‘SIB’s listing demonstrates the continuing growth of Dubai as the global Capital of the Islamic Economy, under the initiative launched in 2013 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minster, and Ruler of Dubai. This expansion is supported by the UAE’s long tradition of pioneering the development of Islamic finance and the depth of its expertise in the Sharia’a-compliant capital markets sector. ‘ 

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: ‘SIB’s listing underlines the close and mutually beneficial connections that the exchange enjoys with leading Islamic financial institutions. Nasdaq Dubai is committed to further enhancing its Sukuk listing procedures and framework, to ensure streamlined access to the exchange for issuers.’

Hamed Ali, Chief Executive of Nasdaq Dubai, said: ‘As the leading exchange for Sukuk, Nasdaq Dubai provides an environment that is dedicated to meeting the requirements of issuers and  investors both before and after listing. We will continue to introduce new initiatives to support the sector and look forward to welcoming many more regional and international Sukuk issuances.’

About Nasdaq Dubai
Nasdaq Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, Sukuk (Islamic bonds), conventional bonds and Real Estate Investment Trusts (REITS).

The majority shareholder of Nasdaq Dubai is Dubai Financial Market with a two-thirds stake while  Borse Dubai owns one-third of the shares. The regulator of Nasdaq Dubai is the Dubai Financial Services Authority (DFSA). Nasdaq Dubai is located in the Dubai International Financial Centre (DIFC).

With Launch of Divan Patisserie in Dubai Mall

With Launch of Divan Patisserie in Dubai Mall

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Qatar-based Abuissa Holding, one of the leading conglomerates in the Middle East, expanded its operations in Dubai with the opening today of its first restaurant in the Emirate, Divan Patisserie at Dubai Mall. The company manages diversified business interests in segments ranging from arts and photography to high-end retail, distribution and F&B.

Divan Patisserie is a well-known Turkish brand, starting in 1956 with one shop in the Divan Istanbul Hotel and now having grown to more than 200 restaurants throughout Turkey and greater Europe. The new restaurant at Dubai Mall is only the second Divan Patisserie in the Middle East, following an opening in Doha, Qatar in 2015.

Nabil Abu Issa, Vice Chairman, Abuissa Holding, sees great opportunity for growth in Dubai. ‘Our long history in this region is unparalleled, and we manage an incredible portfolio of brands and businesses representing hundreds of industries and companies across three continents. Divan Patisserie is only the first of many retail and restaurant concepts we plan for the UAE,’ he said. 

Other brands within the Abuissa Holding portfolio include high-end fashion brands Brooks Brothers, Elie Saab, MCM, Cole Haan and Aigner. In addition to international brands, the company manages its own lifestyle house brands focusing on jewelry, home furnishings, electronics and fashion.

‘Dubai is the economic engine that fuels strong growth throughout the entire Middle East, said Fawaz Idrissi, CEO Abuissa Holding. ‘As the fashion and retail hub of the Middle East, we see unlimited opportunity to bring the world’s best brands here. Paired with our company’s unique culture and commitment to the communities we serve, we know that our customers and stakeholders will greatly benefit.’

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.

Cyber Security

Cyber Security, Virtual Reality and Machine Learning

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Cyber security, virtual reality and machine learning are at the centre of a series of ground-breaking research projects being delivered over the coming year by experts from TRL (the Transport Research Laboratory) ‘ the global centre for innovation in transport and mobility.

The critical topics have been identified as key areas that will inform and evolve the ever-changing global transport landscape, with further projects developing the research around areas such as truck platooning, data science, mental health, smart infrastructure, head injuries and driving simulation. 

Funding for the projects is one part of the annual investment made by TRL in innovative research and development and is supported by parent company, the Transport Research Foundation, a non-profit distributing organisation. The programme of ten innovative projects was devised by the TRL Academy in response to the challenges facing future transport and further supports TRL’s independence and impartiality. 

Professor Nick Reed, TRL Academy Director, comments: ‘It is an absolute honour to be part of a process which helps to drive the future of transport. Choosing the projects that will go on to shape policy, design and technological development is always a challenge but we apply key criteria around ensuring the research is relevant, disruptive and deliverable. More than that, it is about providing the TRL team with the opportunity to follow their ideas ‘ no matter how left field ‘ in a structured and strategic way.

