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Vol. VI. No. 42 May 2009

K raveendran

editor’s note

There’s hope

Most indicators are pointing to an early recovery in the local economy. The worst fears of the year-end have been disproved as

companies and businesses report their first numbers for the quarter. Liquidity, no doubt, continues to be tight, but there are attempts to come out of the siege, as it were. Banks are beginning to lend again, although they are very selective on who should get the money and on what conditions. The more aggressive among them are ready to try out new ways of breaking the ice.

Similarly, the earning season has not been that bad. Banks have turned in profits, but of course, not like those heady days. Profitability has gone down, but still there is money to be made. According to indications, most UAE banks would be relatively comfortable by the second quarter and already there are signs of a positive turn. Market confidence, which had hit the bottom, seems to be picking up and the stock markets are showing some signs of a movement.

The property sector is also said to be turning away from a state of absolute hopelessness to one of measured caution as the continued fall in prices seems to have been arrested somewhat. Even if the fall hasn’t stopped, the pace of the fall has slowed down and maybe within the foreseeable future there could be signs of stability.

Coupled with all this, Dubai has reported improved tourist arrivals and hotel occupancy, both of which had apparently been a great cause of worry. If things continue to happen this way, there may be soon light appearing from the other end of the tunnel.

COVER STORY

CONTENTS

10 COVER STORY

SignalsAnalysts see positive signs of an early pickup emerging

BANKING AND BUSINESS REVIEW May 20092

4 RISK MANAGEMENTIs it greed alone?Ten lessons to be learnt from failure of risk management systems

14 EXECUTIVE EDUCATION SPECIALTo train or not to beExecutive training programs get a boostFlab has to goEnthusiastic response to trainingRe-learning the basicsBreak from textbook learningWhen job seekers invade FacebookPlugging Arab brain drain

30 COMMODITIESDGCX rupee futures are hotCurrency futures emerging as most attractive asset class

34 ECONOMYMiddle East weathering global crisis: IMFFundamentals and policy responses help mitigate impact of shock

38 INTERNATIONALToxic waste removalMarkets applaud plan to rid bank balance sheets of bad assets

46 TECHNOLOGYPrepaid cardsNew wave of innovative banking?


RISK MANAGEMENT

One of the most important lessons of the current fi-nancial crisis is that incen-tive systems for mangers

must be constructed in such a way that they reward long-term stability, not short-term profit, an Economist Intel-ligence Unit whitepaper on the failure of risk management and the probable answers to prevent such disaster in fu-ture has concluded.

Both institutions and supervisors are asking themselves other, vital ques-tions. Were the tools available to risk managers fit for purpose? Was the ap-proach to risk management based on a historical view of the world that per-tained to an unprecedentedly rosy era in markets and the economy? And was there insufficient risk expertise and understanding at the very top of some of the world’s largest organisations?

The EIU whitepaper, sponsored by ACE, KPMG, SAP and Towers Perrin, examines the lessons that have been learnt from the current financial crisis, and proposes ten practical steps that could help to address perceived weak-nesses in risk identification, assess-ment and management. Although the research is primarily directed at finan-cial institutions, it also highlights ways in which these lessons could apply to corporates from other industries.

The paper notes that the word that comes up most often when politicians, regulators or ordinary consumers are

Is it greed alone?Ten lessons to be learnt from failure of risk management systems in global financial crisis

asked about the roots of the credit crunch is greed, but says this by itself is an unsatisfactory explanation. “Greed is not just a universal human charac-teristic, but a necessary component of the capitalist model. Without it, eco-nomic incentives would not work,” it says.

But a common lesson from most market failures is that the incentives have to be carefully designed. “Where high-risk positions can be taken in il-liquid assets, it’s very hard to prevent problems unless the incentives are right,” the paper quotes Viral Acharya, visiting professor of finance at New York’s Stern School of Business, as say-ing.

So while vigorous action should be taken to root out illegal trading, such as the Ponzi scheme set up by Ber-nard Madoff, a spotlight should also be shone on the incentive structure that encouraged actors throughout the economy to pursue short-term rewards with no regard to long-term costs.

The growth of this unbalanced in-centive structure was itself an indica-tor of trouble ahead, but one that was largely brushed aside. “No one had the courage to look at areas where there were incentives to cheat,” says Sandro Boeri, managing director at Risk Au-dit Ltd, a UK-based company offering training to the corporate governance function “Bonuses for risk-taking were so high that few could afford to take

a contrary view. They would not have lasted long.”

Short-term incentive structures were endemic during the boom. The bonus culture rewarded traders and senior financial executives for realising imme-diate profits on assets that would take years to mature. Share options encour-

BANKING AND BUSINESS REVIEW May 2009 5

lies. Using securitisation, banks in effect made money on the difference between the cost of borrowing on short-term money markets to fund mortgage lend-ing and the cost of selling the pooled mortgages to institutional investors. In the process, they were shifting credit risk off their balance sheets. As a result,

gave the senior tranches their endorse-ment made money on volume, regard-less of quality.

The mismatch between the short-term incentive structure and long-term risk exposure that characterised the run-up to the crisis has been identified as a key area for reform. The bonus cul-ture and remunerative models for sen-ior banking executives are likely to be overhauled, with some of the rewards in future being withheld to match the maturity of the underlying business.

If corporations are unable to enforce this discipline on themselves, then the success of risk management in head-ing off future crises will depend on the ability of governments and regulators to design and enforce rules that do the

job for them.The paper recommends that risk

management must be given greater au-thority. Such was the level of comfort among regulators and policymakers that in June 2005, months after the first rumours of strains in the US housing market were bubbling to the surface, Alan Greenspan, then-chairman of the Federal Reserve, would acknowledge only ‘signs of froth’ in certain local markets. (His successor and the cur-rent incumbent, Ben Bernanke, was no more prescient, saying in congressional testimony in March 2007 that the im-pact of what was by then a substantial subprime problem on the broader econ-omy and financial markets ‘seems likely to be contained’.)

So why were banks’ risk managers not sounding the alarm bells? Part of the answer is that they were, but that they were not heard. “At large univer-sal banks 18 months ago, risk managers were trying to curb risk-taking by front offices,” says Viral Acharya.

