17/01/2010 Amman – Riyadh – Estarta Solutions has launched the new version of A4SADAD Bank which is associated to SADAD payments system in Saudi Arabia. A4SADAD Bank is a unified solution for connecting systems, banks, and governmental and non-governmental organizations to SADAD payment system in Saudi Arabia, in addition to being the first system in the Kingdom to allow users to take advantage of the services provided by the Saudi Ministry of Interior through linking the ministry to the SADAD system as well.

The new version of A4SADAD Bank provides an opportunity for individuals to inquire about their due bills, as well as pay channels, by using different banks for payment (such as Internet, ATM, etc.). In addition, the system allows users to take advantage of the link between SADAD payment system and the Saudi Ministry of Interior.

Majdi Al Beit Shawish, Estarta CEO, said,”A4SADAD Bank was updated based on Microsoft (BizTalk Server) technology. It aims to connect SADAD payment system to the Ministry of Interior, billers, and banking sector. It also organizes the operations and the issuance of export invoices and all related processes and procedures. A4SADAD bank is one of the most important solutions that we have proudly developed for Saudi Arabia”.

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The UK’s relationship with the Gulf is well regarded, given its historical trade relationship and the depth of experience found in its financial centre. In 2009, a Lord Mayor of London’s visit to the United Arab Emirates discussed the pressing topic of regulation during the financial crisis, in addition to public-private partnerships.

At a time when the Islamic finance world is working towards global co-operation in establishing frameworks for regulation and dialogue on harmonising Islamic rules and structures, UK firms are deeply involved.

UK-based lawyers are playing a valuable role in helping to re-establish the legal frameworks for some Gulf sukuk bond structures, for example, following the frailties revealed by the economic crisis. English Common Law’s flexibility has made it more suited to use in Islamic finance than some more prescriptive forms of law. Such work is reinforcing sukuks’ legal and regulatory foundations.

“Modern-day sukuk are based on traditional Islamic principles and they have re-emerged as financial instruments only relatively recently. It is still a young industry and therefore it is all the more important that those structuring sukuk properly consider the legal consequences of what happens when things go wrong” says Muneer Khan, Head of Islamic finance at international law firm Simmons & Simmons.

The UK is also at the forefront of education when it comes to Islamic finance. Since the London-based Chartered Institute for Securities & Investment (CISI) launched its Islamic Finance Qualification two years ago, more than 700 students have achieved this global benchmark qualification.

The Chartered Institute of Management Accountants (CIMA) have also recently completed a groundbreaking education initiative by signing a contract with the Jordan-based organisation TAGI Training to translate and deliver the CIMA Certificate in Islamic Finance in Arabic and English throughout the Arab speaking world.

“There is a lot of enthusiasm for more of these sorts of partnerships,” says Richard Thomas, Chief Executive of Gatehouse Bank. “Quite a lot of new institutions in the Gulf are looking to do more business with Western markets. Their domestic markets are relatively small and it is through strategic partnerships that their next stage of growth will be reached.”

He was addressing the second UAE- Korea Director General meeting to discuss the preparations for the coming Joint Committee meeting of both countries.

Participants at the meeting exchanged views on the current economic situation and actions taken to address the global credit crunch. The meeting urged UAE and Korean companies to invest in key projects in both countries and exchange experience in the fields of small and medium businesses.

The Korean delegation called for cooperation by introducing knowledge sharing programmes and sharing economic development experiences. The Emirati delegation urged for establishing joint strategic partnership to promote small and medium enterprises by leveraging the rich experience of Korea.

Mr Al Shhihi said: “We are eager to build a strategic partnership with Korea in vital sectors such as renewable energy, IT and small & medium businesses. We look forward to exchanging experiences by IT research institutes especially with the UAE now focusing on shaping a Knowledge Economy.”

Mr Al Shhihhi said it is important to explore growth opportunities in various economic sectors by offering businesses an ideal environment for growth. He highlighted the importance of the new investment and industrial laws which will contribute to enhancing the investment environment, in line with the diversification policy of the UAE.