‘I continue to be impressed by the ingenuity and vision of my colleagues as they advance projects beyond the theoretical and deliver practical, evidence-based knowledge which can be applied to solve complex transport challenges. With an overall goal to produce a transport system that is safe, clean, affordable, accessible and efficient, it is a real privilege to be at the forefront of such innovative research.’ 

An overview of the TRL Academy’s reinvestment projects in 2015/16, as well as a glimpse of what is to come in 2016/17, has been released in the TRL Quarterly Research Review (July to September 2016). Summarising the brief for each of this year’s research topics, the document outlines the key research aims and intended applications for each project. The review offers a rare glimpse into some of TRL’s more secretive research in delivering the future of transport.

The report also details the practical outcomes and next steps from six key projects from the previous 12 months, including a smart asset management technology review, data applying science to develop a route risk tool and the environmental impact of fuel cell electric vehicles. Other projects include developing a cellular automata model for modelling bicycle traffic, investigation fast response NO2 sensor testing equipment and 3D capture and visualisation.

Dubai Tourism Sets Sail for 2016/2017 Cruise Season

Dubai Tourism Sets Sail for 2016/2017 Cruise Season

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Dubai, United Arab Emirates; 27 October 2016

As travellers around the globe look to escape the winter cold for sun-filled holidays, Dubai Cruise Tourism this month announces the official start of the 2016/2017 season.

Following a successful 2015/2016 run, which saw passenger numbers grow by 19 per cent and ship calls increase by 24 per cent compared to the previous year, two new lines ‘ Norwegian Cruise Line and Thomson Cruises – are making their debut in the region with their maiden call to Dubai this season. Thomson Cruises will be the first ever UK-based cruise line to home port in Dubai contributing over 12 calls and over 25,000 cruise tourists to Dubai this season.

The new season is projected to record an 18 per cent increase in ship calls, leading to 157 ship calls and an estimated 600,000 cruise tourists arriving in the city.

Dubai Cruise has experienced significant growth since 2014, after the implementation of the Multiple Entry UAE visa, which opened up potential emerging source markets such as India, China, South America and Russia. With over 23 of the world’s leading cruise operators, – including six home-porting lines –  anchoring in Dubai for an overnight stay or passenger turn-around, and an estimated ten maiden ship calls, the 2016/2017 season is expected to continue the  upward trajectory, contributing to Dubai’s strategic goal of achieving 20 million visitors per year by 2020. 

Commenting on the role Dubai Cruise has played in bolstering the efforts to advance the city’s tourism credentials, Jamal Humaid Al Falasi, Director of Dubai Cruise Tourism said: ‘Through our cruise tourism strategy, we aim to bring in 1 million tourists to Dubai by 2020 and we are heading in the right direction, having welcomed over half-a-million cruise tourists to Dubai last season. Dubai’s growing popularity as a destination is underpinned by the diversity of its attractions as well as its accessibility. With such a broad market of visitors choosing the emirate, cruise offers travellers the chance to view the city from a different perspective.’

As part of its strategy to advance cruise tourism’s contribution to the overall tourism strategy, Dubai Cruise Tourism is working in collaboration with Emirates Airlines, DP World, Dubai Customs, Dubai Immigration and other relevant stakeholders in order to provide comprehensive support and increase flexibility for the cruise lines and travellers. The inaugural ship call by Thomson Cruises, the first ever UK based cruise line to home port in Dubai, will be amongst the ten maiden ship calls this season, which ranges from overnighters to two-night stop-overs. The expanded line-up also includes Ovation of the Seas, Royal Caribbean International’s third Quantum-class ship, which made its maiden voyage to Dubai earlier this year. MSC with its Fantasia class ship with 4500 passenger capacity and TUI with its new Mein Schiff 1 will add significantly to the season.

