MAY 2013 Vol. 2 - No. 8 · Rolex Submariner model 16610, made by production designer Syd Cain for...

News update

>> UAE economic growth accelerates to 4.4% in 2012

>> Dubai’s Atlantis ‘The Palm’ seeks USD850m loan

>> Dubai bank ENBD plans bond sale to boost capital

>> Rents across Abu Dhabi will rise from second half of 2013

>> Dubai needs USD37bn to service 2013, 2014 debts: IIF

>> Qatar postpones listing of USD12bn investment company

>> Dubai’s debt cloud lifts after USD10bn deal with banks

>> Tax free investment banking salaries on the up in Dubai

>> Foreigner entry to fuel Saudi bourse growth

>> Confidence boosts MENA mutual funds to reach USD59bn

The world’s most exclusive timepieces

Conducting successful interviews

The UAE’s return to big ticket projects

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

MAY 2013 Vol. 2 - No. 8

Sun shining on global economy? C

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Yen strength is a blow for Abenomics

Events and Promotions

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The world’s most exclusive timepieces

By Jude Hardy

If you’ve got a spare USD 11 million (AED 40.4 million) lying around, you might want to spend it on the world’s most expensive watch, the Henry Graves Supercomplication (1932). That is, if the anonymous bidder who bought it at a 1999 Sotheby’s auction decides to unveil themselves. The Supercomplication (named so because of its 24 actions or functions) took an amazing four years to build and is still the most expensive watch ever to be sold, in history.

As it’s not very likely to come back on the market anytime soon, here’s the top of the crop – the world’s most exclusive (and bit less expensive) timepieces, most likely to be spotted on the wrists of the rich and famous.

Epic SF24, by Jacob & Co Price: On request from retailers About: The Epic SF24 was unveiled at the April 2013 Baselworld Expo in 18-carat pink gold, 18-carat white gold and in grade-5

titanium. The best thing about this timepiece is its ability to tell the time in two different time zones, for24 different cities around the world. Each city name is displayed on a tiny old-fashion airport-style announcement board at the top of the dial.

Kalista, by Vacheron Constantin Price: USD 11 million (AED 40.4 million) About: Created in 1979 for just USD 5 million,

this piece is manufactured by the world’s oldest watch brand (established in Switzerland in 1755).The watch is encrusted with 118 emerald-cut diamonds and took 6,000 hours to finish; not to mention the extra 20 months for the jewels to be encrusted.

Platinum Perpetual Calendar Chronograph, by Patek Philippe Price: USD 3.6 million (AED 13.2 million) About: Previously owned

by Brit-rocker Eric Clapton, this 1987 Patek Philippe sold at Christie’s in 2012, setting a new world record for this reference at auction. It actually wasn’t the most expensive watch sold at said auction, but it definitely received the most press attention.

RM 56 Felipe Massa Sapphire, by Richard Mille Price: USD 1.7 million (AED 6.2 million) About: This range, named after the Brazilian

F1 driver, was dedicated to the sportsman as he actually wears Richard Mille watches. It’s said he also survived a serious smash wearing

one of the timepieces, walking away uninjured. Apparently it took 1,000 hours to fashion the case, 430 hours to grind and 350 hours to give this watch its finish. So is it exclusive? Quite… only five were made.

Rolex Submariner model 16610, made by production designer Syd Cain for the 1973 James Bond film ‘Live and Let Die’ (and featured in 11 others).

Price: CHF 200,000-400,000 (AED 781,000-1.5 million) About: This is one of the most exclusive watches in existence – and if you’re a James Bond, 007, fan, it’s priceless. Roger Moore unzipped the dress of Italian secret agent Miss Caruso with this, later using it to saw through the rope dangling he and Solitaire over a pool of sharks; but of course. The piece was auctioned off in 2011.

Tourbillon Ultimate Black, Titanic-DNA range, by Romain Jerome Price: USD 160,500 (AED 589,500) About: This piece from

the Titanic-DNA range has actual pieces of corroded steel from the ill-fated ship embedded in its watch-face bezel. It’s one in a range by the Swiss manufacturer, which sourced pieces of the Titanic from a reclamation yard in Europe. So how exclusive is it? Only nine were made.

