Dubai, UAE: As part of its latest initiative to facilitate the growth of entrepreneurship, the Dubai Chamber of Commerce and Industry signed a Memorandum of Understanding with the National Bank of Abu Dhabi (NBAD) for providing financial services to small and medium enterprises in the Emirate.

The signing ceremony, held at the Dubai Chamber premises on Wednesday, was attended by H.E. Hamad Buamim, Director General, Dubai Chamber, and Mr Saif Al Shehhi, Senior General Manager, Domestic Banking Division, NBAD, in the presence of senior officials from both organisations.

Under the terms of the MoU, Dubai Chamber and NBAD will cooperate to foster the growth of SMEs operating in the Emirate by providing finance facilities of up to USD 100 million to the Chamber’s members from the SME sector. Besides offering competitive rates and tariffs and a speedy service involving granting of loans within three working days, the bank will also offer assistance in managing and utilisation of finances, better understanding of repayment, collection and recovery programmes, as well as business progress reviews to the representatives of small and medium enterprises.

Commenting on the signing of the MoU, H.E. Buamim said: “The signing of this agreement with NBAD to support the financing of SMEs is very timely as the sector is underserved by the financial services industry and this partnership will allow us to be accessible to small businesses while providing liquidity to the sector drive to the overall growth of entrepreneurship in the Emirate. The service can benefit our members who reached by the end of January 2012 over 130 thousand members. Initially, during the first year of its launch, the scheme is expected to benefit more than 1,000 companies belonging to Dubai Chamber members.”

H.E. Buamim informed that SMEs make up over 90% of businesses in Dubai and the UAE’s total bank lending of 3.85% to SME’s is lowest than other countries of the world although the sector’s contribution to the country’s GDP is 30-35%, therefore the need is to support the financing of this sector which is one of the most important economic sectors in Dubai. This initiative will not only encourage higher levels of trade but will also serve as an incentive for new companies to set up business in Dubai while boosting the overall performance of the sector, His Excellency added.

The Director General of Dubai Chamber informed that on its part, Dubai Chamber will facilitate meetings between NBAD and its members from SMEs looking for financial assistance. His Excellency further stressed that Dubai Chamber has initiated the SME Exporter of the Month award, which rewards trading firms who have achieved exceptional performance during a specific time. He also said that Dubai Chamber has earlier organized a financing roundtable and regularly offers mediation, arbitration and legal services as well as business networking opportunities to the SME sector and over

In 2011 NBAD significantly increased its SME-exclusive services and products.

“Small- and medium-sized entrepreneurs are a major contributor to economic growth in any economy,” said Saif Al Shehhi, the Senior General Manager of Domestic Banking Division of NBAD. “Since its inception in 1968, NBAD has been playing a significant and leading role in the economic and social development of the UAE, and NBAD believes boosting entrepreneurship would advance significantly the economic growth of the UAE and achieving the objectives of Abu Dhabi Vision 2030, which sets the blueprint for developing Abu Dhabi into a world destination for tourism and commerce.”

NBAD has opened nine Business Banking Centres in Abu Dhabi’s Mina, Corniche, Khalifa Street, Abu Dhabi Industrial City, Al Ain, and Sharjah and in Dubai’s Jebel Ali and Sheikh Zayed Road and Bur Dubai. NBAD plans to have 14 business banking centres throughout the UAE by the first quarter in 2012.

“We are pleased to launch a partnership with Dubai Chamber of Commerce and Industry, one of the most significant business enablers in the Emirate of Dubai,” said Haitham AlRefaie, the Head of Business Banking Group at NBAD. “The SME sector is an important engine of growth but it is still underserved by the financial services industry, this is why we partnered with Dubai Chamber to expand entrepreneurs’ access to NBAD.”

The products NBAD has launched include three new current accounts. NBAD also launched Business Rent Finance, which offers short term loan to small- and medium-sized enterprises (SME) to cover their rent expenses. NBAD has also launched Visa Business Credit Card, that has no annual fee and its other special features include up to 50 days interest-fee grace period, travel insurance up to US$150,000, pre-set limits on individual cards, access to cash, consolidated payments as well as special offers and discounts. The card can offer a credit limit from AED20,000 up to AED500,000.

