The Times newspaper has relocated its business desk from London to Dubai for the Times Gulf Business Forum, taking place between 28 October and 4 November 2007.
Journalists will be talking to over 200 CEOs in the UAE, Bahrain and Qatar, discussing regional “commercial trends, new sources of capital and the region’s movers and shakers”. The press release went on to describe “The Gulf As A Crucial Centre Of Global Business”, with business editor James Harding commenting:
“The Gulf is making itself felt in companies and markets around the world. We want The Times […] to be at the forefront of activity in global business. So, for the first time we are moving The Times business desk offshore for a week: a team of reporters, columnists and editors will be based in Dubai and Abu Dhabi looking at the commercial trends that are remaking the Middle East, the new sources of capital that are investing internationally and the people that are transforming the Gulf into an economic powerhouse.”
The Times is currently printed and distributed on the morning of publication in the Middle East under a licensing agreement with the Saudi-based SAB media group. The international edition, printed in the Middle East, is published five days a week, at 64 pages, with a 96-page Saturday edition and the 96-page broadsheet Sunday Times. Tariq Qureishy, CEO of SAB welcomes the initiative, saying that “The Times world renowned journalistic team will be able to deeply engage with the people who are currently shaping this region.”
Wednesday, 31 October 2007
Air carrier set to float
News hot off the press is that state-owned air carrier Emirates is considering a stock market floatation. This follows the recent IPO announcement from holding company Dubai World, which said it would give up a 20% stake in subsidiary port operator DP World, one of the world's largest container port operators. Emirates spokesman Boutros Boutros says that the decision to go public "rests in the hands of our owners, the government of Dubai."
Tuesday, 30 October 2007
Executive Job Update, 30/10/07
Lloyds TSB International expands corporate product range
Caitriona Ledwidge is moving from Lloyds TSB International in the Isle of Man to join Lloyds TSB in Dubai. She will introduce corporate customers to offshore corporate banking services offered by Lloyds TSB International in the Channel Islands & Isle of Man. Caitriona commented:
'I am delighted to have the chance to relocate to Dubai, and provide Lloyds TSB's many corporate customers with this additional new offshore service. As well as helping our existing clients, I am looking to develop new relationships with businesses based in the region and potential introducers to the bank',
Caitriona’s transfer to Dubai comes as Lloyds TSB expands its corporate banking presence to meet the increasing demands of businesses in the Middle East.
Caitriona Ledwidge is moving from Lloyds TSB International in the Isle of Man to join Lloyds TSB in Dubai. She will introduce corporate customers to offshore corporate banking services offered by Lloyds TSB International in the Channel Islands & Isle of Man. Caitriona commented:
'I am delighted to have the chance to relocate to Dubai, and provide Lloyds TSB's many corporate customers with this additional new offshore service. As well as helping our existing clients, I am looking to develop new relationships with businesses based in the region and potential introducers to the bank',
Caitriona’s transfer to Dubai comes as Lloyds TSB expands its corporate banking presence to meet the increasing demands of businesses in the Middle East.
Single currency in the news
I've managed to get hold of a copy of the UK's Telegraph Business News section, which has an article on the GCC single currency. Some chunks are quite interesting:
The article quotes an analyst from investment bank Dresdner Kleinwort as thinking that the GCC are coming from a much tougher starting point than the European countries who banded together to form the euro.
The dollar-pegged Gulf currencies are already running the risk of inflation, and that’s before the widely expected cut in US interest rates. They may be forced to mimic this cut, although Saudi Arabia surprisingly chose not to go down this route when the US Federal Reserve cut rates by half a percentage-point earlier in the year.
Observing how the GCC countries react to the Fed’s actions will tell us a lot about their true intentions. Watch closely.
"The issue is vital, for the region, for currency markets worldwide and for the US dollar in particular."The article thinks the main bone of contention between the different GCC states has been dramatic differences between each state’s oil and gas reserves. Resource rich states such as Saudi Arabia, Qatar and to a lesser extent the UAE, are better placed to invest in projects aimed at economic diversification and increased employment. Oman in particular has voiced concerns that the convergence criteria for monetary union are too restrictive, particularly in the area of public spending. The country’s central bank governor, Homud al-Zidjalihas publically declared, “we do not want to restrict our monetary and fiscal policies at present”.
“Leaps in the oil price mean the Middle East is once again one of the world's richest regions, pumping money into the City and Wall Street. Most of this cash has been dollar denominated, since the Gulf states receive their oil revenues in dollars.”
“If the Gulf states were to turn their back on the dollar and float a single currency, in doing so stopping their bulk purchasing of American Treasury bonds, the result could be an even sharper fall in the dollar.”
"The dollar's recent weakness has reinforced the arguments in favour of monetry union"
The article quotes an analyst from investment bank Dresdner Kleinwort as thinking that the GCC are coming from a much tougher starting point than the European countries who banded together to form the euro.
The dollar-pegged Gulf currencies are already running the risk of inflation, and that’s before the widely expected cut in US interest rates. They may be forced to mimic this cut, although Saudi Arabia surprisingly chose not to go down this route when the US Federal Reserve cut rates by half a percentage-point earlier in the year.
Observing how the GCC countries react to the Fed’s actions will tell us a lot about their true intentions. Watch closely.
Monday, 29 October 2007
Executive Job Update, 29/10/07
Macaulay Joins Credit Suisse
Duncan Macaulay has joined Credit Suisse as Head of Real Estate in the Middle East. Based in Dubai, he will report to Rob Brennan, Head of Global Real Estate Finance and Securitization and Bassam Yammine, Co-CEO and Head of Investment Banking in the Middle East.
Bassam Yammine, Co-CEO and Head of Investment Banking in the Middle East, added: “Duncan brings to the Bank strong relationships and will be an excellent addition to the team as we look to develop a leading real estate platform in the Middle East and deliver the full capabilities of the Bank to our clients in this key growth market.”
Mr. Macaulay joins Credit Suisse from Dubai Investment Group, where he was CEO of their Real Estate and Hospitality group for three years.
Duncan Macaulay has joined Credit Suisse as Head of Real Estate in the Middle East. Based in Dubai, he will report to Rob Brennan, Head of Global Real Estate Finance and Securitization and Bassam Yammine, Co-CEO and Head of Investment Banking in the Middle East.
Bassam Yammine, Co-CEO and Head of Investment Banking in the Middle East, added: “Duncan brings to the Bank strong relationships and will be an excellent addition to the team as we look to develop a leading real estate platform in the Middle East and deliver the full capabilities of the Bank to our clients in this key growth market.”
Mr. Macaulay joins Credit Suisse from Dubai Investment Group, where he was CEO of their Real Estate and Hospitality group for three years.
