News update

>> UAE’s banking sector has recovered to be robust, says UAE Bank Federation chief

>> Egypt’s central bank cuts interest rates to boost economy

>> UAE falafel chain to IPO on Nasdaq Dubai as soon as October-sources

>> UAE may announce bank exposure rules in 1-2 months

>> UAE insurance sector set to grow 10% this year

>> Dubai Holding Investment Group, creditors agree on USD1.2bn loan extension

>> Fed opens bond floodgates with 3-month grace period

>> Borrowing to buy leaves UAE markets volatile, maybe vulnerable

>> Syria discloses chemical weapons stockpile details –watchdog

>> Dubai property deals at AED5.1bn

Dubai’s new old fashion preference

Six ways to ensure your company stays ahead of the curve

Sharjah rents rise as demand soars

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

OCTOBER 2013 Vol. 2 - No. 15

Fed holds off the great taper C

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Policymakers add to the uncertainty

Events and Promotions

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The aspiration: the best automobile in the world The pinnacle of the Mercedes-Benz promise to deliver the best or nothing in luxury automotive development has arrived in the region, and is set to beguile another generation of the region’s elite with its vision of the future today. Mirroring the Middle East’s ambition to utilise and develop cutting edge technologies to achieve some of the globe’s most admired and recognisable engineering achievements, the prestigious new S-Class is not just a technological spearhead for Mercedes-Benz, but for automotive development as a whole.

With the three engineering priorities “Intelligent Drive”, “Efficient Technology” and “Essence of Luxury”, the new S Class extends the boundaries of technology on many levels.

“Admired for its ability to glide effortlessly with a power and prestige that commands understated respect, the revered S-Class has achieved a status in the Middle East bordering on the legendary. But the S-Class is no mirage. With every new generation of S-Class, customers across the region expect it to set standards across the board to retain its accolade as “the best automobile in the world,” says Frank Bernthaler, Director, Sales and Marketing, Mercedes-Benz Cars, Middle East & Levant.

“Rather than being about safety or aesthetics,

power or efficiency, comfort or dynamism, our aspirations were ‘the best or nothing’ in every respect. No other car stands for the Mercedes-Benz brand promise more than the S-Class,” adds Bernthaler.

Perfection to the last detail results in “The Essence of Luxury”. This pursuit of the best is particularly noticeable in the interior: whether it is the seats or the air conditioning, the controls or the design, the infotainment or the comfort and safety in the rear – new ideas, their painstaking realisation, and highest perceived quality underpin the high standards that the engineers have set for the Mercedes-Benz flagship model – and for themselves.

The same applies to safety. What started with PRE-SAFE® ten years ago and continued with DISTRONIC PLUS has now resulted in a new dimension of motoring: comfort and safety are merged into one. Mercedes-Benz refers to this as “Intelligent Drive”. A whole host of new systems makes the new S-Class even more comfortable and even safer.

Furthermore, the new model is the world’s first car to dispense entirely with light bulbs in favour of LEDs, pointing the way ahead once again.

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Dubai’s new old fashion preference Dubai’s first lady of vintage Maha Abdul Rasheed talks about the changing attitudes towards vintage fashion.

By Eva Fernandes

To the uninitiated, Dubai may seem like the most unlikely place to launch a boutique dedicated to vintage fashion and accessories. After all, could a city obsessed with being trendy and up-to-date actually be home to connoisseurs of an industry which prides itself on, to put it plainly, old and used clothes?

Egyptian-born Maha Abdul Rasheed certainly thinks so. After graduating from the American University of Sharjah and the London College of Fashion, she launched Dubai’s first ever vintage boutique called Bambah in 2011. Bambah, which won the ‘Best Boutique’ award as part of the Grazia Style Awards, is Dubai’s answer

to the vintage markets found all over the world from Portobello Road in London to the Brooklyn markets in New York. Its founder says its success is a result of the city’s love for exclusivity especially when it comes to fashion.

“Although the concept of ‘real vintage’ is relatively new in the UAE and the region as a whole, I’m glad to say that so far people have received it exceptionally well. People are constantly on the look for unique and exclusive pieces that complement their style and personality with a guarantee that no one else will be wearing the same piece,” said Rasheed.

