NOVEMBER 2013 Vol. 2 - No. 17 · 2014-01-05 · inspire Vol. 2- No. 17 QUICK LINKS SUCCESS SECRETS Top tips for doing business in the UAE By Pashma Manglani As workplaces become more

News update

>> UAE banks to get 5 years to meet new loan curbs

>> Oman property developer sells country’s first sukuk

>> Dubai luxury housing firm seeks USD500m in London listing

>> Dubai Financial Market swings to Q3 net profit on trading volumes

>> Emirates NBD sees double digit growth for its retail banking business

>> S&P Dow Jones to upgrade Qatar, UAE to emerging market status

>> S&P cuts Lebanon’s credit rating by one notch to B-; outlook negative

>> UAE central bank watching house prices, sees no bubble

>> UAE plans Islamic finance authority backed by legislation

>> Vivendi to sell Maroc Tel stake to Etisalat for USD5.7bn

Golf time: UAE’s best courses

Top tips for doing business in the UAE

Registering MENA property

>> Read more >> Read more>> Read more >> Read more >> Read more

NOVEMBER 2013 Vol. 2 - No. 17

The liquidity trap

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Stimulus reigns supreme

Events and Promotions

Win a luxury holiday to Seychelles!

The Emirates NBD Mobile Banking App frees up your time to focus on the things that matter

inspire Vol. 2- No. 17

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Golf time: UAE’s best courses By Pashma Manglani

The UAE has some of the world’s best courses and even though it is not as popular among nationals, the sport is thoroughly enjoyed by the large expat population.

There are now close to 17 golf courses in the Emirates, something that is “quite amazing,” says Peter Harradine, senior architect, Harradine Golf. He points out that there is a good variety but there are too many championship courses in the UAE and there is a need for more nine-hole golf courses.

According to him, the main things golfers look for from a course are:

1. Green fees and price of membership (these

shouldn’t be too high so people can afford to

play)

2. Maintenance of the golf course

3. Playability (whether it is too difficult or too easy)

4. Good service on the 19th hole

Based on these standards and overall popularity,

here are picks for top 10 golf courses in the

UAE.

Yas Links

The region’s first links golf course, Yas Links Abu Dhabi has been voted among the World’s Top 100 courses. The 7,414-yard par-72 championship course was designed by leading golf architect Kyle Phillips and also features a nine-hole academy course.

Jumeirah Golf Estates (Fire)

Designed by Australian golfer Greg Norman, Fire is inspired by the Sand belt courses in Great Britain and Australia. Featuring two lakes, the 18-hole course spanning 7,480 yards, has been designed to offer longer – yet more rewarding – play.

Abu Dhabi Golf Club

Host to the Abu Dhabi HSBC Golf Championship since 2006, this luxurious golf resort has a 27-hole championship course over 7,334 yards and seven saltwater lakes. The par-72 national course offers a night golfing service, and a ‘Royal Experience’ in partnership with Emirates Palace, allowing guests to enjoy Maybach or helicopter transfers and Rolls Royce golf carts.

The Address Montgomerie

For golfers who are looking for a luxurious time at the field, the Montgomerie is definitely the place to go. Managed with the full Troon Golf Experience, the championship course covers 265 acres and has a total of 14 lakes. Its signature hole is the par 5 fourth, dubbed the Snake hole for its saddleback fairway and bunkers that resemble the eyes of a snake.

Al Badia Golf Club

Designed by the renowned Robert Trent Jones II, the 18-hole, par-72 course is built on an oasis theme and spans 7,303 yards. Located in the heart of the Dubai Festival City, it also boasts an award-winning clubhouse and event spaces along with a luxurious spa.

Dubai Creek Golf & Yacht Club

Host to the Dubai Desert Classic, this 6,967 yards-long course is the second oldest in Dubai and has been voted one of the Top 100 Must-Play Golf Courses in the world. Located by the Creek, the course has a spectacular view and manicured fairways. It also boasts a professional Golf Academy with top-notch facilities and training.