Saturday, 27 October 2007
More info on expat life in the UAE
Just found some more background information for anybody thinking about relocating out here. It's an article by a British expatriate banker who has been living in Duabi with his family since 2001, available at http://www.telegraph.co.uk/global/main.jhtml?xml=/global/mentors/dubai.xml
Friday, 26 October 2007
Banking in Dubai
I've just come across this great photo of the Dubai International Financial Centre:
(Source: http://www.flickr.com/photos/alex-photos/499925016/)
Since opening in September 2004, DIFC has attracted high calibre firms from around the globe. The 110-acre free zone is home to the Dubai International Financial Exchange (DIFX), which opened in September 2005.
It's a pretty good deal; companies operating in the DIFC enjoy 0% tax rate on profits, 100% foreign ownership, and no restrictions on foreign exchange or repatriation of capital. No wonder then that over 350 companies, including about 116 financial services firms, are based at the commercial hub.
Earlier this year Reuters reported that DIFC planned to make a series of significant acquisitions, worth more than $2 billion. Gulf Arab investors have spent around $94 billion on foreign mergers and acquisitions since 1997, about two-thirds of that in 2005 and 2006.
Large scale oil producing countries like Saudi Arabia, Kuwait and the UAE are currently experiencing near-record prices for their exports, which they are using to diversify their economies. The popularity of "Sovereign Wealth Funds" is also growing, with vast economic resources now controlled by small groups of petrodollar investors. In the past few years, inflation in the GCC has been low due to what economists call the “low absorptive” nature of the Arab monarchies. To put it simply, there is plenty of money to go around, due to high oil revenues and low population figures. This has created large current account surpluses, providing funds which governments have useed to invest in secure foreign assets.
Bankers in North America and Europe are getting increasingly twitchy about the concentration of so much wealth in the hands of so few investors, arguing that it makes the global economy vulnerable to the whims of foreign governments. Whether they like it or not, it's a phenomenon that's here to stay. Check out this article to find out more; http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/10/05/ccfunds105.xml
(Source: http://www.flickr.com/photos/alex-photos/499925016/) Since opening in September 2004, DIFC has attracted high calibre firms from around the globe. The 110-acre free zone is home to the Dubai International Financial Exchange (DIFX), which opened in September 2005.
It's a pretty good deal; companies operating in the DIFC enjoy 0% tax rate on profits, 100% foreign ownership, and no restrictions on foreign exchange or repatriation of capital. No wonder then that over 350 companies, including about 116 financial services firms, are based at the commercial hub.
Earlier this year Reuters reported that DIFC planned to make a series of significant acquisitions, worth more than $2 billion. Gulf Arab investors have spent around $94 billion on foreign mergers and acquisitions since 1997, about two-thirds of that in 2005 and 2006.
Large scale oil producing countries like Saudi Arabia, Kuwait and the UAE are currently experiencing near-record prices for their exports, which they are using to diversify their economies. The popularity of "Sovereign Wealth Funds" is also growing, with vast economic resources now controlled by small groups of petrodollar investors. In the past few years, inflation in the GCC has been low due to what economists call the “low absorptive” nature of the Arab monarchies. To put it simply, there is plenty of money to go around, due to high oil revenues and low population figures. This has created large current account surpluses, providing funds which governments have useed to invest in secure foreign assets.
Bankers in North America and Europe are getting increasingly twitchy about the concentration of so much wealth in the hands of so few investors, arguing that it makes the global economy vulnerable to the whims of foreign governments. Whether they like it or not, it's a phenomenon that's here to stay. Check out this article to find out more; http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/10/05/ccfunds105.xml
Thursday, 25 October 2007
GCC single currency stalls...
As far back as 2003, the Gulf Cooperation council (GCC) – composed of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE – started taking steps towards creating a unified currency. It is thought that such a move would aid economic integration and compliment moves already taken to ensure the free movement of goods, labour and capital across national boundaries. Collaboration en masse would also afford a degree of economic protection to individual countries. A date for monetary union was set for 2010, and all six countries pegged their currencies to the US dollar in order to help fulfil what economists call “convergence criteria”. The hope was that inflation, interest rates and current accounts could be brought into line, ensuring a smooth transition into the new currency.
That looks unlikely now, as the dollar has been under sustained downward pressure following the turmoil in the American credit markets this summer. Whilst many observers have drawn attention to the “decoupling” of developed and developing economies – the apparent resilience of emerging markets to financial dysfunction in America and Europe – others have noted more subtle manifestations of global economic integration. Events in Wall Street still have consequences for emerging markets such as the GCC, even if they have been slower to assert themselves.
UAE Central Bank Governor Sultan Nasser Al-Suweidi has recently stated that the GCC states are likely to miss the 2010 deadline for the single currency by more than five years. Oman has already pulled out of joining in 2010, arguing that it could not meet the budget deficit target due to the need for increased domestic spending on employment. Furthermore, Kuwait has depegged its currency from the weakening US dollar, arguing that it was suffering from unreasonable levels of inflation. On the other hand, Qatar Finance Minister Youssef Hussein Kamal defended the pegging policy in an interview with Gulf Times, arguing that a weak dollar means more competitive exports:
That looks unlikely now, as the dollar has been under sustained downward pressure following the turmoil in the American credit markets this summer. Whilst many observers have drawn attention to the “decoupling” of developed and developing economies – the apparent resilience of emerging markets to financial dysfunction in America and Europe – others have noted more subtle manifestations of global economic integration. Events in Wall Street still have consequences for emerging markets such as the GCC, even if they have been slower to assert themselves.
UAE Central Bank Governor Sultan Nasser Al-Suweidi has recently stated that the GCC states are likely to miss the 2010 deadline for the single currency by more than five years. Oman has already pulled out of joining in 2010, arguing that it could not meet the budget deficit target due to the need for increased domestic spending on employment. Furthermore, Kuwait has depegged its currency from the weakening US dollar, arguing that it was suffering from unreasonable levels of inflation. On the other hand, Qatar Finance Minister Youssef Hussein Kamal defended the pegging policy in an interview with Gulf Times, arguing that a weak dollar means more competitive exports:
"Why should I change the peg when 100% of my exports and products are in the US dollar? […] My products look cheaper compared with the non-dollar-pegged products. Otherwise, I cannot sell them."How will the rest of the GCC play it? Only time will tell, but at this point a single currency looks a long way off.
Wednesday, 24 October 2007
Don't look down!
Today I managed to get hold of some great photos from last year’s Dubai Balloon Festival. The event was organised to launch the Dubai Shopping Festival, under the patronage of Shaikh Mayed Bin Mohammad Bin Rashid Al Maktoum. Apparently, he personally granted the organisers permission to stage flights in the restricted “no-fly” area directly over the city. The people in the streets below couldn’t believe their eyes!