Collecting items of clothing for more than ten years, Rasheed sources her clothing from various decades and cities. She acquires clothing from the 1920s all the way to the 1980s from cities like Tokyo, New York, Amsterdam, Paris, and Berlin.

“Contrary to what may seem apparent, people in Dubai love to experiment with new concepts and are slowly stepping outside their comfort zone to catch up with worldwide trends,” she added.

One of these trends is integrating vintage pieces into everyday fashion as opposed to dressing head to toe in vintage clothing, which can be tricky.

While shoppers in Dubai have always had a preference for contemporary fashion and designer labels, Rasheed notes that she is noticing a formidable combination between designer brands, high street labels and timeless

vintage pieces in the local fashion scene. She pegs this love for mixing and matching trends to the city’s preference for selectiveness. Opting for fashion from different eras results in a unique outfit even if it is just one or two vintage pieces tastefully integrated into the look.

“I’ve also noticed that people are slowly stepping out of their comfort zone when it comes to fashion and have become bolder and more expressive with their style—more studs, more exaggerated looks and over the top accessories and personal touches that express their individuality and whom they are,” she said.

Since the launch of Bambah, there have been more vintage boutiques setting up shop in the city including Garderobe on Jumeirah Beach Road and Reem’s Closet in Mazaya Centre. Lovers of vintage can also book private appointments at My Vintage Parlor for a more personalized and less hassled vintage shopping experience or those who prefer shopping online can browse through the cyber racks of Dubai’s online vintage parlor The Vintage Closet.

“From my experience with Bambah over the past couple of years I can comfortably say there is a massive state of awareness of the concept. Customers have become aware of vintage, its value, and the fashion statement that it brings to one’s personality.”

“With this impressive popularity of vintage, there is a definite shift in women’s attitude towards older fashion and more women will be holding onto their favorite fashion pieces and passing them down to the next generation” she

added.

Rasheed, who has been unofficially titled Dubai’s first lady of vintage, has received recognition by the ‘Emirates Woman of the Year’ award, for being a visionary. And as far as her vision for the future of the vintage clothing market in Dubai goes, she is optimistic: “I think vintage in Dubai has an exceptionally promising future – I predict the trend will gradually turn into a lifestyle where the concept will be slowly integrated into their life and not just within their fashion sphere.

“I’m hoping we’ll have a bigger street style scene where people will go to the charming streets of Dubai for inspiration and will come across some of the most stylish people in the world.”. © Zawya

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SUCCESS SECRETS

Six ways to ensure your company stays ahead of the curveBy Eva Fernandes

Do you remember the time when mobile phones were synonymous with Nokia? Or when smartphones were synonymous with Blackberry? Recent events in the tech world have signaled the official demise of both these associations. So what went wrong?

One word. Inertia.

Simply defined, inertia is considered to be ‘the lack of movement or activity especially when movement or activity is wanted or needed.’

Though it may be a concept from Newton’s Laws of Motion, inertia is just as important in the world of business as it is in the world of physics. While there may be several reasons why companies fail to move forward, especially when it is needed, the only way to stay ahead of the curve is to innovate.

Omar Hadidi, entrepreneur manager at Dubai’s crowd-funding investment vehicle Eureeca, said the key to innovation is very straight forward: “Identify a gap in the market. Find a solution for it. Implement it as well as you can but don’t take too long. Release it, and improve with user feedback.”

While approaching innovation, he said it is vital for businesses to keep the ball rolling and to avoid falling into the vicious cycle of perfectionism: “Companies that spend too long trying to create the “perfect product” end up running out of money. This is primarily the case for start-ups and SMEs, arguably the premier driving force behind innovation.”

“Alternatively, a company may get beaten to the punch by foreign entities that have either glimpsed their plan or thought of it on their own and did it faster. It’s always better to release an imperfect product and improve it with user feedback (a beta, for example) than to wait around trying to guess the public’s reactions,” he added.

So what can a company do to ensure they are always in the position to identify opportunities for innovation? Here are six ways to ensure your company stays ahead of the curve.

Talent is essential: Hiring the right people with the right attitudes to innovation can make or break a company. Take active steps to prevent a culture of stagnation. Rewarding new ideas and hiring new employees will give your company the fresh perspective on its

functions.