“Our approach is to be accessible to SMEs and we are achieving this through opening business banking centres and by our partnerships to expand our geographical reach,” Al Refaie said.

His fifteen-year career in business education services, combined with his extensive consultancy experience, will be invaluable as he leads the QFBA to the next stage of it development. His wide consultancy experience has included work on organizational structure, strategic planning and implementation management, and leading think-tank processes of reengineering systems.

Dr Al Horr is the recipient of several awards, such as the State Award in the field of education and the Ali Bin Abdulla International Award.

Dr. Abdulazziz Al Horr commented: “I am delighted to be appointed as Chief Executive Officer of the Qatar Finance and Business Academy (QFBA), particularly at such an exciting time in the development of the financial services sector in Qatar. I am very much looking forward to helping the QFBA fulfil its mission of educating and training financial services professionals in Qatar in order to meet the demands of the current and future global business environment. This is particularly important in light of Qatar’s National Vision 2030 which recognises the importance of the continuing development of the financial services sector. I am privileged to be working alongside a senior management and leadership team drawn from prestigious learning and corporate backgrounds around the world as we look to develop the important role which the QFBA can play.”

Shashank Srivastava, Acting CEO at the QFC Authority said: “I am delighted to welcome Dr. Abdulazziz Al Horr as Chief Executive Officer of the Qatar Finance and Business Academy or QFBA. He brings with him a wealth of regional and local experience within the business education services sector combined with a strong consultancy background. I have no doubt that he will be a great asset to the QFBA in its mission to educate and develop the skills of the next generation of Qatar’s finance professionals. This is critical as we continue to build a competitive, modern financial services sector in Qatar fitting to the country’s needs in the twenty-first century.”

Awqaf and Minors Affairs Foundation (AMAF), mandated to supervise ‘awqaf’ and the well-being of minors, today announced the establishment of a symbiotic investment portfolio worth AED300 million for the purpose of renovating existing awqaf assets as well as construct new facilities.

The initiative will drive the creation of an Awqaf Takaful Fund to better serve the society’s needs.

Waqf (plural = awqaf) is a permanent dedication of movable or immovable properties for religious or charitable purposes as recognized by the Islamic law.

The setting up of the investment portfolio comes on the back of AMAF registering total revenues of AED80.038 million in 2011. In addition, the third quarter of 2011 saw AMAF raising over AED16.525 million in profits from minors’ investment alone.

His Excellency Tayeb Abdulrahman Al Rais, Secretary General, Awqaf and Minors Affairs, said: “Since the organization’s inception in 2007, AMAF has continuously strengthened its efforts in organizing, managing, and investing in awqaf across Dubai. Our core focus is the sustainable management of funds through conforming to best practices even while remaining aligned to the contemporary Islamic vision of serving as a primary contributor to the humanitarian needs of the community.

“AMAF’s decision to establish this symbiotic investment portfolio will ensure the efficient management of the current awqaf and oversee the development of new awqaf. The returns generated from these facilities will be utilized for driving the social and development objectives of Dubai and contribute effectively to its value-added portfolio without weighing on the emirate’s budget.”

Since its inception in September 2007, Awqaf and Minors Affairs Foundation (AMAF) has managed and invested funds through an Islamic perspective in full-Sharia compliance, in addition to caring and empowering minors.

·        Total deal value decreased from $44.1bn in 2010 to $31.7bn in 2011

·        Q4 2011 experienced a considerable increase in total deal value compared to the third quarter, rising from US$4.4bn in Q3 2011 to US$7.2bn in Q4 2011, a jump of 64%

Total Mergers & Acquisitions (M&A) deal volumes in the Middle East and North Africa (MENA) region registered a rise of 4% last year, from 401 in 2010 to 416 in 2011, according to Ernst & Young’s 2011 year-end MENA M&A update. Deal values on the other hand fell by 28%, from US$44.1bn in 2010 to US$31.7bn in 2011.