The festival was held during the last two weeks of the year, and 72 balloons from 18 countries attended. Every morning, a large group of weird and wonderfully shaped balloons (including a turtle and a peacock) took off from Global Village, and afternoon flights were also launched from the Burj Al Arab. Much of the flying took place over the desert, providing some awesome views:
The crews and passengers were taken aback at the development which is going on here; the sudden transition from sand to city. Large swathes of the desert have been turned (temporarily) into building sites, where hotels, theme parks, housing developments and business “cities” are shooting up at extraordinary speed:
Here's a photo of the “Palm”, which gives a good impression of its size:
Some nights, the balloons would gather at the Dubai Creek to stage “night-glows”, tethered to the ground and flaring their burners in synch with music. There was a great response from local people, with many families going along to enjoy the spectacle.Rumour has it that another festival is planned for early 2008. Hopefully I'll be able to got hold of some more information. In meantime, watch this space.
Rolling in it
A salary survey conducted amongst 3,000 executives by search firm Napier Scott has found that managing directors at a top firm in Dubai can expect to earn 450,000 pounds ($891,000) a year. This is lower than the average in London, but so are the price/crime/precipitation levels out here!
Monday, 22 October 2007
Executive job round-up (22/10/07)
Cooper to lead Moody’s in the Middle East
Moody’s Investors Service today announced that Mr Tristan Cooper, Vice President-Senior Analyst in the Sovereign Risk Unit, has relocated from London to Dubai, where he will lead Moody's business in the Middle East region. Mr Cooper commented, “the GCC’s capital markets are characterised by very strong growth trends across a wide spectrum of sectors, both in conventional and Islamic forms,” […] “The growth in analytical resources at the Dubai office reflects Moody's commitment to the GCC region.” Mr Cooper previously held various positions at the Institute of International Finance in Washington DC and the Economist Intelligence Unit in London. He holds a Masters Degree in Modern Middle Eastern Studies from Oxford University in the UK.
IMEX Holdings appointed Chief Operating Officer
International Mercantile Exchange Holdings LLC, the promoters of Qatar's proposed energy exchange - IMEX - today announced the appointment of Patrick Murphy as Chief Operating Officer. Murphy commented, “I am delighted to be appointed COO and contribute to the creation of an energy exchange in Qatar. To develop liquidity in these new markets, we will need detailed trading, settlement and fulfilment processes, which will require collaboration with national and international stakeholders. The potential benefits of such a market for the industry and Qatar are great.”
New senior strategist at Landmark
Landmark Properties, one of the United Arab Emirates leading property consultants, today appointed Mark A. DeSario as Senior Managing Director - Corporate Strategy and Business Development. Commenting on the great potential within the region, Mark DeSario said, “we are very optimistic about the investment and growth opportunities in Dubai and have a very favourable opinion on the opportunities in the broader UAE, GCC and Levant region […] A prime focus for Landmark Properties will be to […] improve the services we provide to our clients, including, a relocation program for companies and individuals moving to the region.”
Moody’s Investors Service today announced that Mr Tristan Cooper, Vice President-Senior Analyst in the Sovereign Risk Unit, has relocated from London to Dubai, where he will lead Moody's business in the Middle East region. Mr Cooper commented, “the GCC’s capital markets are characterised by very strong growth trends across a wide spectrum of sectors, both in conventional and Islamic forms,” […] “The growth in analytical resources at the Dubai office reflects Moody's commitment to the GCC region.” Mr Cooper previously held various positions at the Institute of International Finance in Washington DC and the Economist Intelligence Unit in London. He holds a Masters Degree in Modern Middle Eastern Studies from Oxford University in the UK.
IMEX Holdings appointed Chief Operating Officer
International Mercantile Exchange Holdings LLC, the promoters of Qatar's proposed energy exchange - IMEX - today announced the appointment of Patrick Murphy as Chief Operating Officer. Murphy commented, “I am delighted to be appointed COO and contribute to the creation of an energy exchange in Qatar. To develop liquidity in these new markets, we will need detailed trading, settlement and fulfilment processes, which will require collaboration with national and international stakeholders. The potential benefits of such a market for the industry and Qatar are great.”
New senior strategist at Landmark
Landmark Properties, one of the United Arab Emirates leading property consultants, today appointed Mark A. DeSario as Senior Managing Director - Corporate Strategy and Business Development. Commenting on the great potential within the region, Mark DeSario said, “we are very optimistic about the investment and growth opportunities in Dubai and have a very favourable opinion on the opportunities in the broader UAE, GCC and Levant region […] A prime focus for Landmark Properties will be to […] improve the services we provide to our clients, including, a relocation program for companies and individuals moving to the region.”
Sunday, 21 October 2007
Calling all prospective expats...
I’ve just come across an interesting piece on the Telegraph’s website. It’s a refreshingly candid picture of Dubai presented by the director of a publishing company who has lived in the area for over 20 years. The article serves as a useful starting point for those considering relocating to Dubai, and is organised thematically:
Housing
The information provided on housing locations and costs is worth quoting verbatim:
The article warns that property laws are in their infancy and buyers should do some serious homework before taking the financial plunge.
Healthcare
For those wondering about healthcare; a government health card is issued to all residents and enables free emergency treatment at all government hospitals. There are private hospitals too.
Education
There are numerous schools, from nursery right up to university. Many are based on the UK National Curriculum and some are regulated by OFSTED. Private school fees are around Dhs14,000 per term .
Food and Drink
There is also lots of information on eating and drinking in Dubai:
Sport
There is a thriving expatriate sports scene with plenty of rugby, hockey, football, cricket, tennis, sailing and golf clubs.
Check out the whole article at http://www.telegraph.co.uk/global/main.jhtml?xml=/global/mentors/dubai3.xml. It will give you a good handle on expatriate life in this part of the world.
Housing
The information provided on housing locations and costs is worth quoting verbatim:
"Those with generous company allowances tend to opt for the Jumeirah and Umm Suqeim area of Dubai, which is close to the beach, near excellent schools and has some lovely villas. However, you pay for the privilege with prices upwards of Dhs160,000 (GBP1 = Dhs7 at time of writing). Next is Barsha (Dhs120,000 plus) and Mirdif where a three bedroom villa can be found from around Dhs100,000 if you hunt around. Apartments range from a two-bedroom at Jebel Ali Gardens (Dhs36,000) – although demand here is so high the waiting list is closed – to a Sheikh Zayed Road apartment for Dhs100,000 plus. Prices are cheapest in Bur Dubai and Satwa (Dhs70,000 plus for a two bedroom)." After the property ownership laws were changed for foreign workers in 2004, it is now possible to buy a property in Dubai. Prices are rising but a two-bedroom apartment overlooking the beach can be had for about two million dirhams. A three-bedroom villa in the Springs is about the same price.
