Dubai : The UAE will be hosting the 91st GCC Financial and Economic Committee Meeting which will be headed by HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance. The event will be held at the Emirates Palace Hotel in Abu Dhabi on October 22, 2011.

Key topics to be addressed at the upcoming 91st GCC Financial and Economic Committee Meeting in Abu Dhabi include:

The decisions resulting from the Supreme Council’s 36th session regarding the GCC Customs Union
GCC participation at the World Trade Organization (WTO)
Issues pertaining to the team tasked with participating in cooperation meetings and discussions with the European Union (EU) and other countries and financial institutions
The progress of GCC development projects and initiatives
The economic judiciary system
The GCC Railway Project

Taking place ahead of the upcoming GCC Supreme Council Meeting, HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs indicated that the 91st meeting is important as it allows the council to convey a comprehensive picture of various financial and economic issues and joint projects to GCC leaders. HE Al Tayer indicated that the meeting supported the GCC in its efforts to position itself as a strong economic bloc able to influence and compete within the global economy.

“The 91st GCC Financial and Economic Committee Meeting acts as a link between the GCC Supreme Council and its financial and economic committees. The meeting will focus on all the recommendations made by these committees and on the directives resulting from the 36th Meeting of the GCC Committee for Undersecretaries of Ministries of Finance and Economy. It will also shed light on the progress of joint GCC projects,” HE Al Tayer added.

The meeting’s agenda also includes a closed session between the GCC Financial and Economic Committee, the GCC Committee of Governors of the Central Banks and Monetary Agencies and the International Monetary Fund (IMF) Managing Director. The meeting will focus on recent international and regional economic developments, and will highlight policies meant to promote a stable global economic growth which is able to address social issues, reform global financial systems, and organize monetary markets.

Represented by its Ministry of Finance (MOF), the UAE has hosted a large number of regular and exceptions GCC meeting in line with its commitment to supporting the GCC’s financial and economic integration efforts.

The Parthenon Group to present extensive regional education report exclusively at Building Future Education MENA 2011

Abu Dhabi, UAE; 17 October 2011 - The value of investment opportunities available in the private K-12 education sector in the GCC could potentially reach US$ 3.5 billion in 2012, according to an exclusive study done by The Parthenon Group, the leading strategic advisor to the global education industry. 

Meanwhile, the potential for investments in the higher education segment in 2012 is estimated to be worth US$ 1.2 billion. This and other results will be presented by The Parthenon Group at the Building Future Education (BFE) MENA exhibition and conference in partnership with Abu Dhabi Education Council (ADEC) to be held at the Abu Dhabi National Exhibition Centre on 25-26 October 2011.

Entitled ‘GCC Insight Report: Investment Opportunities in K-12 and Higher Education in the United Arab Emirates and Kingdom of Saudi Arabia’; the report is based on an  in-depth  survey of over 1,100 schools and universities. The report will arm potential investors with a data driven insight into the investment potential in the education sector, with a particular focus on the United Arab Emirates and Saudi Arabia.

Speakers from The Parthenon Group will share their findings during the seminar session dubbed Funding the Future, Private Investment and Philanthropy which will give delegates an insight into the potential growth opportunities of both the K-12 and Higher Education segments in the region. It will be followed by a panel discussion with leading education figures and authorities from around the world.

Karan Khemka, Partner and Head of the Emerging Markets Practice, The Parthenon Group says: “Although the macro environment may suggest strong investment potential for education in the region as a whole, investors should choose their markets carefully; as the different education sectors have different drivers. We identified several segments of the market that see exponential growth, while other segments might already run at full capacity. There is a clear trend towards private education and a preference for international & mixed curriculum schools because students choose education in English at both secondary and tertiary levels. For example, the private higher education segment in Saudi Arabia — albeit still small in size — is growing at an annual rate above 35% compared to the public sector which is growing at only 10%. This shows that students and their families increasingly choose the private sector where a larger proportion of teaching is done in English.”