The first half of 2011 experienced a higher average value of M&A deals at approximately US$10bn as compared to the second half, which showed an average value of approximately US$6bn. Fourth quarter activity in 2011 experienced a considerable increase in total deal value compared to the third quarter, rising from US$4.4bn in Q3 2011 to US$7.2bn in Q4 2011, a jump of 64%.

Phil Gandier, MENA Head of Transaction Advisory Services, Ernst & Young, said: “A larger number of deals at smaller valuations signifies that asset values across the region have taken a tumble in light of the lower regional economic growth and also the projections for future growth. One of the key obstacles slowing deal closures has been the continuation of the valuations gap between buyers and sellers. Once this discrepancy begins to narrow, we may begin to see deal closures picking up some pace. Sellers have acknowledged that future cash flows from their business stakes will not be as strong as they had hoped for and are now in the process of re-evaluating their options. These numbers indicate that 2012 will be favorable to buyers if they can add substantial value.”

UAE and Saudi Arabia remain most active

The countries that saw the largest number of transactions in the domestic space in 2011 were the UAE (49 deals) and Saudi Arabia (44 deals).

In terms of deal value, countries that ranked highest were the UAE, comprising 40% (US $3.9bn) of total disclosed deal value in the domestic space in 2011; Saudi Arabia followed at 29% (US$2.8bn) and Kuwait at 11% (US $1.1bn).

Outbound deals beat inbound deals in terms of value in 2011

In terms of volume, domestic transactions outnumbered inbound and outbound deal activity, comprising about 54% of total announced deals in 2011.  In terms of value, however, outbound deal activity held the greatest value among total announced deals, comprising US$16.3bn, or 51% of total announced deal value in 2011.

By volume, outbound transactions came second after domestic deals in terms of dominance in M&A market activity, comprising 104 deals, or 25% of the total deal volume.  Inbound deals, comparatively, held the lowest volume and value among total announced deals, comprising 88 deals, or 21% of total announced deal volume, and US$5.6bn or 18% of total announced deal value in 2011.

Phil comments: “A drop in inbound deals directly correlates with the decreasing levels of FDI that the region is able to attract from global investors and institutions. This was to a large extent driven by the uncertainty caused by the changes in the region – especially in 2011. However, we expect this scenario to improve in 2012, especially in the latter half as global investors return to the region to increase their emerging market exposure.”

Diversified Industrial Products, Real Estate and Oil & Gas most active sectors

Sectors that attracted the most domestic M&A activity in 2011 in terms of volume included Diversified Industrial Products (37 deals worth approximately US$680mn) and Real Estate (28 deals worth US3.6bn).

Similarly, in the inbound M&A space, the sector with the greatest deal activity in 2011 was Diversified Industrial Products (21 deals worth US$1.3bn).  This was followed by Oil & Gas (12 deals worth approximately US$1.3bn).

In the outbound space, the sector with not only the greatest volume but also value was Oil & Gas (with 13 deals worth approximately US$9bn). In second and third place and with relatively low deal values came Consumer Products (11 deals worth US$31mn) and Diversified Industrial Products (10 deals worth US$156mn).

SWF/PE Activity in the region

Of the 416 deals announced in the MENA region in 2011, 46 deals were in the SWF/PE space, or 11% of all announced deals.  Half of such deals were in the domestic space, closely followed by outbound deals at 43%, and inbound deals at 7%.

“SWF/ PE exits can greatly increase FDI inflow into the region, but most exits have been delayed due to economic pressures and other business eroding issues. However, PEs and other large investors are looking at trade sales seriously because of defined fund durations and as a result we expect to see an increase in exits in 2012,” concluded Phil.

- 4Q cloud-based orders grow 500 percent year-over-year; 2011 cloud-based orders grow 179 percent year-over-year

- Cloud-based orders grow to 23 percent of total orders in 2011, more than double the 11 percent of total orders in 2010

- 2011 recurring revenue increases 33 percent year-over-year and represents 44 percent of total revenue

Interactive Intelligence Group Inc. (Nasdaq: ININ), a global provider of unified IP business communications solutions, has announced financial results for its fourth quarter and full year ended Dec. 31, 2011.