Ahead of the launch of the new season, Dubai Cruise also made successful appearances at the Cruise Lines International Association Conference and Seatrade Cruise Med, the biennial industry event focused on the Mediterranean and its adjoining seas held at Santa Cruz de Tenerife. Dubai Tourism used the events as platforms to promote Dubai Government’s initiative in forming a synergy between Dubai Tourism, Emirates Airlines and DP World. Following the conference, Dubai Cruise secured Celestyal Cruise Lines from Greece home porting in Dubai for the 2017/2018 season. The leading operator for the Greek Islands and Turkey, will be the first to offer three to four night cruises in the region.

Speaking about the significance of the new partnership, Al Falasi added: ‘The addition of Celestyal Cruise Lines will attract the Mediterranean source markets, further expanding the entire region’s appeal as a destination of choice for the global traveller. Thanks to our Cruise Arabia alliance, we have been able to peg the region as a winter destination for the European and Mediterranean markets. Celestyal Cruise Lines choosing Dubai as its home port in the region is yet another instance of the collective approach of tourism, airlines and port authority leading to a compelling tourist proposition.’ 

The Dubai Cruise 2016/2017 season commenced earlier this week with the arrival of The World, belonging to ResidenSea. The season will see 50 ship calls in over the next three months and 107 ship calls in 2017, before the season wraps up in July 2017.

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.

Huawei Sees 5G as the Road to Connectivity

Huawei Sees 5G as the Road to Connectivity

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Huawei, a leading global information and communications technology (ICT) solutions provider, shared its vision for a future of connected possibilities that will be made real with the advent of 5G technology during the GSMA Mobile 360-Middle East Conference, which was held on the sidelines of GITEX 2016.

Addressing an audience of regional ICT professionals at the event, Huawei’s President of Wireless Marketing Operations for Wireless Network Product Line, Qiu Heng, highlighted a future where the impact of 5G will extend beyond the traditional ICT industry to touch on every aspect of modern life as we know it, with everything mobile and everything connected.

£5G is being developed at just the right time, when the world is demanding better, faster, higher capacity connectivity to accommodate the explosion of connected devices that are poised to help us power everything from autonomous cars and industrial facilities, to enabling connected education, healthcare and smart cities. This demand is driving real innovation in the telecoms space and has led to a collaborative approach by global players to define a new global network technology led by 4 key success factors ‘ unified standards, spectrum availability on a global level, key technologies development and global collaboration,’ said Heng. 

‘The development of 5G will enable a host of advanced and new technologies to become a part of everyday life,’ Heng added. ‘With speeds of up to 10Gbps, Enhanced Mobile Broadband (eMBB) will affect every aspect of modern day life, from augmented and virtual reality to self-driving vehicles, from smart homes and buildings, to mission critical applications and smart city technologies.’

Heng stressed the importance of adding more connections and enabling digital transformation prior to the introduction of 5G. 

Huawei continues to work closely with various operators across the region, in an effort to drive 5G development forward in the Middle East.

In May, Huawei was named the ‘Best 5G Innovator in MENA’ at inaugural LTE & 5G MENA Awards in Dubai.  Huawei also received the ‘Biggest Contribution to 5G Development’ at the 5G World Summit last year, for its role in leading research and development around fifth generation networks.

Mobile 360 ‘ Middle East is designed to cover the latest innovations developing in the region and outlines specific topics such as 5G, connected living, identity, IoT, privacy and security. The two-day conference features thought leaders from across the region and representatives from the largest MNOs, the most exciting technology suppliers and industry movers and shakers.

Hewu Attorneys Providing Seamless Solutions

Hewu Attorneys Providing Seamless Solutions

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Hewu Attorneys is a corporate commercial law firm with a strong inclination towards corporate tax, mergers and acquisitions, real estate and dispute resolution. With its offices located in Fourways, Johannesburg, the firm provides clients across the sectors of financial services, energy, health, hospitality, gambling and information technology.

The firm was established by Bartlett in August 2011, after 11 years in private practice with one client NBC Holdings, an employee benefits funds administrator, which has a footprint in South Africa, Swaziland, Kenya, Lesotho and Ghana.

