ENTREPRENURIAL SUCCESS THROUGH CREATIVE VISIONbizbahrain.com/magazine/january-february-2019.pdf ·...

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ENTREPRENURIAL SUCCESS THROUGH CREATIVE VISION Interview with

Theo Swartz CEO, Al Zain Jewellery

STEPPING INTO AN INSPIRED WORLD OF

CULTURE AND LUXURYGordon Campbell Gray

Founder, Campbell Gray Hotels

BUILDING STRATEGIC SYNERGIES IN THE TRAVEL INDUSTRY

Roshan MendisCCO, SABRE Travel Network

3January-February 2019

24 | Positive Diversification in the GCC Interview with Steen Jakobsen Chief Economist & CIO, Saxo Bank

CONTENTS January-February 2019

FEATURES

08 | Economic Review: Safeguarding Growth and Recovery Bahrain, along with its GCC neighbours are in the process of implementing policies to ease the time and cost of starting a business by introducing one-stop registration, and, in some cases, using e-government technologies.

10 | Entreprenurial Success through Creative Vision Interview with Theo Swart CEO, Al Zain Jewellery

20 | Building Strategic Synergies in the Travel Industry Interview with Roshan Mendis Chief Commercial Officer, SABRE Travel Network

16 | Stepping Into an Inspired World of Culture and Luxury Interview with Gordon Campbell Gray Founder, Campbell Gray Hotels

4 January-February 2019

40 | Bahrain Real Estate Investment Expo 2019 Events | BREIX19

January-February 2019CONTENTS

38 | New Threats on the Horizon Cybersecurity Solution I CTM360

30 | Bahrain: Year in Review 2018 Business Report | OBG

34 | Raising Capital with 3 Key Documents-Business Plan, Financial Model & Pitch Deck Expert Viewpoint | Business Planning

32 | Job Destruction and Job Creation Expert Opinion | Information Technology

36 | Gold Rally Pauses as Stocks Soldiers on Focus | Open Markets

28 | Many Stories, One Bahrain PROFILE OF AN OUTSTANDING ACHIEVER Interview with Noor Sharafi Manager, Legal Affairs-Mumtalakat


SECTORS

42 | Government: 2 Bahrain VAT implementation 2 Government Action Plan 2015-2018 2 ‘Benayat’ to increase Investment Opportunities 2 EDB attracts BHD 314 million Investments in 2018 2 BCCI Grievance Unit 2 Periodic Annual Allowance for VRS candidates

46 | Banking & Finance: 2 KFH-Bahrain launches new ‘Libshara’ Campaign 2 BENEFIT and SADAD self-service 2 Double Profits with Wakala Aaccounts 2 Students go cashless 2 Mastercard evolves its Brand mark 2 American Express Brand platform

50 | Telecom: 2 Bahrain ranked 3rd Globally for Internet users 2 New System for Management of Consumer Complaints and inquiries 2 eSim Technology 2 Batelco Cloud Connect 2 Smart managed Wi-Fi for Enterprise 2 Mobile App for Home Broadband

54 | Real Estate: 2 Luxury development in Waterbay project 2 Al Naseem Freehold Waterfront project 2 Flexible Financing for Janayin Al Hamala 2 Manara to develop Landmark Project in Bahrain 2 ThaiMart, First Thai-themed shopping centre in Bahrain 2 Kazerooni Heights-1 offers guaranteed returns

58 | Technology: 2 Training Bahrainis on Virtual Reality 2 Cloud and Microsoft ecosystem to create big jobs in Bahrain 2 Nokia 8.1 - inspiring the Value 2 World’s first Reverse Wireless charging feature 2 Samsung Galaxy A9 2 Tally Solutions VAT ready software

62 | Automotive: 2 McLaren 600LT 2 Mercedes-Benz CLA Coupe 2 BMW 330e Sedan 2 Hyundai All-New Palisade SUV 2 Jaguar Land Rover line-up of vehicles for 2019 2 Foton brand arrives in Bahrain

66 | Other Business: 2 Alba starts the biggest Furnace in its History 2 Gulf Air launches Boutique Business model concept 2 New Baggage Handling system at BIA 2 RAMEZ Group opens new hypermarket in Juffair 2 Elysian Natural Mineral Water 2 New Private Jet Terminal in BIA

MORE IN THIS ISSUE

70 | Biz Dashboard

72 | Tender Board Bahrain



So we start 2019 on a high with the promise of a brand new year ahead of us. It is about hope and positivity and the confidence that as long as we belong to a team that pulls together, we can reach for the stars. For the country,

#TeamBahrain has never been of greater relevance and meaning as it is at this moment

In the stretch ahead, bizbahrain aims to boost the image of our country and the amazing strides we are taking, perhaps starting first with reinforcing our own belief as a country that knows its capability and believes in itself. This year we will continue our focus on the various sectors of the economy, throwing light on the achievements of some and sharing the challenges of others, celebrating the milestones and victories and showing up the raison d’etre for things happening as they do at every level.

A packed calendar of international events lies ahead, indication of a surging economy. We are grateful indeed for the national strategies of Bahrain which have consistently focused on improving the infrastructure and standards of living even while moving into a new era of greater responsibility and accountability for the citizens and government. The newly introduced and much discussed VAT will have implications for businesses and new taxpayers, both in Bahrain and abroad, directly and indirectly. However, it is unlikely to deter investment into Bahrain, and the surrounding region, whose appeal stretches much further than its low-tax status.

In this issue, bizbahrain had the opportunity to interview some remarkable personalities. On our cover this time, we feature Al Zain Jewellery, one of our best-known, homegrown brands. Walk through the interview with CEO Theo Swart as we find out the brand’s plans for 2019. We spent some time with renowned hospitality industry personality, Gordon Campbell Gray, who has just set up the hotel group’s first property in the GCC, The Merchant House. We also have an interesting interview with SAXO Bank CIO, Steen Jakobsen who shared some incredibly insightful perceptions and ideas. It was a delight also to catch up Sabre CCO, Roshan Mendes on his visit to the regional headquarters in Bahrain. And, there is so much more! Make sure you go through every one of our features and exclusive interviews.

In the months ahead, do continue to stay with us as we bring you new stories and introduce you to more notable personalities. We thank you for your continued support on our website and social media channels. It has been a pleasure keeping you updated constantly and taking you with us on this journey of adventure.

Happy reading!

Adel Al SafarChairman

Write to the Publisher: [email protected]

CHAIRMAN'S MESSAGE


[email protected] www.bizbahrain.com+973 3383 6777 bizbahrain

The opinions and views contained in this publication by the journalists, writers and the interviewee are not necessarily those of the publishers. All efforts have been made to ensure accuracy of the information contained in this publication. However bizbahrain cannot accept legal responsibility for any error or omission.

Read more on: www.bizbahrain.com

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Mohamed Isa, Dr. Jassim Haji, Simone Del Nevo, Heather Longden, J. Tate, Dr. Alex R. Suchy von Weissenfeld, Jose Paul Martin, Ali Al Aradi

Dar Akhbar Al Khaleej, Kingdom of Bahrain

advert 20.5x26.5_AIM startup.pdf 1 12/23/18 2:05 PM


ECONOMIC REVIEW: SAFEGUARDING GROWTH AND RECOVERY

Economic recovery in the Middle East is slowly gathering momentum after last year’s slump, when economic growth

slowed to an eight-year low at only 0.9 per cent, according to Accountancy and Finance body, ICAEW’s latest Economic Insight report. Overall, the Middle East’s GDP is expected to grow to 2.3 per cent in 2018, though growth remains below the 2010-2016 average of 3.9 per cent. Despite major economic diversification efforts, oil continues to dominate and shape the macroeconomic outlook for Middle Eastern economies. The report talks about the oil sector continuing to play a key role in shaping the overall macroeconomic outlook in the Middle East, despite major efforts to diversify the economies and reduce the reliance on oil. Oil production in the GCC in the first five months of 2018 was in line with levels seen in 2017.

The World Economic and Financial Survey’s Regional Economic Outlook also reports higher oil prices that support oil exporters in the MENAP region (Middle East, North Africa, Afghanistan, and Pakistan) which will experience visible improvements in external and fiscal balances in 2018-19. The GCC governments as a result are expected to benefit from a combination of higher oil prices and elevated oil production levels, contributing positively to oil sector growth, fiscal and external balances. The expectation says the ICAEW report, is for Brent price to average US$80pb in Q4 2018, retreating slightly to US$76.5pb in 2019.

Meanwhile indicators for the non-oil sector are also showing positive signs after a slow start in 2018. The PMI index, which measures the health of the non-oil private sector, slumped amid the introduction of the 5% VAT in

Saudi and UAE in January last year, but encouragingly it recovered thereafter and remains in expansionary territory. Credit to the private sector, which measures bank lending to the private sector and a proxy of domestic economic activity, has accelerated in the top GCC economies including Saudi and UAE in Q2 2018.

Non-Oil Growth MomentumNon-oil activity is expected to

continue its recovery, supported by a slower pace of fiscal consolidation, while oil production picks up where spare capacity is readily available. Risks remain skewed to the downside over the medium term. These include a faster-than-anticipated tightening of global financial conditions, escalating trade tensions that could affect global growth and put downward pressure on oil prices, geopolitical strains, and spillovers from

by Reena Abraham

Focus Feature | Economy Review


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Brent price USDGCC Oil Production million barrel per day

regional conflicts. While a slower pace of fiscal consolidation may be justified in the short term, consolidation efforts should continue over the medium term. This will enable countries to mitigate the potential impact of shocks and ensure a sustainable use of hydrocarbon revenue. Continued structural reforms will facilitate private sector development and strengthen long-term resilience. Any delays on the structural reform agenda could curtail economic diversification and inclusion.

In Bahrain, spending restraint has contributed to notable improvements in the underlying fiscal positions. However, significant additional fiscal adjustment is still needed to maintain fiscal and external sustainability in these countries.

Positive Business EnvironmentConsidering the need to reduce

commodity dependence and promote economic diversification, two areas deserve special attention: labor market reforms and improving the business environment. A number of countries have undertaken reforms that aim to address labor market distortions-for example, by leveling incentives between expatriates and nationals-and to reduce employment in the public sector where more than 25 percent of the labor force in the GCC work. In addition, countries

like Bahrain and KSA have acted to support job creation for nationals, for instance by developing programs that encourage greater female and youth employment. Reforms to soften hiring conditions for expatriates have also been implemented, including immigration regulations, for example, self-sponsorship in Bahrain, and changes to visa requirements. Nevertheless, a few countries have tightened restrictions on foreign workers (Oman, Kuwait). This could generate costly adjustments to employers, with differentiated effects on productivity across sectors. In the short term, such measures could negatively affect economic activity by restricting access to labor. In the long term, this could create distortions in labor costs that reduce competitiveness.

Therefore, strengthening the skills of nationals by investing in education and training should be prioritized, while efforts to increase the mobility of expatriates and promote female and youth participation should continue, accompanied by changes to public sector wages and benefits (Tamirisa and Duenwald 2018). This would create the appropriate incentives for nationals to compete for private sector jobs, while also ensuring they have the skills to be competitive.

In the GCC progress is also being made in improving the business

environment and encouraging private sector development. Bahrain, along with its GCC neighbours are in the process of implementing policies to ease the time and cost of starting a business by introducing one-stop registration, and, in some cases, using e-government technologies. Electronic commerce, more than any other facet of the economy, holds the potential to transform the GCC in exciting ways over the next few years. Taking into consideration that mobile phone subscriptions have already outpaced population numbers throughout the region - by 2.1 times in Bahrain and the UAE, for instance - it is a clear signal that consumers and companies are keen to make transactions happen on the fly.

The recent announcement of a series of new legislation and policy reforms focused on Bahraini e-commerce comes at an opportune time. Businesses operating in Bahrain will experience vast benefits as the government takes steps to maintain the Kingdom’s position at the forefront of enabling a digital economy and reflects Team Bahrain’s efforts to align regulations with technological developments, as well as the needs of entrepreneurs who have committed to the long-term growth of the GCC e-commerce landscape. By ensuring that industry and government sync their pace of advancement, the government has equipped the national economy to more closely embrace e-commerce in ensuring a business-friendly Bahrain.

Focus Feature | Economy Review

Bahrain, along with its GCC neighbours are in the process of implementing policies to ease the time and cost of starting a business by introducing one-stop registration, and, in some cases, using e-government technologies.

GCC: Oil Production Vs Oil Price


Interview | Al Zain Jewellery

Theo Swart CEO, Al Zain Jewellery


ENTREPRENURIAL SUCCESS THROUGH CREATIVE VISION AL ZAIN JEWELLERY

Creativity for some people comes as naturally as breathing; but it is equally a fact that creativity doesn’t always translate successfully to business savvy. Creativity needs freedom from any constraint and opportunity for experimentation, but business demands discipline and focus – and therein

lies the impasse. Fortunately however, there are still a few creative entrepreneurs who inspire. In Bahrain, it is undeniable that we have one of this singular genre with the Al Zain family, founders of their eponymous label, Al Zain Jewellery. The old headquarters where the business began almost 90 years ago is now urban legend; the Al Zain family however, belongs very much to the contemporary business scene.

Handcrafting jewellery since the 1930’s, even while their business flourished and grew, the legacy of Al Zain has always been about its uncompromising quality - fine craftsmanship, attention to detail and stand out design combine to create intricate and breathtaking works of art that endure through generations. Amongst the first to combine pearl and jewellery making, the Al Zain family has continued to curate the best-in-class gems, be it diamonds to emeralds or natural pearls.

When Reena Abraham visited CEO Theo Swart in the beautifully and newly fitted Seef Mall boutique, the talk veered naturally to how the brand balances the commercial aspects of the jewellery business with the deeply personal and creative elements and legacy of the brand.



How has your time in Bahrain been and what has been your experience of doing business here?

I’ve been here 18 months and that time has certainly been a wonderful exploration that allowed me to apply all my retail and leadership skills fully. With Al Zain I love how my role allows for creativity at the same time. In the Middle East I have worked predominantly in fashion, starting from Dubai and then later Qatar, and then moving to Bahrain, where I joined the Jewellery industry. From my arrival in the Middle East I have always worked in the luxury segment, be it fashion, cosmetics, eyewear, or fine Jewellery. This year will mark 18 years in the Middle East. I am a sales man at heart and 13 years in South Africa working and managing large departments stores has firmly impressed these instincts before venturing out to the Middle East.

Bahrain is exciting because it seems to be slightly more immune to what goes in the rest of the Middle East in some ways, I mean that from an economic point of view. Even with the implementation of VAT recently it didn’t seem to affect us much and our economy is enjoying positive growth thanks to the vision from the royal Family and Prime Minister. The Al Zain consumer is one who knows what she wants, and she’s prepared to spend for the right product. No doubt Bahrain has exciting future prospects ahead and Al Zain will be part of that growth.

What can you tell us about what’s been happening with Al Zain in the last year?

We have made some significant changes in the sense that we have really moved the business from family run into more of a commercial and corporate environment which was the family’s wish and mandate from the start. I am fortunate to work with a family that recognizes change is the only constant. I recognize their immense trust in me which always serves as my rudder and driving force to excel and protect that which they all hold dear through three generations. We had to re connect with our primary target customers, so instead of mainly creating limited quantities and pieces, we now target a wider audience of customers whom are active in work and social life and enjoys frequent changes and updates in their choice of Jewellery.

This has catapulted Al Zain into an entirely new reality which today forms the major portion of our production. This sudden change of pace in our production and planning has forced us to review all we do, the importance of what we do and ultimately if it makes commercial sense. Change is a pace we control. I can say despite this being a conscious and self-inflicted dose of “change medicine”, we all must run to keep up with ourselves at times. I like to run, it gives me more time at the end line to look back and plan for the next marathon.

Tell us about the Hab El Hayl 2nd Edition collection. What was the inspiration behind it and who is the woman that you envision wearing it?

We launched the first collection of Hab El Hayl last year, to a great and unexpected success, truth be told, we were not fully prepared for the response we had. We learnt very fast and immediately aligned all our resources to satisfy the demand from our clients. Hab El Hayl was in fact, the first collection that we launched in multiples of thousands of pieces and continued to sell to this day. It was inspired by the humble cardamom seed, a spice very dear to traditional Bahrain and known for its healing properties. The seed is widely used as a motif in the traditional Bahraini Jewellery designs. This year in late January, Al Zain then launched the Hab El Hayl 2nd edition designs, all in a modern and contemporary collection that still preserves its origins as a classic heritage design. The 2nd Edition is fully complimentary to the 1st Edition and we now see our client buying in both collections to compliment what she already owns or update with the new

Amongst the first to combine pearl and jewellery making, the Al Zain family has continued to curate the best-in-class gems, be it diamonds to emeralds or natural pearls.

designs. She is a fashionable, forward thinking independent woman whom values family and tradition above all and wants the world to acknowledge her individuality. She is ready to make her mark on this world and she wishes to do so with a touch of femininity. She loves our products and we must keep our eyes firmly set on her next moves not to be left behind.

How has the success of these collections affected your strategy and plans for the year?

Well frankly, this was our strategy from the start, design for today’s consumer but be very sensitive to her rich heritage and her desire to change and change often! She loves newness and as such our challenge on an ongoing basis is to continue this trend. Hab El Hayl was followed by the Al Merriyah collection in the last quarter of 2018, and both Hab El Hayl and Al Merriyah are jewellery elements inspired from the old Bahraini jewellery.

We continue to make high-end jewellery and our clients continue to be the discerning consumer, but we realized the market right now is such that, with the economic slowdown worldwide and so many challenges, people are looking for more for less. In fact, people are looking for stability and peace of mind, so they seek it in the things that typically remind them of good times or offer them a sense of security in an unstable world. It is up to us as manufacturers, designers, and retailers to figure out how to please that consumer. We’ve been hugely successful in these launches and we are continuing to develop more new collections for the next 18 months. In fact, just this week we viewed the update of Al Merriyah Collection due to launch in the next two months. Our bespoke business has seen a massive surge in the past 12 months, and we have been overwhelmed with individual design requests and bespoke sets for weddings and engagements. Al Zain is well known for generations for its craftmanship on high end sets and Pearls and the next generation continues to trust Al Zain to create a lifelong memory of the highlights in her life.



Our stones are always hand-selected by the family with great care. They love rare stones and rare pearls and they love to be able to tell the story behind that.

Would you say that your secret of your code for success is that you stay very rooted to your origins, which is Bahrain and the Arabic culture, while at the same time looking at the wider audience?

You summed it up perfectly. We are an Arabian company with a rich and diverse Arabian Heritage, a legacy that we treasure. Our mission as a company is that we will always stay true to our roots and origin. We are an Arabic company catering to a local and international consumer. So that’s why we took something like Hab El Hayl, that a Bahraini customer immediately identifies with it, whereas at the same time an international customer identifies it as something that is true to the old traditional Arabic design and culture.

In that sense it has a dual purpose, so we launched it online on our e-commerce platform and we are selling it as far as Greece and the US and UK, and at the same time in KSA and Kuwait and UAE. So all over the world we are reaching out to consumers, and especially Arab consumers, who want something that reminds them of home. You know how we talk about comfort food? Our Jewellery is “Comfort Jewellery” here and abroad. The Al Zain family have always managed to design Jewellery that evokes one’s senses and emotions. Just look at the recent launch of Sarmad, our masterpiece of 21Karat gold embellished with Diamonds, Rubies, Sapphires and Emeralds and Pearls. A true masterpiece which encapsulates the past and an exciting future of a bride to be. My job along with the team is to continue that and beyond.

Would you say that in fact it is not a niche audience but that your appeal is to women anywhere?

Well we do reach out to women anywhere, but it is still niche in a sense because we are not jewellers that cater for everybody, we cater for a discerning but wide audience, if that makes sense to you. One thing we changed is that we could no longer be “all things to all people”. We must be clear what we stand for as a brand and we did exactly that. A young and up and coming generation audience that has some money to spend and that wants to look and feel good, wants to wear jewellery that is genuine but at the same time fits her budget. Later, when she is ready to

settle and get married Al Zain offers her the best bespoke service and designs in diamonds, emeralds, sapphires and rubies. Oh, and did I mention that to this day all our products are still handmade in our factory in Bahrain? How many brands can say that? We control design, quality and final finishing. The next generation of Al Zain siblings are deeply involved ensuring their fathers and fore fathers’ passion and attention to detail is maintained at every level of the design and manufacturing process. We constantly invest to update our technology and processes to keep up with trends.

Despite your growing presence, do you continue to be based in Bahrain?

Absolutely. We are a Bahraini company first and foremost and proudly so. Our corporate office remains very close to where the first store was situated many decades ago. Our factory operates within walking distance from us in Manama and allows the family and management a firm control and influence in production. In fact, our Chairman still manages his pearl collection from the local pearl divers trade, I cannot imagine it to be anywhere else. Bahrain is authentic, pure in its heritage and when you walk through the streets in Manama you will still find the family’s original house intact and in the middle of a bustling market. Yes, it is authentic and very real. This is our home base.

Do you find a lot of Bahrainis who are interested in jewllery making as a craft and as a profession?

We do have Bahrainis that freelance for us from time to time. Whether it is jewellery design or calligraphy. One of the things I really love about Bahrain is that it is very cultural, and it is very diverse, especially in art. We employ a

famous calligrapher in Bahrain to do our calligraphy designs for us and from time to time we employ freelance Bahraini designers that help us with our jewellery design. As the brand becomes more exposed, we are receiving more requests. Recently we were copied with our Hab el Hayl collection in the market. It was a lesson to us whether flattery or insult, we are fast learners and fast to launch the 2nd edition by the time they were still making the first collection although no comparison. We certainly always welcome people with talent. It helps us stay true to the Bahraini influence, culture, inspirations and overall image.

In your opinion is the demand for gold decreasing? Do you think there’s a chance that it will ever lose its formidable position in the jewellery business in the coming years?

Never. On the contrary we are certainly seeing a huge growth in our gold sales and continue to capitalize on that. People find security in gold. It is still something that man cannot really change despite what the world would like you to think. The Middle East and Asia especially have a great appreciation for pure gold.

In today’s uncertain world and economy people look to something with more permanence and security hence the trust in gold. Gold has become the currency of now and the future because people consider gold as something that will never lose its value and will always have a strong connection with our past as a form of trade.

If we just look at what happened to our gold sales in 2018, it nearly doubled! Part of the reason is because we launched many new designs, people find gold to be a pure investment, and secure investment as opposed to currency which is exposed to fluctuations based on worldly influences and decisions.

What are your plans for 2019?Our plan is to continue our roll out of

the new concept boutique like the one you are sitting in. This is the next generation of Al Zain boutiques, so its updated to offer a luxurious and comfortable homely space. We are planning to open in Dahran Mall in the next couple of months and we will update our City Centre boutique which continues to be very well visited


especially from a tourist point of view. We will also participate in Jewellery

Arabia which is a very prominent and probably still one of the best jewellery shows in the ME where we showcase our top end designs and sets. In February, we will be exhibiting in the Doha Jewellery Show. We are expanding our online presence dramatically this year with a wider range offering and larger distributions. We will present in two new locations in the new Bahrain airport terminal building planned for the end of 2019. We are under discussions for an additional location in Dubai and Al Ain and Abu Dhabi and Qatar. We are expanding our Free for Life offerings to loyal customers later this year. That is not mentioning a loaded marketing calendar of new launches, updates and limited editions. So, I guess you can say we will be a bit busy this year ahead….as I said earlier, I like to run and keep the team fit at the same time!