The article warns that property laws are in their infancy and buyers should do some serious homework before taking the financial plunge.
Healthcare
For those wondering about healthcare; a government health card is issued to all residents and enables free emergency treatment at all government hospitals. There are private hospitals too.
Education
There are numerous schools, from nursery right up to university. Many are based on the UK National Curriculum and some are regulated by OFSTED. Private school fees are around Dhs14,000 per term .
Food and Drink
There is also lots of information on eating and drinking in Dubai:
“Pubs, clubs, beach clubs, country clubs. You name it, Dubai has it. The lifestyle here is second to none and it is possible to enjoy it, even if you don't earn a fortune. Alcohol can be served only in licenced premises and the best pubs and clubs are located in the five-star hotels. Eating out is very reasonable and you can have a slap-up meal at a nice independent restaurant (outside hotels, minus the alcohol) for Dhs 70 per person (10 pounds) or at a five-star hotel with a bottle of wine for three times the price."
Sport
There is a thriving expatriate sports scene with plenty of rugby, hockey, football, cricket, tennis, sailing and golf clubs.
Check out the whole article at http://www.telegraph.co.uk/global/main.jhtml?xml=/global/mentors/dubai3.xml. It will give you a good handle on expatriate life in this part of the world.
Saturday, 20 October 2007
CNBC and DIFC join forces
CNBC has signed a multi-million dollar, three year agreement with the Dubai International Financial Centre (DIFC). The partnership comprises cross-platform activities including on-air, online and event driven elements across CNBC channels in the US, Europe, Asia, India and Australia.
DIFC will sponsor CNBC’s new monthly magazine news programme called Gateway to the Middle East with the strapline “Powered by the DIFC, your gateway to growth”. The programme will provide executives around the world with insights into the region, focussing on business trends and executive lifestyle. It will explore opportunities for making and spending money in the region and will feature interviews with the region's business leaders.
Dan McClean, CNBC’s Commercial Director EMEA commented, “The Middle East is a growing and important area for us, with more and more international trade emanating from the region. Research in Europe tells us that 13% of our viewers have investments in the Middle East. Wadi Ahmed, Chief Marketing Officer at DIFC said, “We aim to be a catalyst for regional economic growth and development contributing to Dubai’s position as a global gateway for capital and investment. CNBC provides the ideal platform for us to communicate this message, reaching senior business leaders on a global scale.”
Gateway to the Middle East first airs monthly on CNBC on 24 October, CNBC Europe (at 19.30 CET and 22.30 CET), CNBC World in the United States (at 17.30 EST), CNBC Asia (on at 20.00 SIN/22.30 SYD) and on CNBC-TV18 in India (on 27 October at 15.00 IND).
DIFC will sponsor CNBC’s new monthly magazine news programme called Gateway to the Middle East with the strapline “Powered by the DIFC, your gateway to growth”. The programme will provide executives around the world with insights into the region, focussing on business trends and executive lifestyle. It will explore opportunities for making and spending money in the region and will feature interviews with the region's business leaders.
Dan McClean, CNBC’s Commercial Director EMEA commented, “The Middle East is a growing and important area for us, with more and more international trade emanating from the region. Research in Europe tells us that 13% of our viewers have investments in the Middle East. Wadi Ahmed, Chief Marketing Officer at DIFC said, “We aim to be a catalyst for regional economic growth and development contributing to Dubai’s position as a global gateway for capital and investment. CNBC provides the ideal platform for us to communicate this message, reaching senior business leaders on a global scale.”
Gateway to the Middle East first airs monthly on CNBC on 24 October, CNBC Europe (at 19.30 CET and 22.30 CET), CNBC World in the United States (at 17.30 EST), CNBC Asia (on at 20.00 SIN/22.30 SYD) and on CNBC-TV18 in India (on 27 October at 15.00 IND).
Friday, 19 October 2007
Online job-hunting in the middle east
Albawaba.com reports that online recruitment in Saudi Arabia is starting to take off. Edward Musiak, head of a large internet-based recruitment outfit in the Kingdom, says that his clients "received in excess of two hundred thousand job applications for their Saudi vacancies resulting in hundreds of hires”.
We have a similar situation here in Dubai, where senior professionals wanting a change in lifestyle (and weather) are increasingly turning to the internet in order to find out more about life in the UAE, both in and out of the office. If this applies to you, then please feel free to contact me in my professional capacity at exec-appointments. Having done it myself, I can give you a good idea of what's in store!
We have a similar situation here in Dubai, where senior professionals wanting a change in lifestyle (and weather) are increasingly turning to the internet in order to find out more about life in the UAE, both in and out of the office. If this applies to you, then please feel free to contact me in my professional capacity at exec-appointments. Having done it myself, I can give you a good idea of what's in store!
Thursday, 18 October 2007
Top tips for relocating to the Gulf
Here's a useful article for anybody thinking about taking the plunge and relocating to the UAE:
http://www.shelteroffshore.com/index.php/living/more/expatriates_moving_to_live_in_dubai/
http://www.shelteroffshore.com/index.php/living/more/expatriates_moving_to_live_in_dubai/
Put it down to experience
Hooray!
Today The Khaleej Times Online published welcome news to managers throughout the UAE. It reports Humeid bin Demas, Ministry of Labour assistant undersecretary, as stating:
This extends to journalists, technicians, electricians, foreman. However,academic or technical degrees and certificates will still be required for certain professions such as doctors, engineers, accountants, pharmacists and lawyers etc.
Comforting to know.
Today The Khaleej Times Online published welcome news to managers throughout the UAE. It reports Humeid bin Demas, Ministry of Labour assistant undersecretary, as stating:
"Any senior staff in an administrative position, who has spent several years in the UAE, will be exempt from having to submit attested copies of their academic qualifications, while renewing their labour contract."
This extends to journalists, technicians, electricians, foreman. However,academic or technical degrees and certificates will still be required for certain professions such as doctors, engineers, accountants, pharmacists and lawyers etc.
Comforting to know.
Tuesday, 16 October 2007
Executive job update (16/10/07)
A crowd of new faces at Dubai Holding
Dubai Holding, today announced the appointment of three non-executives to the Board of the Jumeirah Group. This completes the formation of the Board of Directors for the Group.
The non-executives who have joined the Jumeirah Group Board of Directors are: Sir David Michels, who was with the Hilton Group for many years where he most recently held the position of Group Chief Executive; Alan Parker, Chief Executive of Whitbread plc; and Michael Williams who was in charge of development for Mandarin Oriental before he was appointed Chief Executive Officer of the Renaissance Hotel Group.
