Arab Business Leaders

Within this monthly forum, O2 takes a look at some of the most influential Arab business leaders shaping today’s markets. These individuals have achieved incredible success while advancing best practices in their respective industries. If you know someone who you think fits this description, let us know at editor@pr2live.com.

Lubna Olayan
She is one of the most influential business women and was listed as the top 100 most influenmtial people of 2005 by Time magazine. Ms. Olayan was born on August the 4th, 1955, to a Saudi business man, Suliman Olayan, and mother Maryam Abdulwahab, and has many significant achievements in the world of business.

Ms. Lubna Olayan is the chief executive officer of the Olayan Financing Company (OFC). The company was founded in Kingdom of Saudi Arabia in 1947 by her father Suliman Olayan. OFC is a private multinational enterprise engaged in distribution, manufacturing, services, and investments. OFC operates in more than 40 countries and is one of the largest investors in the Saudi and regional stock markets.

Ms. Lubna’s first significant appearance was in 2004 where she was the first woman in Saudi history to deliver an opening keynote at a major conference at the Jeddah Economic Forum. Also in the same year, she was elected to the board of Saudi Hollandi Bank. In 2006 and 2007, Ms. Olayan joined the International Advisory Boards of Rolls Royce and Citigroup. She is also the member of the International Business Council of the World Econonic Forum and the International Advisory Board of the Council on Foreign Relations.

She also has significant roles in Saudi Arabia where she joined the Advisory Board of Effat College, a private and non-profit girl’s college in Jeddah.

Prince Al-Waleed Bin Talal
The most significant figures in today’s Arab business world
From banking to media, one of the most significant figures in today’s Arab business world is Prince Al-Waleed bin Talal bin Abdul Aziz Al Saud.

Prince Al-Waleed was born on March 7, 1955 to his father Prince Talal, the son of the founding king of Saudi Arabia, and his mother Mona Al-Solh, the Daughter of Lebanon’s first Prime Minister Riyad Al-Solh.

As a young man, Prince Al-Waleed completed his undergraduate studies in Menlo College in 1979 with a degree in business adminstration. Later on in 1985, he earned his master’s degree at the Maxwell School of Citizenship and Public Affairs in the U.S.

His business career started right after his graduation from Menlo College in 1979. His business activities as an investor started when he bought shares in Citicorp in the 1990s when the firm was in distress. Now, his holdings in Citigroup account for $1billion, nearly double his initial investments in the 1990s of $550 million. After his investments in Citibank, he earned an international nickname as being the Saudi Warren Buffett.

Later, he made he made significant investments in large media companies such as AOL, Apple Inc., Motorola, News Corporation Ltd and other companies. Prince Al-Waleed also holds 10% stake in Euro Disney SCA, as well as real estate holdings in Four Seasons hotel chain and Plaza Hotel in New York.

Early in 2005, Al-Waleed purchased Savoy Hotel in London to be managed by Fairmont Hotels—in which he owns 16% stake. As of 2008, there are plans to construct the tallest building in the world, The Tower of One Mile. The tower , which is proposed by Al-Waleed’s own company, Kingdom Holding Company, is said to be a super tall skyscraper and the tallest tower in the world with a height of one mile (1609 meters).

In August 2009, his fortune was estimated to be US$16.3 billion and was ranked the 22nd richest person in the world.

Dr.Saad H. Al Barrak
The Deputy Chairman and the Managing Director of Zain
Dr. Saad Al Barrak is the Deputy Chairman and the Managing Director of Zain, one of the leading telecommunication companies in the Middle East. Al Barrak, of Kuwaiti nationality, is a distinguished engineer and businessman of international reputation.

He holds a BSc in Electrical Engineering, an MSc in Systems Engineering from Ohio University, and a PhD in Information Systems & Technology Management from the University of London. He is also an alumnus of Harvard University.