At Jewellery Arabia every year, your stand is one of the most beautiful. A lot of planning and effort must go into making it unique and giving it a different look each year.

Thank you, you said it! So when I joined 18 months ago, it was not very far away from Jewellery Arabia. It was April and Jewellery Arabia is in November so I knew that we would need a lot of time to change the product assortment overall which we could not do immediately. So, we did 2 things, first thing we came up with Cascade of Dreams, a deliberate effort to attract attention and to showcase Al Zain’s ability for design and craftsmanship. It is elaborate in design, overwhelming the senses with 12000 diamonds and more than 1000 pearls. It was a hit, it was a show stopper.

The second thing we did was, because we wanted to be visually different from other exhibitors, we changed our design to an open light and accentuated stand that shows off our products to passersby. But we did not stop there, we set up a second stand this past year that once again was an absolute show stopper. The second stand was all about trends, young, trendy, fashionable, individualistic, attention seeker, bold classic Jewellery and designs that stir all the emotions.



meet Mariam Al Zain to discuss the next boutique under development and then meet Noora Al Zain to review the company brand guidelines and finally run off to meet the extremely passionate and detailed oriented Madame Samar Al Zain in Seef boutique where she fusses over the flower arrangements and customer service. I guess my nearly 30 years of diverse retail experience has led me to this exact spot today. Retail is indeed Detail in every sense of the word.

It is commendable that the family was able to seamlessly move the business into a professionally managed one.

They understand the importance. There are some photos on the wall here in our Seef branch and at other branches, which show where the first shop was in Manama. You will also see some of the past and present pioneers of Al Zain. The family have a deep-rooted knowledge of the business and I particularly value their creative instincts. You couldn’t replicate this in any way. My job is to take that knowledge and make it commercial to reach a wider audience and at the same time introduce systems and policies into the company that allows customers to get better service, foster product at the right price. I am also fiercely protective of that which the family built since 1930. Our business is driven by strong family values and morals that stretch back three generations without which we will just exist as another brand. The market and more importantly, the consumer demands truth in her shopping experience, they seek out authenticity and link it to an emotion that you as a retailer either acknowledge and nurture or be prepared to lose her to your competitor.

Mothers happily shopped alongside her teenage daughters. How many brands can boast this?! As I said earlier, the Al Zain family thinks and operates differently. That sets us apart. In our segment and in my opinion, Individualism today is the single most important driver of consumers buying decisions and behaviors than probably anything else. Al Zain is an individual set apart from the rest. Look at our products. People buy it because they relate to it instantly. It has become our signature. I am very excited about what is currently under development in our factory and I can honestly tell you we are outdoing ourselves each time! Hard to beat yourself at what you are good at right? Well we are doing just that!

Are your plans directed also outside of Bahrain and this region?

Definitely it is in our plans to go international and within the next 2 or 3 years we would like to be in Europe. A lot of what we do now with our trendier merchandise is to test the markets ability to take an Arabic design with a very strong Arabic influence, internationally. Our e-commerce platform is an amazing way to test that. The next test phase will be our diamond sets which is currently under development. Wait for it!

I don’t know if you know this, but in Bahrain duty free, the Number 1 consumer of jewellery is the UK traveler. That could be an Arab having a second home there or going to visit family or it could be an Asian customer who resides there or has family that resides there and they are just passing through Bahrain. Be that as it may, we found that these consumers love the product at our Duty Free counters.

So, as I said earlier, 2 new locations opening in the new terminal building at the end of the year. One is the gold counter, which is all about pure gold, and the second is a mini Al Zain boutique that is situated between the luxury brands in the new terminal building. This is where people can go and have a wider, more high-end selection and easy to decide on the spot, of course supported with an expert salesperson that can connect with this customer in a limited time.

You’ve gained a reputation in this market for your pearls and diamonds. How do you ensure that you maintain that reputation and consistently give your customers the quality they are looking for?

I think our reputation goes beyond the diamonds, because it’s also pearls. But what goes behind it is first of all, the Al Zain family. Our chairman Mr. Nabeel is extremely passionate about pearls and the Bahraini heritage around pearls. Our pearl category is one we will expand on quite a bit this year. It is a Bahraini love affair that goes well beyond the borders of Bahrain.

What makes us different in our diamonds apart from our unique designs is the fact that we employ diamond experts. We have a qualified gemologist in house and the new Seef boutique is our first boutique that has a qualified gemologist on duty. So, customers can walk in and talk to the gemologist about stones and ask all the questions they may have prior to deciding.

Of course, it is well known that Al Zain that don’t typically follow others, but rather create our own standards and ways.

Our stones are always hand-selected by the family with great care. They love rare stones and rare pearls and they love to be able to tell the story behind that. When Mr. Nabeel receives a batch of pearls of a unique colour, he doesn’t want us to break the batch. For instance, this week, we were given a batch of pearls in a unique shade - a beautiful brown tinge that we don’t want to mix, so the designers came up with some beautiful new designs and it will be a limited edition with just enough to go to 2 or 3 of our boutiques.

This is the heritage of Al Zain family. They are always pushing ahead and trying to look around the corner and see what is next. They are always challenging themselves in terms of quality and finish, so it’s an honour and a real privilege to work with a family that is so committed and so loyal to their heritage, and at the same time so open to change and forward thinking. I can be in a board meeting in the morning and then sit with Mohammed Al Zain and his design team in the afternoon and then hop over to Faisal Al Zain in his e-commerce office and then


The family have a deep-rooted knowledge of the business and I particularly value their creative instincts. You couldn’t replicate this in any way.


Interview | The Merchant House

Gordon Campbell GrayFounder, Campbell Gray Hotels


STEPPING INTOAN INSPIRED WORLD

OF CULTURE AND LUXURY

There’s a definite and almost magical vibe to The Merchant House, one not likely to be encountered anywhere else in Bahrain. It could be the unique location or it could be the exquisitely detailed in-

teriors or perhaps, it is the works of art lighting up every corner…whatever it is, it is palpable and exciting. Set in the heart of the city alongside the vibrant Bab Al Bahrain Souk overlooking the city’s financial district, the hotel is play-ing a significant role in the regeneration of the area and its surroundings. The luxurious, all-suite boutique property is all set for it’s opening this month and has the distinction of being the first of its kind in Bahrain besides being Camp-bell Gray Hotels’ first property in the GCC.

Strategically positioned alongside Customs House, which serves as the impressive entrance to Bab Al Bahrain, guests at The Merchant House will find themselves fully immersed in local Bahraini life as they are afforded the op-portunity to enjoy a true taste of its culture and traditions. The location places guests just steps away from the atmos-pheric Manama Souk with its maze of market shops selling everything from spices to souvenirs and home decorations. The emphasis is on personalised service and individu-al preferences, say the first press releases for the hotel, a claim that is well placed seeing the impressive line-up of luxury properties by Campbell Gray Hotels in Malta, Beirut, Liberia, and most recently, The Isle of Islay, Scotland.

Reena Abraham caught up with Gordon Campbell Gray, the distinguished and charismatic founder of the Campbell Gray Hotels when he visited Bahrain last month.



Congratulations on the launch of The Merchant House in Bahrain! Can you tell us a little about the hotel and the services it offers as well as its special features?

I think what makes The Merchant House unique is that it is a small, beautifully designed boutique hotel and not just another big 5-star, branded hotel.

In terms of amenities, it will have 46 rooms, 2 restaurants, a terrace and bar and a small spa. The hotel is also going to have a lovely library overlooking the lobby, which will be great for tea or snacks, or just chilling out. It has been curated by Philip Blackwell of The Ultimate Library in London, who is a friend of mine and who has worked with me on all of my hotels. We are putting in details that you can only do when you are doing it private.

For one, the rooms are all suites. We have put a lot of thought into the design, the finishes, the timbers, stone, and fabrics. The furniture is almost made entirely by us, especially for the hotel. Like all Campbell Gray Hotels’ properties, it will be unique.

It’s going to be colourful. I am tired of seeing beige and oatmeal, so we’re definitely going to go all out with the colour.

Another great thing about this hotel is that the art will be sensational. I think we are going to have so much art it will be like walking into a gallery, which I think, is fantastic. We will use a lot of very established and successful Bahraini artists as well as some up and coming artists plus classics- we’ve got Lichtenstein and Andy Warhol; serious art with a lot of local art as well.

As Cicero said ‘If you have a garden and a library, you have all you need’ and we certainly will have both. It’s definitely going to be a boutique hotel of which there are very few in the region.

How did your entry into Bahrain come about? What made you decide on the Bab Al Bahrain location?

I have really grown to love Bahrain because I think people here are very lovely. They are a cultured group of people; they enjoy food, they enjoy eating out and are just extremely hospitable. The country has got a real sense of heart to it and I love it.

I had a guest who was staying at one of our other hotels, Le Gray Beirut, who asked me if I would ever do something

similar in Bahrain. So, when I came to Bahrain, I saw the numerous green field sites and said I would love to! We knew this area was being attended to and that there were plans to address and improve it so that definitely played a part. So many cities in the Middle East have almost no heritage left, it’s all new, and everything gets knocked down. This is not the case with this area - it’s being preserved and I think that’s wonderful. I could just walk to the Souk and nip down for dinner or there are little cafes everywhere that have a following… it’s really great. We are excited to be part of the movement that will improve the area.

You have said earlier that your hotels are completely original and not a reproduction of a template. What directs the creativity and who is the brain behind the distinct interiors?

I knew that I did not want to do it as a big fancy hotel. I think the world is going through a bit of fatigue with big brands ruling; there seems to be no chance of being individual. We wanted to make a magic kingdom when you walk into the hotel. So, we looked around and this site came up and what appealed to me the most was the location. Personally, when I stay in the city and pick a hotel, I like to walk out the door and be able to go somewhere; I don’t want to take a taxi everywhere. I feel this area fits exactly that- it’s central and well connected to the rest of the city. It has a lot of potential and I sense that it can have a shift of emphasis to what’s going on.

Sometimes when you’re working on a new hotel you wish you could pick a particular wood or material and you can’t for various reasons, but this time because

of the way we went about it, we did exactly as we had planned. The whole idea was to make it something that Bahrain will be very proud of.

What has been your experience in this market? What were the challenges and was the experience very different from other regional markets?

One of the problems when you’re doing a project is that people are so anxious for it to be ready on time that they cut corners in the end. I am happy to say that we have not done that. We have had quite a good experience actually. We tried really hard to use local talent and we’ve managed to get quite a few locals. What’s lovely is that it will be Bahrainis at the reception. We have also brought in people from our other hotels, with experience of our culture.

Can you tell us a little about the history behind the Campbell Gray Hotels?

The actual company was formed about 15 years ago. I had other hotels before that were just under my name, but then we formed the company and had a very gradual expansion since. We’ve never just rolled out a formula for expanding fast



The country has got a real sense of heart to it and I love it.

but we’ve always been small and successful. We just opened our hotel The Machrie in Scotland last October, which is absolutely wonderful and has been very successful. Our next opening is in Zurich with the 47-room hotel, Alex, overlooking the lake. So that’s where we are just now- just gradual expansion.

We get offered a lot of projects, and every now and then we are offered something really exciting - this was certainly one, as was the one in Zurich. We are in

the Middle East in Jordan and Lebanon with our Campbell Gray Living Residences and Le Gray Beirut, but this is really our first venture in the GCC.

What would you say is the one most remarkable feature or thread that runs through every one of your hotels, that make it stand out from others of the same genre?

Once the hotel is constructed and designed, we put an enormous emphasis on service. In fact, our internal slogan is ultimately ‘It’s all about service’.

Having said that, to get to the position where we have a hotel that people want to stay in and discover the service, we are very design-led. I am personally involved in all aspects of the design, from the sugar bowl to the furniture that we design and that’s a very good feature of what we do.

We always put art collections into our hotels and we’ve done that long before other hotels began doing art collections. Art has always been a last-minute thought in many hotels- a couple of prints on a tiny budget; just wall coverage. What is so disappointing is seeing hotels that have spent millions on the building and other features like carpets, curtains, etc. with

a couple of cheap prints and art that has never been significant.

About 25 years ago, we put a big collection into our hotel in London, this was when we had One Aldwych, and it was kind of jaw dropping. We spent a lot of time building the collection. We didn’t have the huge budget to buy crazy things but we did want every room to have 1 or 2 interesting original pieces, and the public spaces to have exciting sculptures. I remember that even the most hard-nosed businesswoman would say, ‘Wow, I love the painting in my room’.

This makes you realize that if you build it, they will come and if you do it right, people notice. Art has always been a big part of my hotels and luckily it will be an enormous part of The Merchant House.

Is the art rotated among your hotels?Each hotel has its own collection

and this one is going to have one of the best. Anyone who understands art will be amazed. We have got a lot of well-known local artists and we have really focused on the wonderful local art, which I am quite proud of. We didn’t do it just because we have to, but because they are marvelous. My problem when I go art shopping for hotels is that I end up buying one for myself! This time, I have been very disciplined, and focused on keeping everything just for the hotel.

Which brands and hotels do you see as strongest competitive value proposition for The Merchant House?

We consider everybody to be our competition. Everybody is out there trying to get the business, and this is true for any city in the world. I look at everyone as a potential competitor. What we’re doing here in Bahrain is creating one of the first real boutique hotels. I am not saying we are the only one or the first, but I think we’re one of the first.

We have created a niche product that hasn’t been seen before for which I think there is a big market. I feel that this hotel will be quite original for Bahrain and that hopefully it will be well received. I am

hoping that there will be enough people to say. ‘Wow this is different!’

For the same money, or a little less money than some of the top hotels, we can have something that’s very special. What I would love is if somebody who is wondering about where to stay in Bahrain, gets a recommendation to stay at The Merchant House. Anyone can look it up and stay at any of the brands, but to say the place to go is The Merchant House - that would be my goal.

How did the name The Merchant House come about?

It’s actually quite hard to find the perfect name. Sometimes when we’re naming restaurants or hotels, we go through so many lists and we just don’t like anything. For The Merchant House, we thought of the area where the merchants had been and we just came up with it and it felt right and it related to the location.

Would you agree that a certain anxiety about commercial real estate in the market climate today has affected the hospitality business, and what are you doing to survive the fluctuations in global economies?

We are not really expanding that fast, we are very measured. We just opened in Scotland and we’re opening here so that’s two hotels in a year, which, for us, is a lot. We’re not like those big brands; we’re not rampantly expanding. This year we have also got the Zurich opening and something else that’s not confirmed for later in the year.

Our goal is never to be the most expensive hotel but it’s certainly not to be the cheapest hotel either. It’s to be the right priced, affordable hotel that offers something special. I think we have a nice little niche and we don’t have too many rooms to fill. I think people will realize the hotel is a bit special. It’s the service and the team in the end that makes you come back. We can make The Merchant House as lovely as can be. You can put a Warhol in the bedroom, but if you ring down and no one answers or the laundry is late or the breakfast is cold, it’s not worth anything. So, I think if we can couple the service that we have with the intimacy and the scale, I genuinely think this is very exciting for Bahrain.


Interview | SABRE Travel Network

BUILDINGSTRATEGIC SYNERGIES

IN THE TRAVEL INDUSTRY

Roshan MendisChief Commercial Officer,

SABRE Travel Network


The way we live and conduct our lives is changing at an extraordinary pace. At the sharp end of innovation and

technological shifts, the perspectives of suppliers, online travel agencies, and other industry players in the travel industry, undoubtedly one of the most mature digital commerce sectors, has to be catered. Even after 60 years in the business, Sabre, the leading technology provider to the global travel industry, continues to innovate and meet the constantly changing demands of travel requirements. Sabre's software, data, mobile and distribution solutions are used by airlines and hotel properties to manage critical operations, including passenger and guest reservations, revenue management, flight, network and crew management.

Sabre also operates the Sabre Travel Network, a leading global travel marketplace, which processes more than $120 billion of estimated travel spend annually by connecting travel buyers and suppliers.

Roshan Mendis, Chief Commercial Officer of Sabre Travel Network recently in Bahrain visiting Sabre’s regional headquarters, discussed the challenges of the demanding and constantly shifting industry with Reena Abraham.

What is the main purpose of your visit or is this only a routine one?

As the Chief Commercial Officer for Sabre Travel Network, which is the largest business division within Sabre, I am responsible for for commercial strategy and customers relationship. The Middle East is a critically an important region for us, where we have significant partnerships with Gulf Air, DNATA, Emirates, Kanoo, ITL, Dadabhai and others. This visit is to meet the teams, celebrate the 2018 performance, set and launch 2019 plan , meet key partners, customers, and get ready for the next year.

Can you tell us about Sabre’s new acquisition of Farelogix and what that means to both Sabre and to the Middle East airlines and travel companies?

Farelogix is the leading provider of NDC-based (New Distribution Capabilities) technologies to the airline industry. The significance of this

acquisition is many fold – One, it is the commercial synergy between two organisations. They have a list of airlines that buy their products, and we have 225 airlines that buy our products and there’s a commercial synergy in cross-pollinating that customer list with each other’s products.

Second is that from the CEO downwards in our organization we have all been saying that we will lead on the NDC as it collates to business model change and technology model change; and investing into the most prominent NDC-based technology provider is a big step in that direction, and underlines our intent.

Third, we are committed to having a marketplace that is full of all the important content, because ultimately Sabre Travel Network runs a travel marketplace and investing in Farelogix is our commitment to the travel agency community that we are committed to a rich marketplace where they can get access to all the content in one place. It is also a commitment to airline suppliers that we will provide them with a marketplace that enable them to sell their products in a way that they like and in an efficient and effective manner so it is quite an exciting time.

What are some of the other new products that Sabre has introduced in the region?

We have a large portfolio of products, and simultaneously, our products change in some form or fashion probably every few weeks. With every update, or release there’s a new product being brought in. I can mention 4 marquee products that we can look forward to seeing right way.

One is the launch of the new Sabre Red Workspace which is the new travel agent desktop product that will get rolled out across the ME market in 2019. Second, content services for

lodging, which is all about us making a commitment to a marketplace that holds products that are beyond just airline products. Content services for lodging is API based service that distributes lodging content and aggregated lodging content from all major wholesalers and direct contracts.

Number three is virtual payments and that is going to be a major focus for us in 2019. And last are products that we would call agency managed commissions that are a suite of products that help travel agencies maximize and optimize the commissions and revenues that they earn through selling tickets.

So to summarise, if you look across those four things what you will find is that we are committed to a rich marketplace, committed to allowing efficient and easy access to travel agencies, through a new separate workspace. We are committed to giving the fullest dashboard of products to travel agencies, and that is not only air content but lodging, ground and sea content. And lastly products that increase efficiency and increase yield for the travel agents. So you will agree, that’s a sizeable task in front of us for 2019!

Sabre is a very complex company, can you tell us which are the largest areas of growth for the ME

Selling content like airline products through the global distribution system GDS is our largest business by far. In that business we see emerging countries and channels. Our online channel is growing at 2 to 3 times the rate of the brick and mortar channel; we see online adoption and corporate booking tool adoption growing rapidly. Outside of that we see very high market growth rates in places like Kuwait and Saudi Arabia and good prospects in our home market of Bahrain and Oman. Economically, 2018 has been a fairly flat year for the region, growth has been stagnant for a number of reasons but we are optimistic about 2019.

What are some of the interesting or major travel trends that you are noticing in this region?

Online adoption is catching up to western market levels, and that


Online adoption is catching up to western market levels, and that creates big online players who are also our partners and customers.


creates big online players who are also our partners and customers. Big names like Cleartrip and Booking.com are becoming household online names in this region. That same online phenomenon is stretching to corporate travel where people are demanding and using online booking tools. ME markets and countries, whether that’s Bahrain or KSA, Dubai or Oman, are presenting themselves as destinations, attracting inbound business and complex itineraries that need to be serviced and served. Just shedding the light on Bahrain, you can see that with the revamping of Gulf Air with its new management team, and strategy and with its route network being adjusted, I think there are good times to come in 2019 for both our business, and the travel industry at large.

Also, we are seeing certain trends in the local markets. The young generation is now creating a new genre of medium-sized travel journeys. You see the younger, budget conscious generation travelling more and for shorter periods whether its corporate, business or leisure. Often they combine corporate and leisure. For example, you see that they are travelling for business but they extend their trip to include the weekend. We see this a lot especially in destinations like Bahrain and Dubai, where people stay over to enjoy the entertainment and attractions offered there. As H.E Shaikh Khaled bin Humood Al Khalifa was recently saying in a conference Bahrain is no longer just a weekend destination. It is a trend that we are noticing - that more travelers from GCC are staying for longer periods in Bahrain.

Has your decision to base your headquarter in Bahrain has been a good call in the long run?

We have been here in Bahrain since 2005, and it comes obviously as a result of our committed partnership with Gulf Air. Thanks to their partnership and our location and thanks as well to our team, we are a formidable player in the region, and by far the largest player in Bahrain. We enjoy working out of here, we enjoy the support, and having partners who are Bahrain-based but are extending across the region, like Kanoo, and

Dadabhai and we growing along with them while supporting them.

Would you say that the traditional travel agencies are quickly becoming redundant?

Absolutely not. A 35 percent penetration of online travel implies that 65 percent of the business is still with travel agents! For various types of itineraries and travel types, the service and duty of care components provided

by offline agencies is fundamental. I am myself, serviced by a traditional travel agency when I travel and I wouldn’t do it any other way.

I think it’s also quite unique in this market and on this side of the world. Although all the research and shopping is done online, people go back to check with the travel agency. It’s mainly based on relationship, legacy, language… they want that interaction with the consultant or travel agent to pick the right option.

Retail behavior has varied across geographical regions. What would you comment about the evolution of the traveler today?

Booking and shopping for travel is becoming complex and sophisticated and travellers are demanding and requiring more. We break it into 4 requirements- 1. Know me-travelers are saying

understand me and my likes and

We sit at the centre of the technology and travel ecosystem and our constant pursuit is to bring all the parts and pieces together in a way that makes sense for the traveler.



dislikes so you can give me what I uniquely want,

2. Travelers are saying be where I am, so mobility and mobile products that are used by travellers and can serve them at a moment’s notice and our ability to empower them.

3. Then travelers are saying delight and surprise me. Give me a mind-blowing offer when I am on my way somewhere that I would not have thought of myself.

4. And then, serve me; take care of me if I am in need or in trouble. It is a volatile world, I need to be able to seek help and get help at a moment’s notice.

So that’s the spectrum across which we serve agencies so that the agencies can serve their travelers.

So the customer experience for 2019- is there anything special planned to streamline it?

I think for us, we sit at the centre of

the technology and the travel ecosystem and our constant pursuit is to bring all the parts and pieces together in a way that makes sense for the traveler. And what does that mean? A flight connected to a ground transport that gets you to the airport OR a hotel; a car rental company or a taxi company knowing when you land, where you are going to come out of; and a hotel that knows when you will check in and that knows the meals you like and the newspaper you like to read and what you like to do when you normally frequent a hotel. Getting that experience threaded together and being able to serve the traveler in that equipping other companies travel agencies to serve travelers in that seamless way is our constant pursuit.

We have a very knowledgeable and rather cynical traveler today, so is the surprise and delight aspect a challenge?

That’s true but I think the opportunity for us is having deep insight

into individual travel habits, of course within rules and ethics of how you can use data. Being able to profile and predict what a traveler might like at what point in time and in what place and the level of data we have access to as well as the investments that we are making in things like AI, gives us some insight into what will surprise and delight you versus what will surprise and delight me or anyone, and they’re all very different things. So I think there’s fantastic opportunity for us to take a travel experience that is fairly generic and standard across individuals, and make it unique to each person.