Tower Links Golf Club (RAK)

This idyllic golf course connects to a mangrove reserve and is set in the backdrop of the Hajjar Mountains. At 7,200 yards in length with 18 holes, the Tower Links Golf Club was designed by Gerald Williams. The challenging course also offers a range of facilities, aimed at helping

golfers improve their game.

Emirates Golf Club

The 22-year-old Emirates Golf Club is the first grass course in the region and has an impressive range of facilities along with an established golf academy. The Majlis golf course has been ranked among the World’s Top 100 courses by Golf World and has hosted the European PGA Tour Omega Dubai Desert Classic and the Omega Dubai Ladies Masters.

The Els Club

Stretching 7,538 yards, this course is inspired by Ernie Els’ love for links golf, and blend links-style golf courses with the traditional local desert landscape. It is also the first amenity to open in Dubai Sports City.

Arabian Ranches Golf Club

Proving a challenge for even the most experienced golfer, the Arabian Ranches golf course boasts a GPS yardage service on every golf cart so that players can check exactly how far away they are from the center of the green. The 18-hole, par 72 championship course spans 247 acres and has been designed to fit in with the natural surroundings. © Zawya

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SUCCESS SECRETS

Top tips for doing business in the UAEBy Pashma Manglani

As workplaces become more diverse and companies expand offices internationally, cultural awareness has become increasingly important in the world of business. Understanding how communication differs across borders can often make or break a deal. In fact, almost 49% of senior executives interviewed in a global survey (by the Economist Intelligence Unit, sponsored by Education First) said that communication misunderstandings and messages lost in translation have affected major business deals and resulted in significant losses for their companies.

When operating a business from the Middle East, there is more than just a language barrier to cross. Understanding local customs as well as the general business environment can be crucial for entrepreneurs looking to make it big. We spoke to some of UAE’s

business leaders, who shared their tips on building relationships and running a successful operation.

Meeting and greeting– Bev Mileman, general manager, Biz-Group.

First of all, it is important to greet and acknowledge the most senior person in the room. Special respect is paid to the elderly and can include standing when older people enter a room. Status is important and must be recognized by using the correct title when addressing someone, i.e. it is customary to use Sheikh (chief) Abdulla. Arab nationals generally address people by their first names, so Michael Green will be addressed as Mr. Michael.

Handshakes are always used when greeting someone of the same gender and can last a long time. However, handshakes are not always appropriate across genders. For a man introduced to a woman, it is advisable to wait and see if a hand is extended first. A Western woman introduced to a Muslim man might also wait to see if he offers his hand first.

It’s not just business, it’s personal - Shadi Al Hasan, managing director, Flagship Projects

Doing business in the region involves more than just meetings and negotiations. In order to build fruitful relationships, it is essential to work in a personal connection and build trust. Emiratis are very social and friendly even at their busiest time, so do share personal stories over a cup of coffee with them. However, it is

important to still be yourself; you can’t build trust by acting otherwise.

Talking about the family - Maria Pearson, executive director, Grow.

Be comfortable talking about your family and children and your experiences. However, be careful not to ask about someone else’s wife.

A relaxed concept of time - Bev Mileman, general manager, Biz-Group.

The working week is generally Sunday through to Thursday.

Attitudes to time are more relaxed than in the West, therefore it is not unusual to be kept waiting, though Westerners will be expected to be on time.

Meeting etiquette - Bev Mileman, general manager, Biz-Group.

Meetings are often accompanied by coffee and pastries. Hospitality is held in high regard throughout the Middle East and it is proper etiquette to accept and compliment the host on the food and his hospitality; to refuse it can be seen as offensive.

During meetings, mobile phone calls, emails or text messages are often taken during meetings and people may enter the meeting room unannounced and proceed to discuss their own agenda

Ask questions to know how the deal is moving along – Maria Pearson, executive director, Grow.