The non-executive directors join Gerald Lawless, Chairman of the Board, and his Dubai Holding colleagues, Fadel Al Ali, Executive Chairman Dubai Holding Operations, Saeed Al Muntafiq, Executive Chairman of Tatweer and Farhan Faraidooni, Executive Chairman of Sama Dubai.
“With expansion plans to grow our portfolio of luxury hotels and resorts to 57 by 2011, the management board at Jumeirah Group has made yet another important, strategic step.”
Dubai Holding, today announced the appointment of three non-executives to the Board of the Jumeirah Group. This completes the formation of the Board of Directors for the Group.
The non-executives who have joined the Jumeirah Group Board of Directors are: Sir David Michels, who was with the Hilton Group for many years where he most recently held the position of Group Chief Executive; Alan Parker, Chief Executive of Whitbread plc; and Michael Williams who was in charge of development for Mandarin Oriental before he was appointed Chief Executive Officer of the Renaissance Hotel Group.
The non-executive directors join Gerald Lawless, Chairman of the Board, and his Dubai Holding colleagues, Fadel Al Ali, Executive Chairman Dubai Holding Operations, Saeed Al Muntafiq, Executive Chairman of Tatweer and Farhan Faraidooni, Executive Chairman of Sama Dubai.
“With expansion plans to grow our portfolio of luxury hotels and resorts to 57 by 2011, the management board at Jumeirah Group has made yet another important, strategic step.”
Monday, 15 October 2007
Bank dips its toe into the Gulf with new office
Reters reports that Standard Chartered bank is moving personnel to Dubai.
As governments in the region deregulate industries and companies go public, banks including Merrill Lynch and Deutsche Bank AG have opened offices in the Gulf. This summer Standard Chartered Bank joined the Middle East banking "club", announcing that it was moving 50 to 100 jobs from London to its new Dubai office. This came close at the heels of the bank's announcement that it was opening a regional hub office in Dubai.
"We are very positive about Dubai's potential, and we want to build on our presence there," spokesman Sean Farrell said. He added that the bank doesn't plan to fire anybody, and that it was offering employees special expatriate packages.
Standard Chartered, which conducts most of its business in Asia, plans to take advantage of the economic boom in the Persian Gulf. "Standard Chartered's very positive about Dubai's prospects to be a major financial center and we want to get in early and establish a strong presence," Farrell said. The bank's Dubai office is in the emirate's International Financial Centre, meaning the company will pay no tax on income or profit. Barclays Capital ans Goldman Sachs are among the finance companies that have offices in the DIFC. U.S. oil-services company Halliburton Co. in March also announced that it would move to a new corporate headquarters in Dubai from Houston, Texas.
To read the full article, visit http://www.bloomberg.com/apps/news?pid=20601102&refer=uk&sid=aGn2ei3vW6TA
As governments in the region deregulate industries and companies go public, banks including Merrill Lynch and Deutsche Bank AG have opened offices in the Gulf. This summer Standard Chartered Bank joined the Middle East banking "club", announcing that it was moving 50 to 100 jobs from London to its new Dubai office. This came close at the heels of the bank's announcement that it was opening a regional hub office in Dubai.
"We are very positive about Dubai's potential, and we want to build on our presence there," spokesman Sean Farrell said. He added that the bank doesn't plan to fire anybody, and that it was offering employees special expatriate packages.
Standard Chartered, which conducts most of its business in Asia, plans to take advantage of the economic boom in the Persian Gulf. "Standard Chartered's very positive about Dubai's prospects to be a major financial center and we want to get in early and establish a strong presence," Farrell said. The bank's Dubai office is in the emirate's International Financial Centre, meaning the company will pay no tax on income or profit. Barclays Capital ans Goldman Sachs are among the finance companies that have offices in the DIFC. U.S. oil-services company Halliburton Co. in March also announced that it would move to a new corporate headquarters in Dubai from Houston, Texas.
To read the full article, visit http://www.bloomberg.com/apps/news?pid=20601102&refer=uk&sid=aGn2ei3vW6TA
Sunday, 14 October 2007
Executive job update (15/10/07)
Babcock & Brown expands in Middle East
International investment and advisory firm Babcock & Brown (ASX:BNB) today announced the appointment of Sunny Singh and Simon Kinzett.
Sunny and Simon will join the Middle East team, working from the Dubai office and will focus on the development of opportunities across the range of Babcock & Brown disciplines of real estate, infrastructure and project finance, operating leasing and corporate and structured finance.
Martin Rey, Head of EMEA at Babcock & Brown said, “Sunny and Simon bring considerable regional and sectoral experience to the business. […] “These new roles are part of our selective expansion of Babcock & Brown's geographic presence and the development of our business in the Middle East region.”
International investment and advisory firm Babcock & Brown (ASX:BNB) today announced the appointment of Sunny Singh and Simon Kinzett.
Sunny and Simon will join the Middle East team, working from the Dubai office and will focus on the development of opportunities across the range of Babcock & Brown disciplines of real estate, infrastructure and project finance, operating leasing and corporate and structured finance.
Martin Rey, Head of EMEA at Babcock & Brown said, “Sunny and Simon bring considerable regional and sectoral experience to the business. […] “These new roles are part of our selective expansion of Babcock & Brown's geographic presence and the development of our business in the Middle East region.”
Saturday, 13 October 2007
Going down the tube
The main challenge facing Dubai in its much touted quest to cater for 15 million tourists per year by 2010 is not a lack of hotels, restaurants and attractions. It's traffic.
The huge volume of vehicles streaming in and out of the city on a daily basis have have made tailbacks a fact of life (still nowhere near as bad as London). Thankfully, all this is set to change with the construction of the Dubai Metro.
The train network is being built by Dubai Rapid Link (DURL) Consortium which comprises companies including Mitsubishi and the Turkish interest Yapi Merkezi. It will operate above and below ground and will be totally driverless. When completed, it will be the longest automated rail system in the world with a total of 70 kilometres (43.5 miles) of lines, and 42 stations (including 9 underground stations). The first sector will be completed in 2009 at a cost of AED 15.5 billion\ US$4.2 billion.
You can view a map at http://www.dubaimetro.info/en/map/.
The huge volume of vehicles streaming in and out of the city on a daily basis have have made tailbacks a fact of life (still nowhere near as bad as London). Thankfully, all this is set to change with the construction of the Dubai Metro.
The train network is being built by Dubai Rapid Link (DURL) Consortium which comprises companies including Mitsubishi and the Turkish interest Yapi Merkezi. It will operate above and below ground and will be totally driverless. When completed, it will be the longest automated rail system in the world with a total of 70 kilometres (43.5 miles) of lines, and 42 stations (including 9 underground stations). The first sector will be completed in 2009 at a cost of AED 15.5 billion\ US$4.2 billion.