“Market demand was strong and we executed well during the fourth quarter, a combination that provided a strong finish to a year with record revenues,” said Interactive Intelligence founder and CEO, Dr. Donald Brown. “In 2011, we firmly established Interactive Intelligence as a vendor-of-choice at the high end of the contact center market. We continue to consistently grow faster than the overall market with our on-premise solutions and are emerging as a leader with our cloud-based offering.

“We show ever-increasing momentum among customer cloud deployments, which is the highest growth segment of our market. In 2012, we plan to capitalize on this momentum and step up investments to further enhance our brand recognition, extend our product capabilities and gain additional market share.

“Our order mix is expected to continue shifting toward the cloud, which combined with strategic investments in sales, marketing and development is expected to reduce our reported profitability from a near-term perspective. However, we’re confident in the long-term viability of our business model, and our ability to generate shareholder value. We’re addressing a multi-billion dollar market opportunity, and we’re taking focused action to grow the business for long-term financial success driven by increasing recurring revenue,” concluded Brown.

Fourth-Quarter 2011 Financial Highlights:

- Orders: Total orders increased 17 percent year-over-year, with cloud-based orders up over 500 percent year-over-year. The company signed 101 new customers during the fourth quarter of 2011, up 29 percent from 78 new customers during the same period in 2010, including 12 new customers for its cloud-based offering during the fourth quarter of 2011, up from 8 during the same period in 2010.

- Revenue: Total revenues were $57.7 million, with non-GAAP revenue of $58.0 million, an increase of 14 percent on a year-over-year basis. Recurring revenues, which include both maintenance contracts and cloud-based subscriptions, increased 23 percent to $24.4 million and accounted for 42 percent of total revenues. Cloud-based revenues increased 61 percent year-over-year to $3.8 million. Product revenues were $27.3 million and service revenues were $6.0 million, up 9 percent and 4 percent, respectively, compared to the fourth quarter of last year.

- Operating Income: GAAP operating income for the fourth quarter was $6.5 million, with an operating margin of 11.3 percent, compared to $9.1 million and an operating margin of 18.0 percent for the fourth quarter 2010. Non-GAAP operating income was $8.7 million with an operating margin of 15.0 percent, compared to $10.5 million and an operating margin of 20.7 percent for the fourth quarter of 2010. The year-over-year decline in operating margin was primarily due to the shift toward cloud-based orders, which are recognized ratably over the life of the contract, and away from on-premise product orders, which are typically recognized as revenue on an upfront basis.

- Net Income: GAAP net income for the fourth quarter was $4.6 million based on a 30.0 percent effective tax rate, and includes an adjustment of the full year effective tax rate down to 33.4 percent. This compares to GAAP net income of $7.1 million based on a 22.3 percent effective tax rate for the same period last year. GAAP diluted earnings per share (EPS) for the fourth quarter was $0.23 based on 19.9 million weighted average diluted shares outstanding, compared to $0.37 based on 19.3 million shares outstanding for the same period last year. Non-GAAP net income for the fourth quarter was $7.3 million based on a 16.6 percent effective tax rate, compared to $10.4 million based on a 0.5 percent effective tax rate for the same period last year. Non-GAAP EPS for the fourth quarter was $0.37, compared to $0.54 for the same period last year.

Full Year 2011 Financial Highlights:

- Orders: Total orders increased 28 percent compared to 2010, with product orders up 11 percent and cloud-based orders up 179 percent year-over-year. The company signed 301 new customers in 2011, up 16 percent from 259 new customers during 2010, including 42 new cloud customers during 2011, up 91 percent from 22 new customers during 2010. Cloud-based orders were 23 percent of total orders in 2011, up from 11 percent of total orders in 2010.