Investment is key: It is all very well to expect your employees to champion innovation at your company, but if they do not have the right resources at their disposal, chances are your plans for innovation will remain just that—ideas. If you are serious about taking your company down a new ground-breaking road, then your balance sheets should reflect that decision. Put your money where your mouth is to ensure your staff has the support they need to innovate the company.

Don’t always listen to your customers: Have you heard of the saying the customer knows best? There is some amount of truth to the concept but when not when it comes to innovation. You need to be able to anticipate needs a customer doesn’t know they have. That being said, understand what your business’ selling point is—why do your customers return to you—and build on it. Just don’t rely on customer feedback to be a driver of innovation.

Mix things up: When working on projects always bring in a third party to get a fresh perspective on the issue. Why not ask a very junior team member who hasn’t been involved to give you a new insight into the project? Alternatively, you could always hire an external consultancy to help drive research and development.

Don’t wait to innovate: While this may seem like common sense, it is surprising how

many companies have buckled because the management did not innovate until it was forced into a corner-by which time it was already too late. Set internal goals for how your products and services are going to change on a regular basis to ensure you are always one step of ahead.

Communication: Lastly, never underestimate the importance of establishing proper communication channels from the bottom to the top. Encourage employees to attend brainstorming sessions and get as many ideas on the drawing board. Also remember to keep teams intimate—while large groups of people may mean more ideas it could also slow down the process and hurt the dynamic of a brainstorming session. © Zawya

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MARKETS UPDATE

Fed holds off the great taperThe U.S. Federal Reserve surprised markets by delaying its decision to claw back its USD 85-billion bond-buying program.

The speculation had gripped markets for months, and many had expected the Fed at announce at least a USD 10 billion cut in QE purchasing per month in September.

Instead, Fed chairman Ben Bernanke mused about softening growth, injecting fresh uncertainty in the prospects of the U.S. economy.

“There is no fixed calendar schedule, I really have to emphasize that,” Fed chairman Ben Bernanke said emphatically, suggesting that the bank’s decision may be driven by more than just improving economic data.

Market observers now believe tapering is unlikely this year especially as attention turns to two showdowns between Republicans and the White House over the next few weeks.

The two parties need to sign off on a budget deal by September 30 to avoid a federal government shutdown. Then a bigger battle ensues when Congress must vote to raise the debt ceiling before the U.S. Treasury runs out of money sometime between mid-October and early-November and this could set up a budget battle between the Republicans and Democrats.

In Germany, Angela Merkel led her party to an

emphatic victory in the elections to put her on course for a third term. Voters rewarded her party for smooth running of the economy and steering the EU out of the debt crisis.

Lost in the mist surrounding the Fed decision, emerging markets are also sending mixed signals, with India, Brazil, South Africa and Turkey also showing signs of lethargic growth.

The newly-installed Bank of India governor Raghuram Rajan took a drastic measure by raising interest rates to stave off inflation as the country faces its worst economic crisis in

two decades.

Regional markets reacted positively to the Federal move, which was a welcome relief. Markets had been wobbling at the prospect of an American attack on Syria, with Dubai stocks especially nervous after rallying for the better part of a year.

But markets appear to have returned to form, with most indices inching higher in the first three weeks of September. Good corporate data from port giant DP World and news of new IPOs also improved investor sentiment.

Dubai Financial Market has risen 64% - among the best performing markets in the world - while Abu Dhabi index has also soared nearly 45% this year. Despite the surge, UAE markets’ price-to-earning ratio stood at 11.7 times - below the Gulf average of 12.6.

Still, the regional S&P GCC index is only up 16.4%, and investors may turn their focus to Qatar (up 18.1%) and Saudi Arabia (up 18%) to hunt for bargains.

With Syria-driven uncertainty in the market unlikely and global monetary policy loose at least for now, regional investors are more likely to see clear skies in the immediate future.

Gold

Gold soared to its biggest gain in weeks after the U.S. Federal Reserve chose to delay tightening its monetary policy. Spot gold eased to USD 1,374.54 an ounce as investors piled into the safe-haven commodity. But few

analysts expect the rally to continue as physical buying in key markets of India and China remain subdued.