At Hewu Attorneys, they have recognised the need to provide holistic seamless solutions for clients and in this regard they have, amongst others, brokered an association with a leading black owned forensic services company. Their professional team is committed to service excellence, professionalism and integrity in their dealings with each and every client of the firm.

There are a range of services which Hewu Attorneys deliver. They provide cost effective legal services that meet with clients’ expectations, constantly communicate and provide status briefings on clients’ matters and deliver on their mandates on reasonable time frames to add value to clients’ business. Also, the firm invests in long term mutually beneficial relationships with its clients, striving to understand clients’ business operations in order to provide holistic and seamless solutions. In addition, Hewu Attorneys endeavours to be a responsible corporate citizen informed by the socio-economic challenges facing its communities and is committed to the Bartlett Hewu of Hewu Attorneys, a commercial law firm, chats to us about the company’s accomplishments in South Africa and the successful partnerships they have built in the MEA region.

stakeholder approach of doing business by taking care of their employees, suppliers and clients.
The firm also has a list of values which they adhere to in order to ensure a successful and happy client relationship. Firstly, they aim to perform all mandates to the best of their abilities, to provide high quality service to clients and to be transparent with clients and set realistic delivery time frames.

Bartlett Hewu explains how he has seen the firm grow substantially, telling us, ‘We service blue-chip clientele, corporates, private equity funds, state owned and municipal owned entities. Our ongoing strategy is to ensure that we employ like-minded people who share the same vision and values as those of the firm. We continually embark in further education and development of our human capital. We also have a sizeable clientele in the MEA region. We are a firm founded on the principle of integrity, service excellence, innovation and ‘ubuntu’ ‘ an African word which roughly translates to ‘humanity towards others’.’

In order to adequately advise a new client, Bartlett believes it’s always important to understand the clients’ needs and their business operations. Understanding and honesty can forge strong partnerships with clients. ‘Upon receipt of an instruction, a preliminary view of our understanding of the issues will be sent to the client for confirmation and approval. Afterwards, a few scenarios with attendant consequences will be explored before a definitive cause of action is undertaken. This is geared towards an efficient and cost effective legal service to the client. For instance, if it is befitting to settle a matter before incurring any further fees and costs, then that is what we advise our client.

‘I remember an instance during my first consultation with a client whereby, I advised the client to walk away from a deal in Switzerland after understanding the transaction and issues involved. The simple reason was that there was no value in the deal for our client. That advice culminated in a long lasting and mutually beneficial relationship with the client.’

The Middle East and Africa region has benefitted from the experience that Hewu Attorneys provides. The firm has made strong client partnerships in the region, as Bartlett describes.
‘Over the past five years we have advised on several cross border transactions in the MEA region. We continue to forge and establish strong relationships with our colleagues and clients in the region. We were voted and received an award for the ‘Most Innovative Commercial Law Firm in 2016′ by Acquisition International.’

‘Africa is an emerging market and with a huge potential for growth. Over the past five years or so, the continent has attracted multinational law firms to its shores. In South Africa, we have a Legal Practice Act which seeks to regulate the professions of solicitors and barristers under one body. This results in clients being able to procure the services of barristers directly without the traditional route of accessing these services through the assistance of solicitors.’

Bartlett explains how technology is used throughout Hewu Attorneys to ensure a more efficient client experience. ‘We have IT infrastructure and an IT support team. The practice management and billing systems including hardware are state of the art. Our website is linked to Google ads. Reports to clients and bookkeeping are all integrated in the practice management and billings systems. Data back-up is done religiously and we use the Microsoft cloud. In addition, we use digital transcription machines and dictaphones for interviews with clients.’

Investment in development and training for staff enhances Hewu Attorneys reputation in the industry, making the firm stand out from its competitors.

‘We invest in our human capital and promote further education and development at the firm’s expense. We believe in strength in our diversity and practise what we preach. In addition, it can be difficult to obtain new clients and it can be easy to lose them. This keeps us on our toes, thus we never take our clients for granted.’