With the furor recently over privacy and the ethical use of personal data and information, which is a very important part of the evolution of your products - Has it affected you and how do you work in compliance with that?

That has affected us in a positive way in that we are a scaled company that takes data privacy and data protection very seriously, so we are able to invest in ensuring our systems and our data are rock solid in their security and protection. It is important because we deal with a significant number of large travel companies on either side of the marketplace. I wouldn’t say that it inhibited us from doing anything because there are rules and guidelines that govern how we use data and, within those rules, we see tremendous opportunity to use that data to provide travel suppliers with opportunities to market themselves more intelligently to travelers and to provide insight into traveler preferences that would result in a better travel experience.

I think there’s fantastic opportunity for us to take a travel experience that is fairly generic and standard across individuals, and make it unique to each person.



Interview | Saxo Bank

Steen JakobsenChief Economist & CIO, Saxo Bank


printing less is that you need to maintain the same amount of credit every year to keep the momentum going. The quantity of money in the world, or the credit cake so to speak, has collapsed. The price of money has risen, the price of energy has risen, which is directly correlated to the energy consumption in the world which in turn is taxed according to your consumption. So at the end of it what it means is that there is a smaller credit cake for you to take crumbles from.

It is now the time for all countries to become more self-reliant. Here in Bahrain, it is all about defining Bahrain and creating your own model. The trend however, since World War 2 has been to coordinate and work together more as a region, so the impact of geopolitics is that trade wars can never be a positive. There are no winners. Whoever thinks they are winning is not, because it simply means that the total volume comes down. These 4 things combined, means that we look into the future and you see the world coming to a standstill in terms of growth. This is the sputtering I am talking about.

People say the US stock market is very strong but the very significant thing to note is that the US stock market has had the one-off. They introduced a tax discount which allowed US companies to repatriate a huge amount, that meant 4 trillion dollars was moved from the European banking system to the American banking system on shore, and the companies used this excess liquidity to buy back their own stocks.

In one of your recent interviews you talked about the four engines of global economies sputtering. Can you elaborate and explain what you mean?

We have tried to deviate from the traditional way of doing projections of guessing what will happen 1 or 2 years from the present, and acknowledge fully that we do not understand the global economy. So what we do instead is monitor the input into the economy and what comes out of it in terms of productivity, GDP and prices, and with that we come to the four factors that we call the 4 horsemen. They are the four drivers of the global economy.

• Quantity of money: collapsing• Price of money: rising fast• Price of energy: rising (and acting as

a tax on consumers)• Globalisation/Productivity:

collapsing

When we say the quantity of money, because of the great financial crisis, everything in the world has been driven by the amount of debt. Simply speaking, you have a fraction the numerator is the amount of credit growth and the denominator is the world growth. Since the great financial crisis, credit expansion has been running at 10%, and world growth at 5-6%. What has changed is that the world still wants 5-6% but the credit expansion is now running only at 2%. So it actually is a contraction of money being printed in the world. The problem with

So the artificial stock market created in the US this year, has come down now in the last month and is now normalizing and all the drivers of global growth have changed. The quantity of money, the price of money, the price of energy and the geopolitical atmosphere have deteriorated. They are all sputtering.

The push towards electric vehicles, the launch of new electric automobiles, and the commitment from some leading manufacturers to produce only electric and hybrid cars by 2019, as well as commitments to spend billions of dollars on developing driverless cars-what does all this foretell for oil prices and the Gulf economies?

I applaud you for asking this question because it very important for this region. When I travel, the most important topic I hear about today is environmental damage. So 2 things are happening here, and I will try to put it in context for this region.

Globally, we are very close to seeing a global tax on transportation. So if you want to do your production in China, you are also going to pay an excess tax for transporting all that on a ship, which is polluting the environment. So the thing is that if you are responsible for a city or region in China, you have 2 goals to target-the 5 year growth target and the environmental damage reduction target. So the onus is on them now is not only to create growth, but also to create clean growth.

POSITIVEDIVERSIFICATION

IN THE GCC

World renowned economist, Steen Jakobsen, Chief Investment Officer at Saxo Bank, spoke about the positive impact that the recent hike in oil prices has had for the region at the Al Dana Ferguson Forum held in November last year. “It has allowed GCC governments extra time to put in place strong structures for creating more revenue away from the petroleum economy…

What I have been pleased to see most though is a newfound realism that the region needs to create credible revenue outside the petroleum economy. It’s clear to me that the last oil price crisis did more for structural changes in the region than anything I have seen in my 20-plus years of travelling to the region. The introduction of VAT likewise represents necessary and welcome progress to raise revenue.” Speaking to bizbahrain Group Editor, Reena Abraham in an exclusive interview Steen Jakobsen outlined his mac-roeconomic forecast for the GCC region.


We only need to talk about nationality and religion when we are not economically strong, when we don’t have money. We need instead to talk about what is far more interesting which is about being productive, thinking, active, smart, good people.


So you’re absolutely right in pointing out that. You almost have a responsibility to point out that the trend in the world is that consumers and governments must insist on getting products that have the least carbon footprint. The maritime sector, next year, will ensure the reduction of Sulphur in oil. Congo oil, for instance, will now be forced to provide much cleaner fuel for ships globally.

The introduction of these same measures for the automotive industry is also driven by China because of the huge pollution levels there. So I would say, it has not only become an economic issue, but also a number one priority for the government. But remember that while you have the policy of 20/20 for introduction of electric vehicles, you also have to realize that electric vehicles still have to be charged somehow. The trend in the world is leaning towards everything greener, but also more technology focused.

For this region, there is a higher urgency of creating this handover into alternative energy. Some of the push in Bahrain is about that as well and certainly Dubai too, but the equities and the engineering and all the stuff you have in the region in terms of energy, needs to be utilized to a higher degree in my opinion, into getting a cleaner product and being the best of class. It is going to be a global drive to see a reduction of pollution, and the big reduction is going to be the sharing economy. When I get in to the airport in Copenhagen, I can get into an electric car that is actually cheaper to use, than it is to take a taxi, and that’s going to be happening in every city. That means the number of cars will reduce, and naturally then the pollution will reduce because you will have more fuel-efficient economy cluster growth. I think while reducing fiscal deficit is a high priority in the region, an even higher one is to put technology into the new world of greener energy.

Do you think that the renewed focus that China and India have shown, on environmental issues and pollution reduction will further tell on oil prices?

Let me rephrase that as an economist. We used to look at the risk of peak oil, now we look at the risk of peak demand in oil, which are 2 very different things. Peak oil means that there is a scarcity, but peak demand means that there is a

limit to how much people are actually going to use it. So you are absolutely right, instead of talking peak oil, we are now talking peak in terms of demand. This is also adding to the equation, the fact that the net increase in population is also decreasing. A good part of society is aging and China and India are great examples. The incoming compounding effect of all green efforts plus demographics plus the focus is also really going to supercharge the use of oil overall. I think there will be a peak demand over the next 2-3 years in the world.

So it really calls on governments to think about how economies can survive while being more responsible. What do you think are the biggest challenges for economic growth in this region?

I think I can easily say that the challenge for this region and the world in general is the lack of focus on being productive countries. We are focused on being revenue-generating countries in a business concept, but when I talk about productive countries, I am talking about using opportunities to become world leaders in alternate energy. This region has enough money to seed and endow professorships and engineering schools and universities in the fields that fit the narrative for this region. Moving forward, the solution to all the problems of the world is productivity and this means, we have to focus more on education, on apprenticeships and learning opportunities. Focus on being productive people, instead of being finance people. We need to create a culture of productivity.

If we had a list, it shouldn’t be a list

of the 10 richest people, it should be the 10 most productive people. By virtue of being productive, you often become rich, but people get it wrong. If you live in a productive country, you will never be poor because your ability to generate return is always there, and simply because you’re being productive. So to put it quite simply, we have to change from people focused on finance to people focused on productivity.

How do you think the introduction of VAT will affect the Bahrain economy, impact businesses and foreign direct investment?

It is a big move towards a credible handover from the oil industry because of course, the reason you didn’t have tax until now was because of the oil revenues. But now today, we have the environment, the risk of peak demand and the fiscal deficit in the region-to deal with that, so you need to create an alternate revenue stream. You need to maintain the productivity, the innovation, the support, as well as the education and healthcare systems. It would have been naïve for us as investors not to have anticipated the introduction of a tax because oil will run out eventually.

I think overall I am very positive over the fact that they have introduced VAT. This region, like any region in the world, is better at making changes when under pressure, when there’s a sense of urgency. This urgency, gave a very positive push for doing something and all of a sudden you have a goal up there. You may not actually reach there, but you move in the general direction. I have sensed the higher degree of urgency, among the business people, both in Bahrain and in Dubai. They are far more focused now. The strong support for growing SMEs and reducing the dependency on state-owned enterprises are also important structural changes that should lead to more competition and stronger growth.

Would you agree that the reality is here now to stay?

Yes, absolutely. The VAT was a clear catalyst for that. The whole talk about bankruptcy laws and increased talk in some countries about visa extension is also positive. How would you want me to engage with his region, if you won’t give me the ability to look after my investment? It makes no sense to separate my investment as a private


We need to invest more in people, education, apprenticeships, structure. If you say you want Bahrain to be the most productive country, you set the goal that you will be one of the most productive countries, and you can achieve that.


person with my business. Some countries have introduced a 10-year investor visa. If I do something illegal, I understand, but otherwise why won’t you accept me as an investor? I know that there’s a cultural reason for that, but it makes no sense to ask people to invest with you, and then tell them you have to renew your visa every 2 years or so. it doesn’t make sense to take my money but not accept me as a person-that needs to be addressed.

If I can invest, I also need to be able to follow my money home. I understand the cultural and historic reasons why, but the whole red tape and the ability to invest goes hand in hand. I would love to invest in Bahrain, but I need to know I can stay with my investment, so to speak.

At the end of the day, we’re all just people. There’s too much focus on where you’re from. Suppose Bahrain said, we want to be the most productive country by 2030, I will buy into that concept. That’s not about colour, ethnicity or any such thing, but instead it tells me that here’s a country willing to go all the way to be the most productive country in the world. We only need to talk about nationality and religion when we are not economically strong, when we don’t have money. We need instead to talk about what is far more interesting which is about being productive, thinking, active, smart and good people.

As an Economist and CIO which economies (countries) do you foresee will become the big players. What does the future hold?

China will be the dominant player, and that to some extent will increase transparency, because they run on these 5-year minimum plans, but really 10-year or decade plans. But as a market-based economist, I will say emerging markets will be even more dominant in the future. I think sometimes people forget there are about 4.5 billion people in the emerging markets in Asia and the Middle East. Then there are the Western markets, which are the residual markets and Europe is becoming a much smaller part of the global part in terms of credit, importance, culture, and everything.

I don’t think most Europeans, and certainly not many Americans realise that there are 4.5 billion people who don’t care about your democracy and ideals,

and the way you’ve been doing business for a 100 years. We had a naïve concept that we could “help” the rest of the world by giving them our virtues, but in reality every country needs to respect their own heritage and history and within the parameters of their own country.

In Bahrain, it is not the Danish version or any other version that works. I think we need to have more respect for the fact that evolution and growth needs to come, which brings me back to my old message, that people need to be productive. It’s a very important message to your readers, the solution to all the problems in the world is to be more productive.

What does that mean? We need to invest more in people, education, apprenticeships, structure. This is good news. Its not about you and me fighting about what’s better. If you say you want Bahrain to be the most productive country, you set the goal that you will be one of the most productive countries, and you can achieve that.

After the global financial crisis of 2007-2008, there are many who foresee a looming financial crisis again. Would you like to make a prediction or comment on this?

I think we are on the edge but your narrative is interesting. You asked the question like there wasn’t already a crisis in the world. It’s an ongoing crisis. In baseball terms, if there are 9 innings, we are in the 4th or 5th innings. It can get worse, or better.

The four engines are indicating that things have to get a little bit worse first. But I think inside that getting worse, I think there are 2 main conclusions. One, like Bahrain, the rest of the world is very

good at making changes when they need to. So to some extent, it is a blessing in disguise. The urgency, the attention increases when we have this incoming negativity from the four engines.

Two, the ability, the focus, the oil, the pollution, the energy, all these are new themes that makes it all seem, at least to some people, noisy and turbulent. But don’t forget in all of that, we are thinking, we are changing, we are discussing and creating something. We are going to a new place, hopefully a better place. And my theme remains, I hope that everyone understands-lets not talk about growth, or deficits, lets talk about how we are productive. Because that will solve all the problems in the world, including immigration, growth, health care. That is my positive message.

As an economist is there anyone who has particularly inspired or influenced you on your outlook?

I am from the practical thought school of hard knocks and trial and error! I actually think the most effective economic theory is trial and error. If you don’t try, you are not going to err, if you don’t make errors, you can be sure you’re not trying!

But I have huge respect for economists like Keynes. He is misunderstood. People think that spending money is Keynes policy. But that wasn’t the case. When Keynes introduced spending money, the government money, it was a global economy where the government sector was less than 25% of the total economy. It is a very different proposition to have Keynesian policy in Bahrain and other places where it’s more that 50% of the economy. Then it doesn’t make sense.

Then of course, who cannot love Milton Freidman. I have to respect his mind, his ideas. But Friedman, Keynes, Einstein, they all made mistakes and that is the beauty of it. The beauty of trial and error.

I think the ultimate liberty of the mind is to recognize you are not sure about anything, and that you have to be in doubt about everything. So if I said that there was a specific theory, it would mean that I thought there was one unique solution, but, I don’t think there is one. There are a multitude of equilibriums in the world, all based on the same principle-of being productive.


Interview | Mumtalakat

Many Stories, One BahrainPROFILE OFAN OUTSTANDINGACHIEVER Noor Sharafi

Manager, Legal Affairs-Mumtalakat

M umtalakat, the Sovereign Wealth Fund of the Kingdom of Bahrain, recently announced the outstanding heroes of its ‘Many Stories, One Bahrain’ campaign launched last year. The recognition celebrates the hard work and efforts of exceptional individuals within Mumtalakat’s portfolio of local companies, highlighting their many stories and outstanding contributions towards the development of the Kingdom.

Noor Sharafi, Manager, Legal Affairs at Mumtalakat for almost 4 years, has excelled in protecting Mumtalakat’s interests in all legal aspects, efficiently supporting the company’s international acquisitions over the past few years and playing a proactive role in solving legal issues with enthusiasm - only some of the factors that made her a nominee for the award.

Noor joined the Legal Affairs Department of Mumtalakat in December 2014, having previously worked for the telecommunications operator, Mena Telecom W.L.L., as a member in the Legal & Regulatory Affairs Department and the Constitutional Court of the Kingdom of Bahrain, as a legal researcher. A highly qualified professional, Noor is known for her work initiative in protecting Mumtalakat’s interests as well as her continuous support to her fellow team members whether in the legal department or in other departments. One of the most reliable team members in the department, her colleagues describe her as a dedicated, hard-working and detail-oriented lawyer, and has made a mark having played a key role in the successful closing of many key projects as the leading lawyer.

bizbahrain talks to Noor Sharafi, winner of Mumtalakat’s outstanding heroes award.


Mumtalakat shared the many stories of these portfolio employees in a social media campaign leading up to National Day on 16th December. This year, 27 people were selected as the awardees.

It has always been my objective to apply my education and knowledge in my country... I believe that my experience would be best served when I immerse myself within the legal system of Bahrain.

Can you tell us a little about your education and career path till this point?

I hold a Bachelor in Law degree with a concentration in Business Law and a minor in Psychology from Carleton University, Canada and a MBA from the New York Institute of Technology, Kingdom of Bahrain. Prior to joining Mumtalakat, I was a member of the Legal team in Mena Telecom W.L.L. for six years and a member of the legal team of the Constitutional Court of the Kingdom of Bahrain. In 2008, I was one of 28 Middle Eastern Women who were accepted to partake in the Law and Business Fellowship Program (LBFP), which comprised of a four-week executive education program at the University of Pennsylvania Law School and a four-month internship at Chadbourne & Parke, a top-tier law firm in the United States.

Having done a good part of your education abroad what prompted you to return to Bahrain?

It has always been my objective to apply my education and knowledge in my country. Despite the prospect of working abroad being an attractive career option after graduation, I believed (and continue to believe) that my experience would be best served when I immerse myself within the legal system of my interest, namely the legal system of Bahrain.

What have been some of the high points in your work with Mumtalakat?

One of the high points in my career with Mumtalakat is getting to experience the evolution of investments from mere opportunities to successful acquisitions/transactions and being able to contribute to such fruition. Given the nature of

Mumtalakat as the sovereign wealth fund of the Kingdom, I am exposed on a continuous basis to diverse international issues. Another advantage of working in Mumtalakat, is getting the opportunity to learn from my team members’ experiences, which is comprised of four highly experienced legal professionals, who are led by Aysha Abdulmalek.

In June 2018 Mumtalakat invested as a limited partner in Al Waha Fund of Funds, which successfully closed its US $100m fundraising round. What was your role?

I led the legal review and successful closing of Mumtalakat’s subscription into Al Waha Fund of Funds.

As part of an organization that is a key contributor to the local economy, how has Mumtalakat influenced the way you work and your outlook and contribution to the country?

Working in Mumtalakat taught me to look beyond my contribution and to the bottom line of the company, by reflecting on the impact of our investments on the national economy, be it through diversification, the evolution of markets or increasing the Bahraini workforce. As a result, transaction and project closings have been personally and professionally rewarding to me knowing that the ultimate beneficiary is Bahrain.

Please tell us about the “Many Stories, One Bahrain” campaign.

Mumtalakat kicked off a social media campaign under the theme of “Many Stories, One Bahrain,” last year as part of the national day celebrations. The aim of the campaign is to recognise the efforts and contributions of outstanding individuals at Mumtalakat’s portfolio companies. As an employer of approximately 14,000 individuals in Bahrain, the Mumtalakat Group plays an integral role in the development of the local economy. Individuals were nominated for their personal or professional contributions, creativity and innovation, academic development, knowledge transfer and mentoring, effective leadership skills and teamwork efforts to commemorate their accomplishments and successes, and to inspire others to strive for a better future. Mumtalakat shared the many stories

of these portfolio employees in a social media campaign leading up to National Day on 16th December. This year, 27 people were selected as the awardees across Mumtalakat’s local portfolio companies.

Would you say the award has affected your life and the way people now perceive you?

This recognition empowers me to strive further and improve my quality of service and contribution to the success of Mumtalakat.

What does 2019 hold for you? Are there any new projects that you are excited about?

I am excited about many projects that are currently in the pipeline, which unfortunately, cannot be disclosed for confidentiality reasons. Some of these projects expose me to new areas of law and industries which I have not been able to tap into to date.

Is there any message that you would like to add that would be of interest and inspiration to our readers?

I strongly believe that through the empowerment of others, professional success is possible. This is sometimes overlooked by individuals when they focus only on end goals. I hope that readers are reminded of this.

In addition, and as corny as it may sound, I encourage others to say “Yes” more to new challenges and opportunities. Only through perseverance and conquering of new challenges can a person break the glass ceilings he/she unconsciously creates, and which prevent them from progressing in life.

Interview | Mumtalakat


Strong non-oil sector and foreign direct investment (FDI) growth combined to deliver

momentum in Bahrain through 2018, with the country’s biggest hydrocarbons discovery in decades expected to strengthen its fiscal position in the years ahead.

Non-oil expansion accelerated from 1.8% year-on-year (y-o-y) in the first quarter to 2.8% in the se-cond, helping overall growth pick up from -1.2% y-o-y to 2.4% over the respective quarters, accord-ing to the Bahrain Economic Development Board (EDB).

For 2018 as a whole, the EDB forecasts the non-hydrocarbons segment to have expanded by 3.8%; however, a 0.5% contraction in the oil and gas sector is expected to bring real GDP growth of 3.1%. While this would represent a slight decrease on the 3.7% posted in 2017, it is still higher than the 2.5% upswing predicted for the GCC as a whole.

Meanwhile, the IMF forecasts constant GDP growth of 3.2% for Bahrain in 2018, down slightly from 3.8% last year.

Construction leads non-oil expansion

The main driver of non-oil activity in the first half of 2018 was the construction sector, which ex-panded by 6.7% y-o-y. Much of this was driven by ongoing infrastructure projects, with those fund-ed by the GCC Development

BAHRAIN:YEAR IN REVIEW 2018

Business Report | OBG


Oxford Business Group (OBG) is a global publishing, research and consultancy firm which publishes economic intel-ligence on the markets of the Middle East, Africa, Asia and Latin America. In print and online, the critically ac-claimed economic and business reports have become the leading source of busi-ness intelligence on developing coun-tries in the regions they cover. OBG's monthly economic updates provide up-to-date, in-depth analysis on the is-sues that matter for tens of thousands of subscribers worldwide. OBG has been in Bahrain for 13 years and will publish The Report: Bahrain 2019 in the first quarter of 2019. For more information, visit www.oxfordbusinessgroup.com or call us in Bahrain at 1715 1582.

Fund valued at $3.7bn in the third quarter, up 12.7% on 2017.

Solid progress was made on numerous major infrastructure projects during the year, including the $1.1bn passenger terminal at Bahrain International Airport, which according to local media reached 60% completion in July 2018 and is set for a soft opening in the second half of 2019.

Regional business intelligence firm MEED put the total value of infrastructure projects in the kingdom at $87.3bn in September, up 3.8% on the same point in 2017.

Another key development under construction is Aluminium Bahrain’s $3bn Line 6 smelter expansion. Set to come on-line in January 2019, the new line will lift annual output by around 540,000 tonnes to 1.5m, which will in turn see the company account for roughly 25% of the GCC’s aluminium production capacity.

Bahrain makes largest hydrocarbons discovery since 1932

While the non-oil economy has been the main driving force for growth in 2018, hydrocarbons pro-duction is expected to rise significantly in the long term on the back of the largest finds made in Bahrain in close to 90 years.

As much as 80bn barrels of tight oil and 20trn cu feet of gas were discovered in April in the Khaleej Al Bahrain basin, with Sheikh Mohammed bin Khalifa Al Khalifa, the minister of oil, telling press at the end of the year that talks were already being held with companies about drilling for gas.

Regarding the new oil resources, two test wells are currently being drilled, with Sheikh Mohammed suggesting that the kingdom would make invitations to tender towards the end of 2019.

Positive progress was also made in the downstream segment in 2018. As of December, a $5bn modernisation programme being undertaken by the Bahrain Petroleum Company (Bapco) was nine months into its engineering,

procurement and construction phase.

The plan entails significant expansion and upgrades to Bapco's facilities, allowing it to increase processing capacity at its Sitra oil refinery from 267,000 barrels per day to 380,000 by 2022.

FDI builds further on 114% growth in 2017

Another major boon to the economy in 2018 has been FDI, as Bahrain continues to reap the rewards of investor-friendly reforms it has implemented in recent years.

According to a report issued by the UN Conference on Trade and Development, FDI rose by a rec-ord-breaking 114% in 2017 to $519m, and the momentum appears to have continued into 2018: the EDB reported that the total value of the investment projects it supports rose 137% y-o-y in the first three quarters to $810m.

Some 76 companies contributed to this figure-up from 71 in 2017-with 31 of these firms being in the manufacturing and logistics sectors, including Italy-headquartered water heater maker Ariston Thermo, which inaugurated its first Middle Eastern production plant in the kingdom in May.

With the manufacturing industry expanding 4.3% y-o-y in the first half of 2018-second only to the construction sector in terms of rate of expansion-the recent influx of international manufacturers suggests that more growth is set to come from the sector in the near term.