Moon Invader, Black Metal, Moon-DNA range, by Romain Jerome Price: USD 11,500 (AED 42,200) About: Taking the DNA range to the next

level (or frontier…) is the Moon-DNA range incorporating – you guessed it – actual moon dust, as well as pieces of Apollo 11. This Moon Invader is made with black PVD-coated steel and an integrated back composed of spare parts from the NASA craft that first took men to the moon. It’s one small step for man…one giant leap for the watch industry. Plus it’s a snip at just AED 42,200. © Zawya

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SUCCESS SECRETS

Conducting successful interviewsBy Jude Hardy

There are some interview basics that go without saying: asking competency-based and open-ended questions; keeping any nerves from showing in front of your candidate; and asking why the interviewee wants to work for your company. Of course finding a technical fit for the job available is essential. What’s also – if not more – essential is to assess if the candidate is actually a fit with your company culture.

“Our research shows that best companies have developed very strong and lasting cultures, which they actively protect and preserve,” Lexi Gibson, Global Business Operations & Communication manager, Great Place to Work Inc., said. “The culture of these workplaces is at the core of their business strategy and all members of the organization are responsible for upholding the values and vision upon

which it is based.”

In fact the best companies, she continued, hire and fire based purely on “culture fit”, because it’s so important to sustain a consistent, high-trust workplace to run a success business. “If you have a clear idea of your values and company culture, be sure to develop interview questions that map them. This will give you the ability to assess candidates for culture fit and choose the person who is not only right for the job, but right for the company as a whole,” she said.

If you’re new to conducting or hosting interviews and are worried about showing your nerves, involve a large cross-section of employees and managers, Gibson continued. “This usually means that candidates will go through a multi-phase interview process, which takes more time, but allows you to get a more holistic assessment of each applicant, and for applicants to get a much deeper understanding of your organization.” Human Resources should also be a key player in interviews and should help in determining a set of questions that each candidate should be asked. The hiring manager and immediate team members should also be given the chance to interview candidates to make sure that they would fit well within the team, she added, and bringing in cross-functional team members to interviews will also allow applicants to get a good feel of the company.

So what’s the most important thing to remember when conducting interviews for

new-hires? “The most typical mistake we see is that companies do not place significant enough emphasis on culture fit when interviewing. Hiring candidates for skill over culture fit can end up damaging the workplace atmosphere and negatively impacting productivity. Companies often feel pressure to fill open positions as soon as possible, but it is more prudent – and ultimately better for the business – to wait to find the candidate whose values reflect the values of the company and who will have a positive impact on the company culture,” Gibson said.

“Hiring the wrong person can end up costing the company valuable resources when the culture misfit needs to be let go and search process must start all over again.”

Top interview tips:

• Ask competency-based, open-ended interview questions, including questions about personality and personal qualities. Make sure you develop questions that map the company’s values and culture.

• Be wary of candidates who…ask about money first; don’t seem interested in the company; want to know about benefits more than the role.

• Assess the candidate’s body language and try to imagine them in the company setting.

• Ask the candidate questions about the company (to see how much research they’ve done)

Typical questions:

• Why are you leaving your current job?

• Are you happy with your career so far?

• Why do you want to work for this company?

• What do you think you can you bring to this company?

• Describe your strengths and weaknesses.

• Give me an example of a time that you had to work under pressure; how did you handle it?

• Tell me about some risks you’ve taken in your career or working life.

• What would you say is your project management style?

• Have you ever had to go against the feelings of your team to accomplish a goal? Tell me about it.

• Name three positive things your last boss would say about you.

• Do you prefer to work in a group or alone?. © Zawya



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MARKETS UPDATE

Sun shining on global economy?Markets don’t need much encouragement these days. Recent global data highlighting an improvement in nominal GDP in many advanced economies, spurred investors to trace new highs.

Nominal U.S. GDP reportedly rose 3.7%, near its average level over the past four quarters. Even Japan posted a 1.5% nominal GDP – the strongest level in a year as the country basked in prime minister Shinzo Abe’s unprecedented monetary easing program.

The Eurozone’s GDP remained essentially flat with the notable exception of stalwart Germany which posted lower-than-expected growth in the first quarter.

Meanwhile, emerging markets are also trying to revive economic momentum with a round of rate cuts.

Analysts are expecting a more promising second half of the year, and global markets are responding to the general optimism.

To top it off, U.S. Federal Reserve officials dispelled fears that the bank is looking to rollback its generous monetary easing program.