Whoever escorts you in and out of meeting will be able to give you information on how the deal is progressing. Don’t dismiss that person as someone unimportant. Even if they aren’t decision-makers, they will contribute to the consulting process and usually their opinion is listened to. Don’t forget to ask them question as if you’re looking for advice.

Listen (carefully) to the whole story –Maria Pearson, executive director, Grow.

When trying to work out the terms for a deal, if someone says they’ve got to go back and discuss this with their colleague/team – that’s a positive sign. Rarely are decisions made on the spot and it usually takes the consensus of a group before a deal is signed.

However, if they respond by saying “hmmm, this might be difficult,” that’s an indication that it’s probably not going to move ahead.

Don’t forget to be business savvy -Shadi Al Hasan, managing director, Flagship Projects

Make sure you have a very unique selling point in such a competitive market like the UAE. There are so many individuals from all over the world here to share the pie.

When running a business, the most important rule (that cannot be stressed enough) is to maintain a healthy cash flow. It’s a very expensive place to operate in. © Zawya



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MARKETS UPDATE

The liquidity trap Even the most bullish investors are starting to wonder how high can this global equity market rally go. Most global indices are setting new records and the equity juggernaut seems to be steamrolling every obstacle in its path.

Dow Jones recently crossed 16,000 points for the first time and clocked its seventh-straight weekly gain. Both the Dow and S&P have now ramped up 25% year-to-date, and there seems little on the horizon that could derail that rally.

Macroeconomic data from the U.S. continues to show a gradual improvement in the pace of recovery. If ongoing negotiations in Washington lessen the impact of sequestration, economic growth next year would accelerate above analysts’ modest expectations for a 2.6% real GDP expansion, perhaps even edging towards 3%.

The U.S. Federal Reserve is also assuring markets that even if the quantitative easing is unwound, we will continue to remain in an era of low interest rates.

That low-rate comfort is sweeping across the world, with European and Japanese authorities making similar pronouncements.

Talk of a new set of reforms in Beijing may fuel the rally further. China has been struggling to maintain growth, but a focus on structural reform rather than quick fixes may see the economy trending lower in the short-term.

While investors are pouring into equities in the benign monetary policy environments, some analysts are cautioning that it is leaving some regions vulnerable.

“There is little scope for eurozone governments, and seemingly the ECB on its current stated trajectory, to respond to large unforeseen market shocks,” said Andrew Balls, managing director and head of European portfolio management at PIMCO, which runs one of the largest bond funds. “Monetary policy could be a source of upside risk were the ECB to use its balance sheet more aggressively to try to drive down the cost of borrowing in Italy and Spain.”

More fundamentally, the outlook for EU-wide regional growth on a secular basis remains very weak, Mr. Balls said.

Olivier Blanchard, a council member of the Econometric Society, warns of the “liquidity trap” of unconventional monetary policies, where low rates can be binding for a long time but offer limited maneuvering room.

“It remains a fact that compared to conventional policy, the effects of unconventional monetary policy are very limited and uncertain,” he wrote in a report.

Regional investors are also eyeing signs of overheated markets. While Abu Dhabi (up 46% year-to-date) and Dubai (78% ytd) may be at the forefront of the rally, other Gulf markets such as Kuwait (up 10%), Qatar (23%) and Saudi (22%) may have plenty of opportunities for regional investors. Rotation may be on the cards.

Oil

Brent crude traders are responding to statements by Western powers on their negotiations with Iran. With a deal uncertain, Brent touched a six-week high at USD 111.40 and is at a USD 16 premium to the American benchmark WTI.

Gold

Spot gold hit a four-and-a-half-month low of USD 1,236.29, as the U.S. economy continues

to improve. Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, have now fallen to their lowest level since early 2009 at 856.71 tonnes.

Currency

Euro has been trading up against other currencies on better-than-expected German economic data. The euro rose to a 4-year high against the yen at JPY137.14, and also edged up 0.5% against the U.S. dollar to USD1.3542. © Zawya


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Registering MENA property

The UAE is the fourth easiest place in the world to register a property, according to the latest Doing Business 2014 report by the World Bank.