- Revenue: Total revenues were $209.5 million, with non-GAAP revenue of $210.1 million, an increase of 26 percent on a year-over-year basis. Recurring revenues, which include both maintenance contracts and cloud-based subscriptions, increased 33 percent to $91.4 million and accounted for 44 percent of total revenues. Cloud-based revenues increased 96 percent year-over-year to $12.2 million. Product revenues were $94.7 million and service revenues were $23.4 million, up 19 percent and 32 percent, respectively, compared to 2010.

- Operating Income: GAAP operating income was $21.6 million, with an operating margin of 10.3 percent, compared to $23.4 million and an operating margin of 14.1 percent for 2010. Non-GAAP operating income was $29.3 million, with an operating margin of 13.9 percent, compared to $27.8 million and an operating margin of 16.7 percent for 2010.

The year-over-year decline in operating margin was primarily due to the shift toward cloud-based orders, which are recognized ratably over the life of the contract, and away from on-premise product orders, which are typically recognized as revenue on an upfront basis.

- Net Income: GAAP net income was $14.8 million based on a 33.4 percent effective tax rate, compared to $14.9 million based on a 34.0 percent effective tax rate for 2010. GAAP EPS was $0.74 based on 19.9 million weighted average diluted shares outstanding, compared to $0.79 based on 18.9 million shares outstanding for 2010. Non-GAAP net income was $24.9 million based on a 16.7 percent effective tax rate, compared to $26.5 million based on a 1.8 percent effective tax rate for 2010 and non-GAAP EPS was $1.25, compared to $1.40 for 2010.

- Deferred Revenue: Total deferred revenue was $75.4 million as of Dec. 31, 2011, up 39 percent from $54.1 million at the end of 2010. Unrecognized future cloud contracts were $34.6 million as of Dec. 31, 2011, up 172 percent from $12.6 million at the end of 2010.

- Cash and Cash Flow: As of Dec. 31, 2011, the company had cash and cash equivalents and investments of $92.5 million, an increase compared to $85.9 million at the end of 2010. During 2011, the company generated operating cash of $21.4 million and used $13.4 million for acquisitions and $13.3 million for purchase of property and equipment, including significant fourth-quarter purchases to support facilities expansions and cloud operations.

A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables. An explanation of these measures is also included below under the heading “Non-GAAP Measures.”

Additional Fourth Quarter and Full Year 2011 Highlights:

- For the fourth quarter of 2011, the company had 6 orders over $1.0 million and 31 additional orders over $250,000, compared to 5 and 26, respectively, during the same period last year.

- For the full year 2011, the company had 17 orders over $1.0 million and 96 additional orders over $250,000, compared to 19 and 71, respectively, for 2010.

- The company launched Customer Interaction Center™ (CIC) version 4.0, a major new release of its flagship all-in-one IP communications software suite, which added real-time speech analytics, increased scalability, Web portal access, and a private cloud deployment model.

- The company launched Quick Spin, a cloud-based communications-as-a-service trial program, providing a risk-free introduction to sophisticated applications with set-up time in minutes.

- The company was named among the Top 500 Software and Service Providers by Software Magazine for the eleventh consecutive year.

- The company was positioned in the Leaders Quadrant in Gartner’s Magic Quadrant for Contact Center Infrastructure, Worldwide report for the fourth consecutive year.

- The company was honored by Frost & Sullivan with its Company of the Year, Contact Center Systems North America award for the second consecutive year.

- The company was ranked by Forbes Magazine among America’s Best Small Companies for the second consecutive year.

The CMA, the third largest bourse by market capitalisation in the Arabian Gulf, will specifically be working with DLA Piper’s regional managing partner, Abdul Aziz Al-Yaqout, and the regional head of the corporate practice, Murad Abida on the privatisation.

Following the introduction of the new Capital Market Law in 2010, the privatisation of the KSE is seen as a further significant step to bolster Kuwait’s position as a leading financial market in the Middle East.

DLA Piper is a global law firm with 4,200 lawyers across 76 offices and 30 countries. From its offices across Asia Pacific, Europe, the Middle East and the United States, legal and business advisers provide a comprehensive range of services to local, regional and international businesses.

As a micro version of the Dubai Financial Market’s main trading floor, the new educational facility at Dubai Men’s College includes two screens and a ticker directly linked with the DFM’s trading engine to display the trading activity and real time market data.