Meanwhile, as further evidence of the broad-based nature of Bahrain’s non-oil growth, the entrance of 15 firms from the tourism, real estate, education, health care and ICT sectors was also facilitated by the EDB in the January-June period.

Government debt at nearly 90% of GDP

While economic diversification efforts have yielded tangible results, the kingdom continues to witness

growing levels of public debt.The IMF forecasts that gross

government debt will rise from 88.4% of GDP in 2018 to 91.7% in 2019 and 97.6% in 2020, warning in its most recent Article IV consultation-concluded last July - that fiscal reform was urgently needed.

In a move to address this, the government unveiled a multi-year Fiscal Balance Programme in the final quarter of 2018, supported by a $10bn fund made available by fellow GCC members Saudi Arabia, the UAE and Kuwait.

The strategy aims to achieve an annual saving of BD800m ($2.1bn) over the coming years via a variety of initiatives, including boosting the efficiency of state expenditure, streamlining government processes and subsidies, and implementing a voluntary retirement scheme for state employees.

The introduction of value-added tax on January 1, 2019-which obtained government approval last October-will also be key in boosting state coffers and debt reduction efforts.

Business Report | OBG


There are many concerns that technological innovation will lead to increased unemployment,

suppressed wages and greater inequality. However, the impact of the new technologies on labour markets and income distribution is not predetermined. The right policy mix and institutional arrangements can ensure that the benefits of innovation are shared broadly, an essential step to achieving the Sustainable Development Goals (SDGs) for all. This work provides an evidence-based analysis of the link between recent technological progress, labour markets and inequality.’

The promise and pitfalls of technological progress

Technological progress is a main driver of aggregate economic growth

Expert Opinion | Information Technology

and improvements in living standards over the long term. It increases overall productivity, thereby boosting per capita income and consumption. While technological progress has mostly been incremental and gradual over time, on a few occasions, technological change has been revolutionary, transforming the organizational structure of societies and economies. For instance, mechanization and productivity gains from technology led to large declines in agricultural employment and the reorganization of economies and societies around industrial and urban centers. However, for this to happen, breakthrough technological inventions alone are not sufficient, as diffusion of new technologies is critical. Now again, technologies are encroaching in areas where human abilities

were once deemed indispensable, threatening to do for cognitive ability what machines did for muscle power. The pace of breakthroughs in several clusters of technology from gene editing to machine learning and advanced materials - may signify that a new technological revolution is at hand, which could be transformative for almost every industry and every country. The growing ability of artificial intelligence (AI) systems to autonomously solve complex problems could fundamentally reshape our economy and society, for example by developing new forms of transportation or revolutionizing health care. Additive or 3D manufacturing has the potential to change how products are made and to address many of the problems of industrialisation in disadvantaged

JOB DESTRUCTIONAND JOB CREATIONby Dr. Jassim Haji


Dr. Jassim HajiTechnology Executive & Researcher

www.facebook.com/DrJassimHajibh.linkedin.com/in/dr-jassim-haji-7b5885125

countries, such as least developed countries (LDCs).

Just as these new technologies hold immense promise, they are also seen as a threat, potentially disrupting labour markets and contributing to income inequality. The biggest public fear is that robots and AI will replace human jobs on a large scale, resulting in mass unemployment or underemployment-and, consequently, widespread impoverishment-around the globe. In fact, labour has been losing its share of income. An ever-increasing inequality between technology owners and workers could lead to protracted social conflict.

The destruction, transformation and creation of jobs

Estimates of the share of jobs at risk to being automated vary widely and can reach staggering numbers of over 80 per cent. Most analyses suggest that AI and other new technologies will continue to benefit higher-skilled workers with a high degree of flexibility, creativity, and strong problem-solving and interpersonal skills. Low- and

medium-skilled workers, both in manual and cognitive jobs, are expected to face further pressures from ever more capable machines and AI software. This could exacerbate the decline of middle-skilled jobs and rising wage inequality observed in the recent past, particularly in many developed countries. However, it is also possible that future AI-powered robots could increasingly displace highly educated and skilled professionals, such as doctors, architects and even programmers.

While there is no reason to downplay the impact of new technologies on labour markets and inequality, technology-induced unemployment rates of 80 per cent are not part of realistic future scenarios. Technologies replace certain tasks rather than complete occupations and, often ignored, new technologies also create jobs and demand new skills from workers. Throughout history, technological innovations have enhanced the productivity of workers and created new products and markets, thereby generating new jobs in the economy. This will be no different for AI, 3D printing and robotics.

Both job destruction and job creation are determined not only by technological feasibility, but also by economic, legal, regulatory or socio-political factors. The mere possibility that a job could be eliminated does not mean it will be eliminated. Firms will weigh the benefits of new automation technologies (for example, a lower wage bill or higher productivity) against their costs.

In fact, low wages partly explain why most developing countries with abundant cheap labour have so far not been visibly affected by automation. There are also immense legal and regulatory issues. For AI to be deployed on a large scale in healthcare, for example, it must be decided whether the doctor or the artificial intelligence will be responsible for claims of medical malpractice.

The current technological changes also contribute to a shift away from traditional work arrangements to “contingent work”. While this increases worker flexibility and gainful employment opportunities, many non-

standard work arrangements lead to precarious work relations, with workers having to bear employment and income risks by themselves.

In assessing the impact of new technologies, it is important to understand how technology interacts with other important trends. Changes in market structure-leading to increased monopolistic rents and high profits made by relatively few firms-are a key factor for explaining rising inequality in many countries. However, profit shares are not only rising in technology markets characterized by ‘superstar firms’ but also in other sectors, which points to the importance of regulatory policies and lobbying activities. Global value chains (GVCs) are driven both by technological advances and by changes in trade and investment policies. They have spurred trade and employment in several developing countries, though reshoring could limit this in the future.

Automation, enabled by new technologies, is accelerating not only in developed countries, but also in those developing countries that have established themselves as leading players in global manufacturing. At the same time, many LDCs do not yet possess the required skills, energy infrastructure, broadband or transport networks to take advantage of the new production techniques. Hence, one of the biggest risks and international challenges is that a new technological revolution will cause gains from manufacturing and participation in GVCs to become even more concentrated, limiting the scope for structural transformation in countries left behind.

Expert Opinion | Information Technology


and your vision (trust me, investors are not experts in every type of business, because they can’t be a jack-of-all-trades) but constructing your business plan & financial model and presenting it in a well thought out pitch deck shows that you’ve carefully taken time to think through everything, including the issues your business will face, as well as a more holistic view of the market, economy and how your business model will work in those environments.

In short, business plans are about walking the walk. The mere act of putting together a business plan, forces you to think about various things, which you would have probably just had a vague idea about. Doing research and preparing projections increases the chances of your covering all possible scenarios.

It will open the kimono so to speak, expose your business DNA, elaborate the model of how you intend to create value for all your stakeholders-customers,

This is the typical process you follow. It looks simple on the surface, but behind the scenes,

there is a lot of effort. Effort, emotion and time that you’re probably not prepared to put in. So let’s reduce the burden for you, by explaining the process.

Sceptics and fanatics of business plans will both agree on one thing, to secure funding, you’ll almost always require a formal plan. Of course, there are companies that are bootstrapped, or funded by friends, family and fools that may not require it.

But if you ever wish to go for professional funding sources - be it venture capital, private equity, or commercial banks-you’ll need 3 core documents-a business plan, financial model (& valuation) and pitch deck.

You’ll be surprised at how much professional investors value these three documents, especially the business plan. In fact, a study by Palo Alto Software suggests that companies who complete business plans are 2.5x as likely to get funded. It’s not a guarantee, but it sure does increase your odds of success.

If there’s one thing you take from this it should be… write it down.

It’s only when you start putting things in writing, do you see the bigger picture and set things in motion. Data from the Panal Study of Entrepreneurial Dynamics in fact suggests that business planners were 2.5x as likely to get into business.

A well-written plan not only helps investors understand your business

shareholders, suppliers… the lot. In other words, it is the architects’ blueprint - it lays out the vision for what you’re building, and how you’re going to build it.

A poorly-written plan, on the other hand, indicates to the investor a couple of things:

1. You’ve not thought about your business seriously

2. You think your business is the best thing since sliced bread, when clearly you’re clueless or

3. You outsourced it to your friend who did it for free, and it tells.

Don’t be surprised then if an investor a) ignores you after seeing it (there goes the first impression) or b) asks you to revise it and come back later (that’s your second chance).

High achievers get funded, all the rest get dumb-founded.

Quite often I see startups try to raise capital with just their pitch decks-this is wrong. DON’T. That’s the sales document in the last mile. Over the last decade, I’ve also seen the progress amongst entrepreneurs from producing detailed business plans, to producing just financial models, to some producing marketing plans and now to producing only pitch decks. And very recently, with the ICO craze, to where white papers and a slick website seemed more than enough for raising capital!

I spent a good time of my career in strategy & management consulting, providing strategic advice, and doing strategy documents for the management teams of startups, growth companies as well as established players across a variety of industries, life cycle stages and

Expert Viewpoint | Business Planning

Raising Capital with 3 Key Documents-Business Plan, Financial Model & Pitch Deck


Jose Paul Martin is private equity investor & advisor currently focused on Information Technology & Healthcare. He is also the MD of Eqoris - a boutique advisory - https://eqoris.com

environments.Part of that strategy document is the

business plan, financial model & valuation. When you draft your strategy, and you combine it with a plan-it becomes a plan of action. It helps in setting the vision for your company. Everyone in your business will now understand what needs to be done and where you need to go. When you distil all this into your pitch deck, you have a winning combination for raising capital.

Is it worth the effort, time and money?The business and finance world has

long debated the need for business plans, given that so much time and effort goes into it, and the market environment changes so fast, keeping the business plan relevant is a task in itself.

However, there is data to suggest that the time spent on constructing a business plan is time well spent, with a greater ROI for larger businesses. While having a business plan may not be the critical success factor, having one does increase the odds of success. And in business, you always want to have an edge. So is it worth it? The answer in our opinion is… a definite YES!

Startups generally struggle with the thought of having to put together a business plan, that’s because they don’t have the full picture of their idea or they don’t have the resources to hire an experienced consultant who can build on that.

What is more striking is that they’re willing to ask for millions of dollars in funding, but they’re not ready to hire an outside professional or willing to shell out a few thousand to put together a business plan that can hold water in front of the investor.

What’s worse, is that they’re not even willing to put in the effort to create one themselves.

You can’t blame them, if you go to any of the large audit or consulting firms, they’ll charge you not less than $25,000 (or if you’re in Bahrain, that’s BD 10,000). That’s considered a minimum, and if you’re receiving a grant from some government or quasi-government entity - well the price just went up!

Even a small early-stage startup should be able to afford a finance expert at $150 per hour to create a business plan. Typically, the time required could range

from 30 to 170 hours, so that works out to anywhere between $4,500 to $25,000 for a business plan and corresponding financial model (and valuation as well).

For larger early stage and growth companies, you can expect to see the higher side of these ranges, but the return on investment will be much higher, given the amount you’re trying to raise.

Whether you hire a freelancer, a consultant who has experience arbitrage or bring someone on board as a full-time in-house Chief Financial Officer or Chief Strategy Officer-it all boils down to the size, stage, resource and priority of your company.

Alternatively, you could hire a Business Broker, or Investment Banker and pay them as much as 10% of the target capital raised. Keep in mind, that the percentage goes down as the amount to be raised increases, and you may be required to pay a retainer.

We see founder entrepreneurs get so caught up in their business all the time, they’re almost inseparable. Which is why hiring someone to craft your business plan, also provides you with that independent, dispassionate expert-birds-eye-view on the whole business and its elements. Sometimes, it’s good to step outside the business and look at it, rather than always work in it.

What does an investor look for in a business plan?

Watch this 30 seconds, condensed and brutal truth behind how investors decide on investing:

Building a Business Plan, Financial Model and even a Pitch Deck is difficult, and time-consuming, we understand. So many entrepreneurs try to avoid this, or at best outsource this. That’s the mistake. Instead, we suggest taking the challenge head-on and putting together the Great Business Plan based on the outline as recommended below:

Ultimately, a great business plan should include an overview of the business, its market size and product, its go-to-market strategy, pricing (monetization) strategy, team overview, unique value/winning proposition, target customer, and distribution strategy.

And if you’re serious about raising capital-a well thought out funding strategy that distils the business plan, financial

Expert Viewpoint | Business Planning

model and valuation into the perfect pitch deck that speaks to the investor.

We’d like to say a few last words... The business plan is not dead.

Make it a living document. Very often, businesses who started off well, forget the importance of strategic planning. They lose direction and start to see a decline. This is because they forget the plan. A KPMG survey of finance professionals found that 56% of respondents agreed that “at some point during the year, the budget ceased to be relevant.”

In fact, McKinsey’s study indicated that corporate strategies create more satisfaction when done, then when not done. Of course strategic planning for the sake of it, really doesn’t help. You really have to think seriously about why you’re doing it.

Given the choice, most are comfortable skipping the planning process-only to find out later on, had they done it, they would be in a far better position today.

Ok, so now what’s the next step?• If you’re a start-up or scale-up, before

you even embark upon a capital raise-keep in mind that it’s a big commitment of time, effort and emotion. To avoid wasting valuable resources, we strongly recommend you get to the stage of being ‘fundable’ before embarking on the fundraising journey.

• If you are ready or you’re a growth company and need someone to help you build your business plan & financial model, test your valuation and craft a pitch deck-then schedule a call with us right now. We’d love to hear from you so we can navigate you through the process.

• If you’re looking for a business plan template, you can download the Eqoris Business Plan Scope Example for free through the link below. We use this with our clients for building great business plans!


The strong beginning to 2019 across financial markets and commodities has extended into its third week.

Dovish comments from the US Federal Open Market Commission, rate and tax cut announcements from China, and raised expectations of a breakthrough in the trade talks between the two have all helped fire up the markets so far this month.

Despite this, the emerging optimism is still being driven by expectations more than facts at this point, and dark clouds are still hanging over the market. Global growth is slowing and the tighter financial conditions always show up in the frontier of growth markets, private equity, venture capital and discretionary consumption before going mainstream. All these segments have shown weakness over the past three months.

Adding to the unease was the release of OECD’s composite leading indicator which in November fell to 99.3, its lowest in November since October 2012. In the last 50 years, according to Reuters, whenever the index has fallen below 99.3 there has almost always been a recession in the United States.

The US the economy is likely to slow down as the extended government

shutdown has left 800,000 workers unpaid for almost a month. In China a recent deterioration in economic data such as the worst decline in car sales since 2005 have seen the People’s Bank of China and government stepping up their efforts to stabilise a slowing economy. Tax cuts have been promised while additional liquidity has been pumped into the system ahead of the Lunar New Year holiday.

The Bloomberg commodity index, which tracks a basket of major commodities with equal exposure to energy, metals and agriculture, rose for a third week. The energy sector was once again the main driver. But while crude oil had been doing the heavy lifting in recent weeks as it recovered from the Q4-18 drubbing, it was natural gas that grabbed

the baton last week on a renewed cold winter weather scare.

Industrial metals saw broad-based gains in response to trade talk hopes and the aforementioned policy actions in China. Precious metals, meanwhile, took a breather as the risk-on move sapped some of the recent safe-haven demand. The grain sector was flat with elevated US stocks not yet meeting strong enough export demand to see a meaningful reduction, especially in soybeans.

Palladium, up 70% since the August low, broke above $1,400/oz for the first time, thereby continuing its gravity-defying rally on a near perfect combination of an acute shortage of supply, positive momentum and low liquidity. Signs that global vehicle sales are slowing have so far done little to dampen the demand from automobile producers, who need the metal to meet more stringent emission controls.

In natural gas, the winter roller-coaster continues as shifting weather outlooks across the US continue to challenge traders. Changing short-term weather forecasts, which tend to be updated on weekends, have so far led to three occasions since November where the market has gapped higher or lower the following Monday. Record and rising production basically poses the biggest challenge to bulls as cold weather needs to be persistent to avoid renewed price weakness.

HG Copper traded in New York rose above $2.70/lb and LME above $6000 tonne for the first time this year. Overall, the metal remains stuck in the $2.55/lb to $2.85/lb range that has persisted since last July. Another set of trade talks is set to take place at the end of this month, with China’s Vice Premier visiting the US. While trade talks are likely to be the main source of inspiration in the short

Gold Rally Pauses as Stocks Soldiers on

Focus | Open Markets

2019 Non-Opec Supply Growth 2019 World Oil Demand Change

Source: Opec, IEA, EIA

By Ole HansenHead of Commodity Strategy, Saxo Bank


term we maintain a constructive view, not least given the additional stimulus measures announced by China at a time of tightening fundamentals as seen through lower inventories and the prospect of supply being lower than demand.

Crude oil gains extended into a third week as the sector continued to recover from the Q4-18 price collapse. The general pick-up in risk appetite, as well as production cuts from the Opec+ group combining with steady forecasts of demand growth, has been the main driver behind the recovery.

This past week Opec, the Energy Information Administration, and the International Energy Agency all released their monthly oil market reports for January. They all highlighted the pre-emptive December cuts made by Opec ahead of the January start of agreed production cuts with non-Opec producers. Russia went the other way, and according to the IEA increased production to a new record near 11.5 million barrels/day, some 300,000 b/d above the level it has agreed to come down to over the coming months. The IEA, just like the two others, maintained its outlook for demand with lower prices acting as a bulwark against the current downturn in global economic activity.

With the Opec+ group of nations doing their best to curb supply, the demand side remains the key area of uncertainty. Consequently, the main focus and price driver at this stage remains macro-economic developments as seen through the performances of stocks and corporate

Focus | Open Markets

of the continued appetite for the yellow metal, both as a hedge against renewed weakness across other markets but also to counter increased political turbulence. Rising populism, declining leadership quality and fractious relationships between key global players all give reasons to be careful and seek protection.

This development helps to explain why gold is not being sold when other assets rally. A hedge, such as gold, is one you are happy to lose money on when other assets rise in order to own it when they don’t. Again, the table below shows how that played out during December.

While total holdings in bullion-backed ETFs have reached a five-year high, we have been left in the blind when it comes to speculative positions held by hedge funds. During the shutdown of the US federal government, the Commitments of Traders report will not be published. No report has been issued by the CFTC since the week of December 18.

We maintain a constructive outlook for gold but with other asset classes seeing demand, investors may need to be patient. Using Fibonacci’s much-used retracement theory a correction to $1,246/oz would be seen as a weak correction within the current uptrend.

bond yields. According to our calculations, the 30-day rolling correlation between WTI crude oil and the S&P 500 future is currently at its highest since 2011. On that basis, watch stock market developments more than anything else at this stage.

WTI and Brent crude have both settled into their November to December consolidation ranges which for WTI is between $50 and $55/b and $57.50 to $64/b for Brent as per the chart above.

Gold and silver have both managed to hold onto the strong gains they recorded during December when US stocks witnessed their worst month since the early 1930s. This came despite emerging headwinds from the continued recovery across riskier assets, including stocks. The table below gives a clear picture of how the tailwind from developments across other markets have faded into January after providing strong support during December.

The fact that gold has managed to hold onto most of its gains despite these developments gives an indication


Often we think that cybersecurity will overcome all challenges and make networks and devices

impenetrable to attackers. Unfortunately, this isn't and will never be true, because cyber threats are continually evolving. With the advancement in technology, we will see a significant rise in cyber threats this year. Regionally speaking, CTM360® has identified a surge in scams/attacks related to IoT, Artificial Intelligence, Cryptocurrencies, Evil-Twin sites, and most recently VAT scams in the region.

IoT ThreatsThe Internet of Things (IoT) is

used to describe devices that are capable of connecting to the internet (e.g. phones, cars, homes). Although there are significant benefits to these devices, there is a larger surface area of attack now. This includes the likes of Ransomware, voice squatting and more. Last year cryptocurrency & blockchain were all the hype. Criminals have a more substantial chance than ever to use Ransomware attacks which is the process of capturing an electronic device and hold the data for ransom which is nowadays demanded in crypto. They are likely to attack large organisations

that can't afford any downtime and pay the ransom immediately. ‘Voice squatting’ will also make it on the list as voice recognition & command has become a more common form of executing tasks. Due to certain flaws in which the listening device can possibly misinterpret some words, this appears to be an opportunity for attackers to use this as a command to download malicious software without the user's awareness. Researchers also mentioned that audio clips could contain inaudible sounds to humans that can be picked up by IoT devices, which can cause them to download malicious applications or be commanded to perform malicious tasks.

Artificial Intelligence AttacksRecent advances in AI technologies

have led to it’s increased usage for automating and making decisions at a very productive level. Unfortunately, these systems are fragile as they are still in their infancy. Attackers use this vulnerability to create malicious AI chatbots that use social engineering techniques. We can expect cyber attacks to target AI systems, especially ones that contain large amounts of data or are working with high-cost processes.

Web SkimmersMore commonly known as a

'Magecart attack,' where breached e-commerce websites contain malicious code on payment checkout pages to collect customer information. They are the new variation of credit card skimmers which were previously installed on ATMs to steal card information. As online shopping and payments become more common, web skimmers have significantly more potential victims to reach.

VAT Scams in the Middle EastSince VAT has been recently

introduced to the GCC, we have been witnessing more and more cyber attacks related to VAT compliance. The scammers impersonate banks in the attempt to trick users into downloading infected documents or entering sensitive personal information into a phishing website that looks identical to the bank’s official website, with the incentive being a ‘VAT refund’ to users who comply.

Evil Twins WebsitesA very simple, yet effective cyber

attack that appeared more frequently in 2018 was the use of evil twin websites to target the financial sector. Attackers create identical, fully functional websites to impersonate organizations of their choice. If users overlook the legitimacy indicators of a website, they can fall victim to this elaborate cyber threats. Attackers also implement the use of registration forms, job scams or malicious downloadable files using official looking email addresses & associated social media pages. Evil twin websites have been spreading across the middle east over the past year, which has recently been occurring in the UAE, and now have started to appear in Saudi Arabia and Kuwait. CTM360® predicts that these attacks will be more frequent and surface across the whole of the Gulf region.

CTM360® has kept a steady finger on the pulse of cyber threats across the region to react in a much more agile, preemptive and predictive way. Organizations of all sizes should keep updated on the latest threat trends to tackle threats better.

New Threats on the Horizon

Cybersecurity Solution I CTM360


BAHRAIN REAL ESTATE INVESTMENT EXPO 2019

The real estate sector in Bahrain is excited for launch of the second edition of Bahrain Real Estate

Investment Expo 2019 (#BREIX19) on February 7 to 9 at the Bahrain City Centre Mall, following the successful pilot exhibition that was held early 2018.

The Exhibition will be held under the patronage of Shaikh Salman bin Abdulla Al Khalifa, Chairman of Real Estate Regulatory Authority and President of the Survey and Land Registration Bureau (SLRB). It is supported by Tamkeen, with Diyar Al Muharraq as Diamond Sponsor.

The innovative concept of #BREIX19 focuses on the housing and property investment opportunities offered at the Bahraini local market. The Exhibition also emphasizes the offerings of readily available and licensed properties all at the convenience of a shopping mall, which guarantees for visitors easy access to a wide array of quality projects in one place. The unique venue rings in the convenience of shopping in a mall that guarantees maximum exposure for exhibitors, traffic and foot flow, easy access and parking.