The UAE ranked just below Georgia, New Zealand and Belarus in the survey’s Registering Property category.

Each year, the bank examines 189 countries business-friendliness towards small and medium enterprises in 11 key categories, including registering property, dealing with construction permits and getting electricity.

Apart from the UAE’s fourth place in property registration, the country also secured 4th place globally in ease of electricity access and an equally impressive fifth place in securing construction permits.

It takes a mere two procedures and six days to register a property in the Emirates, compared to five procedures and a little more than 24 days to register property even in OECD high

income states, the Bank’s data shows.

The survey records the full sequence of procedures needed for a business to purchase an immovable property from another business and formally transfer the property title to the buyer’s name.

The UAE has made transferring property easier by increasing the operating hours of the land registry and reducing transfer fees, which was seen as a key reform to ease transactions.

Overall, the UAE was ranked 23rd globally as the best place for SMEs to conduct business in, and first in the region.

Other Gulf nations also fared well when it came to property registration.

Saudi Arabia, which is in the midst of a massive surge in real estate construction after a string of new mortgage and property laws, secured 14th place globally. It takes only five procedures and eight days to secure property registration in the kingdom.

Other Gulf markets Oman (ranked 21st globally) and Bahrain (ranked 41st) also secured very respectable positions.

But data from a majority of Middle East countries show they have a long way to go before they can catch up to their regional counterparts.

Kuwait is an outlier in the Gulf and languishes at 90th place globally in the property registration category.

Worryingly, a number of countries with acute housing shortages have very low rankings.

Egyptian authorities take more days than any other Middle Eastern jurisdiction to register a property, while Iraq requires 51 days with procedural costs amounting to just over 8% of the property’s value.

However, the country reduced the cost of registering fees from 3% to a low-fixed fee.

Algeria, another country with a major housing shortage, also takes 63 days, 10 procedures and roughly 7.1% of the cost of the property to register property.

But Syria (presumably before the civil war started) emerged as the most expensive place to register property, accounting for 27.8% of the property value

The registering property ranking is a very useful way for many countries to gauge their performance compared to regional counterparts. And while the Gulf states have led the way, a number of North Africa and Levant countries could do well to unlock wealth by cutting the bureaucracy and facilitate ways for their citizens to own a piece of their own land. © Zawya

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Stimulus reigns supreme Currencies linked to the Chinese economy received a major boost, as the Asian giant unveiled a string of reforms to strengthen its economy.

Resource-driven Australian and New Zealand currencies soared against the U.S. greenback, euro and Japanese yen, as traders were buoyed by China’s effort to tackle the issue of sluggish growth which has depressed global economic sentiment.

The dollar index, which tracks the U.S. currency’s value against a basket of six major currencies, fell 0.2% to 80.728. The Australian dollar was up 0.2% at USD 0.9386, while the New Zealand dollar also inched up 0.2% to reach USD 0.8384.

Major currencies also trended lower after Janet Yellen, the nominee for Fed chairman, hinted last week that she would likely pursue her predecessor’s loose monetary policy. Most analysts now believe the Fed’s first tightening may come by the end of the first quarter.

“Yellen thinks that more needs to be done to achieve the Fed’s inflation and employment goals, and she does not fret over asset bubbles,” said Jimmy Jean, economic strategist at Desjardins Capital Markets. Sustained loose monetary policy would likely keep U.S. dollar lower against other currencies.

The European Central Bank and Bank of Japan have already signaled that they don’t intend

to tighten monetary policy for some time to come.

Benign central banking policies and prospects of improved growth in the world’s second largest economy is a recipe for global market exuberance. And that exuberance continues to push the markets higher, including the Gulf MSCI index, which is up 18% this year.