Prior to his appointment with Zain (previously known as MTC), Dr. Al Barrak was Managing Director of International Turnkey Systems (ITS), one of the leading IT companies in the Middle East and North Africa (MENA) region. Under Dr. Al Barrak, ITS’s revenues grew from $5 million in 1985 to exceed $100 million in 2000.

Dr. Al Barrak was Vice-Chairman of the Social Development Office (SDO) of the Amiri Diwan in Kuwait; Chairman of Egyptian software developer IT Soft; Chairman of Arab Telecom; and a non-executive Director of Arab Management Association in Cairo.

Since his appointment as the CEO in 2002, Zain’s customer base has increased from 600,000 to a conglomerate of 24 operations with over 70 million active customers across the Middle East and Africa. In this period, Zain’s market capitalization on the Kuwait Stock Exchange has increased from less than US$2.5 billion to exceed $20 billion (September 30, 2009).

In 2003, he received the ‘E-businessman of the Year’ award in the region. Later in 2005, he received the Middle East’s ‘CEO of the Year’ award in the Information Communication Technology sector.

In September 2007, Dr. Al Barrak received the 2007 Lifetime Achievement Award from leading industry magazine COMMSMEA. Dr. Al Barrak is also an Executive Board Member of Celtel International and a Member of the Board of the GSM Association.

Abu Dhabi; 10 March, 2010: His Excellency Mohammed Ahmed Bin Abdul Aziz Al Shihhi, Director General, UAE Ministry of Economy, has emphasized the importance of adequate follow up through official meetings and business delegations to achieve the objectives of the UAE- UK joint economic committee meeting held in London recently. .

He was addressing a reception meeting in Dubai to welcome a UK delegation of entrepreneurs led by UK Minister for Trade, Investment and Small Business Lord Davies.

At the Joint Economic Committee meeting, the UAE and the UK had agreed to enhance cooperation on small and medium enterprises (SMEs), a sector that is regarded as a safe alternative for investments all over the world.

“The Ministry of Economy is playing a central role in supporting SMEs at the federal level. In accordance with the Federal Strategy, MOE is currently working on a modern SME law of international standards to recognise their great significance to our economy,” said Mr Al Shihhi.

Lord Davis said the meeting was extremely valuable to strengthening business relationships between the two countries and that the UK business groups will fully commit to achieving the goals within the agreed timeframe. Several similar meetings are being planned to follow-up and implement new programmes.

Dubai, 10 March, 2010: The Dubai Department of Economic Development (DED) in collaboration with its Foreign Investment Office (FIO) hosted the Action Learning Programme research teams of SP Jain Centre of Management (SPJCM) Dubai to present their research findings in the logistics sector. This initiative is part of DED’s continuing support to the Emirate’s logistics sector.

A 9-member team of the Global Masters in Business Administration (GMBA) programme, led by the Director of Industry Interface Dr Dhrupad Mathur, presented their research findings to a DED panel chaired by His Excellency Mr Sami Daen Al Qamzi, Director General, DED, and Mr Fahad Al Gergawi, Chief Executive Officer of FIO.

The research studies were conducted over the last few months in Dubai under the supervision of David Harris, Director of International Logistics, FIO and Dr. Rajiv Aserkar of SPJCM. The three researches projects brought out several strategic findings that will greatly enhance the efficiency of the logistics sector.

“Scientific research is the cornerstone of growth and progress. The extensive research undertaken by SP Jain Centre for Management in Dubai serves the dual purpose of giving the logistics sector insights into its functioning as well as suggestions for improvement and growth,” said His Excellency Mr Sami Al Qamzi.

He added: “The initiative is part of DED’s commitment to partner in the growth of various sectors of the economy. Logistics is a fast-growing sector with Dubai serving as a central hub connecting the East and the West. The new findings will significantly enhance the operational efficiency of Dubai’s logistics sector.”