Dollar

The dollar hit a seven-month low against a basket of currencies as traders digested the Fed’s decision. The euro was at USD 1.3522 — a 7-1/2 month high while the dollar held its line against the Japanese currency at JPY 99.55.

Oil

Brent crude fell as the prospect of an attack on Syria dimmed and Libyan output trickled back into world markets. The oil market is also softening after the Iranians and Americans signaled a thawing in their frosty relationship. Crude fell to USD 109 by the end of the third week of September as traders expected a more balanced market going forward. © Zawya

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Market Country %Chg YTDUAE (DFM) UAE 64.3UAE (ADSM) UAE 44.9NIKKEI Japan 42Kuwait (KWSE) Kuwait 32.3NASDAQ USA 25.3S&P USA 21DJIA USA 19.6Qatar (DSMI) Qatar 18.1S.Arabia (TASI) Saudi Arabia 18S&P GCC Regional 16.4Oman (MSI) Oman 14.6DAX Germany 14.5FTSE United Kingdom 12.8Bahrain (BAX) Bahrain 12.5MSCI EM International -5.1Source: Reuters (as at Sep 21, 2013)

Selected Market Performance

Country Mcap P/E (x) P/B(x) D/Yld(%) ROE(%) USD Bn 13E 12A 12A 12A Saudi 416.4 13.2 1.9 4 13.9 UAE 151.2 11.7 1.5 3.5 10.2 Kuwait 97.9 17.3 1.3 2.5 6.7 Qatar 141.5 12.7 1.8 3.9 13.4 Bahrain 17.7 10.7 0.9 3.6 7.5 Oman 22 9.6 1.6 4.2 15 GCC 847 12.6 1.6 3.7 11.3

Gulf Market Statistics

Source: Zawya.com (as at Sep 21, 2013)

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Sharjah rents rise as demand soars Rising rents in Dubai have also lifted properties in the Northern Emirates. Sharjah rents have risen 16% in the past year, mimicking growth experienced by its bigger, southern neighbor.

The economies of Dubai and the northern emirates are closely linked, especially as many nationals and expatriates work in Dubai and live in the neighboring emirates of Sharjah, Ajman and even further north in Ras-Al Khaimah and Umm-al Quwain.

“The rise is generally due to the hiked rents across Dubai, resulting in a number of relocations to the northern emirates, particularly to Sharjah,” noted property consultant Asteco in a recent report.

The consultancy notes that apartments in the key markets of Al Majaz, Al Nahda and Al Qasimiah saw average rental increases rise as much as 27% over the past 12 months.

“This trend is expected to continue for the short to medium term.”

While the emirate has benefited from a pickup in Dubai and the wider UAE economy, the city state has also seen a jump in its own economic activity.

“As residential demand has started to surpass Sharjah supply, Government initiatives towards the launch of new projects and road developments are likely to boost the economy and cater to the upcoming housing needs,”

Asteco said.

The emirate is planning to invest nearly AED5 billion in the economy with a strong focus on tourism, transportation and healthcare.

More than 950,000 tourists visited 103 hotels in the first half of the year – an increase of 9% compared with the previous year. The emirate also saw room-night stays surge 7%, with Europeans tourists leading the way.

The Sharjah tourism boost is part of a wider surge in the UAE’s hospitality sector, as international tourists shun other regional tourists hot spots such as Egypt and Jordan.

The Sharjah authorities expect another 2,250 new hotel rooms to be built over the next two years, to take total capacity to 12,000.

The emirate also stepped up efforts to attract regional and international tourists with events like The Sharjah Light Festival and Sharjah Biennial, and is planning international road shows to highlight the city’s tourism appeal.

The Sharjah government is also developing a Sustainable Transport Plan to address some of the road bottlenecks in the emirate.

The emirate is also keen to leverage its strength a maritime hub, especially as it is home to three ports Port Hamriya, Khalid and the strategically-important Khorfkakkan port on the east coast.

Khorfakkan port will also get a major connectivity boost when it is connected to Etihad Rail network which will run across the entire length of the country.

However, office rentals have not seen a similar surge in activity, with rentals declining by 1% on average during the last 12 months, although areas in demand such as Corniche, Al Wahda and Mina Road saw rents rise anywhere between 4-9%.