You can view a map at http://www.dubaimetro.info/en/map/.
Friday, 12 October 2007
Wednesday, 10 October 2007
Nurturing talent
The global talent search firm Heidrick & Struggles reckons that "a strategic approach is required to ensure the Middle East develops, attracts and retains the best people to maintain progress". It predicts that Saudi Arabia will rank ninth in 2012 for the quality of its universities and business schools, and that the Kingdom's high disposable income is helping it to attract talent. Heidrick's managing partner Ayman Haddad, said:
Heidrick Struggles has just set up a formal office in Dubai to help connect the most talented people with the leading organisations in the region.
What a great idea, wish I'd thought of that!
"This study provides organisations with an accurate view of where talent is located, now and in five years' time, to help them make better decisions about their human capital requirements. It is not the size of the potential talent pool that matters but how it is nurtured. [...] With its young and rapidly growing workforce, this is an important lesson for the Middle East."
Heidrick Struggles has just set up a formal office in Dubai to help connect the most talented people with the leading organisations in the region.
What a great idea, wish I'd thought of that!
Executive job update (10/10/07)
Jones Lang LaSalle grows into in the Middle East
Jones Lang LaSalle, the world's leading real estate investment and advisory firm, today announced the appointment of Graham Coutts as International Director and Head of Strategic Consulting for the Middle East and North Africa region.
Mr. Coutts joins the Jones Lang LaSalle MENA leadership team as the firm continues to accelerate its growth throughout the region. Commenting on the appointment, Alastair Hughes CEO for Jones Lang LaSalle EMEA said, “this appointment is further evidence of our strong belief in the MENA markets.” The firm has doubled in size since this time last year and has recently announced the opening of its new offices in Abu Dhabi.
Mr Coutts said, “Jones Lang LaSalle already holds a clear market leading position in the MENA region and I am looking forward to working with my new colleagues - both here in the region but also from around the world.”
Jones Lang LaSalle, the world's leading real estate investment and advisory firm, today announced the appointment of Graham Coutts as International Director and Head of Strategic Consulting for the Middle East and North Africa region.
Mr. Coutts joins the Jones Lang LaSalle MENA leadership team as the firm continues to accelerate its growth throughout the region. Commenting on the appointment, Alastair Hughes CEO for Jones Lang LaSalle EMEA said, “this appointment is further evidence of our strong belief in the MENA markets.” The firm has doubled in size since this time last year and has recently announced the opening of its new offices in Abu Dhabi.
Mr Coutts said, “Jones Lang LaSalle already holds a clear market leading position in the MENA region and I am looking forward to working with my new colleagues - both here in the region but also from around the world.”
Tuesday, 9 October 2007
Gulf job market – invasion of the british judges!
A new report published by the influential McKinsey Quarterly sheds new light on the Gulf job market. It argues that the private sector in the GCC states will need to expand the number of medium-to high-wage jobs fivefold in order to soak up the 280,000 new national workers expected to graduate annually. The World Bank seems to agree, revealing that the labour force of the Middle East and North Africa has the fastest growth rate of all the “emerging markets”:
Source: http://lnweb18.worldbank.org/mna/mena.nsf/Attachments/K4D-Nabli-jobs/$File/nabli-jobs.pdf (Well worth a read too!)
Over the next 10 years, Qatar and the UAE will need over 1 million new workers in the fields of information technology, communications, hospitality, construction, finance and consulting services. Sharjah has seen a huge increase in retailing and wholesaling businesses, and Dubai has consolidated its leading role in banking by importing financial regulators to ensure that practices conform to standards set by London, New York and Singapore. The Gulf continues to attract high-quality multinational companies and expatriate professionals, with the FT reporting that retired British judges are carving out lucrative consulting roles! With 110,000 now living in Dubai, there are nearly as many Britons as there are local Emiratis. Jebel Ali now has several thousand resident trading and industrial firms, and is the major base for American corporations selling to the Saudi and Gulf markets. But the UAE is more than just a regional centre for light and heavy industry; its commercial free zones offer an increasingly liberal business sphere, allowing foreign ownership and favourable corporate tax conditions. The service industry has become easily the biggest sector of the economy and the largest provider of jobs.
Whilst this is all very interesting and encouraging, it seems to overlook an important element of the Gulf job picture. Multinational companies consider the wider Gulf as more than a hub allowing access to Europe, Africa and Asia; it is an important economic market in its own right. The arrival of world renowned corporate names has tended to obscure the equally significant growth in local businesses, owned and operated by nationals. An article published in the International Journal of Human Resource Management argues that the competitive business environment has engendered an enthusiasm among multinational and local companies to actively search for the best people, “experimenting with innovative management practices and development models”. Indeed, at the recent Dubai Strategy Forum, HR issues were identified as an important area of focus for the GCC countries. Saeed al Muntafiq, director of the Dubai Development and Investment Authority, believes that “Dubai’s focus now is to become a knowledge-based economy. We need to attract researchers and computer programmers.” Clearly, we’ve come a long way since the days of pearls and dates!
Source: http://lnweb18.worldbank.org/mna/mena.nsf/Attachments/K4D-Nabli-jobs/$File/nabli-jobs.pdf (Well worth a read too!)Over the next 10 years, Qatar and the UAE will need over 1 million new workers in the fields of information technology, communications, hospitality, construction, finance and consulting services. Sharjah has seen a huge increase in retailing and wholesaling businesses, and Dubai has consolidated its leading role in banking by importing financial regulators to ensure that practices conform to standards set by London, New York and Singapore. The Gulf continues to attract high-quality multinational companies and expatriate professionals, with the FT reporting that retired British judges are carving out lucrative consulting roles! With 110,000 now living in Dubai, there are nearly as many Britons as there are local Emiratis. Jebel Ali now has several thousand resident trading and industrial firms, and is the major base for American corporations selling to the Saudi and Gulf markets. But the UAE is more than just a regional centre for light and heavy industry; its commercial free zones offer an increasingly liberal business sphere, allowing foreign ownership and favourable corporate tax conditions. The service industry has become easily the biggest sector of the economy and the largest provider of jobs.
Whilst this is all very interesting and encouraging, it seems to overlook an important element of the Gulf job picture. Multinational companies consider the wider Gulf as more than a hub allowing access to Europe, Africa and Asia; it is an important economic market in its own right. The arrival of world renowned corporate names has tended to obscure the equally significant growth in local businesses, owned and operated by nationals. An article published in the International Journal of Human Resource Management argues that the competitive business environment has engendered an enthusiasm among multinational and local companies to actively search for the best people, “experimenting with innovative management practices and development models”. Indeed, at the recent Dubai Strategy Forum, HR issues were identified as an important area of focus for the GCC countries. Saeed al Muntafiq, director of the Dubai Development and Investment Authority, believes that “Dubai’s focus now is to become a knowledge-based economy. We need to attract researchers and computer programmers.” Clearly, we’ve come a long way since the days of pearls and dates!