In other words, risk managers – a cost on the banks’ balance sheet – were calling for restraint on business at a time of high profitability in the sector as a whole. Those generating the prof-its pushed to be let off the leash and, all too often, the senior executives allowed the profit centres to win the argument. “The bargaining power of profit centres builds during the good years, so it be-comes easy to sideline the risk manag-ers,” says Acharya.

The attitude that the opportunity for profit was trumping any concerns being raised by risk managers was exemplified by Charles O. Prince, Citigroup’s chief executive, in July 2007. In a now infa-mous phrase he told reporters: “As long as the music is playing, you’ve got to get up and dance. We’re still dancing.”

The whitepaper recommends that If risk management is to be given appro-priate attention throughout the organi-sation, leadership and tone from the most senior level in the organisation

aged behaviour that pushed up equity values regardless of long-term conse-quences.

“Many of the banks struggling now to make capital were buying back their own shares in 2004, 2005 and 2006,” says John Crosby, a quantitative ana-lyst, until recently head of quantitative analytics at Lloyds TSB.. “Maybe their stock options led them to pursue anti-dilutive strategies.”

There were other incentive anoma-

and in contrast with the traditional banking model, banks were being re-warded for the volume of business they could generate, rather than the quality of the underlying loans.

This removed the incentive for pru-dent risk assessment and replaced it with the opposite: an incentive to pro-vide mortgages to an ever-growing de-mographic. Similarly, the investment banks who took the credit derivatives to market and the rating agencies who

“Greed is not just a universal human characteristic, but a necessary component of the capitalist model; without it, economic incentives would not work”


will be essential. In many institutions, risk management is still struggling to shake off an outdated perception that it is largely a support function.

This outmoded perception of risk management is due in part to its rela-tively short history. “Back in the 1980s, there was no risk management depart-ment,” says John Crosby. “A bank’s head trader had the experience and au-thority to rule on poor trades and have them unwound.” Then in the 1990s, institutions began to worry that this was too much responsibility for one in-dividual, and set up risk management departments. “They came up with met-rics to judge what traders’ exposure was,” he points out. “But this is risk

measurement, not risk management. The head trader had the authority to tell you to cut your positions, and you did it in minutes. Risk management simply doesn’t have that clout.”

Further, the paper argues that insti-tutions have to review the level of risk expertise in their organization. The proliferation and complexity of new fi-nancial instruments and trading strat-egies, often based on complex math-ematics or channelled through a chain of institutions in opaque and unregu-lated markets, was bound to confuse even the sharpest observers. Indeed, in many cases this may have been the explicit intention, as traders and deal-ers sought to engage in risk-taking that

would have been difficult to justify had it been clearly understood.

Sandro Boeri sums it up in a damn-ing remark. “To have asked the right questions of business units, senior ex-ecutives would have had to engage in a debate that was beyond their compe-tence, in a language they did not under-stand.”

To remedy this situation, financial institutions must be confident that they have sufficient risk expertise at the most senior level. They should have the tools and information at their disposal to un-derstand the institution’s risk appetite and positions, and there should be ap-propriate channels of communication to ensure that material information about risk is passed to the appropriate executives and board members, the pa-per says.

It recommends that institutions should pay more attention to the data that populates risk models, and must combine this output with human judg-ment. One feature of recent financial innovation has been the trend for quan-titative techniques to replace human judgment in evaluating trading oppor-

While vigorous action should be taken to root out illegal trading, such as the Ponzi scheme set up by Bernard Madoff, a spotlight should also be shone on the incentive structure that encouraged actors throughout the economy to pursue short-term rewards with no regard to long-term costs


tunities, valuing assets and measuring risk. In banks, the reliance on models based on increasingly complex math-ematics proved doubly damaging: not only did the models fail correctly to register the true levels of risk being as-sumed, but the sense of security they gave, both to banks and to their regula-tors, allowed dangerous lending prac-tices to flourish.

Quantitative modeling in financial markets had been growing in com-plexity since the introduction of the Black-Scholes-Merton method for pric-ing options in the 1970s. Although an entire academic field has flourished in the wake of this initial innovation, the underlying principles of financial modeling remained – and remain – un-changed.

“It’s not like physics, where, say, you can predict the alpha particles emitted by decaying radioactive material with great accuracy,” says Crosby. “We’re trying to assign a probability that a share price will hit a certain point in a certain period. We’re not particularly good at it.”

The collapse in 1998 of Long Term Capital Management, a hedge fund run by Scholes and Merton, should per-haps have brought a more fundamental re-evaluation of their methods than it did. In the event, the most widespread variant of the new financial techniques, Value-at-Risk, or VaR, remained a key risk management tool.

VaR, introduced by JP Morgan in the late 1980s, aims to calculate the proba-bility of future losses given past market performance and to encapsulate this in a single number; for instance, at a given confidence level, what is the biggest loss the institution can expect from a given portfolio?

There are two problems with this. First, if past market volatility is for some reason not comparable with fu-ture performance, the model will give the wrong result. In hindsight, this was almost inevitable in the lead-up to the

credit crunch. Volatilities in most asset markets had been on a downward trend for over a decade, and this trend had accelerated during the extraordinary period between 2003 and 2007. Instead of recognising this for what it was, the sign of an unusually extended business cycle reaching maturity, financial insti-tutions, leading regulators and many market experts argued that it reflected the success of financial markets unfet-tered by regulation.

The second problem is that, if the model is based on a mistaken assess-ment of the probability of problems arising, the bank is more likely to find itself in the ‘tail’—the portion of po-tential loss that is above the confidence

level set by the bank. In the tail, there is no theoretical limit to the size of the potential losses. Since financial institu-tions had used the new financial archi-tecture to increase their own borrowing on a vast scale, the losses were sufficient to drive some of the sector’s biggest names to the wall.

This illustrates the point that to blame the models is like blaming the car for slipping on an icy road. No matter how sophisticated, models are limited by the quality of the data feeding them. Indeed, models tend to magnify even small errors in inputs such that these render the output dangerously wide of the mark, the paper points out.

Even with the best data, responsibil-

If corporations are unable to enforce this discipline on themselves, then the success of risk management in heading off future crises will depend on the ability of governments and regulators to design and enforce rules that do the job for them


ity ultimately rests with those deciding how the models are used. No risk man-agement tool should be used in isola-tion, and quantitative methods should always be backed up with qualitative approaches and the vital inputs of hu-man judgment and dialogue, it points out.