Fahad Al Gergawi said: “The studies undertaken by SP Jain Centre of Management have the potential to improve the operational efficiencies of Dubai’s logistics sector, and is part of FIO’s corporate social responsibility to drive meaningful change through strong community partnerships. The studies cover strategic and high impact areas, and DED and FIO will share the insights and learning with concerned stakeholders to further elevate the global position of Dubai as a preferred logistics hub. We congratulate SP Jain Centre for Management for the excellent work undertaken.”

“Three projects were undertaken as part of the programme - Review of International Supply Chains; Identifying barriers to operations and entry for Third Party Logistics companies in Dubai and a Key Performance Indicators (KPI) Matrix for Operational Logistics,” said David Harris.

The team reviewing the international supply chain interacted with industry experts, wherein process walkthroughs and existing challenges were collated. The process was benchmarked against the leading ports and a strategic improvement plan in line with the best practices was recommended. During the course of this project, the students got a chance to gain the insights into the operations of the industry which would not have been possible otherwise.

The project to identify barriers dealt with identifying the operational and entry barriers for the third party logistics companies in Dubai. An extensive questionnaire survey was conducted which was backed by focus group interviews with the CEOs of world class 3PL companies. The responses gathered captured the obstacles that they faced during the 3PL operations. The subsequent data analysis helped us form recommendations for the DED which would help them reduce the impact of the barriers that the firms face.

Organisations like World Bank, World Economic Forum, and United Nations have consistently released reports and published data regarding international trade, competitiveness and ease of business. However Dubai, having built world class infrastructure, needs to emphasize more on operations as a key lever for productivity improvements. Thus, the team developed a KPI Matrix for Operational Logistics, which assessed the economies around the world on the basis of operational logistics.

Dr Dhrupad Mathur said: “The support of DED has been the driving force in undertaking this extensive project which covered three critical areas. The co-operation of FIO’s logistics leaders played a key role in identifying and defining the scope of the study and the determining the direction of research. We hope the findings will play a meaningful role in further elevating the standards of Dubai’s logistics sector

• Region is second largest tea consumer globally
• 3rd Global Dubai Tea Forum concluding day sees trends in innovation, market developments and flavoured tea consumption

Dubai, March 10, 2010: The Middle East and Africa region accounts for 13.8 per cent of global tea consumption, and is the second largest consumer of tea globally, according to tea experts at the 3rd Global Dubai Tea Forum 2010.

The two-day biennial forum concluded today with discussions of trends in innovation and current market developments; tea consumption habits in Canada, the United States, Russia and the Commonwealth of Independent States; as well as the growing popularity of flavoured tea globally. During the event, tea experts also examined effective ways of marketing tea and creating stronger brands, followed by a unique tea tasting session that allowed participants to try a range of teas from different tea producing countries.

“The 3rd Global Dubai Tea Forum has received an overwhelming response from the tea industry worldwide,” said Ahmed bin Sulayem, Executive Chairman, Dubai Multi Commodities Centre Authority. “The first day of this important event was marked by a keynote address by His Excellency Sultan Bin Saeed Al Mansoori, UAE Minister of Economy, and included a range of insightful presentations on industry trends in the world’s three largest producing nations. We are very grateful to all the participants for their significant contribution to the success of this event.”

“Despite challenging conditions facing the tea industry, due to extreme weather conditions in many producing nations in 2009, we firmly believe that the industry’s renewed emphasis on innovation will provide significant benefits for the trade, across the full spectrum of global markets,” said Sanjay Sethi, Director, Dubai Tea Trading Centre. “Here in Dubai, where we continue to invest in the market-specific infrastructure required to support the further development of the trade, we are convinced that the outlook for the global tea trade has never been brighter.”

The 3rd Global Dubai Tea Forum took place from March 9-10, 2010, at the Westin Dubai Mina Seyahi. The event saw the attendance of over 360 delegates from more 35 countries worldwide.

The Dubai Tea Trading Centre (DTTC) and Dubai Multi Commodities Centre Authority (DMCCA) play a significant role in supporting the diversification policy of the UAE economy. In 2009, DTTC registered a record 7.5 million kilos of tea traded through the Centre, despite adverse weather conditions reducing global production.