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According to a recent study by TNS Media Intelligence, the total Middle East confectionery market is valued at US$ 113 billion, and the market has grown by 15 percent over the last three years, with Saudi Arabia and Qatar experiencing the largest growth at around 24 percent.

Such growth is attributed to greater disposable income per capita, the influence of the region’s enormous population of young consumers, and the traditional role of sweets in Arab culture. Despite fluctuations in the region’s economy, over the next decade confectionery sales are forecast to increase by 15-20 percent.

To capitalise on these favourable market trends, the co-located exhibitions, Sweets Middle East and the inaugural Sweet & SnackTec Middle East, will take place from 2 – 4 November 2009 at Dubai International Convention and Exhibition Centre (DICEC).

Bringing business partners together, the events will create new trading opportunities and promote growth and development in the region, as well as serve producers, suppliers, importers and exporters of the sweets, confectionery and snack industry from across the MENA region.

Both exhibitions are co-organised by Dubai World Trade Centre (DWTC), the region’s leading exhibitions organiser which portfolio includes Gulfood, and Koelnmesse, organiser of the leading international sweets and confectionery show ISM in Cologne.

Trixee Loh, Senior Vice President at DWTC said: “The sweets and confectionery market in the region will continue to see positive growth. As a result we are seeing many brands investing to gain market share with many product innovations, new flavours, and packaging ideas being launched at these shows.”

Exhibitors taking part in the event include Hunter Foods Limited FZCO from Dubai, who will be launching their new product ‘Corn Poppatillas’, a range of premium snacks with exciting fusion flavours, and marketed as Indian Poppadums meet Mexican Tortillas!

With consumer demand for natural products also showing positive growth, the HORS Company, operating from the Czech Republic, will be exhibiting its range of sugar free confectionery such as flat lollipops, which are also suitable for diabetics.

Besides finished products, manufacturers will also find many exhibits of interest. Sweet & SnackTec Middle East exhibitors include Hans Brunner GmbH from Germany, one of the world’s leading suppliers of chocolate moulds. The company’s success lies in its creativity and constantly extending range, mostly created for clients according to their specific requirements.

Also participating in the exhibition is Dubai-based Integrated Plastics, who is one of the leading Flexible Packaging Material Printer/Converter with state of the art technology. Ziya Ul Islam, Deputy General Manager at Integrated Plastics, will offer a 10 percent discount on all business deals done during the exhibition.

Specialised packaging design combined with a wide range of confectionery tins will also be showcased by GM Metal Packaging Ltd from Hong Kong which manufactures various shapes and sizes of tins for the candy industry.

Sweets Middle East and Sweet & SnackTec Middle East takes place from 2 – 4 November at the Dubai International Convention and Exhibition Centre. The exhibition is for Trade and Business Professionals only and will be open from 10am – 6pm daily. General public and persons under the age of 18 will not be permitted entry. Registration is available onsite or alternatively visitors can pre-register in advance at www.sweetsmiddleeast.com & www.sweetsnacktecmiddleeast.com

The assembly is designed to explore the growing area of clean technology and examine ways in which the Arab region can become the key global hub for innovation and investment into this vital area of research and development.

Recognising the need for significant efforts in clean technology to be made, Al Rayan Investment is a founding member of Cleantech Group LLC, the event organisers, and a staunch supporter of environmental initiatives such as these.

Spoke at the event CEO of Al Rayan Investment, Mr. Ali M. Al Mansoori said:

“The future of the planet lies in the effective development of sustainable energy technologies. We recognise that there is a significant need to improve the levels of investment and air time being given to these aims, and our part in the founding of Cleantech Group demonstrates just that. We are delighted to be able to support them further being here, the United Arab Emirates in general and Abu Dhabi in particular represents one of the world’s technologically most progressive regions and we hope this event will bring about new levels of support and input from governments, investors and innovators”.

The Inaugural Arab Region Assembly was held at the Beach Rotana Hotel, Abu Dhabi on 22 June 2009.