“Inflation is pretty low in the U.S.,” James Bullard, president of the Federal Reserve Bank of St. Louis, told reporters on May 21. “I can’t envision a good case to be made for tapering unless the inflation situation turns around and

we are more confident than we are today that inflation is going to move back toward target,” he said.

New York Fed president William Dudley made similar pronouncements earlier, suggesting the Reserve was unlikely to retrench its policy any time.

That’s the cue needed for investors to keep the foot on the accelerator. Both the Dow Jones Industrial Average and S&P 500 seem to be hitting new all-time highs every day, as investors see nothing but blue skies.

The Dow Jones has risen 17.2% year-to-date, with S&P 500 (16,9%), Nasdaq (nearly 16%) and Nikkei (45,6%) all running away at breakneck speed this year.

There are no naysayers in the Gulf region either. Dubai Financial Market has risen nearly 40% this year with Kuwait Stock Exchange index at 37.8%, just ahead of Abu Dhabi Stock Market which is up just over 30%.

The ‘laggard’ is the region’s largest market Tadawul which is up 7.3%.

Even the prospect of falling oil revenues has not spooked investors - yet.

The International Monetary Fund notes that economic growth in the oil-exporting MENA region is projected to fall to 3.2% in 2013, as oil production growth pauses in the context of subdued global oil demand. However, non-oil sector continues at healthy rates of about 4.5% on average.

“Elevated oil and gas export volumes and prices allowed oil exporters to accumulate current account surpluses of about USD 440 billion in 2012,” the IMF said. “A small decline in projected global oil prices (based on futures markets) and an expected rise in imports will lead to a somewhat smaller—but still sizeable—current account surplus of about USD 370 billion this year.”

Gold

Gold’s descent continues as the yellow metal is down 18.5% this year. But a tiny golden speck of good news has pierced through the negativity. The latest World Gold Council

reported that retail consumption of gold has risen 12% compared to the same period last year, as Indian and Chinese and other consumers pick up the commodity at bargain prices. Gold stood at USD1,366.30 per ounce by May 20.

Oil

OPEC’s average oil basket has contracted nearly 7% this year as non-OPEC continues to flood the market. Brent crude was just above USD 100 per barrel and all eyes are on OPEC which is set to meet at the end of the month.

Dollar

The Yankee greenback fell against the euro, as U.S. Federal officials reiterated their commitment to loose monetary policies. The euro rose 0.2% to USD 1.2906, rising from a six-week low of USD 1.2795 earlier in the month. However, the dollar continued to strengthen against the Japanese yen at 102.48 – near a four-and-a-half-year high.© Zawya


Country Mcap % Change P/E (x) P/B(x) D/Yld(%) ROE(%) USD bn YTD 13E 12A 12A 12A Saudi 377.3 7.30% 11.6 1.7 4.5 14 UAE 141.9 n/a 12.5 1.4 3.6 10.2Dubai 48.6 39.83% 13.15 1.1 3.5 7.1Abu Dhabi 92.58 30.81% 10.96 1.3 4.7 11.9 Kuwait 100.4 37.87% 17.5 1.4 2.4 6.8 Qatar 131.7 7.53% 11.9 1.7 4.2 13.1 Bahrain 17.4 8.70% 10.8 0.9 3.9 7.5 Oman 21.3 11% 9.2 1.5 4.3 16.8 GCC 790 7.90% 11.9 1.5 4 11.3

GCC Markets: Impressive rally

Source: Zawya.com. All data correct up to May 22, 2013

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The UAE’s return to big ticket projects With the UAE’s real estate sector roaring back to life, all eyes are on the big-ticket real estate development projects that had been either put on hold or delayed.

Prices of the emirate’s luxury developments have jumped 18.3% over the past 12 months, while the Abu Dhabi’s real estate market has also shown signs of bottoming out.

Dubai Land Department data shows mortgage transactions in March rose 4.2% compared to the previous year, with 321 units changing hands. The number of transactions has risen 47.2% Y-o-Y while transaction values have grown 120.1% during the period.

Dubai rental rates rose 4% in the first quarter alone, according to CB Richard Ellis, a real estate consultancy.

“Positive sentiment was also evident in CBRE’s quarterly survey of Dubai’s construction pipeline, with renewed activity for some previously stalled developments and a number of new projects launched during the quarter,” said CB Richard Ellis in a new report. “Another emerging trend that has been gaining some traction, is the number of use changes for incomplete buildings, primarily residential and hospitality conversions from commercial office use.”