‘Our ethos is that our precious commodity is our staff and our bosses are our clients. Every day we join forces with my team to service our clients who in turn pay our bills. Somebody once said to me, when you pay an engineer you will have something to show for it; when you pay for a service, it is difficult to measure the value received against the payment. Hence we adopt the value added approach to our clients’ affairs. We have since realised the truth of the saying ‘business is built on relationships’ and cash flow is key to the survival of any business.’

To be a successful leader, Bartlett believes that there are qualities that are integral to success. In addition to being well-motivated, having a positive and hardworking team are important at Hewu Attorneys. ‘I’d like to think that I am personable and dependable, a great listener, not averse to risk and never shy away from a challenge. I am willing to learn, and I am always looking for new opportunities. I believe in team work and trust the abilities and competence of my team. I take a keen and special interest in the welfare and wellbeing of my staff.’

‘To stay motivated, I have stayed true to myself and set realistic and attainable short to medium term goals and focussing on them until they are achieved without losing hope. I am an avid reader of business and political biographies and learn from other people’s experiences and I always tell myself that the best is yet to come.’

In the future, Hewu Attorneys aims to build a medium size multidisciplinary firm and to maintain high levels of integrity. According to Bartlett, the firm will aim to have strategic partnerships across the MEA region.

Company: Hewu Inc. Attorneys
Name: Bartlett Hewu
Email: [email protected]
Web Address: www.hewu.co.za 
Address: Ground Floor, Block 9, Fourways Office Park, Cnr Fourways Boulevard & Roos Street, Fourways, Johannesburg, South Africa
Telephone: +27 (0) 11 465 7901

Leaders in the Steel & Construction Industry

Leaders in the Steel & Construction Industry

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Established in 1987, Hydra Arc started from humble beginnings, now a leading South African welding contractor, specialising in the manufacturing, maintenance and refurbishment of pressure vessels, piping fabrication, steel construction, refinery and boiler maintenance.

Hydra Arc offers a full range of welding processes and materials from carbon steel to the exotic material grades. Three tales have contributed to the Hydra Arc Group’s success. Each feeding and growing the other.

‘ Sky Hill Heavy Engineering;

‘ Jomele Training and Placements & Mshiniwami Artisan Academy; and

‘ Hydra Arc refinery maintenance.

The Sky Hill Workshop Complex, one of the largest, best equipped, steel fabrication, pressure vessel and piping workshops in the world, began in 2009, on a field – from nothing, by 2010 Sky Hill had its first order, the fabrication of a major portion of the steam ducting for the Medupi power station.

Ever since Hydra Arc have completed many other successful projects, with orders coming in from Europe, The Middle East and Asia.

The primary fabrication facility consists of four different workshops/bays. That’s approximately 75 000m2 under one roof. A 10,000m2 pipe shop, a 5,000m2 laser & plasma cutting shop and outdoor fabrication platforms range up to 50,000m2. The building is designed with a green slant, only using natural light for day time production.

Our primary facilities are supported by a 10,000m2 store for equipment, tools and consumables, 8
hectares of lay-down area and material stores, an electrical shop, diesel and petrol mechanical shops, a fully equipped machine shop, and carpentry shop.

Our capacity, state-of-the-art equipment, design capability and skills enable us to fabricate the largest pressure vessels and a limitless range of piping which meet the most stringent local and international specifications. The equipment utilized in the workshop represents the very latest in technologic advancement. The PWHT oven (possible the largest in the world) 70m long by 10m wide with a temperature range up to 750?, a second PWHT oven, 15m long by 6m wide, temperature range up to 950?.

The cranes, the tallest in South Africa, with a lifting capacity of 1,500 tons and a 22m under hook. A backup generator ‘power station’ capable of indefinitely powering the site in the event of a power failure.

There are 5 plate rollers with varying rolling capacities from 6mm to 150mm, a 1,250-ton bend press which can accommodate plate widths of up to 6.5m, specialized welding booms and rollers, designed and manufactured by Sky Hill, for the fabrication of large pressure vessels.
We are all about Innovation and forward thinking. Shutdown and refinery management has always been our specialty and Hydra Arc has proven to be a South African leader in this field again, and again.

Hydra Arc’s database of artisans ensure there will never be a shortage, and the ability to quickly and effectively deploy these artisans where or when necessary.