Sharjah is also building on its reputation as a strong manufacturing and industrial hub despite strong competition from freezones in Dubai and Abu Dhabi.

The Dubai effect has not only spilled into Sharjah’s economy but has spread wider to the other northern emirates.

Ajman’s residential rents jumped 10%, while Ras Al Khaimah also rents edge up to 8% during the period. Umm Al Quwain and Fujairah rent increases are more subdued, rising 2% and 5% respectively in the past 12 months. © Zawya

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Area % Change(Q2 2012-Q2 2013)

Al Majaz 24Al Qasimiah 16Al Nahda 27Al Khan 8Al Shagara 13Al Yarmook 6Corniche 18Al Wahda 22Mina Road 11

Sharjah Rents

Source: Asteco

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Policymakers add to the uncertainty

In delaying the unwinding of its quantitative easing program a few weeks ago, the Federal Reserve had factored in dysfunction in Washington D.C.

And it was proven absolutely correct in its assumption as U.S. lawmakers created a political situation that has hurt the economic prospects of the world’s largest economy.

The U.S. government was heading for a partial shutdown as the Republicans and the White House failed to agree to extend a key bill that funds the American government.

Even if the issue is resolved, a bigger battle looms in the weeks ahead when Congress must vote to raise the debt ceiling before the

U.S. Treasury runs out of money sometime between mid-October and early-November, setting up a budget battle between the Republicans and Democrats.

The stalemate has seen the U.S. dollar fall against major currencies as investors fret over the policymakers’ inability to find common ground.

The dollar fell 0.07% against a basket of six major currencies at 80.233 and was near-flat against the Japanese currency, up 0.1% at 98.34 yen. The euro rose 0.03% at $1.3525.

While the political cliff-hangers by the two U.S. parties are frustrating, there is little danger of the American dollar losing its allure as the reserve currency of choice, at least in the medium term.

Latest data from the International Monetary Fund shows U.S. dollar reserves held by central banks remained at 61.9% of total reserves in the second quarter. Only 23% of the global reserves are held in euro, much lower than its market share of 29% back in 2009.

Still, there is no room for complacency by the U.S. as continued delays in decision-making is marring economic progress and injecting fresh uncertainty in an already-fragile economic environment.

The continued logjam will mean the Federal Reserve may well be looking at next year before it starts to taper.

News from China, the world’s second largest

economy, was not encouraging either. HSBC’s Purchasing Managers’ Index (PMI) data fell short of analyst expectation underlining that the Chinese economy is not recovering fast enough.

Analysts are also concerned about new policy reforms by Beijing that could curb investments by state enterprises, which would hurt business confidence even more.

Further east, Japanese Prime Minister was poised to raise a sales tax from 5% to 8% in a bold attempt to curb the government’s astronomical debt, which has reached USD 10.81 trillion.

The sales tax is expected to be offset by an economic stimulus package focused on cutting corporate tax, as Japan makes a concerted effort to spur economic growth. The tax cut will likely weaken the yen currency further.

Japan is also under pressure from ratings agencies such as Standard & Poor’s which have warned of a ratings cut if Tokyo does not show resolve to cut its debt.

In Europe, the comforting news of Angela Merkel returning to power was offset by instability in Italy. Italian politician Silvio Berlusconi has effectively brought down prime minister Enrico Lettas’ government by pulling his ministers out of the cabinet, further delaying agreement on changes intended to reduce debt and revive growth.

The euro has fallen against the yen, and other currencies including the pound sterling and

Swiss franc in recent days, as policymakers continue to interrupt, rather than facilitate, economic recovery - similar to the efforts of their counterparts across the Atlantic.© Zawya

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NEWS UPDATES

UAE’s banking sector has recovered to be robust, says UAE Bank Federation chiefThe UAE’s banking sector, which suffered in the aftermath of the global financial crisis with some of the major banks reporting high non-performing loans between 2009 and 2011, have “recovered quickly” to become robust, according to Abdul Aziz Al Ghurair, chairman of Dubai International Financial Centre Authority and chairman of Emirates Banks Association.