The Bahrain Real Estate Investment

Expo 2019, (BREX19 Expo) is the second annual real estate event where sellers and buyers can meet under one roof to shop for properties in the Bahrain market offered at different specifications and price ranges to satisfy every buyer’s requirement and budget. It has served a significant segment of investors and beneficiaries of housing facilities, in addition to newlyweds and GCC national property buyers.

Organised by Expressions Marketing Communications for the second year, Aseel Al Mohandis, Founder and Director of Expressions explains the concept behind, “The idea behind BREIX19 is to benefit both Exhibitors and visitors at the same time. We selected carefully the exhibiting companies for quality and licensed projects, in addition to and it is expected to attract over 50 different exhibitors and an estimated number of visitors to go over 30,000 visitors from Bahrain and neighboring countries.

The Expo is organised in line with the Bahrain Economic Vision 2030, which supports economic investment in non-oil sectors, gained tremendous support and participation from

investment developments, and service providing companies and institutions working in the real estate sector.

Speaking on the occasion, Dr. Maher Al Shaer, the Chief Executive Officer of Diyar Al Muharraq, said: “We at Diyar Al Muharraq said, "The Bahrain Real Estate Investment Expo (BRIX) will contribute to the growth of the Kingdom's economy and will bring together an expansive and elite class of developers, real estate experts, entrepreneurs and real estate investment companies, as well as see involvement from the government agencies that are prominently involved in the real estate development sector in the Kingdom.”

The exhibition promotes the vibrant real estate sector in the Kingdom of Bahrain and is serving to empower a generation of Bahrainis qualified to lead and develop the real estate sector, to develop workers and services in the investment and real estate brokerage sector, and to invite all stakeholders to develop and develop the real estate sector from Licensed and government entities, real estate developers, service providers and financial institutions under one roof.

Events | BREIX19


The development process being witnessed by

the Kingdom of Bahrain is strong and promising and has the potential to enable it to continue with the same

5% Value Added Tax (VAT) will not be applied on 94

basic foodstuffs in addition to goods and services that support essential sectors such as education, health, real estate, oil and gas among other important sectors.

The Minister of Finance and National Economy Shaikh Salman bin Khalifa Al Khalifa affirmed that the Ministry will take all necessary measures to ensure that the VAT is not applied on these zero-rated goods and services. All registered businesses are required to clearly display their VAT registration prior to levying the 5% VAT, in line with the VAT Law and its Executive Regulations.

All registered businesses are also legally required to display the final prices of all goods and services - inclusive of tax. The Tax Invoice should include the full price, followed by the total price to be paid and the amount of tax charged within, as it is a violation to mislead consumers.

Ministry of Health has stated that it will take all the necessary measures to ensure that no VAT is collected on health services including medicines and medical essentials.

The Central Bank of Bahrain (CBB) also confirmed the exemption of Value Added Tax for the

Government Action Plan2015-2018

Financial Sector and Banking Services. Therefore, banking transactions will not be subject to VAT either on loan interests, deposits or withdrawals from accounts either cash or cheques, including withdrawal and deposit through ATMs, as well as transferring or receiving of any transactions with cash or any financial bond or banknotes or any payment orders in addition to the exemption of Islamic financial products provided in accordance with approved contracts.

NBT has also affirmed that it is currently completing its technical preparations for the implementation of a VAT refund scheme in 2019, which allow visitors to claim refunds on a portion of VAT paid on taxable goods and services purchased during their visit.

To be introduced in partnership with a global operator, the fully integrated system that links registered companies to Bahrain International Airport’s departure area will facilitate reimbursements and offer tourists a seamless experience of disbursing the VAT refund.

Businesses in Bahrain have been insisted to voluntarily register for VAT to avoid unnecessary losses. If the business’s annual supplies do not exceed or are not expected to exceed BD5,000,000, then the entity is not expected to register for VAT. However, if the business’s annual supplies exceed the voluntary VAT registration threshold of BD18,750, it can voluntarily register for VAT. Businesses that chose not to voluntarily register may end up unnecessary losses.

Voluntary registration is something that everyone should do. Because even if a company below five million threshold, might still be

impacted if it is importing or buying from a company that is VAT registered. And if that business is not registered, it will not be able to claim the VAT.

Bahrain’s VAT Law and its Executive Regulations outline the penalties for non-compliance, which include hefty fines, administrative closure and referring cases to the Public Prosecution. These, according to an EY report, include penalties for failing to register for VAT up to BHD10,000 and failing to provide the tax authority with information it requests up to BHD5,000. Under Article 63, the following violations could be regarded as tax evasion, and could result in imprisonment: Failing to register for VAT within 60 days of the registration deadline, Failing to pay VAT within 60 days of the payment deadline, Failure to provide a tax invoice, Charging VAT on non-taxable items and Unrightfully recovering input VAT.

Bahrain’s National Bureau for Taxation, has launched multiple communications channels including the hotline 80008001, e-mail [email protected], and the website www.nbt.gov.bh to responding to inquiries and complaints. The website provides more information to taxpayers and collectors on newly introduced VAT and its registration process.

Bahrain VAT implementation

Highlights | Government

momentum and solid will, and to achieve more successes in all work sites.

The Government, under the chairmanship of HRH Prime Minister Prince Khalifa bin Salman Al Khalifa, took care to create its Action Plan for the years 2015-2018. The program is realistic and measurable. Despite the severe economic challenges experienced by many countries of the world, including Bahrain, the government headed by HRH the Premier was able to surpass them successfully and this is confirmed by the figures and statistics, where the average achievement in the implementation of projects included in the program of government until November 2018 was about 90%. This includes Projects financed by the Ministry of Finance and through Gulf support, as well as development projects implemented by the private sector, which are part of the implementation of the Government’s Action Plan.

The number of projects monitored by the electronic system has reached up to 748 projects, of which 440 were important projects at the national level, implemented by 35 ministries and government destinations according to the nature of their work. On the other hand, the number of completed national projects has amounted to 321 projects with 73% and 119 projects under implementation at 27%.

Cabinet has also reviewed the executive position of 99 service projects at the cost of 154 million dinars to meet the 318 requests raised by the people in the villages and regions in the provinces. Premier has also directed the rest of the projects, which cost 55.5 million dinars, to be included in the next budget cycles.


Mohamed Ali AlQaedCEO, Information & eGovernment Authority (iGA)

Khalid Al RumaihiChief Executive, Bahrain EDB

Shaker Al ShaterChief Executive Officer, BCCI

An online portal created for the issuance of building

permits ‘Benayat’, enables significant transformation in the way building permits are issued allowing a faster, more convenient experience that should stimulate investment opportunities. Especially that the automation of services, issuance of a unified guide-book for building permit requirements and the re-engi-neering of processes have all contributed to a remarkable reduction in the time it takes to issue a permit.

Information & eGovernment Authority (iGA) CEO Mohamed Ali AlQaed explained that the Authority has played a key role in implementing such system by studying and determining its requirements as well as re-engineering several procedures concerned with the permits-in collaboration with the Ministry of Works, Municipalities Affairs & Urban Planning along with other concerned public and private entities.

He highlighted that a crucial aspect when designing Benayat was considered to ensure that the period of issuing a building permit is

The Bahrain Economic Development Board (EDB)

attracted 92 companies and investments worth BHD 314 million (US$830 million) in 2018.

The investments are expected to generate about 4,700 new job opportunities over the coming three years, across industries like Logistics, Manufacturing, Tourism, Real Estate, Education, Healthcare, ICT, and Finance.

Khalid Al Rumaihi, Chief Executive of the Bahrain EDB, attributed EDB’s goal of presenting the Kingdom’s competitive advantages to international investors. These advantages include Bahrain’s high quality of life, low operating costs, strong ICT infrastructure, world-class regulation, and the highly-qualified local human capital. The EDB will continue to work with the relevant private and public sector organisations

In a bid to solidify communication with its

members and eliminate hurdles curbing their progress, the Bahrain Chamber of Commerce and Industry (BCCI) has founded a Grievance Unit.

The Unit aims at resolving members’ grievances professionally and sustaining an open communication channel between the chamber

‘Benayat’ to increase Investment Opportunities

EDB attractsBHD 314 million Investments in 2018

BCCI Grievance Unit

reduced to no more than 5 days in comparison to several months in the past. This was made possible by linking the system to the national geographic database (BSDI) which enables investors and engineering offices to instantly identify the requirements of their lands and in return help them in preparing the necessary drawings and documents. Other contributing factors include providing the unified guidebook for building permit requirements on the website to promote transparency in requirements as well as setting in place performance indicators in the system to ensure quality of service.

The first launched phase of Benayat, involves the issuance of new building permits for all types of real-estate projects which exceed an area of 50 square meters. The upcoming phases shall include all other types of building related permits such as additions to existing buildings and demolishing. The system will also include the remaining processes in the building cycle such as start of construction and service connectivity.

to ensure that Bahrain is recognised as the gateway to the Gulf and remains at the top of key international rankings like the MENA ICT Readiness Index (ITU), Global Islamic Finance Development Index by (Thomson Reuters), and the Global Connectedness Index (DHL).

He further mentioned that in 2019 the EDB would build on the successes of the previous year, including by working towards hosting the biennial Gateway Gulf Investor Forum in 2020. The inaugural Forum, which took place in 2018, showcased projects worth US$26 billion (BHD 9.8 billion) across sectors.

and its members. BCCI’s Chief Executive

Officer Mr. Shaker Al Shater

ascertained “This Unit will receive members’ grievances, handle them discretely and professionally, and offer solutions. Members may file official grievances by attending personally, sending an e-mail, a fax, or making a phone call to the Unit. The unit will report directly to me, and we will make sure every grievance is handled very professionally.”

The unit’s direct contact numbers are 17380106 and 17380107 and its e-mail is [email protected]

Government


Government

All Voluntary Retirement Scheme (VRS)'s

successful candidates are eligible to receive the Periodic Annual Allowance, in accordance with the Kingdom's 2019 Salaries and Benefits regulation - including the candidates that will retire on 31 January 2019 and the retiring candidates after them, affirmed HE Ahmed bin Zayed Al Zayed, President of the Civil Service Bureau (CSB).

Al Zayed highlighted the ongoing collaborative efforts between the CSB and various government entities aimed at smoothly transitioning the VRS's successful candidates to retirement, and urged candidates wishing to purchase additional years of service to instigate the process with their entities' *human resource departments that will later coordinate with the Social Insurance Organization to complete the requests.

Al Zayed concluded by reminding all human resources directorates that fall under the CSB to upload successful candidates' end of service entitlements, previous promotion differences, and the candidates final account into the system in accordance with the scheme's time plan.

Manama Souq Development Committee in their

fourth meeting discussed several topics regarding the revitalization of the old Manama Souq, including dedicating street passages designated to pedestrians and shoppers and easing access to the area for cars in coordination with the Ministry of Works, Municipal Affairs and Urban Planning.

In addition, the new applications of the façade and signage program, aimed to upgrade the facades and signage of the old Manama

The introduction of the new generation of Identity

Cards, with advanced technical features, marks a milestone in the modernization strategy implemented by the Ministry of Interior.

The significant security and data protection characteristics were incorporated into the cards’ design in order to prevent inappropriate uses. The card has new services including services for people with special needs, safe travel and fast track in international airports, and health insurance services etc.

According to Information and eGovernment Authority the ID card will be implemented in two phases. The first pilot phase of issuing a new identity card (ID) at present is limited to Bahraini newborns.

The ID is issued in accordance with the legally approved fees of BD2. The issuance of other society segments comprising Bahraini citizens in the next phase during January; followed by the final phase which includes residents throughout six months where the public will be notified at a later stage.

The previous identity card will continue to be issued until the launch of the second phase and according to the legally certified service charges. Valid ID cards will remain officially recognized in all public and private transactions up until their expiration date.

The revamped cards possess a whole new look and feel as they are modernly designed. Moreover, the new size of the photograph is enlarged with a gray color background, larger space for holder’s signature along with a new field added for the holder’s photograph. Moreover, a flag of his/her nationality, card’s

Periodic Annual Allowance for VRS candidates

Revitalization of Old Manama Souq

New Gen ID card

expiration date and finer quality of font for the printed data, using trendy colors along with images of Bahrain’s landmarks in the background. Another technically revamped feature includes reading the barcode to recognize personal data in order to increase security level.

A bundle of other technically advanced features include expanding the storage space of the chip to enable any edits or additions as well as a new feature is added to replace the Special Needs cards. The new ID card is also in line with the international standards of the e-Passport enabling card holders to use it when traveling in future international agreements. The new chip also comprises the electronic signature service through PKI

Souq were reviewed. More than 70 shops in the old Manama Souq have been approved for façade maintenance, where the old signage have been replaced with a higher standard according to the outlined design guidelines within the areas defined in the master plan set by the Committee, established in order to enhance visitors’ experience.

Applications received by the Bahrain Tourism and Exhibition Authority (BTEA) in process of finalizing them with Tamkeen, who will be financing the cost of the project by 50%.

The meeting was headed by the CEO, Bahrain Tourism and Exhibitions Authority (BTEA), H.E. Shaikh Khaled bin Humood Al Khalifa.

HE Ahmed bin Zayed Al ZayedPresident, Civil Service Bureau

which provides a secured environment to benefit from the eServices through mobiles more safely. In addition

to providing the fingerprint emulation services directly with the ID to check the holder’s identity in a decentralized manner along with the ability to store decimal fingerprints that enable the ability of utilizing it in numerous future applications.

The new ID has excluded certain data such as the driving license data as the ID card (whether the present or former version) does not replace the driving license. Especially certain procedures which require in certain circumstance to withdraw the license when committing traffic violations - which is not applied on procedures related to identity cards as they are official documents which cannot be confiscated without a legal act.

advert 20.5x26.5_AIM.pdf 1 12/23/18 2:08 PM


Highlights | Banking & Finance

Kuwait Finance House - Bahrain (KFH-Bahrain)

launched its New ‘Libshara’ Savings Investment Account Campaign, starting January 2019, where over a period of 12 months more than 900 winners will stand a chance to win one of six Luxury Apartments in Durrat Marina, located near Durrat Al Bahrain, or one of six Grand Cash prizes of USD 50,000; in addition to other cash prizes and new special segments.

Given the variety of valuable awards offered along with the attractive financial profits, the “Libshara” account is considered one of the best savings accounts available in the Kingdom; since its launch more than 4,000 winners have received valuable prizes including cash, luxury cars, and real estate properties; ranging from properties in Diyar Al Muharraq, Apartments in Marassi Al Bahrain, and luxurious villas in Durrat Al Bahrain and Ishbiliya Village.

Subah Abdullatif Al Zayani Deputy Head of Retail Banking Group at KFH-Bahrain, revealed: “The new campaign will include cash prizes, alongside six fully furnished apartments of one and two bedrooms, inclusive of a two-year contract free of service charges at Durrat Marina, located near Durrat Al Bahrain; one of the most prestigious developments in the Kingdom of Bahrain, offering a luxurious lifestyle at the sea."

The Libshara 2019 campaign also grows its Special Segment prizes categories. Along with the main grand prizes, sixty

Al Salam Bank-Bahrain started Wakala accounts

special promotion from 3 January to 31 March 2019 that offers customers special profit rates with a chance to win double the expected profits.

Mohammed Buhijji, Head of Retail Banking said: “Wakala account is the smartest Islamic solution for returns on your investments that will provide you safe and flexible investment tenor up to 5 years. During the promotional period, clients will enjoy the opportunity to enter our monthly draw for a chance to win double their expected profits when making their investments in the account."

Wakala accounts offer a variety of different schemes including Wakala, Wakala Plus, Easy Wakala, and Wakala

KFH-Bahrain launches new ‘Libshara’ Campaign

BENEFIT and SADAD self - service

Double Profits with Wakala accounts

winners will stand a chance to win 10 monthly cash prizes of US $500 in various categories as well as two new winner segments, "Our Jazeel", for Libshara customers who open a “Jazeel saving investment account” using Jazeel by KFH app, and “VIVA” where every BD 50 spent on VIVA Business Mobile, Broadband, and ICT services entitles VIVA corporate clients to win prizes with a value of US$500.

BENEFIT and SADAD launched the BenefitPay

service on SADAD self-service kiosks, wherein BenefitPay users can pay via their Mobile their monthly utility bills, schools and university tuitions fees, pay monthly telecos bills and top-up vouchers, renew your motor insurance, buy cinema tickets, buy online shopping gift cards and gaming vouchers and pay for many more services. The user experience is extremely simple and flawless, SADAD self-service kiosk will generate a QR code on its screen for the customer to scan using their BenefitPay Application and within 3 seconds the payment is successfully completed,

Taib. Customers who wish to open a Wakala account may visit any of Al Salam Bank’s branches or can apply through our online product application service "Apply @ Home" available on the Bank’s website. The draw will be officiated by representatives from the Ministry of Industry and Commerce and Tourism (MOICT) along with the internal and external auditors and in accordance with Central Bank of Bahrain and MOICT laws.

across over 800 kiosks around Bahrain.

This service ensures the utmost levels of security and cancels the need for card information sharing, BenefitPay is a onetime registration required to save your Bank account and Debit Card details and you are ready to use it.

Shaikh Ali Bin Abdulla Bin Hamad Bin Isa Al Khalifa, Chairman, of SADAD said, “This service will enable another step towards our vision to provide a cashless payment society in Bahrain.”

Jean-Christophe Durand, CEO of the National Bank of Bahrain commented, “We are pleased to support all electronic payment initiatives, especially through smart phones and self-service kiosks, making life easier for our customers. All the partners are looking forward to activating BenefitPay through the self-service kiosks widely available in shopping malls, commercial and service establishments. This will reduce cash transactions and facilitate electronic payments as a preferred method of payment.”

Abdulwahed AlJanahi, CEO of BENEFIT mentioned, “In BENEFIT, we always strive to build alliances and collaborations that facilitates Bahrain’s vision in the field of promoting a cashless society, especially in electronic financial transactions and including this unique service.”

Subah Abdullatif Al ZayaniDeputy Head of Retail Banking Group, KFH-Bahrain

Abdulwahed AlJanahiCEO, BENEFIT

Mohammed BuhijjiHead of Retail Banking, Al Salam Bank-Bahrain


Banking & Finance

CrediMax partnered with BIBF to provide MaxWallet

payment solution for students. The collaboration between CrediMax and Benefit to provide a unified QR Code payment option will also allow both MaxWallet and BenefitPay users to complete payments with registered merchants through their smartphones.

Yousif Ali Mirza, Chief Executive of CrediMax said, “This collaboration further consolidates and brings to light our vision of embracing and enabling digital transformation and delivering the best payment experiences exceeding the clients' expectations.”

Abdul Wahed Al Janahi, Chief Executive Officer of the BENEFIT Company commented, “Students will now have the option to pay for their education using their mobile phone cashlessly. This tie-up will also allow us to deepen our relationship with the education sector in the Kingdom of Bahrain.”

The BIBF’s Director, Dr. Ahmed Al Shaikh said, “We are pleased to partner with CrediMax and BENEFIT Company to provide students with easier and more convenient ways to make payments on and around campus.”

Mastercard announced that it is dropping its

name from its iconic brand mark in select contexts. The interlocking red and yellow circles, referred to as the Mastercard Symbol, will now stand on its own across cards using the red and yellow brand mark, acceptance marks at retail locations both in the physical and digital worlds, and major sponsorship properties. As the consumer and commerce landscape continues to evolve, the Mastercard Symbol represents Mastercard better than one word ever could, and the flexible modern

The new American Express brand platform and

marketing campaign across the MENA region reflects how people live and work and celebrates the new reality that life and business are increasingly interconnected, and the unique role American Express Middle East can have in supporting people today under “Powerful Backing: Don’t Do Business / Don’t Live Life Without It.”

A global study commissioned by American Express showed that more than half of people today are living blended lives, with personal and work life deeply intertwined. The study, which was conducted in eight countries, also revealed that two in three people feel they can achieve more because of this work-life integration.

American Express Middle East is uniquely positioned to

Students go Cashless

Mastercard evolves its Brand mark

American Express Brand platform

design will allow it to work seamlessly across the digital landscape.

“Reinvention in the digital age calls for modern simplicity,” said Raja Rajamannar, chief marketing and communication officer at Mastercard. “And with more

than 80 percent of people spontaneously recognizing the Mastercard Symbol without the word ‘mastercard,’ we felt ready to take this next step in our brand evolution. We are proud of our rich brand heritage and are excited to see the iconic circles standing on their own.”

The red and yellow interlocking circles have been the hallmark of the Mastercard brand for more than 50 years, symbolizing the brand’s promise to connect people to Priceless possibilities. The instantaneously recognizable circles are a powerful symbol that bring people closer to their passions and give them the confidence and trust that their transactions are secure.

deliver on its promise to have its customers’ backs as they live life and do business. The campaign reflects American Express’ diverse business, which covers Cardmembers, American Express accepting merchants, acquirers and bank partners that connect through the American Express Network across 18 countries including the Middle East.

Powerful Backing: Don’t Do Business / Don’t Live Life Without It

At its core, the new brand platform reinforces the unique relationships we have with our customers, and is drawing on our brand heritage of service, security and trust, this is first and foremost a

brand platform - it's a guiding principle for how we treat our customers, employees and partners, and how we develop new, innovative products and services to deliver on our vision to provide the region's best customer experience across all the customers we serve. The campaign is just the beginning.

Beginning 15th December, the campaign will deliver both consumer and business messages at scale, with a focus on communications channels that are at the intersection of life and work.To view the new campaign, please visit the www.americanexpress.com.bh/amexen2018.


Banking & Finance

Unfortunately, 2018 is not proved as much

beneficial for Global Islamic Banking and Finance Industry as expected because of various reasons which include Middle East political situation, sharply down in oil prices, and international trade wars between two powers. By expressing his view, Zubair Mughal- Chief Executive Officer of AlHuda Center of Islamic Banking and Economics, said that 2019 is starting with high hopes for Islamic banking and finance industry and its volume is expected to reach at $2.5 Trillion in the year 2019. The total share of Islamic banking industry within Islamic Finance industry would be 81%, while Takaful, Sukuk, and Islamic microfinance have share of 2%, 11%, and 1% respectively of the total volume. Whereas, Islamic stock markets, Ijarah companies, Islamic REIT’s etc. has 5% share of total Islamic Finance industry.

By analyzing different Islamic financial markets, he said: Islamic banking and financial industry growth will continue at the precedent percentage and more new institutions will start their operations in Islamic banking. The average growth of the industry will remain the same in Middle East. He further discussed about the status of Islamic financial industry in Africa and said that in East Africa, Tanzania and Kenya are expected to introduce and enhance regulatory framework for Islamic financial industry and it will have direct

SINNAD S.P.C. has successfully attained

the PCI PIN Security Requirements version 2.0 for its platform in Bahrain. The

Islamic Finance Volume to hit $2.5trillion

SINNAD achieves PCI PIN security requirements version 2.0

positive effect for the growth of the industry. Moreover, Uganda and Ethiopia would also be claiming the same growth. Whereas, in West Africa, Nigeria and Senegal will record the growth of the industry by enhancing the market base of Islamic microfinance and Islamic bonds (Sukuks) and in North Africa, the Moroccan Islamic financial industry will emerge.

He further said, French speaking countries are taking more interest in Islamic banking and finance phenomenon and in 2019, Ivory Coast, Burkina Faso, Mauritania, Cameroon, Chad, Male, Algeria, Niger etc. are expected to grow in Islamic banking industry, The reason behind this growth in the Francophone countries is also the interest of Islamic Development Bank’s (IsDB) projects in which financing will be made on Islamic banking rules.