The DTTC presently stocks teas from 13 producing countries, including Kenya, India, Sri Lanka, Indonesia, Malawi, Rwanda, Tanzania, Zimbabwe, Ethiopia, Vietnam, Nepal, China and Iran. In keeping with its mandate to further increase the tea trade in and through Dubai, the DTTC also facilitates sales with buyers in the GCC countries, Iran, Iraq, Jordan, Libya, Morocco, Pakistan, Afghanistan, UK and the ICS countries, and has plans to expand its services to other Middle East and European markets. 

Plan to focus on improving judicial & legal transparency & innovation, creating databases and booklets; and developing training programs based on international standards

March 10, 2010

Dubai Judicial Institute (DJI), a leading centre of law studies and judicial training in Dubai, held today (Wednesday, March 10, 2010) a press conference to launch its training plan and initiatives for 2010 which focus on optimizing judicial practices and enhancing the Institute’s reputation as a regional center for legal and judicial excellence.

The conference is part of DJI’s strategy of raising more social awareness on general legal and judicial affairs and their significant role in achieving sustainable development. The 2010 agenda aims to accelerate the development of training and consultancy services in accordance with global trends in order to firmly establish transparency, promote excellence and innovation within the judicial and legal body, and reinforce the image of Dubai and the UAE in general as a leading international hub for various fields.

DJI Director General Dr. Jamal AlSumaiti reviewed the key points of DJI’s training plan for 2010 and discussed important initiatives and projects embodied by 118 upcoming events beside the training programs. These include a series of training courses; programs for operational efficiency; forums; workshops to be conducted at courts; specialized courses; administrative programs; the conference to mark the silver jubilee of UAE’s Civil Transactions Act; and social awareness programs which tackle crucial issues such as Intellectual Property, child custody rights, citizenship, ethics and other topics. Dr. AlSumaiti also shed some light on DJI’s training philosophy and the comprehensive approach and methodology the Institute uses to develop programs reflecting the highest international standards.

DJI also highlighted its most significant and prominent strategic agreements and partnerships with a number of academic institutions specializing in the development and training of qualified staff for legal and judicial work. The Institute explained that these will help ingrain excellence in training initiatives for expert UAE nationals and provide individuals involved in legal work with leading vocational training programs, while providing DJI with up-to-date information and expertise that can further enhance its operations.

“We are very eager to reveal our training plan, initiatives and development programs for this year, mainly because we are fully committed to Dubai’s Strategic Plan 2015 and its focus on security, justice and safety. We intend to develop specialized programs that can enhance the potentials of the legal and judicial workforce and broaden awareness on the importance of law in building an integrated knowledge-based society. We will also pursue the development of a solid network of local, regional and international partnerships in order to exchange information, experience and practices; develop resources such as databases and booklets; and support research and studies that can assist those involved in the legal and judicial system,” said Dr. AlSumaiti.
 
“Among the initiatives we intend to implement are the ‘Knowledge Management,’ the ‘Leader Experience Knowledge’, ‘Judicial Officiary’ and ‘Law Forum’ Projects, the event to mark the silver jubilee of the UAE’s Civil Transactions Act, and many other initiatives that were recently discussed at the sixth meeting of DJI’s Board of Directors,” he added.

“DJI’s vision is to create high-standard training programs that can teach human resources how to face all kinds of challenges, realize institutional goals and objectives, and fulfill the increasing demands and requirements brought about by international developments. We will thus continue to work with our strategic partners and associates to achieve more accomplishments similar to those we have realized over the past two years, particularly regarding the number of people we have been able to train. We trained 673 individuals in 2008, and then went on to double this figure to 1,284 by 2009. This reflects our strong commitment to enhancing DJI’s role in promoting scientific research and constantly developing world-class training programs,” concluded Dr. AlSumaiti.