Another senior representative from Parthenon, Robert Lytle, Partner, Head of the Education Centre of Excellence, will lead a panel that addresses the impact of the national policy framework, and discusses the role of public-private partnerships and private equity funds in the investment landscape. Rob Lytle: “Parthenon is privileged to have an advisory role with many public and private sector clients throughout the region.  Our work with organizations such as the Abu Dhabi Education Council and the largest school operator in Saudi Arabia, only serves to enhance our commitment to helping address the challenges facing the education market in the GCC region today and tomorrow.”

Andrew Pert, Regional Director of UBM Middle East, organisers of the event, praised The Parthenon Group for its extensive research on investment opportunities in the education sector and its contribution as Knowledge Partners of BFE MENA 2011.  “The knowledge and insights that can be gleaned from the study will help various stakeholders, from investors to government authorities, to take advantage of the opportunities to invest and help spur growth of the region’s education sector.”

Limited copies of The Parthenon Group research paper will be available at Building Future Education MENA throughout the event as well as at the presentation on day two (10.40AM), Investment Opportunities in K-12 and Higher Education by Karan Khemka, Partner and Head of the Emerging Markets Education Practice, Asia, The Parthenon Group.

The main conference will bring together those at the forefront of education from ministries, institutions, operators, architects and investors. The conference features in-depth panel discussions, based around specific research studies from BFE MENA’s Knowledge Partners Booz & Company, Parthenon and RAND Corporation, assessing the education market in the GCC and areas of potential investment. 

The conference will also cover key topics such as world-class facilities and learning environments, curriculum and school improvement, quality assurance, special education needs and sustainable education facilities.

Visitors can register now free at www.buildingfutureeducationmena.com.  Building Future Education MENA will also have strong representation from the MENA region’s education ministries and councils including United Arab Emirates, Saudi Arabia, Egypt, Bahrain, Qatar, Oman, Kuwait, Jordon and Lebanon.

Landmark boss Micky Jagtiani has topped the first list of Indian wealth in the GCC, with a fortune of $3.2bn.

The survey, released by Arabian Business today, shows that Jagtiani now has close to $1.5bn more than his nearest rival in the wealth stakes, New Medical Centre Group boss BR Shetty, placed second with $1.72bn.

Covering the 30 Richest Indians in the GCC region, the survey placed EMKE Group’s Yusuffali MA in third place with $1.55bn, while the Chhabria family, owners of the Jumbo Electronics chain, came in fourth with $1.3bn. In total, the list has just five billionaires, including fifth placed PNC Menon on $1.2bn.

 Arabian Business deputy editor Edward Attwood said: “Wherever you look in the GCC, there are so many success stories of Indian entrepreneurs who came to the region many years ago, and have created world class businesses worth several billion dollars. Micky Jagtiani may have topped this year’s list, but everyone on it is a success story in their own right.”

Other notable names included GEMS Group founder Sunny Varkey, ranked sixth with $950m, while Petrochem Middle East managing director is ranked 13th on the list, with $623m.

Propping up the top thirty is Arabian Trading Agency chairman Maghanmal Pancholia, with an estimated fortune of $170m.

Dubai & New York – 19 September 2011 - SHUAA Capital, the leading financial services institution in The Cooperation Council for the Arab States of the Gulf (GCC), and Bloomberg Tradebook, Bloomberg’s agency broker, today announced the launch of a direct market access (DMA) trading platform. The new technology allows both local and international institutional investors to trade equity products on the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) in the United Arab Emirates (UAE).

The Bloomberg Tradebook-SHUAA DMA platform gives global traders direct access to UAE markets via a direct-to-exchange connection through the Bloomberg Professional service. This technology enables trade execution without calling local brokers who manually process orders.

“SHUAA Capital is a large and well respected financial institution in the Middle East and North African (MENA) region. The combination of SHUAA’s local expertise and Bloomberg Tradebook’s powerful tools provides real-time electronic access to these markets, more execution transparency and automated trade confirmations,” said Raymond M. Tierney III, Chief Executive Officer of Bloomberg Tradebook. “In addition, SHUAA’s award-winning equity research provides local market insight.”

His Highness Sheikh Maktoum bin Hasher Al Maktoum, Chairman of SHUAA Capital, said, “The Bloomberg Tradebook-SHUAA platform will revolutionize the UAE brokerage industry. It will transform how investors access and trade UAE equity products. The UAE financial markets are now as accessible as those in New York, London and Hong Kong thanks to execution support from SHUAA Capital and Bloomberg Tradebook’s global presence through the Bloomberg Professional service, which is used by more than 310,000 business and financial professionals.”