According to the whitepaper, stress testing and scenario planning can arm executives with an appropriate response to events. Stress testing and narrative scenarios have long been recognised as important tools in the risk management arsenal – both by management teams and banking su-pervisors. In the boom years, however, such tools lost ground to the apparent mathematical precision of quantitative analytics. Given the results delivered by those quantitative models, it is not surprising that stress tests and scenari-os are making a comeback.

Correctly used, these techniques can help financial institutions to gain a clear understanding of the impact of severe but plausible scenarios on their financial position. In theory, stress testing should help institutions pre-pare for the kind of highly unexpected, ‘tail risk’ events that we saw during the financial meltdown of late 2008. Yet in reality, few banks could claim that their stress testing processes were suf-ficiently robust, both before and dur-ing the crisis, to give them the warning that they required.

The crisis has highlighted a number of important deficiencies with current stress testing practices. First, many in-stitutions were overly conservative in the scenarios that they explored. They tended to assess the impact of relatively minor events, or to assume that market dislocation would only last for short periods. In addition, they often failed to take a sufficiently broad, firm-wide approach to stress testing, choosing instead to focus on specific risks or business units rather than exploring system-wide risk concentrations.

Such was the level of comfort among regulators and policymakers that in June 2005, months after the first rumours of strains in the US housing market were bubbling to the surface, Alan Greenspan, then-chairman of the Federal Reserve, would acknowledge only ‘signs of froth’ in certain local markets

Second, stress testing tended to rely on recent historical data. The problem with this approach is that recent data refer to economic and market con-ditions that were unusually benign. When testifying before the House

Committee on Oversight and Govern-ment Reform, Alan Greenspan, former chairman of the Federal Reserve, ad-mitted the shortcomings of this reli-ance on recent data: “The whole intel-lectual edifice collapsed in the summer


of last year because the data input into the risk management models gener-ally covered only the past two decades, a period of euphoria.”A third problem is that the incorporation of stress test-ing into the Basel II framework led some market participants to assume wrongly that the technique was prima-rily a box-ticking, compliance exercise. This devalued stress testing in the eyes of senior executives, and meant that the output rarely fed through into the strategic, decision-making processes at the top of organisation. In addition, it meant that insufficient effort went into developing robust and challenging sce-narios that reflected rapidly changing external conditions.

The other recommendations include consolidation of all risk factors across all the institution’s operations, caution against overdependence on data from external providers, careful balance be-tween the centralisation and decentral-isation of risk and adaptive rather than static risk management systems.

The paper argues that while greater scrutiny of the activities of rating agen-cies will undoubtedly be on the super-visory agenda, it is clear that financial institutions must also recognise the

limitations of external ratings and risk information. In the run-up to the credit crisis, too many banks blindly relied on the assessments of rating agencies as an input, and were then left with no way of pricing risk when these ratings proved inadequate. This has highlighted the need for financial institutions to address their over-dependence on credit ratings, and to supplement ratings with their own analysis, which should be continu-ously updated over the entire period of the investment.

In the wake of the financial crisis, credit rating agencies have come under fire from regulators, central banks and industry commentators. Critics have pointed out that they have an inherent conflict of interest, in that they are paid to rate securities by issuers, rather than investors. This could mean that rat-ing agencies had an incentive to offer favourable ratings in the expectations of repeat business from issuers. “They got into the habit of issuing AAA rat-ings for fear of losing the account,” says Crosby. “They were not only negligent; they may have been fraudulent.”

Serious doubt has also been cast on their models for pricing risk, particu-larly in the case of complex securities, such as collateralised debt obligations. Many CDOs were given top AAA rat-ings, despite being made up of risky, sub-prime mortgages. The models said that the instruments were safe because of the low default correlation between the underlying liabilities, but this was misleading.

Commentators have also directed criticism at rating agencies for what is perceived to be the tardiness of their response to downgrade securities once the credit crisis hit. This, according to critics, raises questions about the robustness of the underlying models and methodologies used by the ratings agencies.


PROPERTYPROPERTYCOVER STORY

The worst may be over. While discussing the impact of the financial crisis on Du-bai, most analysts had all

along reserved their comment, on the ground that the real position would be known only by March-April as compa-nies braced themselves for the earning season.

Well, we are past that stage and the indications are not as bad as feared during what appears to have been the height of trouble in the fourth quarter of 2008. As companies start reporting their numbers, analysts are veering round to the view that things aren’t that bad.

There has been a slight pickup in the stock market, which is a key indica-tor of the general confidence level and liquidity, which had almost dried up

SIGNALSAnalysts see positive signs of an early pickup emerging

completely, is beginning to reappear, although it continues to be a far cry from the required levels. Banks have apparently resumed lending, though with a great amount of caution and selectivity, suggesting that operations may be getting back to some kind of normalcy, at least in segments of busi-ness and pockets of activity.

The first round of scaling down in operations and staff size, particularly in the property sector and related serv-ices, seems to be over and there are very few numbers to support the fear that the much-discussed exodus of ex-patriate population has actually taken place, although reports continue to ap-pear in the media that large numbers of families are leaving. Immigration authorities insist that they are issuing more new residency and entry permits

Analysts say the confidence level in the economy has improved significantly, particularly after the successful $10 billion bond issue by the Dubai government

than those that are cancelled.Analysts say the confidence level in

the domestic economy has improved significantly, particularly after the suc-cessful $10 billion bond issue by the Dubai government. Government offi-cials point out that the full subscription


of the bond by the Central Bank helped to re-infuse confidence in the nation-al economy by assuring that there is enough money in country. Also, in-

ternational financial institutions have responded positively to the prospect of a second $10 billion tranche of bonds, which the government plans to issue soon, they asserted.

The UAE central bank has been play-ing a highly pro-active role in handling the crisis and the plan has produced good results. As a first step, the central bank injected liquidity of Dh50 billion into the banking system, and initiated a series of steps and policies to restore economic growth. These included the swap and repo facility for banks and the discount system on bonds issued by government entities and companies.