A key business imperative within the Hydra Arc group is a training and the development of skills centre. Mshiniwami Artisan Academy trains 1,000 welders, 450 pipe fitters and fifty boiler makers a year, which means we can attract and retain essential skills needed to develop and maintain our businesses and at the same time grow a skills base so badly needed in South Africa.

Welding is a major component to the Hydra Arc’s core business. There are many off spins to this. Skills can be accessed when needed, we can meet the customer demand quickly and effectively, man power can be mobilised and top skills can be enhanced and used.

Hydra Arc is currently involved in several major contracts for clients such as petro-chemical group Sasol. At Sasol Secunda, Hydra Arc has successfully completed projects such as the assembly and fabrication work for their coal tar filtration east project, fabrication of a gunk stabiliser, pipe spools and ducting for the seventeenth oxygen train.

We also fabricate water tanks for the local government so they can supply water to rural areas. Hydra Arc has made big strides in Africa. Each year, we train craftspeople to supply the South African market with boilermakers, welders and pipefitters. The firm is also involved in government projects that will positively affect the South African community. We empower individuals to be employable.

Any business encounters challenges in the industry and Hydra Arc is no exception. There is a shortage of skilled artisans in our country, which we have attempted to eliminate through our training program. Other challenges include cheap equipment imports from the east, dumped material from China and India and weak demand in local work.

To overcome these challenges, we have implemented the right sizing of the company to match local market demand. We are still continuously investing in new capacity to broaden our markets into other fields such as power generation, mining and water storage solutions, along with aggressively aiming at the international markets.

The Hydra Arc Group is a family run business, every one playing their part to make us the success that we have become. We care at every level.

Our Group is very involved in community work which includes the development and sponsorship of an environmental school, donation of funds to schools, orphanages, churches and charitable associations. We are involved in the sponsorship of sports teams and participate in the Black Management Forum, Economic Development Forum, Audit Committee of the Gert Sibande Municipality, Management Advisory Council of the Vaal University of Technology and the local branch of NAFCOC.

Company: Hydra Arc Pty Ltd
Email: [email protected]
Web Address: www.hydra-arc.com
Address: Head Office, 124 Danie Theron Street, Secunda, 2302, South Africa
Telephone: +27 (017) 632-7000

Regional Knowledge the Secret to Success

Regional Knowledge the Secret to Success

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Kamal Habachi is a partner at Bakouchi & Habachi – HB Law Firm LLP. Located in Morocco, the legal firm specialises in all areas of business law.

Founded in 2006 by Mrs Salima Bakouchi, ‘Bakouchi & Habachi – HB Law Firm LLP’ is a multidisciplinary firm of business lawyers with expertise in business law. The firm is designed to provide assistance to public & private institutions, financial institutions and individuals with legal and tax benefits of high quality in consulting, pre litigation and litigation.

In 2012, the firm was transformed through a professional partnership of lawyers. The choice of legal firm reflects a willingness of partners to pool the expertise of lawyers, which is in the client’s exclusive interest.

Kamal Habachi speaks to us about what the law firm offers to its clients. ‘The activity of our firm, composed of lawyers and attorneys advice, and the diversity of our focus areas, allow us to assist, advise and defend our clients both in negotiations and support before the Moroccan courts . In order to effectively reach the needs of our customers, our firm maintains close professional relationships with governments, social partners and some international firms.

‘Our law firm is specialised in all areas of business law. The firm is divided into two complementary departments, department of litigation and the department of counselling. Thus, we provide to private companies and public institutions, legal services of the highest quality. Our client approach involves providing a full range of services to cover all the clients’ needs and to make them feel secure with a professional services provider.’

By continuously providing clients with a high quality legal service, they have built up strong working partnerships. Kamal remarks that having knowledge of the market is another reason why Bakouchi & Habachi have remained successful in Morocco.

‘The strategy of our firm is to provide high valueadded legal services. It offers a full range of services covering all clients’ legal and tax needs. The firm has lawyers from different backgrounds, thus enabling the firm to handle all the legal and tax issues a company may face.