“The collaboration between one of our leading financial institutions, SHUAA Capital, and a global leader of trading technologies, Bloomberg Tradebook, is an important step in further facilitating the accessibility of our financial markets to global institutional investors and meeting their evolving needs. This reinforces our efforts to create a favourable trading environment and contributes towards further sophistication of the UAE financial markets,” said Essa Kazim, Managing Director and Chief Executive Officer of Dubai Financial Market.

The Bloomberg Tradebook-SHUAA DMA platform provides institutional investors with:

•Algorithmic trading strategies tailored to UAE equity products;
•Consultative execution services that help traders navigate liquidly venues; and
•Trading solutions including high-touch, low-touch, basket trading and trading analytics for enhanced execution transparency.

Qualifying academic institutions to offer subsidized ICDL Certification to their students

September 13, 2011

University students across the GCC region are poised to benefit from subsidized ICDL training and certification following the broadening of scope of the ICDL Fund for Development Programmes (IFDP). ICDL GCC Foundation, the governing body and the certification authority of the International Computer Driving License program, is partnering with leading universities in the GCC to implement the funding programme, which will provide subsidies to academic ICT projects offering ICDL certification for students.

The IFDP initiative complements educational reforms that occupy a significant part in the national development strategies of the Gulf States. Governments across the GCC are striving to foster knowledge-based economies and prepare their young nationals for productive citizenship and employment. Serving those same objectives, ICDL is extending the IFDP program in partnership with leading academic institutions to benefit the student community with access to the high quality skills of the ICDL certification.

“The ICDL Fund for Development Program works similarly to educational grants and scholarship programs whereby we would offer qualifying academic institutions with co-funding in support of implementing ICT skills in their teaching program. There are two dimensions to our IFDP initiative. The first is to primarily widen the reach of digital awareness within the student population. The second is based on economic principles to make it affordable for the educational community to adopt an internationally recognized and credible ICT benchmark,” commented Jamil Ezzo, Director General of ICDL GCC Foundation. “

Kuwait University (Kuwait), Dhofar University (Oman), Ajman University (UAE) and Al Hosn University (Abu-Dhabi-UAE) are among the first universities to benefit their students from the program, offering them the opportunity to validate their computer skills with the internationally recognized ICDL certification at a special student rate.

Through IFDP, these universities can now offer an added value to their students, empowering them with the required IT skills to better integrate in a demanding job market, be more productive in today’s digital world, and maximize their employability in the globalised economy.

Supported by UNESCO-Iraq and UN-ESCWA, IFDP was initially launched in December 2007 to subsidize digital literacy projects in Iraq. More than 18,000 individuals from various social groups in developing or economically disadvantaged countries, including women, job seekers, people of special needs, retirees and students, as well as thousands of teachers in Iraq and Yemen, have already benefited from IFDP through various ICT projects.

Owing to its worldwide recognition and its vendor neutrality, over 22,000 renowned higher education institutions from around the world recognize ICDL as the de facto standard for basic ICT skills and integrate its syllabus as part of their academic program, rewarding students who successfully complete the certification with up to four credits. With the extensive success that this program has achieved so far and its substantial merit in equipping individuals with priceless skills, ICDL has decided to further expand the scope of IFDP to include countries in the GCC and to extend its benefits to disadvantaged entities with limited funding. Binding it initially for the student community and expecting to soon extend to specific disadvantaged social groups, ICDL strives to maximize the role of IFDP in supporting socio-economic development.

GCC electricity consumption is expected to increase 2.5 percent annually until 2035

GCC electricity consumption is expected to increase 2.5 percent annually until 2035 with Gulf residents set to become the world’s highest consumers of electricity per capita, a new report has said.

Residents in the Gulf consume 47 percent of the total electricity with just 10.5 percent directed towards industry needs compared to a global average of 37.7 percent, Deloitte said in its white paper on energy and resources in the Middle East.