The central bank has announced that it is in continuous consultations with the banks on the issue of large ex-posure limits to borrowers compared to those approved for Basel-1 and applied in GCC countries. The regulator is con-stantly reviewing the ratios for banks to avoid major risks during the financial crisis.

The effect of an improvement in li-quidity is already visible, with banks resuming corporate lending activity to some extent and reopening mortgage lending to property buyers, though this is mostly confined to Abu Dhabi

projects and is in strict adherence to new stringent guidelines in terms of loan to value, eligibility for lending etc. Also, the virtual freeze on payments in the market seems to have been lifted to some extent.

EFG-Hermes said in a report that despite the announcements that some banks are loosening their lending con-ditions on personal loans and mort-gages, the credit environment remains tight with banks remaining cautious. Any mortgage loans will continue to be based on low risk cases and on a relatively low loan to value basis. The report maintained that the forecast was for the UAE to see the sharpest drop in credit growth to the private sector of 12 per cent this year.

This figure will, however, be sup-ported by the low base effect from December 2008, when the banking sector is expected to have severely re-duced new lending as liquidity dried up and concerns over the property sector mounted, it said.

Nasser Bin Hassan Al Shaikh, di-rector-general of the Department of Finance, has said that Dubai govern-ment-linked companies should settle all overdue payments within a month as they use funds from a $10 billion state support facility. He said disbursements from the fund have already started.

“We are talking about big sums here,” Nasser said in an interview. “The bad days are over for the economy, which is stabilising and will gradually recover”. He indicated that most of the support will be offered to the property companies since ‘they are the pillars of Dubai’s economy’. The Department of Finance will announce an overall fig-ure for funds paid out and approved for disbursal ‘very soon’ but not the companies that have received help, he added.

While there are indications that funds are being disbursed, analysts have noticed that there is a conscious effort not to give out the numbers. Nakheel CEO Chris O’Donnell, for instance,

confirmed the other day that the com-pany has started receiving funds from Dubai Government. But he refused to divulge the amounts in question. “The actual figure is confidential and so are all the other details. But yes, Nakheel is receiving funds,” Chris O’Donnell was quoted as saying in an interview.

Standard Chartered Bank said in a recent report that the worst of the glo-bal financial crisis may be over for the UAE as tourism remains strong, global trade stabilises and oil prices rise.

“There are signs that the economy is already bottoming out,” Standard Char-tered economist Marios Maratheftis said in an interview. “But you still need policy to help,” he said. The $20 billion bond programme announced by Dubai government and underwritten by the UAE central bank would help pay back debt of government-owned companies, it was felt.

The bank feels that the UAE economy may start to grow again in the second half of the year, allowing the country to report marginally positive expansion over all of 2009. Such assumptions have been encouraged by the fact that there is a consistent pickup in crude oil prices as well.

Department of Tourism and Com-merce Marketing (DTCM) said in a statement that Dubai’s hotels accom-modated 1.89 million tourists and gen-erated Dh4.26 billion in revenues in the first quarter of this year, a five per cent increase over the corresponding period in 2008. Also, the number of operating hotels and hotel apartments rose to 519 in the first quarter this year, up from 475 during the corresponding period in 2008, it said.

The hotel capacity reached 40,864 rooms in the first quarter of 2009, up by 17 per cent from the same period in 2008, at a time when the global travel and tourism industry has taken a hit due to the financial crisis, the depart-ment pointed out.

Other positive numbers have also been cited. According to DIFC Gover-

ternational financial institutions have


nor Omar bin Sulaiman, Dubai’s economy recorded two per cent growth in the first quarter of this year compared to the same period in 2008, sending a clear signal that the emirate has weathered the worst phase of the financial crisis.

Addressing the British Busi-ness Group, the DIFC governor said the UAE Central Bank’s con-servative policies helped greatly to ward off the impact of the global financial meltdown on the finan-cial services industry. “The Fed-eral government and the Central Bank are working very closely to steer the economy back to normal with liquidity injection and other fiscal and monetary measures.”

According to him, the ma-jor challenge the UAE economy faced at the onset of the meltdown was a crisis of confidence. People were shaken, and it took several months to come to grips with the new reality.

Similarly, real estate consul-tancies are reporting early signs of confidence returning to Dubai and Abu Dhabi as property list-ings dry up and owners prefer to hold their properties rather than discount prices further to attract immediate buyers.

Owners are choosing to lease their properties as a cash-gener-ating alternative to selling. The leasing market in Dubai is still strong, showing continued inter-est from internal relocations and excess demand from Abu Dhabi,” Jesse Downs Director of Research and Advisory Services, Landmark Advisory, was quoted as saying.

Another such report said the pace of decline in apartment rents in some sought-after areas of Dubai has slowed during March-April after recording steep falls in the beginning of the year. The report by Asteco suggests that while rents have dropped across the board from March to April, the average fall was in single-dig-its only, signaling that a probable market stabilisation trend may be in the offing.

Standard & Poor’s Ratings Services said it has placed the ratings on Dubai-based government-related entities (GREs) on

CreditWatch with negative implications. The entities in question include DIFC Investments, DP World, Jebel Ali Free Zone, the Dubai Multi Commodities Centre Authority (DMCC), Du-bai Holding Commercial Operations Group (DHCOG), and Emaar Properties.

In addition, notes securitized by cash flows from a revolving pool of existing and future re-ceivables originated by Dubai Electricity and Water Authority (DEWA), as well as the notes issued by JAFZ Sukuk Ltd have been placed on CreditWatch with negative implications.

“The CreditWatch placements reflect our opinion of the likelihood of downgrades of the rated GREs and the notes if the potential for extraordinary government support to the Rated GREs and the notes is not affirmed by the government of Dubai,” Standard & Poor’s credit analyst Farouk Soussa said. “The need for Dubai government support is potentially increasing in the face of deteriorating funda-mentals for some of the Rated GREs.”

S&P said the action results from the learn-ing that a review of debt strategy at Nakheel may include the possibility of a debt exchange. Recent media reports indicate that Nakheel is opening a dialogue with existing holders of its $3.5 billion sukuk coming due in December 2009, with a view to restructuring the debt. Standard & Poor’s has discussed these reports with Dubai World and has been told that ‘all options’ in dealing with outstanding liabili-ties are being considered as part of an ongoing review, including a restructuring, the agency said.