Commenting on this round, Abdul-Majid Qasem, d1g.com Executive Director, said that the first round of investment went as expected and scheduled and d1g.com was able to attract the necessary funding for the next phase. He added that d1g.com has succeeded in attracting a number of big investors who are expected to accelerate dg.com growth and increase its popular base.

Qasem said that the amount raised would help the company improve its products and services to achieve the board of directors’ vision and aspirations. He noted that the next strategic investment round of negotiations with some of the leading capital and private equity firms in the region are still going on, which reflects the site’s investment opportunities and their economic viability.

It should be noted that d1g.com, the leading Internet website, was launched in 2007 to provide through its electronic portal and its regional offices, (Jordan, Egypt, Saudi Arabia and Kuwait), a number of advanced electronic services.

Since its inception, d1g.com succeeded in attracting a community of more than 3 million people per month, generating more than 20 million impressions and excess of 15 million online monthly videos. Thus the site became first unchallenged Arab website for sharing video files.
In addition to returns on financial investment, d1g.com succeeded in attracting a number of talents to enhance its position as a powerful regional portal capable of providing for the needs of its different generations users.

In September 2008, d1g.com succeeded in recruiting Dr. Usama Fayyad, Yahoo!’s Chief Data Officer and Executive Vice President, who became a member of d1g.com board of directors. Dr. Fayyad took on the role of Executive Chairman of d1g.com in early 2009. He will work closely with the d1g.com team and our partners to develop d1g.com to become one of the leading international sites.

“I am very excited about working with and investing in d1g.com. The company’s continued progress in this difficult market, is a witness of the value produced by the company for both users and marketers alike.”

“I am very excited about working and investing in d1g.com. The company’s capacity to attract investments in this difficult market, is a witness of the value produced by the company for both users and marketers alike.”

d1g.com was again able to attract Karim Kawar to become an Active Advisor on Board of Directors. Karim Kawar, had previously served as Jordan’s Ambassador to the United States of America in Washington, DC, and is currently an adviser to a number of regional capital and technology companies. It should be noted that Kawar is a leading businessman in the technology sector and he has contributed to the establishment of a number of successful specialized companies in the region.

“I have given advice to d1g.com since its early days. I’m impressed with the growth rates and the number of audience reached by this company in the region,” said Karim Kawar.

He added that “the company has grown from an idea and became a vital community of more than 3 million people in a record time. This is an indicator of the company’s technical capabilities and the strength of its logistics structure. No doubt that this transformation is impressive by all standards. The region is ready for a new generation of internet portals and social networking and d1g.com was able to meet the many needs of Arab users.”

Since its creation, d1g.com continues to consider several acquisitions as well as continue its organic growth — having grown 100% in number of users during the first half of 2009 alone!

There is a fundamental need to track regional funds’ performance, volatility, loads and level of disclosure, and compliance. As a complimentary addition to its Funds Monitor service, Zawya now ranks the top Middle East funds based on a unique, simple, and straightforward methodology.

Pamela Chikhani – VP Funds Investment at Zawya – explains why the initiative:

“The regional funds industry got hammered due to the financial crisis. Some funds had tremendous losses and redemptions, and had to be closed. Even some money market funds, which are considered amongst the safest asset types, defaulted. Six month into the crisis, a lot of new funds are starting up, and the Middle East funds business seems to be on its way to recovery. To what extent this holds up is still something that needs to be determined.

Regional funds are now under more scrutiny to become more transparent. On one hand, with investors hit harder than ever, they may have lost their trust in fund managers, and have become a lot more demanding. To attract back investors and rebuild their confidence, transparency must be their paramount objective. On the other hand, central banks across the region are closely monitoring the situation, and will no longer allow ambiguous funds to exist in the market place.

That is why we decided to launch Zawya Funds Ranking. The new ranking system will benefit both investment professionals and fund managers. The former will be able to better screen Middle East funds and identify funds investment opportunities, whilst the latter are rewarded for their hard work and achievements by attracting more investors, international ones in particular, to their investment vehicles. Even those with a lower rank benefit as they can identify their weaknesses and work on improving them, thus benefiting the Middle East funds industry as a whole”.