Also, and in a continuously changing environment, the firm seeks to broaden its areas of expertise and to build on the strengths of the HB Law Firm team to cater to all its clients’ needs. We strictly comply with the profession’s exacting code of conduct. Our ongoing business strategy is to set up a full services and proximity with the client and to build a partnership for punctual project or day to day business.’

‘Our strong skills and good knowledge of the Moroccan market make us one of the business leaders in our sector. Also, being aware of the international laws, conventions and treaties ratified by Morocco, is very important in order to provide high quality legal services. We implement the best technology, maintain secure data and files, and we are assisted by professional services providers.’

The MEA region has benefitted from Bakouchi & Habachi’s experience. They have gone on to help many companies in Morocco, whilst also facing the challenges of the country’s legal system. Knowledge of the region appears to be the secret to their success.

‘Our law firm helped many international firms to get established in Morocco. We have helped to facilitate many Moroccan companies to implement their business in other countries in Africa, as well as helping an important number of companies to face legal issues that had a huge impact on the company worldwide.’

‘Morocco has adopted and amended many laws in the last decade. In consequence, many challenges are arising out of those changes: e.g. companies must comply with all these laws mainly in corporate law, anti-trust law, consumption law, and the protection of personal data law.
Furthermore, Casablanca has become a regional hub, a gate to the African continent which offers many challenges and opportunities to our country as many big firms have decided to get established in Casablanca.’

Kamal Habachi states that the law firm ‘remains open to new ideas and different points of view.’ Bakouchi & Habachi’s future plans include hiring lawyers from different backgrounds and cultures, creating a more diverse workforce. Another goal of the firm is to make Bakouchi & Habachi more important in the industry, both in terms of the quality of their work and the quantity of their clients.

Company: Bakouchi & Habachi- HB Law
Firm Name: Kamal Habachi
Email: [email protected]
Web Address: www.hblaw.ma
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Milaha Reports Net Profit of QR 759 Million

Milaha Reports Net Profit of QR 759 Million

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Dubai, UAE — Qatar Navigation (Milaha) Q.P.S.C. recently announced its financial results for the nine months ended September 30, 2016.  

Key financial highlights:

Operating revenues of QR 1.99 billion for the nine months ended September 30, 2016, compared to QR 2.30 billion for the same period in 2015

Operating profit of QR 513 million for the nine months ended September 30, 2016, compared to QR 686 million for the same period in 2015

Net profit of QR 759 million for the nine months ended September 30, 2016, compared to QR 959 million for the same period in 2015

Earnings per share of QR 6.68 for the nine months ended September 30, 2016, compared to QR 8.44 for the same period in 2015

Milaha Maritime & Logistics’ overall revenue declined by 13%.  The Port Services unit continued to be negatively impacted by lower revenues from ancillary services, non-containerized general cargo, and RORO.  In addition, despite growing market share and volumes, the Container Shipping unit was negatively impacted by rate pressure.

Milaha Gas & Petrochem’s revenue grew by 24% as a result of the full period impact of the investment in two LNG carriers made in the second half of 2015.

Milaha Offshore’s revenue declined by 17%.  Weakness in oil prices and the resulting cuts in investments by the oil and gas majors continued to weigh down results in this segment.

Milaha Trading’s revenue dropped by 26% driven by lower heavy equipment sales as compared to the high levels witnessed last year.

Milaha Capital’s revenue declined by 21% with lower dividend income from the first quarter continuing to hamper full segment results. 

‘Due to the weaker macroeconomic conditions and volatility in our core sectors, we continue to operate in a challenging environment. In the face of these difficult times, however, Milaha remains focused on investing for the future and pursuing the best growth opportunities domestically and internationally,’ said H.E. Sheikh Ali bin Jassim Al Thani, Chairman of Milaha’s Board of Directors.

For his part, Mr. Abdulrahman Essa Al-Mannai, Milaha’s President and CEO, said: ‘Shipping is experiencing some of the most difficult conditions we have seen since the financial crisis. Despite these difficulties and the drop in earnings relative to the same period last year, Milaha’s net profit margin remains a healthy 38%.’

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.