The walls of the trading floor have been designed to reflect the precise look and feel of DFM’s trading floor.

As part of its plans to enhance the effectiveness of the educational trading floor the Dubai Financial Market plans to regularly organize interactive workshops in cooperation with renowned experts to train students and deepen their knowledge of financial markets.

Jamal Ibrahim Al Khadhar, Senior Vice President, Head of Strategic Planning and Human Resources Division, Dubai Financial Market said: “The Dubai Financial Market is fully committed to Corporate Social Responsibility on various levels and particularly through the high level collaborations with educational institutions in the UAE to fully support the educational efforts of these institutions and provide the necessary training for students to prepare them for the job market. We believe the new educational trading floor undoubtedly cements the leading role of the DFM Stock Game, the most popular competition amongst school and university students in the UAE as we celebrate the 10th anniversary of the competition this year. Additionally, this initiative is a key pillar of the Dubai Financial Market educational program aimed at preparing the new generation of investors. The students can follow live trading and participate in the DFM Stock Game and win competition prizes. Most importantly, the planned workshops and seminars will provide them the opportunity to directly interact with the financial experts.”

“The Dubai Financial Market is currently putting the final touches on a similar project that will see the exchange inaugurating yet another educational trading floor at The American University in the UAE over the next two months, in light of the enthusiasm and interaction showed by the students of the Dubai Men’s College and the positive reactions on the role of this project in putting theoretical studies into practice and educating students on the financial markets,” Al Khadhar said.

“In fact, the efforts of the Dubai Financial Market would not have had such phenomenal success without the concerted efforts of various educational institutions in the UAE in general, and the Dubai Men’s College in particular. I would like to take this opportunity to express our sincere gratitude to this leading institution for their cooperation to see this initiative accomplished. I would also like to thank the financial institutions particularly SHUAA Capital and MAC Capital which have cooperated with us to deliver this social initiative successfully by contributing some of their key financial experts to lecture students,” he concluded.

Dr Leo Chavez, Director of Dubai Men’s College said: “Dubai Men’s College is delighted to be partnering Dubai Financial Market in this initiative. It is important for our students to understand both the opportunities and risks of stock market operations and the real life experience offered by the Educational Trading Floor is an excellent way to do this. We look forward to building on our relationship with DFM in the future for the benefit of our students and the wider community.”

The meeting began as the ambassador thanked the Prince for giving him the opportunity to meet with him. The two discussed economic and investment issues. Moreover, the ambassador commended Prince Alwaleed on his many achievements especially his investments in the various sectors regionally and internationally. He also invited the Prince to explore investment opportunities in Bosnia and Herzegovina.

In June 2010, Alwaleed Bin Talal Foundation Chaired by Prince Alwaleed and vice chaired by HH Princess Ameerah Al-Taweel made a €500,000 endowment for the HRH Prince Alwaleed Bin Talal Professorship in Business Development and Global Competitiveness at the Sarajevo School of Science & Technology, Bosnia & Herzegovina.

In May 2010, HRH was awarded Honorary Doctorate of Science, honoris causa from Sarajevo School of Science and Technology, during a ceremony held at Kingdom Resort in Riyadh. The Honorary Doctorate was conferred to HRH by Prof. Dr. Bozidar Matic, Chairman of the SSST University Board and President of the Academy of Science and Arts in Bosnia and Herzegovina. The event was attended by the Prince’s spouse, HH Princess Ameerah Al-Taweel, Ms. Emina Ganic, daughter of former Bosnian President, SSST Manager of Academic Activities and Head of Development of the MET Foundation, the University founding body, and Mr. Emir Ganic, the son of the former Bosnian President, Executive Manager, Lecturer, Dept. of Computer Science and Information Systems. The ceremony was also attended by a Bosnian delegation from the university and members from KHC, and Alwaleed Bin Talal Foundation.

The honorary doctorate awarded to HRH was in recognition of his efforts on many fronts including his investments through Kingdom Holding locally, regionally and internationally as a respected, distinguished international investor and entrepreneur, and the Prince’s educational, and philanthropic contributions on a global scale.