Executive job update (09/10/07)
Citi Private Bank names new Executive Officer in the UAE
Citi Private Bank, a member of Citi, today announced the appointment of Mr. Mohammed Azab as Executive Director and Chief Officer for its UAE offices.
Mohammed's key focus will be to develop, grow and manage Citi Private Bank’s offices in the UAE as well as develop private banking relationships with high net worth individuals and families in the Middle East region. Through offices in Abu Dhabi, Dubai, Bahrain and Kuwait, Citi Private Bank acts as a trusted advisor to the region's high net worth clients with their wealth management and investment needs, locally and globally.” Citi has been in the Arab World for nearly 50 years and continues to view the region as critical to its global franchise. It is currently present in ten Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait.
Citi Private Bank, a member of Citi, today announced the appointment of Mr. Mohammed Azab as Executive Director and Chief Officer for its UAE offices.
Mohammed's key focus will be to develop, grow and manage Citi Private Bank’s offices in the UAE as well as develop private banking relationships with high net worth individuals and families in the Middle East region. Through offices in Abu Dhabi, Dubai, Bahrain and Kuwait, Citi Private Bank acts as a trusted advisor to the region's high net worth clients with their wealth management and investment needs, locally and globally.” Citi has been in the Arab World for nearly 50 years and continues to view the region as critical to its global franchise. It is currently present in ten Arab countries including Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain, Qatar and Kuwait.
Monday, 8 October 2007
Warning – extreme opinions contained within
"Is this a new Margaret Atwood novel, Philip K. Dick’s unpublished sequel to Blade Runner or Donald Trump on acid? No. It is the Persian Gulf city-state of Dubai."
Writing in the New Left Review, Mike Davis has produced a fascinating and extremely opinionated account of the “new” Dubai (http://newleftreview.org/?view=2635#_edn37). The opening description brilliantly evokes the hyperreal landscape of the city from the air:
"The scene below is astonishing: a 24-square-mile archipelago of coral-coloured islands in the shape of an almost-finished puzzle of the world. […] The ‘Palms’ are connected by causeways to a Miami-like beachfront crammed with mega-hotels, apartment skyscrapers and yachting marinas. Out of a chrome forest of skyscrapers soars a new Tower of Babel. It is an impossible half-mile high: taller than the Empire State Building stacked on top of itself. […]Your jellyfish-shaped hotel, the Hydropolis, is, in fact, exactly 66 feet below the surface of the sea. You round off the afternoon with some snowboarding on the local indoor snow mountain. Outdoors, the temperature is 105°."
This photo seems to sum it up! (Source: http://www.flickr.com/photos/byfon/404837044/)
Davis’ observations are too detailed and numerous to mention, but his insights are original and thought-provoking. He states that Dubai hopes to attract 15 million overseas visitors a year by 2010, three times as many as New York City. He describes Dubai as being so commercial that its Emir would in fact be more accurately termed a CEO! Since the high prices of the 1970s, savvy re-investment from oil revenues has been the order of the day.
Davis is at his most convincing presenting his arguments about Dubai’s economic development, contending that possessing less oil than other emirates such as Abu Dhabi has been a blessing in disguise. Why? Because it has encouraged its rulers to concentrate on other sources of wealth, cultivating the city a commercial and recreational hub. In his opinion, Dubai has “short-circuited” the commercial evolution experienced in Western Europe, the United States and parts of Asia in order to enjoy “the perfected synthesis of shopping, entertainment and architectural spectacle.”
Dubai will derive all of its GDP from non-oil activities like tourism and finance by 2010. Davis draws attention to the importance of brand in Dubai’s success: "If there was no Burj Dubai, no Palm, no World, would anyone be speaking of Dubai today? You shouldn’t look at projects as crazy stand-alones. It’s part of building the brand."
In many ways, Dubai represents the ultimate capitalist fantasy: “an oasis of free enterprise without income taxes or trade unions”. In an appearnance on ABC News, Hari Sreenivasan said that “one of the ways that this trading town along a creek has reformulated itself into a megalopolis’, writes an abc News commentator, ‘is by throwing in everything and the kitchen sink as incentives for companies to invest in and relocate to Dubai. There are free-trade zones where 100 per cent foreign ownership is allowed, with no individual or corporate taxes or import/export duties whatsoever.’ The original free-trade zone in the port district of Jebel Ali now has several thousand resident trading and industrial firms, and is the major base for American corporations selling to the Saudi and Gulf markets.
Unfortunately he overcooks his analysis at the end, stepping into the realms of intellectual indignation by calling Dubai’s affinity for pastiche and architectural parody “a nightmare of the past”.
Don’t believe everything he says. Some people are too clever for their own good.
Sunday, 7 October 2007
History Class - no talking at the back!
My previous post got me thinking about colonialism, so I went to my bookshelf and had a quick flick through William Cleveland's excellent History of the Modern Middle East. It's a comprehensive and textbook-esque account which is thin on detail but good for reference purposes.
The stuff on Egypt is particularly strong; 25 years condensed down into 5 pages! British intervention in Egypt is identified as “one of the most significant colonial encounters of the modern era”, one which had a profound effect upon Egyptian economic development and political formation. The British had occupied Egypt to restore order after forces hostile to European influence had assumed political control, but the invasion was perhaps equally a response to French imperial ambitions in the region.
What began as a short-term invasion gradually morphed into an occupation. Since Egypt remained an Ottoman province, the original structure of government had to be preserved; native personnel answered to British advisors under the direction of Lord Cromer. Cleveland ends this passage by arguing that the infamous Dinshaway Incident did more than discredit the British occupation and arouse widespread anger.
Cleveland’s account serves as a gateway into the central issues surrounding the British occupation of Egypt, a good base from which to explore the complexities of the period.
The stuff on Egypt is particularly strong; 25 years condensed down into 5 pages! British intervention in Egypt is identified as “one of the most significant colonial encounters of the modern era”, one which had a profound effect upon Egyptian economic development and political formation. The British had occupied Egypt to restore order after forces hostile to European influence had assumed political control, but the invasion was perhaps equally a response to French imperial ambitions in the region.
What began as a short-term invasion gradually morphed into an occupation. Since Egypt remained an Ottoman province, the original structure of government had to be preserved; native personnel answered to British advisors under the direction of Lord Cromer. Cleveland ends this passage by arguing that the infamous Dinshaway Incident did more than discredit the British occupation and arouse widespread anger.