Zawya’s Funds Ranking system in independent, hence not sponsored by any party. Its emphasis on compliance and disclosure is the unique component that is very much required for the region, as the Middle East funds industry is in dire need of reform when it comes to fund laws and regulations; transparency is the crucial step towards international standardization.

Zawya Funds Ranking therefore provides a unique and independent system that promotes transparency and compliance in the MiddleEast funds industry. Transparency is the crucial step towards international standardization and development of this nascent industry.

Under the agreement, Al Rajhi will introduce a Visa-Microsoft “Aamal” credit card, which will become the first Visa Microsoft co-branded credit card in Saudi Arabia. Saudi-based IT and communications solution provider Al-Falak Electronic Equipment & Supplies Co. will provide the Microsoft programmes required for the new service.

Saeed Al Ghamdi, Deputy CEO of Al Rajhi Bank, explained that the bank is issuing the card in order to enhance the operations of SMEs by enabling them to adopt advanced technologies that will help them to keep pace with the rapid growth of the Saudi IT sector.

“We encourage innovative ideas which will improve the productivity of private and public establishments. Through our “Aamal” credit card, we will offer facilities that can help achieve business success,” said Al Gahmdi.

Ihab Ayoub, General Manager, Visa, KSA, Kuwait, Bahrain, Oman and Yemen, said: “This agreement will utilize Microsoft’s programming expertise and Al Rajhi’s financial services to enhance the contributions of SMEs to national economic development.
We remain committed to providing these services with flexible payment facilities they may need, to further integrate and develop into their business system.”

The Visa-Microsoft “Aamal” credit card helps SMEs better manage their cash flow while being involved in building infrastructure, improving efficiencies, enhancing employee productivity and reducing the Total Cost of Ownership (TCO). The card also represents a lower risk tool for SMEs compared to cheques, and is cost-effective as transactions can be controlled by authorization. Moreover, this card reduces the dependency on petty cash.  

“Our partnership with Visa and Al Rajhi Bank is part of our strategy of supporting the IT sector and using modern technology, particularly our advanced IT products and services, to assist locally-based companies from various industries in optimizing their operations. We hope that this agreement will help in the development of the Kingdom’s IT sector and encourage companies to enhance their performance in accordance with the highest standards of excellence and quality,” added Khaled Al Dhaher, Director General, Microsoft KSA.

Visa Commercial offers a programme especially designed to help SME businesses save costs and attain better returns. With a suite of discounts and benefits offered by leading solutions providers can help the operation’s cost in check and enable the smooth running of its business.

Visa will provide the electronic payment services needed to facilitate the business transactions of Aamal card holders and through al Rajhi bank the card will extend payment installments facilities for their purchase of Microsoft products.  The unique initiative complements the commitment of the three companies to providing additional assistance for SMEs and promoting a competitive work environment that supports the Kingdom’s economic diversity.

The Dubai Mall is the world’s largest shopping and entertainment destination covering 12 million square feet, equivalent to 200 football fields. And soaring visitor numbers are driving business, with mall retailers reporting a 33 per cent jump in sales from December to April, said Mr Mohamed Alabbar, Chairman, Emaar Properties, in an interview with Pan Arab television station Al Arabiya.

The Dubai Mall is also now the region’s single largest new employment generator, creating 10,000 jobs this year. Retailers have created an estimated 7,500 jobs and Emaar Malls Group has hired thousands more people to work in management, operations, sales, marketing, security, parking and other services.

Mr. Alabbar said: “The Dubai Mall is a catalyst for Dubai’s economy, driving the retail sector and employment. The formal opening of the mall on May 8, 2009, by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai, attracted a record 160,000 visitors – over 10 per cent of the city’s population. With 750,000 visitors every week during the Festival@The Dubai Mall, the mall is on course to achieve annual visitor traffic of 37 million.”