In January of 2010, the Prince received at his office in Riyadh, former President of Bosnia and Herzegovina HE Dr. Ejup N. Ganić who is currently the President and Rector of Sarajevo School of Science and Technology. In 2008, Prince Alwaleed received HE Dr. Haris Silajdžić the President of Bosnia and Herzegovina with an accompanying delegation and hosted a dinner in honor of his guest at Kingdom Resort Also in 2008, Mr. Čolić, the Bosnian ambassador presented HRH with a letter from President Silajdžić.

In the letter, the president thanked Prince Alwaleed for his donation of 338,800 Euros (SR1,965,040) through Alwaleed Foundation. The donation was to help support the “Sustainable Return of Refugees in Bosnia & Herzegovina” through the construction of roads. HRH responded to a proposal for support that was submitted by the Office of the President Silajdžić. The specific mission of the project is to construct six vital roads in the North-East of Bosnia & Herzegovina for the return of refugees to create conditions for sustainable return and attract new refugees to return to their pre-war homes. The implementing arm for the project is the Bosna Bank International (BBI). HRH had made various humanitarian contributions to Bosnia in the past.

In 1992 Prince Alwaleed donated SR1,000,000 to Bosnia, in 1993, SR10,000,000 and in 1995, SR20,000,000.

Prince Alwaleed visited Bosnia in 2003 and met with President Sulejman Tihic at the time. During the visit, His Royal Highness was bestowed the Presidential medal by the Bosnian president. The Medal is considered to be the highest medal in the country.

Honoured by Mr. Abdul Rahman Al Baker, the Executive Director of Financial Institutions Supervision at the Central Bank of Bahrain, the event comes as part of the BFX’s corporate responsibility to contribute to the educational and practical knowledge development, particularly within the field of finance in the Kingdom of Bahrain.

The event topic will discuss the ways to leverage opportunities in the financial derivatives markets, provide a comprehensive overview of the exchange traded derivatives markets and create awareness about the benefits and opportunities that these markets provide to various types of investors and traders. Complementing the presentation, the BFX will also feature a trading environment in which the participants can gain hands on experience.

Partnered by the Bahrain Association of Banks (BAB), Al Bilad newspaper, the Business in Gulf magazine and the Gulf Daily News newspaper, the event will also include the BAB members and the local media members as valuable guests.

Commenting on the occasion, Mr. Arshad Khan, Managing Director and Chief Executive Officer of the BFX and the BFX Clearing and Depository Corporation (BCDC), said: “It is our great pleasure to organise this educational workshop for the BCICAI members. As a pioneering and innovative exchange, we recognise the value of knowledge and community resources within the financial industry, and we trust that our topic of choice “Leveraging Opportunities in the Financial Derivatives Markets” will be gratifying to our guests. BFX and its Training Institute (BFX-TI) have always been in the forefront to disseminate the theoretical and practical knowledge about the financial markets and this workshop is another step in that direction. We will be organising several such workshops for various other participants in the near future.”

Mr. T.D. Balraj, Chairman of the BCICAI stated: “We are thankful to the BFX management for arranging a workshop for our members as part of our seminar series on “Emerging Opportunities and Challenges”. The facilities, business expertise and technological prowess of the BFX is second to none when it comes to financial derivatives markets. Our members can easily make a positive difference in the way they trade in the commodities and currencies after they attend this workshop. We appreciate this constructive step taken by the BFX to create this level of knowledge and awareness.”

“One of the objectives of the Bahrain Association of Banks is to promote ongoing professional development of its members,” remarked Robert Ainey, CEO “The Association provides its support to the BFX in hosting this educational workshop and encourages professionals from the member banks to attend it.”

In line with its corporate responsibility policy, the BFX will be conducting various other workshops to create knowledge and awareness about the financial exchanges and the products traded on them. Some of these workshops are specifically designed for the students based in the Kingdom of Bahrain.