Cleveland’s account serves as a gateway into the central issues surrounding the British occupation of Egypt, a good base from which to explore the complexities of the period.
Saturday, 6 October 2007
Then and now
Dubai has come a long way in a short space of time. The futuristic cityscapes springing up all over the UAE are a far cry from the small ports and desert oasis towns of yesteryear. . Up until 1956, when the first concrete building was constructed, the population lived in ‘barastri’ homes made from palm fronds. There is a wealth of literature dealing with the history of the so-called “Trucial States”, but it’s worth checking out James Onley and Sulayman Khalaf’s article “Shaikhly Authority in the Pre-oil Gulf” for an account of traditional life in the UAE.
In the age of mobile phones, broadband, 6 star hotels and theme parks, it’s easy to forget that for centuries, the primary industry of the area was pearling.
Pearling fleets were composed of Dhows such as this one.
Just as the ruler relied upon his merchants economically, he depended upon complex tribal allegiances to guarantee the territorial integrity of the shaikhdom. Not much has changed really; the pearlers have been replaced by bankers, hoteliers and construction magnates, but tribal politics still plays an important role.
Perhaps controversially, Onley and Khalaf portray the British presence in the pre-oil Gulf as far more constructive than exploitative; “the Pax Britannica benefited the Gulf shaikhdoms as much as it did the British”. This was of course out of sync with popular opinion in other areas of the Middle East (think Egypt, Sudan, Iraq), which was vehemently against British colonial rule. It shows how through effective diplomacy, antagonistic political and cultural interests can create mutually beneficial international relations. Well worth a read.
In the age of mobile phones, broadband, 6 star hotels and theme parks, it’s easy to forget that for centuries, the primary industry of the area was pearling.
Pearling fleets were composed of Dhows such as this one.
Just as the ruler relied upon his merchants economically, he depended upon complex tribal allegiances to guarantee the territorial integrity of the shaikhdom. Not much has changed really; the pearlers have been replaced by bankers, hoteliers and construction magnates, but tribal politics still plays an important role.
Perhaps controversially, Onley and Khalaf portray the British presence in the pre-oil Gulf as far more constructive than exploitative; “the Pax Britannica benefited the Gulf shaikhdoms as much as it did the British”. This was of course out of sync with popular opinion in other areas of the Middle East (think Egypt, Sudan, Iraq), which was vehemently against British colonial rule. It shows how through effective diplomacy, antagonistic political and cultural interests can create mutually beneficial international relations. Well worth a read.
Friday, 5 October 2007
Reading List
Over the next few days I will be reviewing interesting articles related to the Gulf. If you're interested in the history / culture / economy of the Middle East, make sure you check them out.
Wednesday, 3 October 2007
Impressive growth in cosmetics
An article recently published at Tdctrade.com reports that the Middle East cosmetics sector has grown 12% annually over the past 3 years, with an estimated sales value of US$2.1 billion in 2007. Last year, the cosmetics and personal care market in the UAE alone was worth more than US$414 million in retail sales, an increase from US$382 million in 2005, according to a recent consumer survey.
In fact, the consumption of cosmetics and perfumes in the region ranks among the highest per capita world wide, with an average purchase per head of around US$334 annually.
Brands such as Christian Dior and Coty are active in Middle East markets, and a number of manufacturers have established subsidiaries in the region. Middle East luxury retailer Paris Gallery is planning to open 40 new retail outlets in the UAE, Qatar and Saudi Arabia - additional to those in Bahrain, Kuwait, the Lebanon and Oman - to meet the new demand for such products.
The full article is available at http://www.tdctrade.com/imn/07072404/cosmetics043.htm
In fact, the consumption of cosmetics and perfumes in the region ranks among the highest per capita world wide, with an average purchase per head of around US$334 annually.
Brands such as Christian Dior and Coty are active in Middle East markets, and a number of manufacturers have established subsidiaries in the region. Middle East luxury retailer Paris Gallery is planning to open 40 new retail outlets in the UAE, Qatar and Saudi Arabia - additional to those in Bahrain, Kuwait, the Lebanon and Oman - to meet the new demand for such products.
The full article is available at http://www.tdctrade.com/imn/07072404/cosmetics043.htm
Tuesday, 2 October 2007
Executive job update (02/10/07)
Principal Search opens new office opening in Dubai
Financial services headhunting firm Principal Search today announced the strengthening of its presence in the Gulf region with the opening of an office in Dubai. In the last two years Principal Search has placed senior investment bankers and teams in Dubai, Bahrain, Kuwait, Saudi Arabia, Qatar and Turkey as well as filling numerous senior management positions throughout the MENA region including the Chief Executive of the International Mercantile Exchange in Qatar.
The new Dubai office will be led by Adam El-Balawi, who has significant local experience recruiting senior level executives in the MENA region. Having spent many years in the area he has a clear understanding of the business culture, the competitive landscape and the Gulf's evolving position in global financial markets. Taru Oksman-Ison, global head of Emerging Markets, outlined the firm's strategic growth plans and commented, “We already have a significant track record in the Gulf as a leading provider of high level search in all asset classes including M&A, equity and debt capital markets, fixed income and the fast growing Islamic finance market, and the new office will act as central hub for our activities across the region.”
Mark Swan, who heads the firm's MENA business from Istanbul added: 'The strategic decision to open in Dubai, and to strengthen our presence across the Gulf, is driven entirely by client demand as the leading banks, financial institutions and major corporates extend their infrastructure across the region.”
Financial services headhunting firm Principal Search today announced the strengthening of its presence in the Gulf region with the opening of an office in Dubai. In the last two years Principal Search has placed senior investment bankers and teams in Dubai, Bahrain, Kuwait, Saudi Arabia, Qatar and Turkey as well as filling numerous senior management positions throughout the MENA region including the Chief Executive of the International Mercantile Exchange in Qatar.
The new Dubai office will be led by Adam El-Balawi, who has significant local experience recruiting senior level executives in the MENA region. Having spent many years in the area he has a clear understanding of the business culture, the competitive landscape and the Gulf's evolving position in global financial markets. Taru Oksman-Ison, global head of Emerging Markets, outlined the firm's strategic growth plans and commented, “We already have a significant track record in the Gulf as a leading provider of high level search in all asset classes including M&A, equity and debt capital markets, fixed income and the fast growing Islamic finance market, and the new office will act as central hub for our activities across the region.”
Mark Swan, who heads the firm's MENA business from Istanbul added: 'The strategic decision to open in Dubai, and to strengthen our presence across the Gulf, is driven entirely by client demand as the leading banks, financial institutions and major corporates extend their infrastructure across the region.”
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