“The Dubai Mall is one of the most significant investments in retailing in the world. It has introduced 165 new retail brands and concepts into the Middle East and unveiled flagship stores of international brands. The world famous department stores Galeries Lafayette and Bloomingdale’s are making their Middle East debut at the mall. This reflects the strength of Dubai’s retail sector and the appeal of The Dubai Mall to the global retail industry,” explained Mr. Alabbar.

According to recent research by CB Richard Ellis, Dubai is the fourth most-attractive city for international retailers next only to London, Paris and New York City. The study mapped the global footprint of 280 of the world’s top retailers across 67 countries. It revealed that 46 per cent of these global retailers are in Dubai compared to London (60 per cent), Paris (49 per cent) and New York (47 per cent).

With 1,200 retailers, The Dubai Mall has the largest collection of international brand names under one roof. If all the shop fronts were lined up, they would stretch 23 kilometres. More than 900 shops are already open, and the remaining 300 will open in the next three months. Visitors can also choose from an array of international cuisine at two food courts with a total seating capacity of 3,000.  The mall also has over 14,000 car parking spaces.

Leisure attractions at the mall include The Dubai Aquarium & Underwater Zoo featuring over 33,000 aquatic animals including sharks and rays, and with the world’s largest acrylic viewing panel and a walk-through tunnel; the Olympic-sized Dubai Ice-Rink; and The Waterfall, an indoor spectacle that traverses the four floors of the mall. The daily shows at The Dubai Fountain are an added draw for visitors. 

Located on the 30-acre Burj Dubai Lake, The Dubai Fountain is the world’s tallest performing fountain. Designed by California-based WET, the creators of the Fountains of Bellagio in Las Vegas, The Dubai Fountain is over 900 ft (275 metres) in length. It features powerful water nozzles which shoot water sprays to heights of over 500 ft (150 metres) – equivalent to that of a 50-storey building. Over 6,600 WET Superlights – the most advanced incandescent large fountain lights available today – and 25 colour projectors will create a visual spectrum of over 1,000 different water expressions that will appeal to visitors.

Other entertainment features opening in the next three months include KidZania®, an innovative children’s ‘edu-tainment’ concept that is being introduced to the region for the first time; SEGA Republic, a 76,000 sq-ft indoor theme park; and the 22-screen REEL Cinemas with a total capacity of 2,800 seats.

The new entity enables external investors to benefit from the collective experience of a fund management team with years of investment performance through the Majid Al Futtaim family office.

“For the first time, professional and institutional investors looking for new investment opportunities in both challenging and favorable climates will be able to capitalize on the expertise of Majid Al Futtaim Asset Management’s team of fund managers, who have been tried and tested by one of the region’s most demanding family business groups,” said Mr. Iyad Malas, the Chief Executive Officer of Majid Al Futtaim Asset Management.

“This new financial management organization builds upon the reputation of one of the region’s preeminent family offices, whose fund managers have delivered a strong relative performance,” he added.

Licensed and regulated by the Dubai Financial Services Authority (DFSA) , rigorously overseen by its board, and adhering to international standards of transparency and governance, Majid Al Futtaim Asset Management is set to offer over time a number of investment services to professional investors as well as institutions.

As part of its remit, Majid Al Futtaim Asset Management’s fund management team will continue to oversee Mr. Majid Al Futtaim’s investments, and is dedicated to achieving long-term asset growth and capital preservation through a consistent and disciplined investment approach.

Majid Al Futtaim Asset Management is the latest addition to the Majid Al Futtaim Group.  The Group was established in 1992 by its Founder and President, Mr. Majid Al Futtaim.  Today, the Group employs more than 16,000 people of more than 60 nationalities in 9 countries across the region — Bahrain, Egypt, Syria, Jordan, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.  The three other businesses in the Group are Majid Al Futtaim Properties, Majid Al Futtaim Retail and Majid Al Futtaim Ventures.

Starting with the first ‘City Centre’ mall in Deira in 1995, and made famous by Mall of the Emirates and Ski Dubai in 2005, the Majid Al Futtaim Group has established itself as the leading retail and leisure pioneer across the Greater Middle East.