The Dubai Judicial Institute was established in 1996 to help educate and train aspiring judges, prosecutors and their assistants, legal experts and lawyers. DJI also offers rehabilitation programs for public prosecutors to enhance their efficiency. The Institute also provides training and consultancy services to various agencies and institutions - both private and public – and conducts research and studies in all areas of law and jurisdiction, locally, regionally and globally.

Membership enables top exchange house to send and receive payment instructions, advice of payments and treasury confirmations more securely

March 10, 2010

Al Ansari Exchange, a leading provider of worldwide remittance and foreign exchange services, has recently acquired membership to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a cooperative organisation that provides standardised and highly secure financial messaging services to financial institutions worldwide. By joining the SWIFT community, the top exchange house is now able to send/receive structured messages such as cover payments, payment instructions, advice of payments and treasury confirmations more securely.

SWIFT offers secure, reliable and resilient, access-controlled store-and-forward messaging services to exchange structured messages, including message validation to ensure messages are formatted according to SWIFT message standards, delivery monitoring and prioritisation. By forging a strategic alliance with SWIFT, Al Ansari Exchange can improve standardisation and simplify administration, which will lead to reduced costs and operational risks, enhanced operational efficiency and customer service advancement. Furthermore, SWIFT connectivity also provides Al Ansari Exchange global reach with correspondent banks on a real time basis, which paves the way for faster currency settlements, reconciliation and regulated communication flows.

“In our ever-growing operations, our priorities have expanded towards strengthening our infrastructure to enable us to sustain the quality of services we provide to our customers,” said Mohammad Al Ansari, Managing Director, Al Ansari Exchange. “Our move to gain membership with SWIFT underlines the premium we place in the security of our customers’ transactions and our high regard to organisation and standardisation, which continue to ensure efficiency in our business.”

Headquartered in Belgium and with offices in the world’s major financial centres and developing markets, SWIFT helps over 8,300 banking organisations, securities institutions and corporate customers in more than 208 countries automate and standardise financial transactions. Through its proprietary communications platform, products and services, the organisation empowers its customers to lower costs, reduce operational risk and eliminate inefficiencies from their operations.

“SWIFT plays a vital role in inspiring the financial community to work together for a more standardised market place where mutual interest prevails, and we are proud to be among the esteemed organisations to be part of this community. We are also very pleased with the benefits we are enjoying as a result of our membership with SWIFT, which continue to help us automate and standardise financial transactions and create new business opportunities and revenue streams,” concluded Al Ansari.

Dubai Airport Freezone’s initiative, a business incubation center, was introduced today to leaders of various business councils in Dubai.

The Dubai Enterprise Centre (DEC) is a high quality, full service business incubation center launched by Dubai Airport Free Zone at its facilities in Dubai, UAE. It provides a supportive, physical and intellectual environment for new business ventures that have a strong potential to grow into successful enterprises and contribute to the economic development of UAE.

“The Dubai Airport Freezone is leading the way in retaining the intellectual capital of Dubai and continues to fuel the growth of Dubai through entrepreneurship,” said Mr. Nasser Al Madani, Assistant Director General of the Dubai Airport Freezone. “The Freezone, in the past 14 years has contributed to the economy of the UAE by serving as a launch pad for many international companies.”

He added that the DEC would be a good opportunity for entrepreneurs to start a business with guidance and support from mentors, academicians and experts in running a startup business.

“In times of recession it is the new ventures or small businesses that lead to an upturn in the economy. He mentioned that studies have proved that a third of job creation is due to new businesses.”

Addressing representatives of Business Councils at a meeting held at the Dubai Airport Freezone Head Office, Mr. Madani said, “We want some ‘star’ companies out of DEC - businesses that are innovative and would become  successful.”

He said “Research shows that over 87 percent of small businesses, that were launched through a business incubation center, were still in existence after the first five years. Thus, it is proven that working through a business incubation center improves the chances of survival of a business through the first few critical years of a business. ”

Amna Lootah Executive Director Finance, Leasing and Customer Operation the Dubai Airport Freezone and the Director of the DEC Project, said, “The objective of meeting with the Business Council leaders is to introduce the project to the business councils and promote it among members of business councils in Dubai.”