Consumers will have to reduce domestic demand amid an increase in industrial activity, warned Deloitte.

“Residents of GCC countries use more electricity domestically than their counterparts in the United States,” Kenneth McKellar, partner and energy and resources leader at Deloitte, Middle East, said in a statement.

“GCC countries have embarked on economic diversification plans, with industrialisation as a key component of the long term strategies which they are pursuing,” he added.

“Based on the existing electricity consumption patterns of other industrialised and industrializing countries, the success of this strategy may, alongside other measures, require a rebalancing in electricity consumption from residential to industrial sectors in the long term.”

The GCC states, controllers of nearly 45 percent of the world’s oil and 25 percent of the global gas wealth, are spending billions of dollars on industrial projects in a bid to diversify their economies away from oil.

Oil producers plan to spend nearly $25bn on new aluminum projects and expansion of their existing smelters in the next 12 years, the secretary general of the GCC’s aluminum council said in January.

“The aluminum sector has largely developed to become one of the main pillars of economic activity in the region and contribute actively to economic diversification programmes,” said Mahmoud Al Dailami.

“Investments in the aluminum sector in the GCC are expected to climb to nearly $55bn in 2022 from around $30bn at present…the investments will cover new projects and expansion of existing smelters,” he added.

Dubai in August said it would not raise water and electricity tariffs in the next few years despite rising demand for electricity in the emirate.

“There will be no increase in the tariff of electricity and water consumption during the few coming years in Dubai,” Nejib Al Zaafrani, secretary general and chief executive of Dubai’s Supreme Council of Energy (SCE) said in a statement.

The move aims to engage renowned institutions to accommodate large-scale national projects with reach to remote areas

July 17, 2011

Jamil Ezzo, Director General of ICDL GCC

ICDL GCC Foundation, the governing body of the ICDL certification program in the Gulf States and Iraq, announced today the launch of its Academy membership program with the aim of upgrading the standards of computer training being offered in the region. The Academy program plans to distinguish and engage those renowned Academic and training institutions that already have a longstanding partnership with ICDL, to accommodate large-scale national projects requiring wide geographical coverage with reach to remote areas.

The ICDL Academy program recognizes those training and academic institutions operating an ICDL Accredited Centre while meeting specific requirements pertaining to capability and capacity to address the masses. Member institutions that join the program become eligible to offer off-site training and testing giving them a regional scope and access to rural areas.

Jamil Ezzo, Director General of ICDL GCC Foundation, said: “The ICDL Academy program was introduced in support of our region-wide digital initiatives. Many of the Academic and training institutions that have joined already have the infrastructure and geographical presence in place to help us achieve our vision of inclusiveness. These institutions have been recognized for their outstanding achievement with the ICDL program and deserve a distinction for their ability to cope with volume while maintaining the highest quality standards. Their unique standing combined with their credibility will boost benefits to candidates and maximize their value proposition to governments that support national digital awareness initiatives.”

ICDL will empower Academy members with exclusive privileges that distinguish their partnership with ICDL among its wide network of accredited centers and enable them to maximize the benefits being offered to organizations and candidates. ICDL Academy members can exclusively provide a more diversified range of ICDL program offerings, allowing them to reach out to more groups of learners across different locations.

In addition to the e-Citizen program, which supports the e-government’s vision for a knowledge-based society, ICDL Academy members can also offer ICDL Advanced, a higher-level certification for individuals who wish to confirm their expertise in specific computer applications, and ICDL Start, an introductory level program suitable for teenagers that is being offered through the ICDL Computer Summer Camps currently running across the GCC. Owing to their high capacity in running full-size projects and their superior capability and expertise, Academy members will also have priority access to initiatives developed by ICDL GCC Foundation in cooperation with government or semi-government departments and organizations and which propose the aforementioned programs.

ICDL already named Higher College of Technology - CERT (Center of Excellence for Applied Research and Training), UAE University – UGRU (University General Requirements Unit), Kuwait University –Khawarizmi Training Center, Al Khawarizmi International College, and Ibn Majed International Center, as the early entrants to the membership program and intends to expand the circle to include selected strategic partners in each country of the GCC.