S&P said it has also invited comment from the government of Dubai, which has declined to either refute the possibility of a debt restruc-turing at any of its rated GREs or to provide clear assurances that all debt obligations of the rated GREs will be met in a full and timely manner as per their original terms.

The agency pointed out that the primary reason the mere possibility of a debt restruc-turing in an unrated Dubai-based GRE has been sufficient to trigger a review of all the

S&P puts Emaar, other Dubai entities on credit watch

rated GREs and the notes is due to the fact that such a possibility stands at odds with S&P’s prior expectation that the government of Dubai is committed to providing extraordinary sup-port to its key GREs, including the rated GREs, in order to allow them to service their respec-tive obligations in a full and timely manner. This expectation is based in part on repeated representations to Standard & Poor’s and to the public by senior government officials and other highly placed individuals, that the government of Dubai is committed to providing such ex-traordinary support, the agency said.

S&P said that in accordance with its pub-lished criteria, a GRE is rated between the inclusive bounds formed by the GRE’s stand-alone credit profile and the government rating, with the placement along this rating spectrum a function of assessment of the potential for extraordinary government support. All of the rated GREs reflect government creditworthi-ness more than stand-alone credit profiles, though this may shift should the government’s support commitment ebbs. “In our view, the consideration of a debt restructuring in any key GRE, particularly if it were deemed to be ‘distressed’ increases the uncertainty as to Du-bai’s intention to provide adequate support in times of stress”.

“At this stage, we have not had confirma-tion as to Nakheel or the government’s inten-tions with respect to Nakheel’s outstanding sukuk. The CreditWatch placement will hold for the duration of our review, which will fo-cus on confirming these intentions, and then assessing the impact this may or may not have on our view of the likelihood of extraordinary government support with respect to the notes, and each rated GRE and its respective obliga-tions,” Soussa said.

S&P said it will resolve the CreditWatch placement once the analysis is complete. There is a significant likelihood that the review may result in the downgrade of one or more entities or notes by one or more notches, depending on its assessment of the likelihood of support on a case-by-case basis, and on the stand-alone creditworthiness of each entity and its respec-tive obligations.

PROPERTY


EDUCATION SPECIALEX

ECU

TIVE

TO TRAIN OR NOT TO BE


A well-attended forum in Du-bai last month saw manage-ment guru and author Dr Stephen Covey and his son

give lessons in trust and leadership to members of the UAE corporate world. Sprinkled with skits and anecdotes, the forum raised some important questions for corporate executives to chew on.

Central to the theme of Dr Covey’s presentation was a question. Are you relevant? Are you current? The ques-tion has assumed immense significance in the wake of the global economic cri-sis and the redundancies that have been affected as a result.

Historically the best in the corpo-rate world have constantly re-invented themselves to stay in the market. The Nokia story, for instance, is one of con-tinuous reassessment. The 140-year-old company that holds 40 per cent of the world’s share in the cellular phone market began as a paper manufacturer. They then moved on to making rubber boots and raincoats and today they are the front runner in the world of mobile phones.

A parallel to this story can be drawn to an individual’s role in an organiza-tion. The significance or relevance of an individual in an organization too is directly proportional to the investment that the individual makes in himself or herself. That investment is for upgrad-ing skills and knowledge base.

“Constant development is the key. Professionals should develop a creative culture to adapt to the crisis and to op-timize the opportunity of a crisis,” says Dr Covey. “Never waste a crisis, because it is an opportunity to make significant changes and improvements in order to

Executive training programs get a boost as employees press hard to remain relevantBy Ambily Vijaykumar

make sustainable competitive advan-tage,” he explains.

One of the time-tested methods of improving has been to revisit educa-tion. The trend is catching up in the UAE whose workforce has been fac-ing the onslaught of layoffs. The global economic crisis has given profession-als and organizations an opportunity to do some soul-searching in terms of where they stand. Several institutes in the country say that there is a growing demand for education programs for professionals in the UAE.

Professionals now believe that in or-der to survive in an acutely competitive market, it is essential to acquire new

skill sets. Individuals who are facing or may face prospects of a job loss are con-sidering taking a brief break to study so that they can open up more avenues of navigating the job market with their newly acquired skills. Also they hope to re-enter the job market, equipped with the ability to negotiate a better deal. Those who do not have the sword hanging on their head, however, want to hone their skills so as to stay current. The teetering banking sector in the UAE is showing considerable interest in management programs.

“In the current scenario, people have felt the need for risk management and also felt the importance of managing their corporate governance. In fact, the present crisis is the result of lack of prudential norms in terms of banking and lending. So people want to reori-ent themselves and take a cue from the current crisis as a sort of learning for them,” says B Narayanan Murthy, Head of Training at the Emirates Institute for Banking and Financial Studies in Shar-jah.

The institute has registered about 30 per cent increase in the number of stu-dents attending its executive education programs so far this year. Growth is

also the catch phrase for executives who are facing the daunting task of securing their job as well as staying relevant in their organization. Multi-tasking indi-viduals are in huge demand these days since companies trying to reduce costs drastically are demanding more for less.

This is exerting pressure on those in important positions trying to move up the corporate ladder. Not only can they not afford to quit in times of extreme uncertainty, they cannot afford to be

The significance or relevance of an individual in an organization too is directly proportional to the investment that the individual makes in himself or herself


laid back in terms of job security. It is executives of this kind who are knock-ing on the doors of institutions, look-ing for value addition to their knowl-edge basket.

Companies are also putting em-ployees under the scanner to sift the best from the rest. Performers are be-ing assessed on the basis of their abili-ties and are put in ‘right positions’ and given more responsibilities to get the most out of them and lesser perform-ers are being asked to go. This does not, however, mean that corporates are not looking for fresh talent, but the new talent now has the onerous task of meeting higher expectations in terms of skills and ability.

The market slowdown has ensured that many professionals also have to operate outside their field of expertise. For instance, many marketing profes-sionals are being asked to switch to human resources management within their companies. Since marketing is one such department that is looked upon as a luxury in any organization, in times of acute cash crunch, several organizations are also going in for op-timizing their existing staff rather than downsizing. Such a situation also calls for a quick brush up of knowledge, say institutes.