Meanwhile, The Abu Dhabi Executive Council has earmarked AED 30 billion to revive growth

in the emirate. “The commitment to sustained expenditure on physical and soft infrastructure in Abu Dhabi remains the main driver for the local property market,” said CB Richard Ellis, noting rents grew 3% in the first quarter.

Buoyed by the promising outlook, major developers have revived projects that had been either mothballed or delayed. Here is a look at some of the major projects already under way across the UAE.

Meeras Development – Jumeirah Gardens City: The USD 95-billion was first proposed in 2008 but was put on hold due to the global financial crisis. Infrastructure work finally began in early 2012, but the massive project will take more than a decade to be completed, according to Zawya.com data.

Abu Dhabi Urban Planning Council – Capital District: The USD 40-billion project is a community development on 49-million square metres, between and Abu Dhabi

International Airport and Mohammed Bin Zayed City.

Aldar – Yas Island Development: Parts of the development featuring hotel and the F1 Circuit are already open, but the USD 40-billion still has many other moving parts. When completed, the development is expected to house 110,000 residents, and feature parks, malls and residential developments.

DWC-Dubai World Central: Primarily a logistics hub, the USD 37.25-billion development will also have housing for 90,000 residents. The development is spread across an area of 140 million square meters and is divided into six 6 different zones, including the Al Maktoum International Airport.

ADFEC – Masdar Carbon Free City: A major flagship project for Abu Dhabi, the USD 22-billion will have 50,000 residents once it is completed by 2025. The city is set to be powered by wind, photovoltaic farms, making it the world’s first zero-carbon city.

The above is a sample of the breadth and variety of real estate developments under way in the UAE, making it home to some of the most exciting infrastructure developments in the world.

However, managing the financing and development costs will be crucial to ensure that the problems of 2008 do not come back to haunt the real estate companies entrusted to transform the sector.© Zawya

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Project name Project value (USD) Status

1 Meraas Development - Jumeirah Gardens City 95,000,000,000 Ongoing

2 ALDAR - Yas Island Development 40,000,000,000 Ongoing

3 Abu Dhabi Urban Planning Council - Capital District 40,000,000,000 Ongoing

4 DWC-Dubai World Central 37,250,000,000 Ongoing

5 TDIC - Saadiyat Island Development 27,248,000,000 Ongoing

6 ADFEC - Masdar Carbon Free City 22,000,000,000 Ongoing

7 Chemaweyaat - Chemicals Industrial City 20,000,000,000 Ongoing

8 ALDAR Properties - Al Raha Beach 15,000,000,000 Ongoing

9 Al Zorah Development Company - Al Zorah Dev. 14,000,000,000 Ongoing

10 ALDAR - Yas Island Development - Yas Mall 12,800,000,000 Ongoing

Source: Zawya.com

UAE's largest real estate projects under way


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Yen strength is a blow for Abenomics

The Japanese yen strengthened substantially towards the close of the trading week ended May 24, driven largely by the Nikkei’s sharp drop the day before, which in turn fueled a wave of risk-aversion.

This has clearly dealt a blow to Japanese prime minister Shinzo Abe’s efforts to weaken the yen by expanding the monetary base to JPY 270 trillion and stimulating the economy.

“This isn’t the way that Abenomics is meant to work; after all, a stronger yen can weaken the economy and make the BOJ’s 2% inflation target harder to achieve,” Forex.com’s research director Kathleen Brooks wrote in a note.

Bank of Japan governor Haruhiko Kuroda said on May 26 that there are no signs investors have “excessively bullish expectations”. He cited an April BOJ report indicating rates could rise by between one and three percentage points in an improving economy without causing financial instability.

Adding to Kuroda’s communication challenges, the minutes of a BOJ meeting on April 26 showed divisions on the policy board, where “a few” members see difficulties meeting a 2% price goal by the end of March 2016, Bloomberg reported.

One member said the bond market could become unstable again, while others said that swings in financial markets had been triggered

by perceptions that the BOJ had conflicting goals -- trying to push down interest rates while pursuing inflation.

“Kuroda should have explained why the market is volatile now and why he thinks it’s going to be OK, rather than just saying he doesn’t see any major problem,” Bloomberg quoted Kazuhiko Ogata, chief Japan economist at Credit Agricole in Tokyo, as saying. “Kuroda hasn’t yet learned how to communicate well with the market.”