Zubair Mughal further express his views that the Islamic banking and finance demand in Malaysia, Indonesia, Pakistan and Bangladesh in Asia will increase due to their religious attachments. Whereas, Kazakhstan and Uzbekistan will also grow in this industry in Central Asia. In 2019, Russia will also grow tremendously in Islamic banking industry.

He said, now the Islamic

banking is not limited to only Muslim countries but also flourishing in non-Muslim countries. More-than 100 countries are practicing Islamic banking and finance including UK, USA, Japan, Russia, Germany, and South Africa with more-than 3000 Islamic banking and financial institutions.

In 2019, unfortunately, the Takaful industry is not expected promising due to certain reasons and the same was observed in 2018. But the Sukuk industry is expected to grow and it is projected that new Sukuk would be issued. Islamic microfinance is emerging tremendously for poverty alleviation and most of the countries are including in their policy part. It is expected that the volume of Islamic microfinance industry will shift from 1% to 2% in 2019 due to its importance.

audit procedure for PCI PIN compliance, developed by the Security Standards Council was performed by global payment security leader, SISA.

PCI PIN Security Standards are the standards laid down by PCI Security Standards to protect the customers Personal Identification Number (PIN) data. It lays down a set of requirements for secure management, processing, and transmission of PIN during online and offline card transactions at ATMs and POS terminals to ensure that PIN data is not compromised during an electronic payment.

The accreditation has been granted to SINNAD’s commitment towards strict international Payment Card Industry (PCI) standards associated to Personal Identification Number (PIN) Security Requirements including management of cryptographic keys as well as management of cryptographic devices used in acquiring and processing or routing Interchange PIN based transactions. This certification is a recognition to SINNAD’s strict adherence to guidelines that safeguard consumers’ data during the transaction process through an added reliability and security measures.

SINNAD’s General Manager, Rana Almaeeli said, “Achieving PCI PIN compliance is no longer an option, but a mandatory business requirement for any business that wants to put its customers’ data security first. We will continue to achieve and comply with the highest security standards so that our customers can rest assured that sensitive payment data will remain within our top priority.”

Rana AlmaeeliGeneral Manager, SINNAD


Highlights | Telecom

The Telecommunications Regulatory Authority (TRA)

published its latest Market Indicators Reports in the Kingdom of Bahrain, which measure the performance and development of the telecommunications sector. The reports include the Market Indicators in the Kingdom of Bahrain, the Arab Price Benchmarking Study and the Residential Market Survey.

According to these reports, the Kingdom's telecommunications sector witnesses continuous competition and achievements in providing diverse and high-quality telecommunications services to residential and businesses users.

The 2018 Arab Price Benchmarking Study stated that mobile services prices have fallen by up to 27% between 2017 and 2018 and up to 54% between 2013 and 2018. Fixed broadband prices have also fallen by up to 7% between 2017 and 2018 and up to 82% between 2013 and 2018.

The decline in prices

The Telecommunication Regulatory Authority

(TRA) has launched an integrated complaint and inquiry management system in order to maintain effective communication between TRA, consumers and the telecommunications service providers.

The system includes a consumer portal where consumers can easily log in and submit details of their complaint and supporting documents. The system also provides faster options for registration via email

Bahrain ranked 3rd Globally for Internet users

New System for Management of Consumer Complaints and inquiries

eSim Technology

has resulted in providing telecommunications services to a large segment of citizens and residents in the Kingdom. This has increased the penetration rates of telecommunications services in Bahrain which have become among the highest rates globally. Bahrain is ranked 10th globally in mobile penetration rate (158.4%), 5th globally in mobile broadband penetration rate (147.3%) and 3rd globally for the percentage of internet users by (98%), according to the Global Competitiveness Report published by the World Economic Forum in October 2018.

The decline in prices, has resulted in subscribers migrating to higher internet speeds. According to the reports, in 2017, 84% of fixed broadband subscribers were provided with internet speeds equal to or more than 10 Mbps compared with only 10% in 2013. Moreover, the use of internet data has also doubled seven times between 2013 and 2018.

According to the latest Telecommunications Market Survey in Bahrain, 83% of respondents are satisfied with their overall mobile services in 2017 and 85% are satisfied with their overall broadband services in 2017.

With regard to the telecommunications revenues, the decline in

Sh. Nasser Bin MohamedAl KhalifaActing General Director, TRA

(Gmail) or Facebook account, as all complaint and inquiry processes are managed through this portal besides the automized connection between TRA and the services providers.

"This new system complements the series of consumer support initiatives, which enables them to submit a request for dispute resolution in the event that the service provider fails to provide the consumer with the appropriate solution. This is in line with the Consumer Dispute Regulation which is enforced this year. The system also enables consumers to provide their views on the resolutions provided by the service provider." Said TRA’s Acting General Director Sh. Nasser bin Mohamed Al Khalifa.

TRA urges all consumers to pursue its ongoing awareness campaigns and directly communicate with TRA through its Consumer Call Center: 81188 for more information and inquiries about the request for dispute resolution process.

TRA also urges consumers to view the Consumer Dispute Regulation to be aware of the procedures for the submission of a dispute settlement request and to benefit from this vital and effective system for submitting complaints and inquiries through the TRA’s website.

Batelco successfully deployed eSim

technology, the new service,

telecommunications services prices has significantly increased the number of subscriptions and the volume of usage, thus maintaining the sector's annual revenue at its level. According to the 2017 data, the telecommunications services revenue reached BD 426 million. Moreover, operators continue to invest in this sector to provide the latest technologies and best services as the investment volume reached BD 45 million in 2017, which indicates continuous investment and competition in this sector.

which is set to transform the landscape in mobile technology, will deliver a host of convenient benefits for users and greatly enhance their experience. An eSim is an integrated SIM chip that is embedded in mobile devices, enabling customers to have multiple numbers using one mobile phone without having to switch sim cards.

The service is available for customers from December 2018. Customers may visit any Batelco retail shop to activate the service. More and more devices are being launched equipped with eSIM capability such as iPhone XS, XR and Max and it is anticipated that in the near future most device manufacturers will shift to eSIM technology.


Telecom

Batelco Cloud Connect

Smart managed Wi-Fi for Enterprise

Mobile App for Home Broadband

Adel Al-DaylamiChief Global Business Officer, Batelco

Abderrahmane MounirChief Marketing Officer, Batelco

Batelco has established connections with major

global cloud and content delivery providers enabling enterprises and MNCs to have a one-stop-shop to reach their desired content.

Batelco’s Cloud Connect partnerships consist of immediate ties with cloud computing giants including Amazon Web Services, Microsoft, Google, Alibaba Cloud, and Oracle Cloud. With the growing demand for cloud computing services, Batelco’s Cloud Connect Solutions further enables customers to achieve their business requirements and meet their digital objectives by means of bandwidth granularity, low latency and high available global reachability.

Batelco’s state-of-the-art owned and operated IP/MPLS network, with more than 26 PoPs geographically distributed across the globe and with a history of 100% availability over the last 12 years guaranteed through diverse cable systems, enables customers to connect through network-to-network interface (NNI) arrangements with the fastest routes and lowest latency, promising significantly improved Cloud-based services and connectivity. Through these arrangements, Batelco provides customers with leveraged opportunities to

Batelco has partnered with Cisco Meraki to provide

Batelco’s small and medium enterprise customers with a managed comprehensive WiFi solution.

The smart managed WiFi solution based on the Cisco

derive greater business value by maximizing data.

Batelco Cloud Connect Solutions are designed to enable enterprises and MNCs to rapidly scale their global digital business operations and to enable service providers to easily extend their reach to a wider global audience. With shifts in business models towards digitalization, Batelco Cloud Connect Solutions also allow customers to establish data connections in places that they are not present.

Batelco Chief Global Business Officer Adel Al-Daylami commented, “Batelco’s Cloud Connect solution is ideal for businesses with growing bandwidth, dedicated network access and increased security demands, who are constantly seeking to provide customers with extensive opportunities for vast improvement in data storage and computing. The solution provides customers a platform for cloud-based services and connectivity and also serves as a multipurpose interconnection exchange.”

Meraki Access Point extends to enterprise customers various features, including a wide range of high speed WiFi and strong coverage, Zero Touch Provisioning (ZTP) technology, Location Analytics, business grade firewall, bandwidth control, multi-SSID Support, and application control.

Furthermore, the solution includes a customised landing page and WiFi monetisation feature for businesses who wish to offer a personalised and customised WiFi experience for their customers and generate revenue from their Wi-Fi networks.

Enterprise smart managed WiFi is offered as a managed service that is 100% supported and controlled by Batelco eliminating the need for enterprises to employ technical support staff and relieving them of some overhead and operating expenses. The solution however does include a subscriber portal from which customers are able to view usage reports and statistics and additionally operate and manage the device, should it be needed.

Batelco Bahrain Chief Marketing Officer Abderrahmane Mounir highlighted Batelco’s focus to create a dynamic ecosystem that aims to create a digital community linked to an integrated communication system, and the company’s keenness to provide smart technology solutions to support entrepreneurs in the advancement of their businesses.

“Batelco is continuously developing its portfolio of solutions to support the growing demand for advanced communications solutions applicable for all sectors, especially small to medium enterprises,” commented Mr. Mounir.

Batelco’s efforts are focused on supporting the Kingdom’s Economic Vision 2030, by developing and providing advanced solutions to support growth and innovation in the Kingdom. Batelco also seeks to strengthen its collaborations with global companies in order to provide the highest quality of services in the Kingdom and the adoption of the latest technologies and solutions.

Batelco newly launched all-in-one mobile and home

broadband services App, includes various features and options allowing customers to monitor, manage and upgrade their mobile and home broadband services.

The Mobile app include useful tools for Mobile services including package information, package upgrade with ability to add bolt-on, mobile usage history, roaming bolt-on activation, add feature and manage subscription, transfer credit to family or friends, refill SimSim line, bill payment, block spam SMS, and make payment using debit and credit cards.

As for home broadband services, the Mobile app allow customers to view access package information, usage history, bill and usage information, bill payment and quick pay feature with debit and credit card, call and data usage details.

The Mobile application is available on both Google Play Store and Apple App Store for download.


Telecom

Empowering Businesses

Telecom-Banking collaboration

Zain Bahrain & AppStore

Zain Entertainer

VIVA Bahrain launched its Innovation Center -

showcasing breakthrough technologies to support the government’s vision of digital transformation while enabling businesses and customers to leverage next-generation solutions and services. Located within the headquarters in Seef district, the VIVA Innovation Center is a platform for developing solutions in modern technologies for various business verticals as well as an innovation think hub.

With its continuous investments in best in-class solutions, providing an evolving portfolio of business solutions, VIVA’s Innovation Center will showcase technologies such as physical and cyber security, smart, managed and modular data centers, automation in hospitality, remote e-learning and smart healthcare, smart office set-up and applications combined with latest enhancements to transport and fleet management services.

In addition, the facility features interactive demo areas that showcase VIVA’s extensive array of innovative solutions and services that can be tailored to the needs of business and consumers.

Ulaiyan Al Wetaid, VIVA Bahrain CEO said, “Technological innovation is key to VIVA’s corporate strategy and this will be the focus of our facility to showcase our proactive nature in ICT capabilities, supporting

innovation across the country and Bahrain’s business sector. With the launch of our innovation center, businesses will have the opportunity to visit and experience VIVA’s ICT portfolio in the most up-to-date technology and in real-time.”

VIVA Bahrain’s services have been key digital enablers for other sectors within Bahrain’s economy and with technology as part of its DNA, the telecom operator continues to develop the most agile network and infrastructure to enable customers to meet their business objectives.

VIVA Bahrain, and Standard Chartered Bank strategic

partnership sets a new industry benchmark of a telecom-banking collaboration in Bahrain. The first-of-its-kind alliance is mandated to introduce an exclusive co-branded card with unique value propositions and lifestyle benefits. Additionally, the agreement also allows Standard Chartered to expand its financial services offerings through VIVA Bahrain.

The VIVA Standard Chartered Bank co-branded credit card, is designed to offer value-added benefits tailored to the unique customer base of VIVA. The exclusive credit card which can be used for VIVA products and services will also offer its card members access to offers on shopping, dining, hotel accommodation, air tickets and more. VIVA customers will benefit from 10% discount off their monthly plans when they register their credit card for AutoPay to settle their monthly bills. Additionally, card members

Zain Bahrain, a leading telecommunications

provider in the Kingdom, has partnered with The Entertainer, a leading provider of loyalty and reward solutions, to offer every new customer who subscribes to a SIM only postpaid plan during the promotional period access to two-for-one deals at popular venues across the region.

After purchasing a new postpaid SIM only plan, customers will enjoy The Entertainer's buy one, get one free deals through the Zain Bahrain app, giving them quick and convenient access to offers at restaurants, entertainment venues, healthcare services, educational establishments, and more.

will get access to more than 800 airport lounges around the world. Additionally, cardholders will be able to earn and redeem their VIVA reward points to purchase airline tickets and collect miles with major airline operators in the region including Gulf Air, Saudia, Turkish Airlines, Air India and more.

As part of the agreement, Standard Chartered will be offering financial services through some of VIVA Bahrain’s prime outlets, where customers can apply for financial services and products.

Mohamed Al Alawi, Director of Consumer Marketing, Zain Bahrain, said: "One of our priorities is to offer the most value to our customers, by providing them with an unmatched variety of services. Our SIM only packages are thoughtfully created and designed to meet a wide range of communications needs and with our new partner, The Entertainer, we're able to offer even more value than ever before."

Zain Bahrain, a leading telecoms operator in

the Kingdom, now offers customers the option to pay for purchases in the App Store and for Apple Music and iTunes directly from their Zain mobile phone billing account.

The service started on December 6 and is available to all Zain Bahrain customers for post-paid and pre-paid mobile customers. The launch of the service sees Zain Bahrain take a dynamic new step in the development of its financial services and customer service.

Using the service is simple - Zain Bahrain customers with a new or existing Apple ID will need to select "Carrier Billing" as a payment method in their account settings for the App Store, Apple Music and iTunes and from their iPhone, iPad, iPod touch and Mac, or on iTunes from their PC. The new payment option will be configured automatically and immediately allows for one-tap purchasing from your Apple devices, including Apple TV and Apple Watch.


Highlights | Real Estate

Luxury development in Waterbay project

Al Naseem Freehold Waterfront project

Italian luxury fashion house Roberto Cavalli, will

exclusively be designing the interiors of the Eastern Tower at the Waterbay project by Bin Faqeeh Real Estate Investment Company S.P.C. The project’s target completion date is for the 2nd quarter of 2019, and delivery date is set for 4th quarter of 2019.

Bin Faqeeh is the first real estate developer in the Kingdom of Bahrain to collaborate with an international fashion brand. Waterbay Residence by Roberto Cavalli will be the upcoming luxury development located at Bahrain Bay. It will feature signature Italian interiors designed by the Roberto Cavalli brand, which will create elegant, glamorous and modern spaces enabling the tower’s residents to enjoy a luxurious, hyper comfortable lifestyle.

Roberto Cavalli Group will deliver exciting interiors showing a charming mix of exotic prints and wild animal motifs for a vibrant and contemporary effect. Inside the Waterbay luxurious spaces, the brand will recreate a flamboyant yet sophisticated atmosphere with the RC Home wide offerings of luxurious interior design options, spanning from jungle-inspired wallpapers, modular bookcases and sofas mixing leather and precious fabrics, luxurious chaises lounge and lamps, coffee tables and

Diyar Al Muharraq is now ready to receive

in the Diyar Sales Office all those interested in viewing the different villa models encompassed in the Al Naseem freehold waterfront project.

Al Naseem comprises of 4 villa types, namely Duha El-Nasayem, Sabaah El-Nasayem, Aseel El-Nasayem and Layl El-Nasayem. All these models are designed with unique features and standalone characteristics, delivering the complete luxury vacation experience. The villas feature interior designs that show

KP Real Estate SPC has signed an agreement with

National Bank of Bahrain (NBB) to provide home financing for buyers in the company’s Janayin Al Hamala project.

With this agreement, NBB will offer financing for the purchase of villas in this unique, mixed-use residential community. The project consists of 148 beautifully designed and affordable ready for sale residential villas set within well-planned premises and complemented by a host of lifestyle services and amenities. The development also enjoys close proximity to a broad range of nearby and easily accessible education facilities, retail centers and recreation areas for added convenience.

NBB will offer prospective buyers of Al Janayin Al Hamala with highly competitive mortgages for qualifying borrowers. Bank staff will work closely with applicants providing personalized services to guide them through all requirements and documentation and can tailor mortgage financing options to the requirements of eligible customers.

Abdulaziz Al Ahmad, CEO- Retail, Commercial & SMEs at NBB, said, “We are delighted to be able to extend our flexible and competitively-priced home financing facilities to buyers of the Janayin Al Hamala community now being developed in one of Bahrain’s best connected areas.”

dressers, all embellished with metallic decorative elements.

Launched in 2018, the Waterbay project, which will be developed in partnership with Paramount Hotels & Resorts, includes the Waterbay Middle, the Eastern Tower Waterbay Residence by Roberto Cavalli and the Western Tower, named Paramount Residences Bahrain.

Mr. Faisal Faqeeh, Chairman of Bin Faqeeh said, “The real estate sector in the Kingdom will soon witness a new standard of luxury and glamour with the reveal of the Roberto Cavalli international fashion house designed residential project.”

care and precision in every detail, with a wide living area that embraces a wholesome family lifestyle. Diyar Al Muharraq currently offers 154 villas for sale, construction of which will be completed and delivered to prospective owners within 24 months.

Al Naseem is an independent residential community situated in the heart of Diyar Al Muharraq, spreading over approximately 328,000 square meters with breath-taking views of canals and magnificently themed neighbourhoods. It is comprises of two key zones, a gated community and a non-gated community. The first zone is Diyar Al Muharraq’s first gated residential community encompassing more than 300 canal front villas, 500 residential apartments in individually designed buildings and excellent community and leisure facilities. The second zone will house an additional 500 apartments in exquisitely designed buildings, adjoining to number of convenience retail, leisure and entertainment facilities with an integrated pedestrian-friendly promenade and a 100-berth marina.

The three-storey villa types of Al Naseem are available in a range of varying areas to suit the different needs of the Bahraini family. The Duha El-Nasayem villa model comes in 385 square meters of total built-up area, which is the largest type among the models. Sabaah El-Nasayem villas have a built-up area of 377 square meters each, while the Aseel El-Nasayem villas come in 349 square meters each. The fourth villa type, Layl El-Nasayem, has a total built-up area of 312 square meters, to satisfy a wider range of customers.

Flexible Financing for Janayin Al Hamala


Real Estate

Manara to develop Landmark Project in Bahrain

Kazerooni Heights-1 offers guaranteed returns

ThaiMart, First Thai-themed shopping centre in Bahrain

Dragon City and Vega Intertrade and

Exhibitions signed a corporate agreement to lease and operate ThaiMart, a Thai-themed retail development in the master-planned project.

Set in the southwest corner of Diyar Al Muharraq on a 6,000 square meter area next to Dragon City, ThaiMart is a first-of-its-kind Shopping Center which will offer both local consumers and tourists products that are exclusively imported directly from Thailand. With the soft opening of the Mart expected to take place in the first half of 2019, it is set to revolutionize the oriental goods industry in the Kingdom of Bahrain with the vast array of retail opportunities it will provide.

Kazerooni Heights - 1, a prime residential project

in Amwaj Island carries the company’s commitment to delivering high quality luxury real estate with a high value protected investment.

The iconic 20 storey Kazerooni Heights - 1, 101 luxury standards apartments,

Manara Developments Company signed a

contract with Great Lakes Drake & Docks to start the reclamation works of the second phase of the “Investment Gateway - Bahrain” project for a total area of 23 million square feet. The largest light industrial project available for freehold ownership in the Kingdom of Bahrain with an area of 29 million feet for the first and second phases together.

Amar 1 Real Estate Investment Company owns the “Investment Gateway - Bahrain” and Manara Developments Company as the project development manager.

Dr. Hasan Al Bastaki, Managing Director of the company said, “approximately BD100 million will be pumped by the project's owner to complete the second phase of the project, which includes the reclamation works, construction of the infrastructure, including the internal streets, electrical and water services, and so on which makes the project attractive and ready for direct use by investors.

“Project will provide about 1600 investment plots of approximately 450 square meters and 1200 square meters, with a great flexibility to integrate the plots according to the needs of the investor and the nature of his work.

There will be many returns on the economy with one major benefit is that the project will pump about half a billion Bahraini dinars into the Bahraini economy in the form of cost of reclaiming works of the project site and the construction of infrastructure and the construction work of the plots, in addition to providing between nine to ten thousand different jobs at least.

“Period of the reclamation and the preparation of the land will be 18 months. The company will manage the project, while AECOM Middle East, Engineering supervising the implementation of the project,” he added.

“Investment Gateway - Bahrain” project consider as the first light industrial and logistics project in Bahrain to offer land for ownership. The owner can own the land and receive the land title deed directly, and is not subject to a limited term lease as in the other industrial zones in Muharraq Governorate.

The project includes the possibility of establishing offices, exhibitions, warehouses, handling services, sales services and other services required by the growing commercial and industrial movement in Bahrain.

The project design is infused with Thai architectural and cultural aspects, in a layout which will incorporate approximately 150 individual retail store spaces, with a spacious car parking lot for customers’ vehicles.

Managing Director of Dragon City, Dr. Maher Al Shaer said, “It brings me immense honor to thank His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa for issuing an edict entitling holders of Thai passports to engage in retail commercial activities with 100 per cent ownership rights. With ThaiMart expected to further enhance the landscape of the retail industry in the Kingdom of Bahrain with the unique offerings that it provides, the Project will also significantly fulfill and augment the role that the city holds as a vital player in the economy of the Kingdom.”

ThaiMart will offer a variety of Thai products such as food items, beauty products, garments, perfumes, handcrafts, home decorations and leather goods made available for purchase to the people of the Kingdom of Bahrain, thereby setting it up to draw in a multitude of visitors on a regular basis.

consists of 1, 2 and 3 bedrooms includes an infinity swimming pool with a BBQ facility, a rooftop children’s pool, a state-of-the-art gym with Technogym equipment and steam and sauna rooms. The collection of apartments are supported by a daytime concierge 146 secure parking spaces with a separate parking for bicycles and motorbikes, a multi-purpose hall with a pool table and music system, and 24-hour security.

Dr. Hasan Al BastakiManaging Director, Manara


Real Estate

Latest tenant at The Terminal

Golden Gate sign with KHCB on Escrow account

Swiss-Belsuites Admiral Juffair

Bahrain Real Estate Investment Company,

Edamah, has signed an agreement with Tenmou to open their company’s headquarters at “The Terminal”, adding a diverse mix of tenants at the complex.

Tenmou is the first company to establish the “Business Angels” initiative in Bahrain. The company, launched in 2011, aims to support entrepreneurs by providing them with quality business assistance including financial investment, supervision, advice and guidance.

Tenmou is investing in several areas including Tech, Restaurants, Entertainment and Media. It will become a valuable addition to The Terminal, as it aims to connect and reinforce investors, VCs and startups in the region. This initiative will help to facilitate the process of business establishment and be the core inspiration for individuals attempting the startup world. The vital location also plays a huge role in attracting startups due to the increasingly number of commercial activities and tourists which ultimately set to revive the economy.

Amin Al Arrayed, CEO of Edamah said,”This step will further encourage diverse tenants to the area and bolster the entrepreneurial spirit of block 338. We look forward to Tenmou opening its doors in 2019. ”

Golden Gate has signed a partnership agreement

with Khaleeji Commercial Bank for offering escrow account management services to Golden Gate’s investors in their new project that aims to become the tallest residential towers in the country, consisting of two towers with 746 luxurious apartments.