“Such students need a quick brief about their new job so executive edu-cation programs are the best remedy,” says Deepali Tulpule, Corporte Educa-tion Manager at the Centre for Execu-tive Education in Dubai.

Traditionally organizations have a budget earmarked for training and development of their human resource. But during a recession this budget is reduced, if not scrapped. Several cor-porates are faced with this reality, but others are utilizing this crisis to invest in their human capital so that when the crisis ebbs, they have a pool of upgrad-ed individuals working for them.

“Training and development is a vi-tal part of our organization. We have a

full program of executive management and training. We also sponsor regular courses for our employees. The devel-opment of human capital is priority for us and we are not only concerned with technical skills but we also believe that

developing managerial and leadership skills are equally relevant,” says Osman Sultan, CEO of Du.

Companies also have qualifying criteria for employees for financial sponsorship for education programs.

“Never waste a crisis, because it is an opportunity to make significant changes and improvements in order to make sustainable competitive advantage”


This is another incentive for staffers to up their performance index. Circum-stances might not allow companies to permit employees to take a break or in-vest considerable time in education. In situations when an employee, who has spent several years in an organization acquiring a vast knowledge of the spe-cific field, is promoted to a managerial post by the organization without any proper training in management, the or-ganization might not be in a position to invest time and money in a long-term program for the person.

The answer to that are short term training programs offered by various institutions across the UAE and also in-house programs organized by vari-ous institutions to suit specific require-ments of organizations. Institutions say these courses help professionals ac-quire skills to manage the new resourc-es around them whether it is budget or people.

Short term programs, typically last-ing anywhere between one and five days, are the preferred lot. But here too, companies prefer to have these sessions organized in-house so that they can optimize on the investment required

for them. The interesting part is that executives with MBA degrees who have been through the grind of corporate life also opt to be part of the short term training programs.

The reason for that lies in the topi-cality of the program. “When a person begins an MBA, the market conditions are very different from what they be-come once the course is over, which is typically a two-year period. To adapt to the changed market setup becomes an-other big challenge. What these train-ing programs do is offer a methodol-ogy to tackle a current situation in an organization since they are mostly tai-lor made to suit the company’s needs,”

informs William Franklin, Client Rela-tions Director at Maven Management Training Centre in Dubai.

This experiential learning enables students to get insights to apply and make them reflect in the requirements of their work place. The motive for stu-dents is also to bury insecurity with regard to their capability that is bound to arise in recessionary times. A pro-gram that enables executives to learn to deal with an unprecedented situation like the one that has gripped the world economy today is also what increases its appeal.

“Companies are looking for answers to the crisis that has caught everyone unawares. There is a thirst to find ways to exit the situation. Maybe convention-al programs might take a backseat with people looking for innovative meth-ods to tackle the crisis,” says Profes-sor Christopher Abraham, Senior Vice President of Business Development at the S P Jain Institute in Dubai.

Innovative methods of problem solving, creativity, out-of-the-box thinking and also human resources practices during a recession are likely to find more takers over traditional programs this year. Reasons for this be-ing budgetary and time constrains for companies who traditionally invest in these skill upgradation programs for their employees. Since the programs are designed with specific company re-quirements in mind, at the end of the program, institutions claim executives

Emirates Institute for Banking and Financial Studies has registered about 30 per cent increase in the number of students attending its executive education programs so far this year


Organizations are ‘reducing fat’, as one of the leading re-cruiters chose to describe the

current rate of downsizing going on around the world. Companies have to remain ‘lean’ to continue to stay ahead in the market race. The ‘fat’ in question here are employees who have for various reasons been deemed ‘in-consequential’ by their organizations. Only those who the company thinks are ‘value additions’ at this time are being retained.

These employees are experienced, multi-talented and keen learners. The company reposes faith in them be-cause they have faithfully nurtured their abilities. Widening their hori-zons is second nature to them. It is for such professionals that companies invest in what is called training and development.

Prior to the economic crisis, com-panies had a set budget for this pur-pose, but that budget has surely been hit with the all round scaling down of spending. That has left organizations with a new set of problems, says the Dean of the School of Management and the Bradford University, Profes-sor Arthur Francis. “Levels of inter-est in executive education programs remain high, but companies are find-ing it harder to find the money to pay for such programs. Business Schools around the world are reporting a downturn in executive education ac-tivity, leading to the danger that firms will come out of the current crisis with a depleted management capability, particularly amongst junior manag-ers who in the better days would have

Flab has to goDepleted management capability would not augur well for companies

been going through training pro-grams to assist their development as managers.”

That depleted management capa-bility would not augur well for the prospects of any organization once the market rebounds. Hence institutes are offering tailor-made programs to companies to suit their industry-type and requirements. The focus of these training programs, typically last-ing one to five days, is to develop soft skills among those in management positions. These skills include team working, leadership abilities, and de-cision-making skills and are offered generally to a group of people within a company who are largely in senior management positions.

Apart from these, executive educa-tion also caters to two other categories of professionals. There is general man-agement training for people whose in-itial training is in technical areas such as engineering or IT and who are now moving into a management position and need to know how to manage. The

second category is for those who need to upgrade their skills in particular areas such as finance, project manage-ment or marketing.

“What you learn must be relevant to your organization. The learning that goes on in our programs becomes em-bedded in changed behaviour back at the firm. We work closely with com-panies before, during and after the education events to ensure that what is learnt is applied as participants go back to their jobs in the company,” explains Prof Francis.

The Bradford University MBA pro-gram in Dubai began as an in-compa-ny program for the Emirates Group. Participants came from many differ-ent backgrounds, including pilots and other airline related jobs, as well as others doing more generic back-office functions such as logistics. But now the university has participants from across a whole range of industries in the emir-ate.

Professor Francis says that the need for executive training has become ‘absolutely necessary’ in the present market. “The MBA is the gold stand-ard, but not everyone has the time to commit to this and MBAs need to maintain the currency of their man-agement knowledge by doing executive education after they’ve completed their MBA,” he opines. The university offers one-day courses to two-year programs with 80 professors at the UK campus available for their Dubai campus as well. The university says it is already in discussion with interested parties in Abu Dhabi for opening a branch in the capital.