The main Chinese index comprising key companies rose 5.7% on November 18 – its best daily gain since December 1, 2011. In the U.S., Dow Jones cracked the psychological 16,000-point barrier for the first time in its history, while the S&P 500 breached 1,800 points — its all-time high. The Germany DAX index also hit its all-time closing high of 9,225.43, as the third week of November began.

But the Institute of International Finance says the clock is ticking on the risky rally.

“Given the strength of gains in most mature

market equities this year, the question becomes how much further the risk rally can be extended — and whether emerging market equities, dogged by soft growth prospects and tighter funding conditions in a number of countries, will join the party,” Hung Tran, executive managing director at IIF said in a note.

As widely expected, Bank of Japan maintained its loose monetary policy, and pledged to intervene again if the economic risks did not subside.

Japan’s economy slowed in the third quarter due to lower exports and consumer spending.

“The larger challenge for Japan in our view is whether or not real exports will pick up in line with increase in nominal exports seen since the massive monetary easing component of Abenomics caused a strong drop in the JPY in late 2012 and into 2013,” said a Scotia bank analyst. “The weak yen has increased the nominal haul from trade – but real exports

haven’t gone anywhere, and indeed are exerting a drag effect on GDP growth.”

The yen has fallen to a four-month low against the U.S dollar to 100.83.© Zawya

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NEWS UPDATES

UAE banks to get 5 years to meet new loan curbsBanks in the United Arab Emirates will have a grace period of five years before they have to meet new large-exposure rules which the central bank will impose, central bank governor Sultan Nasser al-Suweidi said.

He was confirming comments made on Monday by the head of the country’s banking association, who said he expected a grace period of about five years. – Reuters

Read full article

Oman property developer sells country’s first sukukOmani real estate developer Tilal Development Co has sold the country’s first Islamic bond, a 50 million rial (USD130 million) sukuk that could pave the way for similar issues by other companies in the sultanate.

Tilal’s five-year sukuk, offering a profit rate of 5 percent and based on an ijara structure, a leasing arrangement commonly used in other Islamic markets, was privately placed with investors, arranger Al Madina Investment said. – Reuters

Read full article

Dubai luxury housing firm seeks USD500m in London listingDubai luxury housing developer DAMAC Properties said it plans to raise as much as USD 500 million from an initial public share offer in London, betting on a recovery in a property market that crashed four years ago.

If successful, DAMAC would be the first Dubai real estate firm to go public since then.

DAMAC, which is building golf courses in the emirate with American real-estate mogul Donald Trump as well as a Hollywood-themed residential and retail complex, was one of the firms hit by a collapse that saw Dubai real estate prices slump by over 50% from their 2008 peak. – Reuters

Read full article

Dubai Financial Market swings to Q3 net profit on trading volumesDubai Financial Market the Gulf’s only listed stock exchange, swung to a third-quarter net profit due to higher trading values and bullish investor sentiment on back of continued economic recovery in the emirate.

The firm, which runs securities trading in Dubai, made a net profit of AED 82.8 million (USD 22.5 million) in the three months to Sept. 30, compared with a net loss of AED 1.7 million in the same period of 2012, a statement said. – Reuters

Read full article

Emirates NBD sees double digit growth for its retail banking business Suvo Sarkar currently heads the retail banking division of Emirates NBD for the second time. He returned to the bank last year after running the retail division of National Bank of Abu Dhabi for two years. In his last stint with the bank, Sarkar was instrumental in the smooth transition of the retail banking business during the merger of Emirates Bank and National Bank of Dubai in 2007. In an interview with Gulf News, Sarkar speaks about the latest trends in the industry and the direction of Emirates NBD’s retail business. – Gulf News