Ms. Lootah  added,”Advantages of using the services of the Dubai Enterprise Centre include one point of contact for set up, operations and consultation, physical infrastructure and business set up, access to qualified mentoring, setting goals, milestones, business plan, evaluations, marketing, funding, and support in understanding legal jargon, and ongoing networking and training.”

Advantages of being an entrepreneur, she said”Is to make your own decisions and be your own boss, unleash your creativity and offer a product or service nobody has offered before, create jobs and contribute to the economy, and achieve financial independence.”

• Biennial event held under patronage of HE Sultan Bin Saeed Al Mansoori
• More than 360 delegates attended first day of forum from over 35 countries

Dubai, March 9, 2010: Held under the patronage of His Excellency Sultan Bin Saeed Al Mansoori, UAE Minister of Economy, the 3rd Global Dubai Tea Forum opened today at Westin Dubai Mina Seyahi with over 360 delegates attending from over 35 countries.

His Excellency Sultan Bin Saeed Al Mansoori inaugurated the forum and delivered a keynote address at the only event in the region specific to the global tea industry.

“The Global Dubai Tea Forum has a key role to play in strengthening market confidence,” Al Mansoori said. “It brings experts together to engage in healthy discussion and arrive at informed decisions. Only through such collaborative initiatives can we sustain and improve market and investor confidence.”

His Excellency also explained that Dubai Tea Trading Centre (DTTC) and Dubai Multi Commodities Centre Authority (DMCCA) play a major role in supporting the diversification policy of the UAE economy.

“As one of the most robust investment destinations in the region, the UAE’s free zones, superior infrastructure, access to qualified manpower, our commitment to international intellectual property rights and antipiracy laws, and our geographical proximity to some of the world’s largest populations make the nation a promising market,” Al Mansoori said. “I am confident this event will serve as a forum for sharing valuable information as to how tea trade can be further developed, and I am confident that it will open doors to more bilateral investments between the UAE and tea producing countries around the world.”

The first day of the forum featured presentations from industry specialists from across the globe including Ahmed bin Sulayem, Executive Chairman, DMCCA; Sanjay Sethi, Director, DTTC; Basudeb Banerjee, Chairman, India Tea Board; William Gorman, Executive Chairman, UK Tea Council; and Sicily Kariuki, Managing Director, Kenya Tea Board and many more prominent industry speakers and panellists.

“Over the past decade and even further back, we have embraced the spirit of open trade and built an entirely new network of knowledge and innovation,” said Ahmed bin Sulayem. “The Global Dubai Tea Forum is in line with DMCCA’s commitment to providing the market infrastructure and services necessary to enhance the value of the commodities trade in and through Dubai.”

The Global Dubai Tea Forum was launched in 2006, and has become an important event in the tea industry’s calendar. Aimed at addressing new developments and key issues in the tea industry, it focuses on sharing industry-specific knowledge and international best practices. In addition, the conference and exhibition offers an excellent networking opportunity for all sectors of the trade with representatives from tea boards and associations, producers, regional and international buyers, machine manufacturers and raw material suppliers.

“Like most other industries, 2009 was a challenging year for the tea industry as it had to face unique issues such as drought, crop shortages and volatility in tea prices,” said Sanjay Sethi. “Despite these tough conditions, Dubai remains the second largest export destination for both Indian and Sri Lankan tea and plays a pivotal role in the supply chain for the industry. There is no doubt that the DTTC has contributed significantly in developing tea trade in Dubai. The Centre has grown consistently, with increased transactions and many global tea producers, merchant exporters and buyers establishing their base here.”

The forum will conclude on March 10, 2010 with presentations and panel discussions on tea industry brands, worldwide tea bag consumption trends, innovations and market developments, and much more.