APID to complement upswing with adoption of new strategies and creation of more opportunities for interior design professionals

July 14, 2011

Total spending for the GCC’s interior design segment is expected to grow in 2011, signifying a dramatic increase from last year’s recorded figure of USD 56.9 billion, according to a recent report from Proleads, a leading business intelligence and research firm. In line with this positive forecast, the Association of Professional Interior Designers (APID), an organization for professional interior designers in the Gulf Region, has also shared that there is an increased demand for interior design services across the GCC in general and the UAE, in particular. The increase in services can be seen in the UAE’s current batch of world-class development projects like hotels, mixed-use projects and villas. The strong growth balances the number of projects from 2009 to 2010, which totaled USD 21.8 billion - with the UAE representing two-thirds of the total project value.

The Proleads report has also revealed that the total spending for the UAE interior design segment is forecasted to grow to USD 22.5 billion this year. The spending refers to fixtures and facilities like curtain walling, doors, windows, canopy and skylights, stone cladding, swimming pools, garbage disposal, window cleaning, parking management, lifts, sanitary fittings, light fittings, external lighting, car park, landscaping, signage, kitchen, laundry and furniture. The projected increase has encouraged APID to launch and adopt new strategic initiatives and programs that primarily aim to create more opportunities for interior design professionals based in the Middle East region. Further, the move will allow APID to reinforce its ties with the interior design industry, connecting with new markets, strengthening existing business relationships and forging new partnerships.

“The GCC’s interior design industry is currently witnessing rapid growth and development and is strongly reflected in the high number of design projects that accompany the current batch of world class development projects in the region,” said Farida Kamber Al Awadhi, President, APID. “The increase in world-class development projects and the influx of leading interior design brands into the region is a reflection of the industry’s robustness and resilience amid the global economic downturn. APID affirms its commitment towards representing the best interests of the GCC’s design professionals and to provide them with a strategic platform that will allow them to strengthen business relationships and provide key opportunities for the region’s interior design community.”

APID is currently preparing for the region’s first ‘Festival of Interior Design’ (FOiD), which will be held from October 22 to 25, 2011 across Dubai. The event is part of APID’s strategic initiatives to highlight the key role of interior design in everybody’s lives and act as a platform to discuss the industry’s timely issues and also highlight the works of emerging talents and design firms in the region. The festival will be accompanied by the ‘Interior Design Congress, which will run on October 22, 2011, and will entail a program including four keynote speakers and two panel sessions featuring well-known design personalities. FOiD is slated to become a catalyst event that binds and unifies all interior design professionals in the region and allowing them access to key opportunities created by the event.

“APID remains steadfast in its commitment to improve the status and work environment of interior design professionals in the region, by implementing strategic initiatives and programs that are aimed at further developing and improving their interior design skills. These strategic programs also aim at giving the region a better understanding of the interior design segment and the design professionals that make up the industry. We are upbeat of this projected growth and have set our sights on reinforcing our presence in other areas in the region, envisioning a wider reach for APID members,” concluded Farida Kamber Al Awadhi.

SKOPOS Consulting Group: Family businesses in the Middle East should prepare for succession to effectively manage change

July 11, 2011

Dr. Hussein El Kazzaz, Managing Director, SKOPOS Consulting Group

SKOPOS Consulting Group, a leading provider of customized Organization Development (OD) solutions to companies in the Middle East and Africa, has cited recent research which reveals that more than 90 per cent of all commercial activity in the GCC is controlled by family businesses, compared to 65 to 80 per cent in other parts of world. Almost three-quarters of the region’s family businesses are owned and managed by the second generation, and one-fifth by the third generation. According to SKOPOS, this scenario reaffirms the importance for family businesses in the region to incorporate organisational development mechanisms to ensure long term success and profitability.

Business continuity is the key for family businesses as research has shown that fewer than 6 per cent of all family businesses worldwide survive to the third generation, especially in regions such as the Middle East. An estimated 75 per cent of the Middle East’s private economy is governed by around 5,000 families whose companies generate 70 per cent of regional employment.