Read full article


http://www.zawya.com/story/UAE_banks_to_get_5_years_to_meet_new_loan_curbs_cbank-TR20131105nL5N0IQ1936/

http://www.zawya.com/story/Oman_property_developer_sells_countrys_first_sukuk-TR20131105nL5N0IQ1ED3/

http://www.zawya.com/story/Dubai_luxury_housing_firm_seeks_USD500m_in_London_listing-TR20131104nL5N0IP0LN4/

http://www.zawya.com/story/Dubai_Financial_Market_swings_to_Q3_net_profit_on_trading_volumes-TR20131104nL5N0IP1YX3/

http://www.zawya.com/story/Emirates_NBD_sees_double_digit_growth_for_its_retail_banking_business-GN_03112013_041110/


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S&P Dow Jones to upgrade Qatar, UAE to emerging market statusInternational equity index compiler S&P Dow Jones Indices has decided to upgrade Qatar and the United Arab Emirates to emerging markets from frontier market status, with effect from September 2014, the company said on its website.

It cited Qatar’s efforts to raise foreign ownership limits for stocks, though the limits were still below the levels of most emerging markets, as well as reforms to settlement systems and trading facilities. – Reuters

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S&P cuts Lebanon’s credit rating by one notch to B-; outlook negativeStandard & Poor’s cut the long-term foreign and local currency sovereign credit ratings on the Republic of Lebanon on Friday to ‘B-’ from ‘B’ and kept them on a negative outlook, citing a steady decline in Lebanon’s macroeconomic fundamentals.

S&P said it could lower the ratings again if the Syrian civil war further undermined Lebanon’s debt-serving capacity. – Reuters

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UAE central bank watching house prices, sees no bubbleThe United Arab Emirates central bank governor said on Wednesday he was not worried about a new house price bubble similar to one which burst in 2008, halving property prices in the following two years and pushing Dubai close to default.

Prices have risen again in the past year and the central bank imposed limits on mortgage loans this week to prevent another boom-and-bust cycle in the property market. – Reuters

Read full article

UAE plans Islamic finance authority backed by legislationThe United Arab Emirates plans to develop an independent authority which will supervise the country’s Islamic finance industry, backed by specific legislation, central bank governor Sultan Nasser al-Suweidi said.

A centralized approach to supervising Islamic finance is increasingly being adopted around the globe, as regulators try to standardize industry practices and improve consumer perceptions.

“We will have a sharia authority or a board, that will be outside the central bank,” Suweidi told Reuters on the sidelines of the World Islamic Economic Forum in London. – Reuters

Read full article

Vivendi to sell Maroc Tel stake to Etisalat for USD5.7bnVivendi has agreed terms to sell its 53% stake in Maroc Telecom to the UAE’s Etisalat for EUR 4.2 billion (USD 5.7 billion), the latest step in the French conglomerate’s drive to become more media focused.

Looking to pay down its debts and revive its shares, Vivendi is selling assets such as Maroc Telecom and video games maker Activision Blizzard to concentrate on music and pay-TV businesses that it believes have greater growth potential. – Reuters

Read full article. © Zawya

NEWS UPDATES


http://www.zawya.com/story/SP_Dow_Jones_to_upgrade_Qatar_UAE_to_emerging_market_status-TR20131031nL5N0IL2UH2/

http://www.zawya.com/story/SP_cuts_Lebanons_credit_rating_by_one_notch_to_B_outlook_negative-TR20131101nEMN069QJK3/

http://www.zawya.com/story/TR20121014nL5E8LE0WJ2

http://www.zawya.com/story/UAE_central_bank_watching_house_prices_sees_no_bubble-TR20131030nL5N0IK35Q2

http://www.zawya.com/story/UAE_plans_Islamic_finance_authority_backed_by_legislation-TR20131030nL5N0IK3YY2

http://www.zawya.com/story/Etisalat_to_buy_Vivendis_53_stake_in_Maroc_Telecom-TR20131105nL5N0IQ07F2/


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NOVEMBER 2013 Vol. 2 - No. 17 · 2014-01-05 · inspire Vol. 2- No. 17 QUICK LINKS SUCCESS SECRETS Top tips for doing business in the UAE By Pashma Manglani As workplaces become more

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