Arab Business Leaders

Within this monthly forum, O2 takes a look at some of the most influential Arab business leaders shaping today’s markets. These individuals have achieved incredible success while advancing best practices in their respective industries. If you know someone who you think fits this description, let us know at editor@pr2live.com.

Lubna Olayan
She is one of the most influential business women and was listed as the top 100 most influenmtial people of 2005 by Time magazine. Ms. Olayan was born on August the 4th, 1955, to a Saudi business man, Suliman Olayan, and mother Maryam Abdulwahab, and has many significant achievements in the world of business.

Ms. Lubna Olayan is the chief executive officer of the Olayan Financing Company (OFC). The company was founded in Kingdom of Saudi Arabia in 1947 by her father Suliman Olayan. OFC is a private multinational enterprise engaged in distribution, manufacturing, services, and investments. OFC operates in more than 40 countries and is one of the largest investors in the Saudi and regional stock markets.

Ms. Lubna’s first significant appearance was in 2004 where she was the first woman in Saudi history to deliver an opening keynote at a major conference at the Jeddah Economic Forum. Also in the same year, she was elected to the board of Saudi Hollandi Bank. In 2006 and 2007, Ms. Olayan joined the International Advisory Boards of Rolls Royce and Citigroup. She is also the member of the International Business Council of the World Econonic Forum and the International Advisory Board of the Council on Foreign Relations.

She also has significant roles in Saudi Arabia where she joined the Advisory Board of Effat College, a private and non-profit girl’s college in Jeddah.

Prince Al-Waleed Bin Talal
The most significant figures in today’s Arab business world
From banking to media, one of the most significant figures in today’s Arab business world is Prince Al-Waleed bin Talal bin Abdul Aziz Al Saud.

Prince Al-Waleed was born on March 7, 1955 to his father Prince Talal, the son of the founding king of Saudi Arabia, and his mother Mona Al-Solh, the Daughter of Lebanon’s first Prime Minister Riyad Al-Solh.

As a young man, Prince Al-Waleed completed his undergraduate studies in Menlo College in 1979 with a degree in business adminstration. Later on in 1985, he earned his master’s degree at the Maxwell School of Citizenship and Public Affairs in the U.S.

His business career started right after his graduation from Menlo College in 1979. His business activities as an investor started when he bought shares in Citicorp in the 1990s when the firm was in distress. Now, his holdings in Citigroup account for $1billion, nearly double his initial investments in the 1990s of $550 million. After his investments in Citibank, he earned an international nickname as being the Saudi Warren Buffett.

Later, he made he made significant investments in large media companies such as AOL, Apple Inc., Motorola, News Corporation Ltd and other companies. Prince Al-Waleed also holds 10% stake in Euro Disney SCA, as well as real estate holdings in Four Seasons hotel chain and Plaza Hotel in New York.

Early in 2005, Al-Waleed purchased Savoy Hotel in London to be managed by Fairmont Hotels—in which he owns 16% stake. As of 2008, there are plans to construct the tallest building in the world, The Tower of One Mile. The tower , which is proposed by Al-Waleed’s own company, Kingdom Holding Company, is said to be a super tall skyscraper and the tallest tower in the world with a height of one mile (1609 meters).

In August 2009, his fortune was estimated to be US$16.3 billion and was ranked the 22nd richest person in the world.

Dr.Saad H. Al Barrak
The Deputy Chairman and the Managing Director of Zain
Dr. Saad Al Barrak is the Deputy Chairman and the Managing Director of Zain, one of the leading telecommunication companies in the Middle East. Al Barrak, of Kuwaiti nationality, is a distinguished engineer and businessman of international reputation.

He holds a BSc in Electrical Engineering, an MSc in Systems Engineering from Ohio University, and a PhD in Information Systems & Technology Management from the University of London. He is also an alumnus of Harvard University.

Prior to his appointment with Zain (previously known as MTC), Dr. Al Barrak was Managing Director of International Turnkey Systems (ITS), one of the leading IT companies in the Middle East and North Africa (MENA) region. Under Dr. Al Barrak, ITS’s revenues grew from $5 million in 1985 to exceed $100 million in 2000.