The first phase of Abenomics, which started at the end of 2012, involved stimulating the economy and expanding the monetary base to JPY 270 trillion, resulting in a sharp drop in the JPY and a large boost for the Nikkei. However, the events of the last few days have caused this relationship to break down.

After a 6% decline in the Nikkei and a 1.5% loss for USDJPY in the week ended May 24, has the yen/Nikkei relationship come to an end or is it pausing for breath?

“This will depend on the Japanese bond market. One of the reasons that Nikkei investors were spooked was that the 10-year government bond yield spiked to 1% -- the highest level in 12 months, and a three-fold increase since April. At the last BOJ meeting, governor Kuroda made the mistake of suggesting that the BOJ wasn’t overly worried about the volatility in Japanese bond markets. This helped the yield to spike and the Nikkei to fall. Since then government officials have rushed to express their concern at the rapid

rise in bond yields, and their desire to stabilize the government bond market,” Brooks said.

“JGB yields have been rising since April for a couple of reasons: “One, since the BOJ announced its giant QE program in April, the bank is now a willing buyer of JGBs, so investors took advantage of high bond prices to sell at good levels. Two, the Abenomics plan made stocks look more attractive than bonds, causing a wave of selling in the JGB market, and thus pushing up yields.”

The Japanese may hope that official concern regarding the pick-up in volatility in the bond market will be enough to cause a steady decline in yields. However, a stronger economic outlook in Japan (the BOJ has recently revised its economic outlook upward), suggests that yields may continue to rise, just at a more moderate pace.

The Bernanke effect

There was increased volatility across asset classes after a perfect storm of central bank chatter, weak Chinese economic data and some large declines in Asian equities.

Traders ascribe these moves to US Federal Reserve chairman Ben Bernanke’s testimony to Congress on the end of QE3 and the Fed’s exit strategy.

According to Brooks: “Although the Fed chairman was very clear that the end of QE3 is data dependent, the stunning market rally that helped to push US markets to record highs could not sustain life at these lofty highs with

the prospect of an end to cheap money and liquidity in sight.

“But this doesn’t fully explain why Japan’s Nikkei index dropped more than 7% during the Asia session; after all, the Bank of Japan is only two months into its largest ever stimulus program.”

The Fed is still purchasing Treasuries on a daily basis. Bernanke, has, however, increased the risk around economic data releases, after he said that the timing of an exit from QE3 was dependent on economic performance.

“Strong economic data does not mean more liquidity for the market; it actually means tighter monetary conditions in the future, which tends to be stock negative,” Brooks said.

“This is not as illogical as it sounds. After all, the rise in US markets to record highs could have been on the back of expectations that QE3 would boost the US economy. Since markets always look to the future.”

“Since the markets tend to lead an economic recovery, we could be in a short-term topping pattern close to these record highs. We are unwilling to commit to a longer-term view right now, as the US economy is still looking fragile and the data could go either way. But one thing is for sure: the market’s eyes will be squarely on jobless claims and payrolls going forward.”.© Zawya

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NEWS UPDATES

UAE economic growth accelerates to 4.4% in 2012Economic growth in the United Arab Emirates accelerated to 4.4% in inflation-adjusted terms in 2012 from a downwardly revised 3.9% the previous year as activity picked up across all sectors, its statistics office said.

“One of the most important factors is the role played by good and stable oil prices in general over the last year,” the National Bureau of Statistics in the OPEC member said in a data commentary. – Thomson Reuters

Full story: bit.ly/1att6do

Dubai’s Atlantis ‘The Palm’ seeks USD850m loanAtlantis, The Palm, is raising an USD 850 million syndicated loan to refinance existing debt and provide new funds, banking sources said.

Dubai’s iconic island resort is refinancing a USD 700 million, 12-year term loan that was signed in July 2005 and priced at 160 basis points (bps) over LIBOR.

That loan backed the construction of the luxury hotel resort and aquatic theme park. – Thomson Reuters

Full story: bit.ly/117dlaQ

Dubai bank ENBD plans bond sale to boost capitalEmirates NBD, Dubai’s biggest lender, plans to tap global debt markets for its first capital-boosting bond issue, as Gulf banks take advantage of tight pricing and high investor demand to shore up capital ratios.

ENBD, which has already raised Tier 2, or supplementary capital, this year, has hired six banks, including its own investment banking unit, to arrange a Tier 1 bond issue, lead managers arranging the deal said.