Professor Arthur Francis


According to a survey conduct-ed by Bayt.com, 65 per cent of professionals in the Middle

East are worried about job security. The UAE has a particularly high percent-age of professionals concerned about job security with the figure standing at 74 per cent. Another aspect that the survey brings out is the uncertainty regarding the future of organizations. Fifty nine per cent of those surveyed in the UAE say they are not confident of the future of their company.

The survey was based on a sam-ple size of 10,000, but is reflective of the prevalent mood in the region in general and the UAE in particular. It may be contrary to the approach that many are taking to tackle the crisis. Optimizing talent in times of uncer-tainty is what many individuals and organizations are doing to survive in existing market conditions. Sharpen-ing one’s skill sets and acquiring more knowledge is becoming the new means of getting ahead of fierce competition that has been generated as a result of shrinking opportunities and piling redundancies. The demand for educa-tion among professionals is on the rise with institutes claiming that many or-ganizations are laying the foundation to deliver training programs for their staff later this year.

“The response so far has been enthusiastic,” says William Frank-lin, Client Relations Director at the Maven Management Training Centre in Dubai. Organizations are waking up to the reality of investing money

Enthusiastic responseOrganizations are waking up to the reality of investing money in their most precious assets, says Maven Management Training Centre Director

in their most precious assets; human capital. The recession has meant that corporates have yet not commissioned assignments to the institute but they have set aside time post Ramadan this year to train their staff.

Organizations are looking for so-lutions to negotiate the financial cri-sis while preparing their workforce to meet the challenges that will arise once the market starts steadying. The institute claims that its accredited pro-grams help people follow a methodol-ogy to bring changes in their organi-zation.

“It gives them confidence that even if they have been undertaking the same job, their job does not change, they can change their approach. So even if they get distracted or they get lost, they know they can refer back to a common route map that has been proved as being the best practice,” says

William Franklin.Companies that are going slow on

the hiring process are concentrating on upgrading their existing staff by giving more responsibilities to indi-viduals who have spent a considerable amount of time with them and have ac-quired technical expertise in their area of work. In situations where a person has been promoted to a post that re-quires managerial expertise, but lacks the required skill sets to handle people

Organizations are looking for solutions to negotiate the financial crisis while preparing their workforce to meet the challenges that will arise once the market starts steadying

William Franklin


or money, workshops that orient them and equip them with the skills to do that are gaining importance.

Conventional business courses like the MBA, says the institute, demand huge investment in terms of time. But the short term executive education program that typically lasts about five days is a much-needed value addition. “We are in talks with Gulf University to embed our five-day program into their MBA, so you not only have your MBA but also an internationally ac-credited qualification to go with it,” Franklin points out.

Maven Training Centre is accred-ited to the Association of Project Management Group, which in turn is aligned to the UK government. The Centre is also accredited to the Projects Management Institute which offers a qualification that is based on a US driven methodology. The train-ing focuses on project and program management, change management, risk management and service man-agement. The Prince 2 methodology that is used throughout the UK for any government spending in health, local government, defense, policing

Companies that are going slow on the hiring process are concentrating on upgrading their existing staff by giving more responsibilities to individuals who have spent a considerable amount of time with them and have acquired technical expertise in their area of work

and infrastructure is taught at the institute to enable executives to learn the means to optimize spending.

The clients of the institute fall into two categories. First are individu-als who might be looking to relocate and would want an accredited quali-fication that is recognized in the UK, Europe, US and Australia. The second group comprises organizations which know they need to have a properly planned development process where they can train their staff over a period of year or where they are looking to try and change or transform their or-ganization particularly to deal with the current economic crisis.

An interesting aspect about the in-stitute is the faculty. They are largely

drawn from the UK and the demand for their expertise in the Gulf is very encouraging, says the institute. “The demand here is to learn from people who have already been there; both who have got it right and those who have erred. Professionals want to learn something that is of relevance to them,” says Franklin.

With the student strength for train-ing for each program restricted to 12, the institute says the course is a good platform for interaction not just with industry experts but also with peers, who exchange expertise and experi-ence that help in devising methods to approach company or individual spe-cific problems. Also the interactive experience in a risk-free environment adds to the allure of these programs.

The return on training is 200 per cent, claims the institute and hence advocates the need to invest a fraction of the money that organizations have spent over the years on their staff in upgrading them and giving them an opportunity to grow for the benefit of the organization.

Buoyed by the keen interest in their short term executive education pro-grams, the institute says that it sees no reason why these courses can’t replace an MBA in the future. “The prevalence of MBA in the Middle East is very high but it is low in the UK and Europe. Executives in those countries benefit massively from these short term cours-es, because this is probably the only formal training they have after leaving university,” says Franklin.


are armed with a set of documents and learning that fine tune their learning to their actual work within the organiza-tion.

Interactive sessions with industry insiders form the backbone of learning in these programs. Trainers or faculty are largely drawn from within the in-dustry that not only bring with them their knowledge pool on subjects but also are able to weave it around real life experience and situations. For cor-porate professors, as some institutes would like to call them, the faculty ex-perience range on an average would be between 15 and 25 years.

Participants are also assessed through various problem-solving ex-ercises assigned during the course of the program. This enables them to come out with solutions for the real-world work situations in a risk-free atmosphere. Since these programs of-fer a platform for employees of various companies to also come together, par-ticipants get an opportunity to interact with likeminded people and engage in expertise exchange as well. This is an-other opportunity that many might not get on a regular basis.

Some institutes claim that the ap-peal of these courses has been such that professionals come back for the same course the following year, not because they haven’t learnt, but because they find the need to stay updated on the lat-est development in the field.

The interest in these courses has been such that several institutions are taking it to another level. “While or-ganizations are looking to equip staff with means to tackle the crisis, we are in talks with one of our corporate part-ners to develop a program that address-es management issues post the crisis,” says Prof Christopher Abraham of S P Jain Institute.

Contrarily there are also institutes that are unhappy at the slashing of training and development budgets in several organizations. The fear they say is that of being left with untrained hu-man resources once the economic crisis gives way to a stable market and there would be a need to accelerate growth. Many say that several corporates have expressed the desire to partake in these

training programs, but most of them want to wait till the later part of the year due to monetary constrains. In-stitutes also offer long-term part-time programs for working professionals looking for value addition.