“Family businesses in the Middle East should prepare for succession to effectively manage change. Developing the next line of leaders is crucial to ensuring longevity and sustained success of the company, especially given the rapidly changing and highly competitive business environment in the region. Incorporating a well-planned organisational development framework that includes leadership development programs will contribute to more effective management, greater long term stability and continued business success,” said Dr. Hussein El Kazzaz, Managing Director, SKOPOS Consulting Group.
     
SKOPOS Consulting Group advises family businesses to be aware of the various issues arising from the gradual growth of their organization, and identifies three ownership stages that family businesses need to especially focus on, namely the Founder(s) (Stage1), the Sibling Partnership (Stage 2), and the Cousin Confederation (Stage 3). According to the group, Stage 1 requires a focus on leadership transition, succession, and estate planning. The group points to sustained family ownership, succession, and teamwork and harmony as key issues in Stage 2. For Stage 3, SKOPOS notes the possibility of conflicts in the allocation of corporate capital, shareholder liquidity, mission and vision, member conflicts, business participation and roles, and linkage with the business.

SKOPOS Consulting Group is leading provider of advanced executive coaching, corporate team building, and soft and hard skills development solutions across the MEA region. It was founded in 1991 in San Jose, California, USA but then moved to the Middle East in 2002 to focus on delivering high-quality Organization Development solutions to the region. SKOPOS has offices in Dubai, Cairo and Bahrain.

Digital Creator provides powerful tool to improve expertise of learners in working with digital media

July 3, 2011

Hamdan Bin Mohammed e-University (HBMeU), a leader in the field of e-Learning and quality management in the Arab World, has recently signed an agreement with BCS, The Chartered Institute for IT in the UK, to implement a pilot project in the GCC, the Levant region and Egypt, aiming to improve the expertise of learners to work with digital media. Under the agreement, HBMeU will be the region’s exclusive licensee of Digital Creator, which is a powerful tool developed by the Institute to facilitate learning in digital media.

The agreement is in line with HBMeU’s efforts to strengthen its network of partners in its mission to equip learners with skills and competencies in the areas of innovative teaching and learning. HBMeU is expected to capitalize on its expertise in the realm of e-learning and its extensive network of contacts and partner organizations in the region to ensure the successful implementation of Digital Creator.
 
Commenting on the launch of the pioneering initiative, Dr. Narimane Hadj Hamou, Learning & Academic Development, Assistant Chancellor of HBMeU, said: “Digital Creator is a very effective tool that will enhance the learning experience of students and equip them with the necessary skills and knowledge to work with digital media. We are therefore pleased to sign the agreement with BCS to be the exclusive licensee of Digital Creator. This partnership reinforces HBMeU’s efforts to cultivate a culture of innovation and creativity through the use of advanced technologies and concepts in learning. We are optimistic that Digital Creator will be an invaluable instrument in developing the IT proficiency of learners across the region, especially given that possessing digital media skills is vitally important in today’s highly competitive job market.”
 
Saam Nikravi, International Business Manager, BCS, said: “HBMeU has an excellent track record as the leading institution for e-learning in the MENA region and we are therefore eager to take advantage of their expertise and extensive network to introduce the Digital Creator concept in the region’s education sector. Digital Creator provides a unique and effective way of incorporating digital technology into the classroom environment, enhancing the opportunity to learn and become more proficient in working with digital media. HBMeU will definitely play a very important role in ensuring the smooth implementation of the project in the region.”
 
HBMeU and the Institute will initially introduce Digital Creator in all GCC countries, Syria, Lebanon, Jordan, Palestine and Egypt. Both parties have also agreed to collaborate in marketing the product and actively implementing awareness campaigns about Digital Creator in the region.

HBMeU is the first e-learning institute in the Arab World that was established with the vision to develop a new learning process through the implementation of learning practices characterised by flexibility, quality and diversity to strengthen self-leadership among learners and prepare them socially and academically for a future career through integration in the job market. HBMeU’s philosophy is based on vital methods that have been developed through extensive research and development by specialists from all over the world. These methods include offering high quality programs, supporting the pursuit of lifelong learning, promoting the freedom of information, reinforcing the culture of excellence and innovation and providing education for everyone in line with the highest standards of comprehensiveness and credibility. The university seeks to constantly identify knowledge needs, support research and development programs and create an outstanding environment for e-learning.