He credited the UAE Central Bank and the Federal Government’s Ministry of Finance proactive steps for the fast recovery of the banking sector during his address to the assembled global delegates at SIBOS 2013. – Reuters

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Egypt’s central bank cuts interest rates to boost economyEgypt’s central bank cut its key overnight interest rates by 50 basis points (bps) at a monetary policy committee (MPC) meeting as expected, saying it was stressing higher growth over lower inflation.

The cabinet appointed after the army removed Islamist president Mohamed Mursi from power on July 3 has been seeking to stimulate the economy after more than two years of stagnation. – Reuters

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UAE falafel chain to IPO on Nasdaq Dubai as soon as October-sourcesJust Falafel, a United Arab Emirates-based franchise restaurant offering the traditional Arab food, has hired an advisor to help arrange an initial public offer of shares on the Nasdaq Dubai bourse as soon as October, sources said.

The plan suggests IPO activity in Dubai is resuming after a gap of more than four years caused by the global financial crisis and the emirate’s 2009-2010 property market crash. – Reuters

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UAE may announce bank exposure rules in 1-2 monthsThe United Arab Emirates central bank is expected to announce within one or two months rules restricting the amount of exposure which banks can have to the debt of government-related entities (GREs), a top commercial banker said on Tuesday.

Abdulaziz al-Ghurair, head of the national banking industry association and chief executive of Mashreq Bank , told reporters that each bank would then discuss the time frame for its compliance with the central bank on a case-by-case basis. – Reuters

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UAE insurance sector set to grow 10% this year The United Arab Emirates’ insurance sector is likely to expand about 10% this year, and growth may accelerate after reforms which are currently being planned, the director-general of the government’s Insurance Authority said.

Total premiums underwritten in 2012 were AED 26.8 billion (USD 7.3 billion), up 9.5% over the previous year. Growth will be similar this year, Ibrahim Obaid al Zaabi told reporters. - Reuters

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Dubai Holding Investment Group, creditors agree on USD1.2bn loan extensionDubai Holding Investment Group (DHIG) and its creditors have agreed to extend the repayment date of a USD 1.2 billion loan until 2020 as the emirate continues to make slow progress in restructuring debt at its government-related entities.

“Dubai Holding can confirm that DHIG’s USD 1.2 billion syndicated loan has been successfully restructured as of August 29, 2013,” a Dubai Holding spokesperson said. “The restructured loan has been extended to 2020 at the original rate of interest with no impact on the principal payment.” – Zawya Dow Jones

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Syria discloses chemical weapons stockpile details –watchdogSyria has disclosed the information on its chemical weapons program that was expected under an agreed Saturday deadline, the Organization for the Prohibition of Chemical Weapons said.

The disclosure is a crucial stage in the process that should lead to the weapons’ destruction. Syria is believed to possess about 1,000 tonnes of toxins, and has agreed to destroy them under a joint Russian-U.S. proposal designed to avert a U.S. military strike on Syria. – Reuters

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Fed opens bond floodgates with 3-month grace periodGlobal borrowers are hitting the bond roadshow trail, aiming to raise hundreds of billions of dollars in cheap financing after the U.S. Fed’s surprise decision to keep its money taps open for a few more months.

As the bond issuance window unexpectedly swung wide open, a total USD 16.6 billion was raised on global bond markets on Thursday, leaping four-fold from the day before, Thomson Reuters data shows, while over 20 borrowers worldwide - from Italy’s Intesa to Saudi conglomerate Sabic - announced issuance plans. – Reuters

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Borrowing to buy leaves UAE markets volatile, maybe vulnerableA surge in lending to investors by brokerages in the United Arab Emirates has helped make Dubai the world’s second-best performing market this year, but has left it prey to volatility.

Some investors have been able to make profits in the range of 40 to 60% this year on local stock markets but the question is whether such margin lending - borrowing with cash or holdings as security - is setting the region up for trouble. – Reuters

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Dubai property deals at AED5.1bnThe rush was expected as investors, sellers in particular, look to save two per cent in transfer fees on the first day of business after the DLD announced doubling of the fee on September 26 to four per cent from two per cent.

The value of daily transactions was the highest in 52 years of the department’s history.

Total land deals registered were Dh2 billion, while apartments and villas registered were worth Dh1.7 billion. – Emirates 24/7

Read full article. © Zawya

NEWS UPDATES

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