The combined effect of these initiatives enabled UAB to increase its total assets beyond Dhs10bn for the first time in its 37 year history. As at 31 December 2011, the total assets reached Dhs10.8bn, a 40% increase over the Dhs7.7bn reported in the previous year. This growth in assets was supported by a by 72% growth in customer deposits in 2011 to reach Dhs7.3bn, compared to Dhs4.3bn in 2010. This growth in the funding base enabled UAB to increase its loans and advances by an impressive 46%, from Dhs5.5bn in 2010 to Dhs8.1bn. The Bank also made significant strides to ensure that its liquid assets were sufficient to meet its ongoing needs.

Paul Trowbridge, the Bank’s Chief Executive Officer said, “UAB has taken positive steps to deliver its strategy of supporting UAE-based companies and individuals in these difficult economic times. By understanding the needs of our customers, we have been able to tailor our products and services to the specific needs of each client. These actions have enabled the Bank to grow at unprecedented rates. Our approach is recognized by respected third parties and we were delighted to receive the “UAE Bank of the Year 2011″award from the Financial Times of London, which also reflects very favourably on the dedication and commitment of our staff.

The growth in the Bank’s balance sheet and customer base is reflected in the growth in operating profit, which crossed Dhs400m for 2011, an improvement of 22% over 2010. Mr. Trowbridge also commented, “UAB remains committed to a prudent policy of provisioning in accordance with the guidelines issued by the Central Bank of the UAE. Consequently, UAB’s management ensured that its specific and collective provisions meet all regulatory requirements.” After accounting for such provisions, UAB was able to deliver a net profit of Dhs330m, another record for the Bank, compared to Dhs308m in 2010.

The Bank has continued its branch expansion programme, opening outlets in Sharjah, Fujairah, Ras al Khaimah and Abu Dhabi. Four new branches are also scheduled to open early in 2012, whilst the renovation of all existing branches has now been completed. Apart from the overall growth in the Bank’s business, UAB has consistently grown its Emiratisation levels to reach 41% in 2011 which is one of the highest percentages of any bank in the UAE.

Highlighting another key milestone in UAB’s development, Mr. Trowbridge said “UAB would like to take this opportunity to announce the purchase of a new Head Office building which will be operational in the latter part of 2012. The new 27 storey Tower overlooking Al Buhaira Corniche will reflect the modern face of UAB. This is another landmark in the Bank’s development and demonstrates the need to scale up our activities in order to provide the best level of service and support to our loyal customers.
The Bank maintains a significant level of capital to cater for unforeseen eventualities and the Capital Adequacy ratio as at December 2011 continues to exceed 20%. In terms of liquidity, UAB’s advances to stable resources ratio is 87% at the end of 2011, compared to 86% in 2010
In other key achievements in 2011, UAB was recognized as the Best Trade Finance House in the UAE and the largest residential mortgage provider in the country during 2011. Other accolades received by the Bank in 2011 included “Best Bank in the UAE” Award from the Global Banking & Finance Review, UK; “Best Bank in UAE” Award from Arab Investment Summit, “Best Design Award for Islamic Credit Card from Visa” and “Best Technical Award” from the Banker Web Ranking Committee.

To support the rapid growth, a number of strategic projects have been implemented during the year. The Bank was able to finalize the outsourcing of all its key Operational Processes to Tata Consultancy Services, India, whilst the project to implement a new Core Banking system replacing the existing operating platform is nearing completion.

The CEO further noted that the strategic alliance with the Commercial Bank of Qatar (CBQ) has been delivering its goals. Leveraging on the Sadara Wealth Management programme and Islamic Banking platform of CBQ, UAB’s Retail Banking was able to more than double its balance sheet in 2011. UAB became a part of the GCC regional alliance in December, 2007 upon acquisition of a 40% interest by CBQ. With CBQ concluding a similar alliance with National Bank of Oman, all the three banks are more strongly positioned for future growth. “2012 promises to be another challenging year for the UAE economy and the banking community. We at UAB have positioned ourselves to meet the challenges, through the ongoing support of our Alliance partners coupled with our commitment to meeting our customers’ needs” he said.