Tier 1 capital is a lender’s core capital as defined under the Basel banking industry rules, and a key measure of its financial strength. Gulf banks will need to comply with tighter Basel III global standards for core capital, which will be introduced gradually over coming years. – Thomson Reuters

Full story: bit.ly/114ZY85

Rents across Abu Dhabi will rise from second half of 2013Secondary and tertiary locations of Abu Dhabi are currently experiencing a modest rent deflation, but that’s set to change. Lease rates across the capital are expected to increase from the second half of the year, says CBRE.

“Whilst at this time growth remains restricted to a select few developments, we are likely to see more widespread growth return during the second half of the year,” Matthew Green, head of research UAE, CBRE Middle East, told Emirates 24/7. – Emirates 247

Full story: bit.ly/Zbne6R

Dubai needs USD37bn to service 2013, 2014 debts: IIFDubai needs to raise around USD37 billion to finance debt that matures this year and next as the emirate scales back its overseas investments and focuses instead on its traditional strengths of tourism and trade, the Institute of International Finance said.

The emirate, which is recovering from the global financial crisis and a protracted real estate slump, needs USD10 billion in 2013 and USD27 billion in 2014 to deal with the maturing debt, according to a report from the IIF, a global financial services industry body. The IIF also urged Dubai to continue improving the balance sheets of government-related entities, many of which are being, or have been, restructured after being unable to service their debts in recent years. – Zawya Dow Jones

Full story: bit.ly/12ZWyqq



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Qatar postpones listing of USD12bn investment companyA planned stock market listing for Doha Global Investment Co, a USD 12 billion Qatari investment company backed by assets from the Gulf state’s sovereign wealth fund, has been postponed, a senior bourse official said.

Qatar unveiled plans to create the investment company in February and said that sovereign fund Qatar Holding will transfer USD 3 billion of assets into the Doha Global, with a similar amount raised in an initial public offering (IPO) on the Qatar Exchange. – Thomson Reuters

Full story: bit.ly/13WdxuA

Dubai’s debt cloud lifts after USD10bn deal with banksDubai Group, an investment company owned by Dubai’s ruler, has agreed to a USD 10 billion debt restructuring with its main bank creditors, the latest effort by the emirate to lift a cloud of uncertainty that dates to the financial crisis.

If it goes through as expected, the restructuring will be a major step in the broader reorganization of Dubai’s government companies that began in 2009, analysts say. Under its terms, Dubai Group would get up to 12 years to repay its banks as it tries to sell assets and generate cash, according to a person familiar with the talks. – Zawya Dow Jones

Full story: bit.ly/13Wdwa6

Tax free investment banking salaries on the up in DubaiIf you’re a senior investment banker looking for a new position, the United Arab Emirates is not necessarily the best place to apply - jobs have been cut, few new opportunities are presenting themselves and the anemic fee pool has only been edging up for the past few years.

There is one advantage to making the switch to Dubai, however, and that’s the promise of tax free earnings, which, according to the new salary survey by recruiters Morgan McKinley, are still increasing. Managing directors in investment banking now earn AED 150,000 a month - 6% higher than last year and the equivalent to USD 489,600 annually, it says. And this is before bonuses. – efinancial Careers

Full story: bit.ly/13ePoNH

Foreigner entry to fuel Saudi bourse growthNews that Saudi Arabia would allow foreign investors to participate in the Tadawul market would give fresh impetus to the market and bring a number of international money managers to the bourse.

As the world’s largest exporter of crude oil, Saudi Arabia enjoys high credit ratings and a stable economy with strong underlying macroeconomic fundamentals.

Last year, index provider MSCI said it was reintroducing the coverage of the Saudi Arabia equity market after reaching agreement with the Saudi Stock Exchange for the provision of market data. The index is geared towards GCC investors as the market remains closed to non-GCC based investors. – alifarabia.com

Full story: bit.ly/12KQ7Wx

Confidence boosts MENA mutual funds to reach USD59bnAs of December 2012, the MENA funds industry was valued at USD 59 billion, with the GCC accounting for the bulk or USD 30.9 billion. Saudi Arabia and Morocco remained as the largest fund domiciles in the region with 228 funds worth USD 22.85 billion and 175 funds worth USD 14.92 billion, respectively. Together, these countries represented more than 50% of the regional funds industry.