Through this agreement, Golden Gate Developers, Kooheji and Indian real estate companies Ajmera Realty and Mayfair Housing, will open escrow accounts for investors to help regulate the relations and service agreements with property owners that meet the global advanced practices in real estate development.

“We are proud to partner in offering escrow services to our investors, in line with

CEO of Tenmou, Nawaf Al Kooheji revealed, “We are building a collaborative creative space to host and connect both investors to startups therefore to increase investment’s potential in start-ups. The space will also accommodate startup events and will include a working hub for investors, start-up businesses and co-working spaces in order to positively impact and develop the economic infrastructure and entrepreneurial ecosystem in the Kingdom.”

Strategically located in the vibrant fine dining Block 338, Edamah’s “The Terminal” was carefully designed with the aim of providing a full-service solution for visitors to the liveliest part of Adliya, bringing together dining, retail, and convenient smart parking all under one roof.

the new law that aims to protect property owners’ rights and assist in minimizing any associated risk in full compliance with the laws of the Kingdom of Bahrain, CBB, the Real Estate Development Corporation and all regulatory authorities. We are keen to support national efforts to propel Bahrain into the spotlight, making the kingdom an exemplar of excellence in the real estate industry,” remarked Mr. Kooheji after signing the deal.

Ajmera Realty managing director Manoj Ajmera said, “The escrow service will attract more Indian investors to Bahrain, along with Bahraini and GCC investors. Golden Gate project is the "jewel of the crown" for our Group.”

CEO of KHCB, Sattam Sulaiman Algosaibi said, “The Bank is keen to support the growth of real estate projects in Bahrain and to provide the appropriate financing for those wishing to own their residential units. The signing of this agreement aims to enhance the measures for buyers and investors."

The Golden Gate property will be situated in the heart of Bahrain Bay, one of the most desirable locations for residential and commercial developments in the country, with amenities and transport links easily accessible for the residents.

Golden Gate will be spread over a sprawling 140,000 sqm area providing striking views of the waterfront and iconic Bahraini landmarks, distinguishing itself from other

developments and buildings in the area.

Golden Gate aims to become the tallest residential towers in the country, consisting of two towers with 45 and 53 stories and a total of 746 luxurious apartments, starting at BD45,000 ($118,481).

Swiss-Belsuites Admiral Juffair in Bahrain,

featuring 174 keys (studios, 1- 2- and 3-bedroom suites and 3 unique penthouses), equipped with outstanding facilities, the hotel is expected to begin operations by mid-2019.

Designed for both business and leisure travellers, the hotel is strategically located right at the start of the vibrant American Alley facing the US navy base.

The high-end suites at Swiss-Belsuites Admiral Juffair are equipped with a wide array of facilities including fully-fitted kitchens. The penthouses too are exceptional and offer stunning sea views along with exclusive amenities such as their own private pools and BBQ stations. The hotel also boasts multiple one-of-a-kind food and beverage options spread over huge spaces. These range from an all-day-dining outlet, with shisha serving terrace, to specialty restaurants and bars, an upscale lounge and a lobby cafe. Other facilities include a meeting room, a large spa, an indoor swimming pool, kids club and a kids’ splash pool.


Highlights | Technology

A first- of- its -kind program aiming to train

Bahraini graduates in the field of virtual reality has been initiated in the country.

The unique program by NGN Training Centre will contribute to raising Bahrain's share in the global multi-billion-dollar virtual reality industry.

The four-month program will take place at the NGN Training Centre located in the East Tower of World Trade Centre.

Two months of the program will be classroom training, while the remaining will be on-the-job training during which candidates will be engaged in projects related to the field.

Yaccob Al Awadhi, CEO of NGN, asserted that the launch of this program, comes along side NGN’s efforts to support national efforts to provide job opportunities for Bahraini graduates who are seeking jobs in Media and PR agencies, engineering contracting offices, design offices, property development companies and the industrial sector. It also aims to encourage youth in entrepreneurship and innovation. He noted that they will be trained to establish their own projects, providing quality VR content required by the market and the modern

Training Bahrainis on Virtual Reality

Cloud and Microsoft ecosystem to create big jobs in Bahrain

economy.“Our research has shown

that there is a growing demand in the Bahraini market for virtual reality technologies and content development, with a significant increase in the number of organizations and institutions that will soon accept the use of this technology and its applications.

"This Tamkeen-funded program is for Bahraini job seekers only, aiming at preparing young Bahrainis with necessary technical skills to be able to produce local VR content for the Industrial sector, Design Agencies and Engineering Offices,” he said.

This will provide the Bahraini labor market with Bahraini qualified professionals in the field of multimedia and virtual reality, and will encourage Bahraini youth towards entrepreneurship thus establishing Bahraini companies in the same field."

Microsoft’s technology ecosystem and the

growing popularity of cloud services will create more than 5,600 jobs in Bahrain by the end of 2022, according to new research by the International Data Corporation (IDC).

The Microsoft ecosystem - the companies that sell, service, deploy, or otherwise work with Microsoft products

- supported more than 3,100 workers in 2017. The ecosystem itself is a prolific generator of downstream revenues, accounting for BHD10.57 for every BHD 1 that Microsoft produces, according to IDC estimates.

IDC’s white paper analyses the impact of ICT, cloud services and the Microsoft ecosystem on the Bahrain economy between 2017 and 2022, covering a decade of IDC regional findings. The research shows that organisations across the Kingdom will participate in a rise in IT spending and employment. Innovation and economic diversification will be supported by the increasing utilisation of public cloud services. In addition, the government's cloud-first strategy, together with investments in private and hybrid cloud solutions, will enable businesses to generate almost BHD 129 million (net) in new revenues over the next five years.

IDC predicts spending on public cloud services in Bahrain will almost quadruple over the same period, from BHD 2.74 million in 2017 to BHD 10.05 million in 2022. Between the end of 2017 and the end of 2022, adoption of cloud services will create nearly 5,200 new jobs (net) and the Microsoft technology ecosystem will add 400 jobs (net) for a total of 5,600 in net job creation.

IDC’s report clearly shows that private and public organisations have realised those benefits are there for the taking, and are directly or indirectly creating jobs as they invest in their futures. Microsoft is proud of its record of job creation in Bahrain. Acceleration of economic growth and innovation and the downstream revenue that comes from the Microsoft

ecosystem are natural outcomes from efforts to help every individual and organisation on the planet to achieve more.

In March, Microsoft announced it would open dedicated cloud data centres in the neighbouring United Arab Emirates, to serve customers across the Middle East. The company believes the provision of cloud services through regional data centres will help start-ups to more quickly realise their potential, as well as accelerating the adoption of public cloud services within government agencies and regulated industries, such as banking and finance, telecoms and healthcare.

Microsoft also takes very seriously its role in upskilling and reskilling the existing workforce to support an emerging series of jobs and shifts in responsibilities resulting from the increased use of cloud services. According to the World Economic Forum’s “Future of Jobs” report, published in January this year, two in three children will end up working in jobs that do not exist yet. Microsoft is active in creating awareness of this with its education partners around the world. The company also runs several professional programmes that address the need for upskilling and reskilling, to plug knowledge gaps in the emerging cloud-services segment, including Microsoft Cloud Administration, Azure Essentials and the AI Professional Certification.

In its whitepaper, IDC also examined wider ICT spending in Bahrain, predicting it would reach BHD 296.76 million in 2022, and that IT employment in the country will surpass 12,600 by that time.

Yaccob Al AwadhiCEO, NGN


Technology

HMD Global, the home of Nokia phones, launched

the Nokia 8.1, the newest addition to its value flagship range. As with other Nokia Smartphones in the same category, including the award-winning Nokia 7 plus, the Nokia 8.1 punches above its weight with extraordinary imaging achieved by its highly sensitive, industry-leading 12MP main and 20MP front camera sensor, ZEISS Optics and Optical Image Stabilization (OIS) technology and superfast autofocus, Proprietary PureDisplay screen technology with HDR 10 support along with highly accurate colour reproduction delivers enhanced viewing experiences on its stunning 6.18” Full HD+ edge-to-edge display even in bright sunlight, while

In a fast-paced world driven by visual communication,

there is a rising demand for meaningful innovation. Samsung’s answer to that is the latest addition to the Galaxy A series family, the Galaxy A9. The pioneering Galaxy A9 debuts the world’s first rear quad camera and 6.3-inch full HD+ Super AMOLED display designed to help you live each day to the fullest.

Featuring a premium glass design, a rear fingerprint sensor for greater convenience and smooth seamless curves, Galaxy A9 is both practical and comfortable in your hand, making it easier for you to widen your world.

The image is an undeniably powerful medium - free from

Nokia 8.1 - inspiring the Value

SamsungGalaxy A9

World’s first Reverse Wireless charging feature

the chipset ensures smooth performance for up to two days per charge.

All of this comes in a contemporary package with the precise craftsmanship expected from a Nokia smartphone. Running the latest Android software, Android 9 Pie, ensures the Nokia 8.1 delivers the best Android experiences with the latest innovations right out of the box.

The Nokia 8.1 is available in three colour combinations, Blue/Silver, Steel/Copper, Iron/Steel, from December 20 and will retail for an average price of BHD 147.36.

Welcome to the era of technology. A time of

groundbreaking innovations, connectivity and knowledge at the tip of our fingers. Smartphones are the main tool used as our key to the rest of the world, they have shifted from simple call-makers to crucial everyday tools like alarm clocks, news outlets, cameras, mailboxes, GPS, and more. It is thus normal that we take such good care of them. We wrap them in covers and screen protectors and back them up. And what happens

the constraints of language, and harnessing the unique qualities of a single moment frozen in time. Millennials are increasingly using images to express themselves as a photo can be interpreted and understood at a glance. That’s why the Galaxy A9 is packed with Samsung’s best camera innovations, to enable all consumers to achieve more, experience more and unlock more possibilities every day.

The world’s first rear quad camera and sleek design helps you capture the world in all its glory. In addition, Galaxy A9’s 8MP 120° Ultra Wide Lens enables unrestricted wide-angle photos.

Whether we are at a restaurant, a concert, or simply enjoying an evening outside, we are constantly snapping photos in low-light

environments. Galaxy A9 lets users take crisp clear photos in both bright and low light conditions with 24MP front camera and a screen flash for selfies. The Galaxy A9’s 24MP Lens automatically lets more light in by combining four pixels into one pixel in low light conditions.

Building on Samsung’s heritage in first-class design, the Galaxy A9 is styled in three unique colors - Caviar Black, Lemonade Blue and Bubblegum Pink with a sleek and ergonomic design, that fits in one hand with a 3D Glass curved back for a high-quality comfortable feel.

when the battery starts running low-or even worse, dies on us when we have no access to a plug or a charger? We all know that feeling. Luckily, the HUAWEI Mate 20 Pro gets this issue and has a trick up its sleeve.

Besides its gigantic 4200mAh battery that can last through an entire day of extensive usage, the HUAWEI Mate 20 Pro features a 40W HUAWEI SuperCharge, which helps top up the battery to 70% in only 30 minutes. It also supports a 15W HUAWEI wireless fast charge, offering the fastest wireless charging in the industry. The HUAWEI Mate 20 Pro features the world’s first Wireless Reverse Charging. This highly futuristic and revolutionary feature is just as impressive as it is practical. It enables the HUAWEI Mate 20 Pro to act like a wireless power bank for any other device supporting Qi. If you can spot a friend with no charger or access to a plug, save them by activating this feature and placing your phone on top of theirs. Their device will then start charging. Other smartphone brands have yet to implement this option, as it is extremely handy and crucial to every modern day smartphone user. The device is ensured to charge both quickly and safely while maintaining a low temperature, so users can have peace of mind while their devices are plugged in.


Technology

Tally Solutions, a leading international accounting

and compliance software provider launched its Value Added Tax (VAT) software - Tally.ERP 9 Release 6.5.

“Tally ERP 9 Release 6.5 will enable businesses to set-up the software quickly and record and print VAT bills in Arabic and English with ease, allowing businesses to start their VAT compliance journey from day 1. The software’s unique in-built error detection and correction capability avoids any errors in data. This gives business owners complete peace of mind.” said Vikas Panchal, Business Head at Tally Solutions in the Middle East.

Tally.ERP 9 is an extremely simple and easy to use business accounting system. It makes the journey to automation very smooth and ensures businesses are always compliant. The product comes with multiple layers of security including user-level rights ensuring secure access to data. This assures business owners that their data is safe and accurate at all times and leaves them worry free.

The solution is not just designed for business owners but also simplifies life of tax consultants and chartered accountants as the software allows generation of VAT returns and audit reports at the click of a button, enabling them to file VAT returns for their clients easily and quickly.

"Recently in the UAE and KSA, Tally has been instrumental in helping the

Tally Solutions VAT ready software

Technology Trends for 2019

small and medium businesses transition to VAT. With the phased roll out of VAT in Bahrain, small and medium businesses now have anywhere between 6-12 months to get to know about VAT and prepare themselves for the implementation. Leading up to the implementation, we are committing to several educational events and blogs on the subject of VAT for businesses," said Tejas Goenka, Executive Director, Tally Solutions Pvt. Ltd.

The price of the new product continues to be the same as before. A single-user edition costs USD 630 and a multi-user edition costs USD 1890 for a perpetual license. Tally’s existing customers with a valid TSS subscription can upgrade to the VAT ready Tally. ERP 9 Release 6.5 for free.

Digital process automation will accelerate

Enterprise adoption of process automation technologies will continue with the same vigor as the technologies are expected to make the enterprises nimble, data-centric and quick to make decisions across geographies. More importantly, process automation will also help enterprises to go beyond the simple operational and efficiency gains made with basic automation to tap new revenue opportunities.

For example, a bank embracing fintech can use digital process automtion to improve real-time visibility into its customers’ data and

factor the improved view into real-time risk assessment of the customers. To elucidate further, a bank could provide its customers with digital tools related to accounting, receivables, payables, and all other back office functions. The customers can give permission to the bank to use selective data to have good visibility on the velocity of their businesses. This could enable the bank to provide financial services at a faster clip to the customer and at lower cost, not only due to automation but also do due to better risk visibility of the customer. OCR/NLP/voice/video/image processing will aid productivity gains

The main nemesis of process automation is any web form customers, employees, or partners must fill out when an organization wants to capture their data. Every one dreads screens with forms.

AI/machine learning technologies are mature enough to process voice, video, text, and images reliably. Using these mature technologies, the natural activities of making a phone call, taking a video, or taking a picture could be used to fill out data-enriched forms automatically. Hence both objectives will be met-collecting adequate data and filling out fewer forms—and these technologies will continue their march into the enterprise.

Privacy concerns will hold center stage

With GDPR becoming a reality and hosts of other countries passing similar privacy laws, data usage will be closely monitored. Data will be tagged so that its origin will be known at the point of usage. Tools related to data tagging and master data management

Shailesh Kumar DaveyVice President, ManageEngine

will become crucial. Privacy concerns and related legal ramifications could slow down decision making in enterprises. In response, new generation messaging, audio/video web conferencing tools will be used by enterprises to achieve the twin objectives of privacy compliance and rapid decision making.

Data locality will increase diversity

Lots of countries mandate that data needs to reside within geographical boundaries. Enterprises using SaS or Paas will end up using country-specific public clouds or even private clouds. As a result, critical data and applications that need to be monitored will be spread across geographies. Monitoring tools and technologies that help consolidate the view of these applications and data will see larger enterprise adoption.

This increase in data locality will also require federated identity and access management (IAM) with Zero Trust security considerations. Single sign-on, multi-factor authentication, and enterprise mobility management will also become common place in the enterprises.

New kinds of hardware in the data center

Data workloads in the data center are increasing, and the demise of Moore’s law is not helping the CPU to keep pace. Newer hardware like GPU, FPGA, ASICs will become commonplace in the data center. Enterprise IT teams will have to be knowledgable about these technologies and use the right applications and tools to ensure that money is wisely spent on the newer hardware.


Highlights | Automotive

McLaren 600LT

The new McLaren 600LT is the most extreme road-

legal Sports Series model and possesses the optimised aerodynamics, increased power, reduced weight, track-focused dynamics and enhanced driver engagement.

With the engine management system of the 3.8-litre twin-turbocharged V8 recalibrated and less back pressure from a top-exit exhaust system allowing the engine to breathe more freely, the 600LT can call on peak power of 600PS (592bhp) at 7,500rpm and a maximum torque output of 620Nm (457lb ft) at 5,500-6,500rpm. These outputs deliver astonishing levels of performance: 0-100km/h (62mph) takes just 2.9 seconds, matching the acceleration of the revered McLaren 675LT Super Series model. 0-200km/h (124mph) is achieved in a remarkable 8.2 seconds and the 600LT can continue gathering speed to a top speed of 328km/h (204mph).

McLaren 600LT achieve a lightest dry weight of 1,247kg and equivalent power-to-weight ratio of 481PS/tonne. With the optional Super-Lightweight Carbon Fibre Racing Seats developed for the McLaren Senna fitted, the 600LT weighs 100kg less than a 570S Coupe.

MSO Clubsport Pack, features the Super-Lightweight Carbon Fibre Racing Seats; a Carbon Fibre Interior Upgrade; Carbon Fibre Roof and Cantrails, Visual Carbon Fibre Fender Louvres in gloss finish; and titanium wheel bolts. The MSO Clubsport Pro Pack, which

adds an MSO Defined Harness Bar and 6-Point harness for track use, is available in either black, blue, red or McLaren Orange.

The cockpit of the McLaren 600LT exemplifies both weight reduction and a driver-focused environment. Lightweight Alcantara® trim material is used extensively throughout and the absence of carpet in the driver and passenger footwells and beneath the seats saves 5.7kg, while also exposing the carbon fibre beauty of the MonoCell II chassis construction.

Two new designs of ultra-lightweight aluminium alloy wheels - 10-spoke as standard and a 5-spoke alternative option - are the lightest wheels ever fitted to a Sports Series.

The new Mercedes-Benz CLA Coupe is highly

intelligent, from MBUX Interior Assist, which recognises operational demands from gestures and equips the interior with intelligence, through augmented reality for navigation and understanding indirect voice commands to the ENERGIZING COACH that provides individual fitness recommendations, the new CLA offers an array of clever solutions. There are also ingenious details when it comes to the aerodynamics and new functions for the Intelligent Drive driving assistance package. The design underlines the coupe character with its stretched form and design elements such as the bonnet with powerdomes or the rear licence plate which has been moved down.

The interior elements are arranged according to the main design themes of ‘high tech’

Mercedes-Benz CLA Coupe

and ‘youthful avant-garde’ - be that the steering wheel, the door handle operating module, the centre console or the seats.

In terms of driving dynamics, a wide track and a lower centre of gravity are the two key features which give the CLA the sportiest driving characteristics. The technical specification includes a decoupled multi-link axle at the rear for reduced noise and vibration, a Direct-Steer system as standard and hydromounts at the front. A stabiliser bar with a larger diameter reduces body roll. As an option, an active adaptive damping system is available, giving the driver the choice between comfort or a more uncompromising sporty tuning. The ESP® has been specially adapted to the CLA’s potentially high cornering speeds and handling performance.

MBUX Interior Assist facilitates natural operation. The voice control feature now recognises topical answers in a growing number of domains. Due to ongoing development of the system, it is also possible to take into consideration country-specific content providers.

ENERGIZING comfort control systematically uses the functions of the air conditioning system and the seats (heater, ventilation, massage) as well as lighting and musical moods, and enables a specific wellness set-up tailored to the mood and need of the customer.

The CLA has the very latest driving assistance systems with cooperative driver support, and thus provides the highest level of active safety in this segment. For the first time, the CLA is able to drive semi-autonomously in certain situations. To do this, it keeps a close eye on the traffic situation. Improved camera and

radar systems allow it to see up to 500 metres ahead. The CLA also uses map and navigation data for assistance functions. For example, Active Distance Assist DISTRONIC as part of the optional Driving Assistance Package is able to provide route-based support to the driver in numerous situations, and to predictively and conveniently adjust the speed, e.g. when approaching bends, junctions or roundabouts. Also on board are e.g. Active Emergency Stop Assist and intuitively understandable Active Lane Change Assist.

The new CLA comes with enhanced Active Brake Assist as standard. Active Lane Keeping Assist is able to warn the driver by means of pulsed vibrations in the steering wheel when the vehicle is unintentionally drifting out of its lane at speeds between 60 and 200 km/h. If the vehicle passes over a solid line, it can pull the vehicle back into lane by applying the brakes on one side.

PRE-SAFE® PLUS can recognise an imminent rear-end collision. If the danger of a collision persists, the system can also firmly apply the brakes of the stationary vehicle, thus lowering the risk of injuries by reducing the forward jolt caused by an impact from the rear.

CLA comes with the powerful four-cylinder petrol engine (165 kW/225 hp, 350 Nm) with 7G-DCT dual-clutch transmission (combined fuel consumption 6.3-6.1 l/100 km, combined CO2 emissions 143-140 g/km.


Automotive

Superior driving dynamics and exemplary efficiency

are the key characteristics of the new BMW 3 Series Sedan. With the extension of the engine portfolio to include a plug-in hybrid system, these essential properties of the new sports sedan acquire an additional and especially pioneering dimension. In the new BMW 330e Sedan, the latest generation of BMW eDrive Technology is combined with a 4-cylinder petrol engine to provide a significant increase in sporty flair as well as an even more intense electrically powered driving experience. The first ever standard XtraBoost integrated in a BMW model temporarily increases the system output of the plug-in hybrid drive from 185 kW/252 hp with an addition of up to 30 kW/41 hp. In addition to spontaneity of response, this also increases the electrical range of the new BMW 330e Sedan as compared to the predecessor model by 50 per cent. It is now possible to cover a distance of up to 60 kms on a locally emissions-free basis. Fuel consumption and emission figures are reduced by more than 10 per cent as compared to the predecessor model to up to 1.7 litres* per 100 kms and up to 39 grams* per kms.

In the new BMW 330e Sedan, intelligently controlled interaction between the electric motor and the combustion engine reaches a whole new level. More than ever, the electrification of the powertrain contributes not just to increased efficiency but

BMW 330e Sedan

Hyundai All-New Palisade SUV

also to creating a distinctive form of driving pleasure. The plug-in hybrid system comprises a 2.0-litre 4-cylinder petrol engine with BMW TwinPower Turbo Technology and an output of 135 kW/184 hp along with an electric motor which generates a continuous output of 50 kW/68 hp and a peak output of 80 kW/109 hp. Together, the two drive units develop a system output of 185 kW/252 hp along with a maximum system torque of 420 Nm. As a result, the new BMW 330e Sedan accelerates from zero to 100 km/h in 6.0 seconds. Its top speed is 230 km/h. In HYBRID mode, the new BMW 330e Sedan is able to reach a speed of up to 110 km/h when running on electric power alone-30 km/h faster than the predecessor model. In ELECTRIC mode, locally emissions-free motoring is even possible at speeds of up to 140 km/h-previously: 120 km/h.

The driving experience is accompanied by a model-specific sound design that includes highly emotional engine acoustics inside the vehicle, too. As such, the BMW 330e Sedan combines a definite sporty and dynamic orientation with the proven qualities of a plug-in hybrid model. The hybrid-specific optional equipment features of the new BMW 330e include an acoustic pedestrian protection function.