Dr. Al Barrak was Vice-Chairman of the Social Development Office (SDO) of the Amiri Diwan in Kuwait; Chairman of Egyptian software developer IT Soft; Chairman of Arab Telecom; and a non-executive Director of Arab Management Association in Cairo.

Since his appointment as the CEO in 2002, Zain’s customer base has increased from 600,000 to a conglomerate of 24 operations with over 70 million active customers across the Middle East and Africa. In this period, Zain’s market capitalization on the Kuwait Stock Exchange has increased from less than US$2.5 billion to exceed $20 billion (September 30, 2009).

In 2003, he received the ‘E-businessman of the Year’ award in the region. Later in 2005, he received the Middle East’s ‘CEO of the Year’ award in the Information Communication Technology sector.

In September 2007, Dr. Al Barrak received the 2007 Lifetime Achievement Award from leading industry magazine COMMSMEA. Dr. Al Barrak is also an Executive Board Member of Celtel International and a Member of the Board of the GSM Association.

• Biennial event held under patronage of HE Sultan Bin Saeed Al Mansoori
• More than 300 delegates to attend from over 30 countries across value chain of tea industry

Dubai, March 6, 2010: As further testimony of its significant role within the UAE economy, Dubai Tea Trading Centre (DTTC), an initiative of Dubai Multi Commodities Centre Authority (DMCCA), announced today that its 3rd Global Tea Forum will be held under the patronage of His Excellency HE Sultan Bin Saeed Al Mansoori, UAE Minister of Economy. The only event in the region specific to the global tea industry, the forum is expecting over 350 delegates, representing the entire value chain of the tea industry.

The event, will be held from March 9-10, 2010 at the Westin Dubai Mina Seyahi Beach Resort and Marina, and is set to feature industry specialists from across the globe. Key speakers will include HE Sheikh Sultan bin Saeed Al Mansoori; Ahmed bin Sulayem, Executive Chairman, DMCC; Sanjay Sethi, Director, DTTC; Basudeb Banerjee, Chairman, India Tea Board; William Gorman, Executive Chairman, UK Tea Council; and Sicily Kariuki, Managing Director, Kenya Tea Board; Louise Roberge, President, Tea Association of Canada, amongst many others. There will also be presentations and panel discussions from tea industry players from Sri Lanka, China, Iran, Pakistan, Russia, Vietnam, and many more.

“The third biennial Global Dubai Tea Forum represents a significant opportunity for industry participants worldwide to gather together and share insights and experiences,” said Ahmed bin Sulayem, Executive Chairman, DMCC. “The forum has further established Dubai as the hub of the regional tea trade as it brings together the major players of the sector and highlights trends, opportunities and potential threats that the tea industry faces.”

“The weather patterns impacted global tea production in 2009,” said Sanjay Sethi, Director, DTTC. “As we enter a new era and a period of stabilisation, it is more important than ever to play a leading role in promoting dialogue within the industry.”

He added: “Building upon our past success in attracting high-profile government and private-sector representatives from both Dubai and across the globe, we look forward to welcoming delegates from a wide range of tea-producing and consuming nations.”

Dubai remains the second largest export destination for both Indian and Sri Lankan tea, playing a pivotal role in the supply chain for the industry. Sri Lanka, India and Kenya are Dubai’s top trading partners, contributing over 65 per cent of the total tea trade through Dubai.

The DTTC presently stocks teas from 13 producing countries, comprising Kenya, India, Sri Lanka, Indonesia, Malawi, Rwanda, Tanzania, Zimbabwe, Ethiopia, Vietnam, Nepal, China and Iran. In keeping with its mandate to further increase the tea trade in and through Dubai, the DTTC also facilitates sales with buyers in the GCC countries, Iran, Iraq, Jordan, Libya, Morocco, Pakistan, Afghanistan, UK and the CIS countries and has plans to expand its services to other Middle East and European markets.