Confidence also recovered in 2012 as the number of launched funds increased by 10.77% to 72 from 65 in 2011. The number of equity funds launched in 2012, however, dropped to 22 from 35 in 2011 while the number of new fixed income funds increased from nine in 2011 to 20 in 2012. The MENA trend is similar to that witnessed in other parts of the world, where equity funds saw outflows and fixed income funds experienced an increase in assets under management (AUM). – Zawya

Full story: bit.ly/141uCQp. © Zawya

NEWS UPDATES


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2XL> Receive a discount of 25% on all non-sale items and 5% off on all sale items

Valid at: Mina Centre, Abu Dhabi | Marina Mall, Abu Dhabi | Al Ghurair City, Dubai | Behind Mega Mall, Sharjah

IDdesign> Receive a discount of

- 25% on minimum spend of AED 5,000 and above

- 10% on every spend below AED 4,999

Valid at: Dubai Sharjah Road (Ettihad Road, next to Enoc station) | Mall of the Emirates | Mirdif City Center | Al Wahda Mall, Abu Dhabi

NATUZZI> Receive a discount of 20% on merchandise, plus an in-house interior guideline

Valid at: Abu Dhabi Mall, B-16, Level-1 | Umm Hurair Road, Near Al Maktoum Bridge | Sheikh Zayed Road, between 2nd and 3rd interchange

Parasol Garden Furniture> Receive a discount of 25% on the total bill

Valid at: Umm Suqeim, Al Quoz

Q Home Décor> Receive a discount of

- 25% on a spend of AED 10,000 and above

- 20% on a spend of AED 5,000 to AED 9,999

Valid at: Dubai Marina Mall | Mirdif City Center | Oasis Center | The Dubai Mall | Liwa Center, Abu Dhabi | Al Ain Mall | Sharjah Al Qasimiah Street

Western Furniture> Receive a discount of 25% on merchandise

Valid at: Umm Hurair, Near Al Maktoum Bridge | Sheikh Zayed Road, between 2nd and 3rd interchange

Offers are valid for a year and can be availed as many times as you shop at the merchant outlets by simply presenting your Privileges and More card.

*Terms and Conditions apply.


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Efficient, intelligent, emotionally appealing With new, efficient engines, new assistance systems and a new design idiom, Mercedes-Benz has modernised the E-Class comprehensively to extend its leading position in the luxury segment even further. No fewer than 11 new or optimised assistance systems from the future S-Class celebrate their world premiere.

They combine a host of comfort and safety features, all of which Mercedes-Benz refers to as “intelligent drive”. They include systems which, for the first time, can help to prevent accidents with crossing vehicles or pedestrians, active Lane Keeping Assist, which can help to prevent accidents with oncoming traffic, or anti-glare continuous high-beam headlamps. With these features Mercedes-Benz is underscoring its leading position as a safety pioneer.

All BlueDIRECT petrol engines of the new E-Class combine a spontaneous response and exemplary power delivery with the highest levels of efficiency and best-in-class emissions performance.

The new E-Class makes a significant step forward when it comes to efficiency and ecology too. This comes courtesy of new, powerful BlueDIRECT four-cylinder petrol engines featuring sophisticated direct injection technology. This powerful development boost

is reflected to exciting effect in the design of the E-Class. With its new design the E-Class encapsulates efficiency, intelligence and emotional appeal in a visually superior manner.

Mercedes-Benz has revised all of the model series of the E-Class more comprehensively than ever before, to make the latest technical advances available in practice at an early stage, by making advance use of developments from the future S-Class. In addition, the new E-Class offers a considerably sharpened design with a cultivated, elegantly sporty look, as well as significantly enhanced comfort, high-quality appointments, efficiency and driving pleasure. As a result, the E-Class is continuing to consolidate its leading position in the luxury class.

According to Frank Bernthaler, Director of Sales and Marketing, Mercedes-Benz Cars, Daimler Middle East and Levant: “With the new E-Class we are setting down clear markers in the areas of safety, desighhn and efficiency. It brings lots of technical innovations to the road and is without doubt the best E-Class ever. This is also reflected in its design and lovingly revised interior. As a result it brings a breath of fresh air to the luxury class. The “E” therefore continues to stand for the leading position in this demanding segment.”

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MAY 2013 Vol. 2 - No. 8 · Rolex Submariner model 16610, made by production designer Syd Cain for...

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Transcript of MAY 2013 Vol. 2 - No. 8 · Rolex Submariner model 16610, made by production designer Syd Cain for...