As an extension of Hyundai’s successful SUV range,

the Palisade rides on an all-new chassis, and provides exceptional second- and third-row roominess, generous cargo area, and reconfiguration flexibility.

From the front, a dominant, bold and wide cascading

grille clearly represents a premium SUV, strengthened by composite headlamps and a vertically-connected forward lighting signature. A powerful, extended hood profile creates an impressive road presence, with bold C-pillars and panoramic glass areas conveying spaciousness. Full-volume over-fenders and profile styling offer muscular detailing, while the rear view emphasizes a wide and stable stance.

The interior combines a sense of relaxation and comfort with eight-passenger seating as standard. Leather-equipped models offer a premium, quilted Nappa leather, while on the instrument panel, smooth woodgrain trim in a wraparound interior design create a spacious, comfortable ambience. One-Touch operation moves second row seats seat forward for easy access to the third-row seats, which in turn offer power-folding/unfolding and reclining. Second-row captain’s chairs are also available with ventilated seating surfaces. Every seating row offers USB outlets for convenience for all passengers, for a total of seven.

A class-exclusive Blind View Monitor which provides easy-to-see body-side views whenever the turn signal is activated, and complements the standard Blind Spot Collision Avoidance Assist. The audio and navigation display is a generous 10.25 inch touchscreen in widescreen format, coupled with a 12.3-inch fully-digital TFT center instrument cluster offering various view modes. Two Bluetooth® devices can be

connected simultaneously, with one for a mobile phone connection and the other for audio streaming.

Connectivity includes Hyundai’s latest navigation system with Android Auto™ and Apple CarPlay™, and there’s an available Qi wireless charging pad for compatible Android and Apple devices.

Palisade’s available Heads-Up Display (HUD) projects important information onto the windshield, helping the driver keep his or her eyes on the road. Palisade also offers a sophisticated Driver Talk in-car intercom system, which allows the driver to communicate separately with the second and/or third rows of the vehicle via the audio system in a conversation mode. A Rear Sleep Mode allows the driver’s row to listen to their selected audio without the sound being transmitted to the second- and third-row audio speakers, so that potentially sleeping passengers will not be disturbed. Palisade power comes from an Atkinson-cycle 3.8-liter V6, dual CVVT, direct-injected engine, for excellent power and efficiency. Palisade delivers power to the wheels via an eight-speed automatic transmission with a multi-plate torque converter, and offers both two-wheel and HTRAC® four-wheel-drive configurations, with a final drive ratio of 3.648 for confident acceleration.

Palisade offers a number of advanced safety technologies standard, including Forward Collision-Avoidance Assist with Pedestrian Detection, Blind Spot Collision-Avoidance Assist, Lane Following Assist, Rear Cross-Traffic Collision Avoidance Assist, Safe Exit Assist, High Beam Assist, Driver Attention Warning and Smart Cruise Control with Stop and Go.


Automotive

Euro Motors Jaguar Land Rover announced a

spectacular line-up of Jaguar and Land Rover vehicles set to be launched in 2019.

During the summer, Euro Motors Jaguar Land Rover will be introducing the latest iterations of three extremely popular Jaguar Land Rover models, the Range Rover Evoque, the Discovery Sport and the Jaguar XE. All three models will be given significant facelifts, thus taking their performance and capabilities to the next level. Towards the end of the year Jaguar Land Rover Bahrain will be introducing the much-awaited, new and improved Land Rover Defender to the Bahraini market.

Consistently placing customer satisfaction at the forefront, Euro Motors Jaguar Land Rover will also be providing its customers with 5 year free warranty, a free 5 year service package and free road assistance services for 5 years for all of its models.

The Discovery Sport is a sleek, compact SUV with legendary Land Rover capabilities along with a flexible interior that adds up to a great looking vehicle that does so much more. Confident, assured and responsive, the drive is further enhanced by a generous wheel articulation and innovative off-road technologies that guarantee exceptional performance at all times.

The 2019 Forester is built on the Subaru Global Platform

to deliver significantly higher levels of driving pleasure, agility, crash protection, ride comfort and quietness. The all-new Forester is powered by an enhanced direct-injection, 154 HP 2.0-litre four-cylinder BOXER paired with a standard Lineartronic CVT (continuously variable transmission). Also standard on all trim levels is Subaru’s legendary Symmetrical All-Wheel Drive, and the award-winning EyeSight Driver Assist Technology.

The 2019 Forester debuts a more rugged style that showcases Subaru’s new design language while retaining a strong family resemblance to the rest of the brand’s portfolio. The exterior has shoulder lines that follow around the pillars to emphasize height and strength. Prominent wheel arches emphasize the standard Symmetrical All-Wheel Drive system’s functionality.

The roomiest Forester cabin yet is also the quietest, thanks to the Subaru Global Platform’s inherent resistance to noise, vibration and harshness (NVH). Road noise is significantly reduced and

With its striking lines, muscular shoulders and tapered roof, the Range Rover Evoque sets itself apart from its contemporaries. The compact SUV is available in three distinctive body styles, the Coupe, Five-door and Convertible. The Range Rover DNA is communicated throughout the interior by the superb detailing, strong lines and clean surfaces combined seamlessly with contemporary finishers.

Jaguar Land Rover line-up of vehicles for 2019

Foton brand arrives in Bahrain

2019 Subaru Forester

Subaru has worked to tune out certain frequencies to make conversation or listening to music at highway speeds more comfortable.

Forester’s interior has been designed for both greater passenger comfort and increased durability in everyday and recreational usage. New front seats, are constructed to enhance comfort on long drives. A new Electronic Parking Brake frees up console space by eliminating the traditional parking brake handle.

The 2019 Forester is the best-equipped ever, adding features such as EyeSight, LED headlights, SI-DRIVE Engine Performance management, Active Torque Vectoring, Automatic Climate Control, Electronic Parking Brake, and a panoramic power moonroof.

2019 Subaru Forester available at Motorcity and priced from BHD8,995 onwards. It offers a 5 year/150,000 Kms warranty, along with complimentary one year insurance, registration, rust protection, roadside assistance and a service package.

Tas’heelat Automotive Company (TAC) brought

new brand, Foton, a leading global brand in designing and manufacturing commercial vehicles such as trucks, buses, and many others in Bahrain.

Foton, which is manufactured in cooperation with the German brand

Daimler AG and the American brand Cummins is ranked as one of the best and fastest developing brands and is considered one of the biggest trucks manufacturers, covered the scope of commercial vehicles through full series of commercial vehicles including light, medium, and heavy trucks, transportation vehicles (13 passengers and cargo) as well as buses all of which are compatible with the standards in the GCC where it has proved to bear with the climate circumstances in this area with ease.

TAC ensure to provide the best value for money to help organizations reduce their operation costs and failure time where Foton has succeeded in consolidating its position as being a leading company in the commercial vehicles sector supported with distinctive services and sophisticated after sales service center where the vehicles come with free warranty and maintenance for three years or 60,000 KM.

Foton is also considered one of the leading spare parts manufacturers globally due to its high growth in its commercial operations on global aspect as well as the value of its investments that are more than 30 one billion Yuan while the mother company is employing more than 40,000 employees and has wide appearance in all commercial vehicles’ categories that are being manufactured in cooperation with prestigious brands in this industry.


Highlights | Other Business

Aluminium Bahrain B.S.C. (Alba) started

the biggest furnace in its history with the First Cold Charge of Furnace 3 in its new Casthouse 4.

Alba’s Chairman of the Board of Directors Shaikh Daij bin Salman bin Daij Al Khalifa witnessed the First Cold Charge at Casthouse 4, which was also attended by Alba Deputy CEO Ali Al Baqali, Alba Executive Management Team, Casthouse 4 Start-Up team, Bechtel and other major contractors.

On this occasion, Alba’s Chairman Shaikh Daij said, “We are pleased with this milestone, which is another turning point in Alba’s journey towards becoming the largest smelter in the world.

With this landmark, we are on track to cast final products from CH 4 - another success in the Safe Start-Up of Line 6. I thank all teams for their commitment to achieve this milestone safely and on time.”

Part of Alba’s ambitious Line 6 Expansion Project, Casthouse 4 has a total design Value-Added Capacity of 530,000 tonne per annum. The First Cold Charge of Furnace 3 is a significant part of the process of commissioning Casthouse 4, which is set to produce soon.

Gulf Air revealed its business plans for

2019, as part of its ongoing commitment to strengthen its position as a national asset to the economic growth of the Kingdom.

In line with its 5 year strategy to become a customer airline of choice, Gulf Air

Alba starts the biggest Furnace in its History

Gulf Air launches Boutique Business model concept

New Baggage Handling system at BIA

announced its new boutique business model concept which will reinforce its focus on product and customer experience. As already done in the hospitality industry, Gulf Air will differentiate itself as a boutique airline that is different and unique in the way it operates comparing to the bigger airlines that are more volume driven. This approach will give the airline a competitive advantage that will translate in its new fleet, new Falcon Gold class offering, new exclusive products, new destinations for 2019 and its presence in the new terminal at Bahrain International Airport due to open towards the end of the year.

The airline concluded 2018 with 2 exciting projects:

The Bahrain Stopover travel packages: Eligible passengers on Gulf Air can now explore Bahrain en-route before reaching their final destination. The stopover packages, available for both Falcon Gold and economy travellers for the duration of 1-4 days, can be booked via the airline’s website and worldwide contact centre. The packages comprise a wide range of hotel accommodations, day tours and excursions for authentic Bahraini experiences.

A new mobile app: Available in Apple Store and Google Play allowing users to manage their Gulf Air trips and book flights, check-in online, pre-select seats, monitor flight status, buy Falcon Gold lounge access and excess baggage-all on the go.

The airline has defined 2018 as the #YearOfChange as it involved many changes to the business such as new brand, new livery, new fleet, new uniform, new destinations and a new strategy. Gulf Air received 5 Boeing 787-9 Dreamliners and 1 Airbus A320neo aircraft in 2018 and launched flights to six new destinations: Bangalore and Calicut in India, Alexandria and Sharm El Shaikh in Egypt, Casablanca in Morocco and Baku in Azerbaijan.

With the new business model concept, Gulf Air aims to grow strategically in size and will expand to more boutique destinations in 2019 and continue its fleet modernization programme by receiving additional 2 Boeing 787-9 Dreamliner’s and 5 Airbus A320neos this year.

In line with its efforts to enhance operational

efficiency and improve the overall passenger experience at Bahrain International Airport (BIA), Bahrain Airport Company (BAC) has established a new Baggage Handling Services (BHS) Department.

Specialists with extensive backgrounds in aviation baggage handling are currently running the department and conducting a comprehensive training programme for the new recruits, which includes site visits, case studies, and practical experience as the BHS System in the New Terminal Building is being installed, tested and commissioned.

Working 24/7 on a shift basis, the team will be responsible for the management of BIA’s

baggage handling system and communication with the relevant stakeholders to ensure baggage is handled safely and securely, and delivered on time. Once the Passenger Terminal Building opens, the team will manage its new state-of-the-art system, which has a handling capacity of 4,700 bags per peak hour.

Mr Al Binfalah said: “This new department brings us another step closer towards one of the Airport Modernisation Programme’s main objectives, which is to ensure that BIA’s passenger services are at par with the best in the world. BAC is committed to developing the Kingdom’s talent pool and training young Bahrainis to assume leadership roles in specialised aviation fields.”


Other Business

The Civil Aviation Affairs building, which once

served as the Bahrain’s main airport, will be transformed into a private aviation terminal.

According to Bahrain Airport Company (BAC), the terminal will cater to VIPs and business leaders.

The new facility is expected to be completed by 2020. It will offer a wide range of services to meet the needs of private jet owners.

An agreement to design and renovate the 4,000 square meter building was signed by Bahrain Airport Company BAC and Gulf Engineering House.

Kamal bin Ahmed Mohammed, Minister of Transportation and Telecommunications and Gulf Air chairman said, “The Civil Aviation Affairs Building is an important landmark in Bahrain’s rich

Elysian Natural Mineral Water is a premium

bottled water brand which has been launched by Saudi Arabian company Skan For Water LLC in Saudi Arabia and Bahrain, by Saudi entrepreneur Sheema Alnafisee.

Elysian water is a natural mineral water flowing from a natural spring in Modal Kilden, Fyresdal, Norway, and stands at being one of the purest drinking waters. The water is so naturally clean that it requires minimal filtration upon

Elysian Natural Mineral Water

New Private Jet Terminal in BIA

RAMEZ Group opens new hypermarket in Juffair

RAMEZ Group, a retail giant in the GCC and Asia, has

further expanded its presence in Bahrain by opening its latest hypermarket in Juffair, which is also 6th in the kingdom and 40th in the region.

Located in a strategic area in Juffair, close to Ahmed Al Fateh Islamic Centre, the sprawling 10,000 sq. ft. new hypermarket has been designed using the latest state-of-the-art retail space concepts for ease of shopping and display. It will meet all shoppers’ needs and is also well-positioned to cater to visitors and tourists from all around the globe.

As always, RAMEZ new hypermarket provides more than 285,000 high quality and value-for-money products under one roof, mainly: food, clothes, cosmetics, stationary, furniture, toys, kitchen kits, home appliances and many more. The outlet has also introduced a huge range of products from USA, UK, Switzerland, Greece, Turkey, Pakistan, India, China, KSA, Philippines, and Thailand. RAMEZ Group owns a factory at the industrial zone in Hidd area that covers its main supply of plastic, aluminum, and paper goods.

RAMEZ new Hypermarket contains a special display area for Bahraini products that showcases plenty of commodities such as: dairy products, spices, fruits and vegetables, etc. Plus, special

corners serving fresh meat, chicken, Seafood, bakery and organic food.

RAMEZ plans further expansion in future with opening more Hypermarkets in many areas around the kingdom, mainly Al-Hala area in Muharraq and Janabeya area, reaching 8 branches in total.

aviation history. During the renovation, our goal is to ensure it retains its traditional character while transforming it into a private aviation terminal that adheres to the latest international standards and elevates the kingdom’s aviation sector in line with Bahrain’s Vision 2030. "The project is part of the ministry’s plan to offer services to private jet owners through BIA, especially in light of the sector’s impressive growth rate in the Middle East. It is also part of a comprehensive strategy to enhance the infrastructure of BIA and one of the main components of the Airport Modernisation Programme, which is expected to be finished by Q3 2019."

extraction. The water is also low in sodium and mineral content, as a high count of minerals in water could affect the body adversely. Elysian’s natural spring is situated in a minimally uninhabited area that is void of any microbes or pollutants, which is very rare.

“Norway is home to the cleanest and purest water in the world. Our mission is to provide this essential source of life to the population of the Arabian Gulf region and beyond for an affordable price,” said Sheema Alnafisee, CEO of Skan For Water and Elysian water. “Additionally, consumers are becoming more health conscious, relying less on carbonated soft drinks and sugary beverages. The bottled-water market is exploding across the Middle East on an unprecedented scale; and potable water is scarce in the region. Skan For Water and Elysian seized this opportunity to cater to people’s preferences for premium, yet affordable water by bringing Elysian.”

The price of a 500 mL bottle of still and sparkling water is between 300 and 400 Bahraini fils. For consumer convenience, the bottles are sold 24 bottles per carton via the website www.elysian.com.sa


Other Business

YK Automall opens in Janabiya

New Area GM at InterContinental Regency Bahrain

Al Zain Jewellery Launches “Hab El Hayl” 2nd Edition Collection

Y.K. Almoayyed & Sons Chairman, Mr. Farouk

Almoayyed officially inaugurated the YK Automall located in Janabiya. The YK Automall is a unique concept where owners of cars of all models can experience an uncompromising level of state of the art automotive services of all types under one roof. From a wide range of new cars, used cars and rental facilities to other services like Periodic Maintenance, Tires & Battery, Smart Repair, Car Care services and many more, all are located within the same facility.

Speaking on the occasion, Mr. Mohammed Almoayyed said, “The YK Automall in

Al Zain Jewellery relaunched an exciting

updated collection named Hab el Hayl 2nd Edition on 20th January 2019 across the Middle East. “Hab El Hayl” was inspired by the humble cardamom seed, a spice very dear to traditional Bahrain and known for its healing properties. The seed is widely used as a motif in the traditional Bahraini Jewellery designs. Al Zain re-introduced the classic Hab El Hayl 2nd edition designs in a modern and contemporary collection that still preserves its origins as a classic heritage design.

Hab El Hayl 2nd Edition sees the introduction of Yellow, Rose and White 18K gold. New slimline designs in ring and bangles were introduced allowing the wearer to stack the items two to three at a time creating a fresh fashionable and playful yet elegant look. Two new necklaces were launched using the same design in two sizes and can be worn together or individually. Rounding off the collection, they launched three stunning hinged solid gold bangles with matching rings, all beautifully and richly adorned with diamonds. The entire collection is adorned in diamonds in a variation of designs allowing the wearer to choose her price and look at the same time.

About this collection Theo Swart, the CEO of Al Zain commented: “When we initially launched Hab El Hayl last year we did not expect the overwhelming response, our customers fell in love with the collection and the

InterContinental Regency Bahrain announced

recently that Philipp John Economou has been appointed as the hotel’s new Area General Manager.

German national Economou started his career as a front office clerk at the Athenaeum InterContinental in Greece. Economou soon fully integrated himself into the InterContinental Group and set off on his next journey in Spain as assistant F&B manager in 2002. Later on he moved to InterContinental Carlton, France for one year as an F&B Director before moving to InterContinental Miami, USA, where he led the business to be recognized as the most profitable F&B operation across the (IHG) hotels group in the region. Economou started his first experience in the Middle East as general manager at Holiday Inn Abu Dhabi where he improved the hotels overall performance to achieve 10 out of 10 on Hotel Metrics 2014. After that, he moved to InterContinental Fujairah Resort as an opening General Manager before he moved to InterContinental Regency Bahrain where he brings more than 23 years of hospitality experience to the forefront.

demand was unexpectedly high. From there we started designing the new addition to the collection from the same inspiration. We completed the designs sketches, send them for prototyping like any other collection and when the first samples arrived, we instinctively knew we were on a winner here! These items are designed to wear together, to stack them, to layer them and to mix and match them as dictated by her changing moods. This is exactly in line with our customers needs,

to look elegant but at the same time maintain her rich Arabian heritage proudly without spending a fortune. Hab el Hayl 2nd Edition is a modern heritage design that is versatile and price conscious yet offering the Al Zain handmade promise of the very best materials and finishing”.

This collection is available in all Al Zain boutiques across the GCC in Bahrain, Khobar, Riyadh, Jeddah, Dubai, Abu Dhabi, and Qatar and on its website www.alzainjewellery.com

Janabiya has been developed to truly be a One-Stop-Shop for all your automotive needs regardless of what car you own or drive. We realized that there was a lack of a high-end service center in the area. Our vision was to develop a facility that can deliver the YK standard of professionalism, reliability and level of service for residents in the area. We foresee expanding this concept throughout the kingdom in the future and bringing convenience closer to our end users.”


Banking 26% 22% 20% 14% 13% 5%

Telecom 30% 28% 25% 12%

5%

Real Estate 45% 20% 15% 10% 6% 4%

Other Business 34% 19% 15% 12% 11%

9%

Batelco VIVA Zain TRA Kalaam

Others Diyar Al Muharraq Bin Faqeeh DilmuniaEagle Hills Manara

Others ALBA GPIC BAC/BAS Gulf AirE.K. Kanoo

Biz Dashboard

Market Share for PR Coverage

Others CBB NBB KFHB ASB BBK

VAT Free ProductsHow VAT is Collected at Each PhaseBHD 5 Remitted

Net VAT BHD 5 Remitted(BHD 10 Output Tax-BHD 5 Input Tax)


Income ofBHD 15

SUPPLIER

Product Sold to Distributorfor BHD 100+ BHD 5 VAT(5% VAT)

DISTRIBUTOR

Product Sold to Retailerfor BHD 200+ BHD 10 VAT(5% VAT)

RETAILER

Product Sold to Customer for BHD 300+ BHD 15 VAT(5% VAT)

END CUSTOMER

1

2

4

3

Spurce National Bureau for Taxation | www.nbt.gov.bh

Infant Formula

Bread Products

Vegetables& Fruits Wheat & Rce

Coffee Beans,Tea &

Cardamom

OilsEgg

Water

Milk Meat & Fish

Sugar & Salt

Input Tax: VAT Paid on all PurchasesOutput Tax: VAT Collected on Sales


Banking 26% 22% 20% 14% 13% 5%

Telecom 30% 28% 25% 12%

5%

Real Estate 45% 20% 15% 10% 6% 4%

Other Business 34% 19% 15% 12% 11%

9%

Batelco VIVA Zain TRA Kalaam

Others Diyar Al Muharraq Bin Faqeeh DilmuniaEagle Hills Manara

Others ALBA GPIC BAC/BAS Gulf AirE.K. Kanoo

Biz Dashboard

Market Share for PR Coverage

Others CBB NBB KFHB ASB BBK

VAT Free ProductsHow VAT is Collected at Each PhaseBHD 5 Remitted



Income ofBHD 15

SUPPLIER

Product Sold to Distributorfor BHD 100+ BHD 5 VAT(5% VAT)

DISTRIBUTOR

Product Sold to Retailerfor BHD 200+ BHD 10 VAT(5% VAT)

RETAILER

Product Sold to Customer for BHD 300+ BHD 15 VAT(5% VAT)

END CUSTOMER

1

2

4

3

Spurce National Bureau for Taxation | www.nbt.gov.bh

Infant Formula

Bread Products

Vegetables& Fruits Wheat & Rce

Coffee Beans,Tea &

Cardamom

OilsEgg

Water

Milk Meat & Fish

Sugar & Salt

Input Tax: VAT Paid on all PurchasesOutput Tax: VAT Collected on Sales

bizbahrain.com - Web Portal Overview as on December 2018 Total Articles (17,642) Total Views (4,064,759) Total Visitors (764,090)


Listing | Tender Board Bahrain

Source: www.tenderboard.gov.bhwww.arabianindustry.com/tenders

Company Name

RFP/EDU/2018/323 Public 20/02/2019

RFP/Edamah/2018/78 Public 20/02/2019

Gulf Air RFP20193927208561 Public 20/02/2019

Ministry of Interior RFP/MOI/2019/44 Public 13/02/2019

Ministry of Health

Bahrain Real Estate Investment (Edamah)

B.S.C (c)

Purchasing 2 Ambulances for Kidney Dialysis Center

(Hunayniyah)RFP201812426207383 Public 06/03/2019

Tatweer Petroleum W.L.L Long Term Agreement of Supply of Neck Lock for Stuffing Box

Supply of stationary items for MOI

RFP/Tatweer/205/2018 Public 13/02/2019

Accelerator Support Program LF-172 Public 13/02/2019Tamkeen

Refurbishment Works to Customs office at Hidd

RFP/CA/21/2018 Public 13/02/2019Customs Affairs - Ministry of Interior

Bahrain Petroleum Company (Bapco)

Provision of Long Term Vacuum Tanker Service in the Company’s

Operating AreasRFP/Bapco/2018-484 Public 27/02/2019

Ministry of Works, Municipalities Affairs and Urban Planning

(Municipalities Affairs)

RFP201810247206229 Public 20/03/2019

Tender Subject Tender No. Tender Type Closing Date

Development of MoE Budget and Auditing Buildings (3,4 & 5) at

Gudaibiya

Investment In Seef Area (Seef Boulevard) In Complexes 428-346

Ministry of Education

Supplying of Various types of Service Ware for economy class

Construction and maintenance of the Multi-Storey Carpark at Salmaniya Medical Complex

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