So will these programs topple the MBA in the future? The opinion is di-vided on this. Some say that an MBA is definitely the most sought-after course, but the changing dynamics of the cor-porate world has also opened up av-enues for such custom-made training programs. But the short term programs are not an answer to the conventional management program. Others come out in support of the new teaching techniques saying that since these pro-grams reflect the fluctuating ground realities, they will have more takers in the future.

Another line of thought says that even if professionals opt for an MBA program, their knowledge base would be lacking without an executive educa-tion program.

The market slowdown has ensured that many professionals also have to operate outside their field of expertise; for instance, many marketing professionals are being asked to switch to human resources management within their companies


One of the primary reasons financial experts attribute to the global credit crisis is that

the banking sector faltered with its ba-sics. Unscrupulous lending has wiped off trillions from the world economy and the world is still reeling under its aftereffects. The problem has now be-come part of everyday life and hence the need is being found especially within the banking sector to right the wrong. So, several banks are revisiting their basics. A practice that has been part of corporate governance before the crisis set in is being followed more strictly: the practice of reorienting and consolidating individual knowl-edge base so that the sector can face the onslaught of the crisis.

B Narayanan Murthy, the head of training at the Emirates Institute of Banking and Financial Studies, says that there is increased interest in the need for risk management and corpo-rate governance. “The present crisis has been a result of lack of prudential lending norms by banks. People now want to reorient themselves and take a cue from the crisis as a sort of learning for themselves,” he says.

The growing need is reflected in the institute’s student figures, especially in their executive education program. As compared to 2008, the number of students attending the program has grown by about 30 per cent so far. That is a considerable jump and the insti-tute expects the number to further

Re-learning the basicsHeightened interest for risk management, says EIBFS training chief

grow with many more such programs lined up for the remaining year.

The numbers are also a reflection of the job insecurity that has gripped the UAE banking sector. Downsizing has left many bankers stuck for op-tions. The only way forward for most is to revamp their profile so that they can remain an asset for their organi-zation. Likewise in the event of a job-loss, bankers want to have an edge over others in their industry, since the job market has shrunk and there is a clamor for limited opportunities.

With the institute being a ‘nodal agency’ of the banking industry and about 52 banks regularly sending their employees for its training pro-grams, it says that the sector finds it ‘economical’ to send staff to them. “Since we are part and parcel of the banking industry, employees are as-sured that they can get authenticated training from us,” Murthy adds.

The second reason is that the training not only gets the employees a fresh perspective on ways to deal with the current crisis but also devel-op means to resolve the situation de-pending upon individual roles within an organization. So would it be right to say that the institute offers innova-tive solutions to resolve the current problem?

“I would say that the origin of the present financial crisis is because the

B Narayanan Murthy


banks faltered with basics. So it is a question of re-learning best practices in banking. There is nothing new that we teach them. We only tell them what exactly has happened and why one should not revisit those critical prob-lematic areas again and how to guard oneself from a similar crisis in the fu-ture,” Murthy explains.

As compared to 2008, the number of students attending the program has grown by about 30 per cent so far and the institute expects the number to further grow with many more programs lined up for the remaining year

The institute offers two kinds of programs: the basic level and the ad-vanced level. People who take the ba-sic level come later for advanced level programs. Sometimes people also come for the same program to update themselves. For example, a person who attends a basic level program on investment banking comes back the following year to attend the same pro-gram: the reason being that invest-ment banking norms change from time to time.

The experience range of any student coming to the institute is between zero and 20 years and the faculty which is from the banking and financial sec-tor has an experience range of 10 to 30 years. There are close to 40 in-house faculty members at the institute. They also draw trainers from a pool of expe-rienced industry experts from all over the globe. The strength of visiting pro-fessors is about 100. Practical experi-ential learning is the thrust of the pro-gram and the aim is to arm students with insights to apply and reflect to the requirements of their work place.

“People with a certain background of executive education who come for programs are very focused in their domain area as they don’t like to be generalists. Our programs serve a bet-ter purpose than a general program on business education,” claims Murthy.

The institute has already trained 800 students in the first three months of 2009. It hopes to attract at least 3,000 participants by the end of this year. Ex-ecutives have around 310 programs per year to choose from. One hundred and sixty seven of these programs are con-ducted from the Sharjah branch and the remaining from the Abu Dhabi branch.

“All the programs are well-received so we hope to see our student strength grow to about 5,000,” says Murthy.

With training becoming ‘serious business’, according to the institute, people want to take certain value propositions through them by under-going the programs on offer. A typi-cal program lasts for a maximum of five days. The twenty-five-year-old institute boasts of a ‘well-laid out in-frastructure’ and also trains Emirati students for banking diplomas. With government patronage, the institute hopes to see good results this year in terms of student strength and demand for its programs.

“2009 is a year of consolidation and we are already getting a lot of positive signals in terms of demand from the industry,” says Murthy. With an eco-nomic revival only expected by the end of this year or early 2010, the institute hopes to benefit from the uncertainty the market is presently facing.


One of the characterizing fea-tures of a recession is inse-curity. For obvious reasons,

the insecurity is mostly work-related. Professionals, whether at the lower end of the job spectrum or on top, are not immune to this sentiment since an or-ganization that they work for will de-termine their worthiness for it.

Popular means to overcome this feeling is to make a concerted effort to upgrade one’s knowledge base so that the organization values the person’s contribution towards it. During reces-sionary times, most organizations are in the driver’s seat and they expect a professional to be more committed than before and also willing to do more

Break from text-book and class-room style learningDemand for innovative solutions is more than ever before, says VP at SP Jain

for less. Multi-tasking is also another skill that professionals are expected to possess.

This is a time that tests an individ-ual’s skill sets and if lagging behind, a professional can be left in the lurch in the job market. “There is generally an uptrend whenever a recession takes place because people generally feel in-secure and one of the ways in which they can minimize this is to enhance

their skills and knowledge and one of the shortest ways to do that is to enroll in professional training programs. The catch is that the programs have to be relevant to their growth prospects,” says Prof Christopher Abraham, Senior Vice President, Business Development at S P Jain Management Institute, Dubai.

Initiatives, largely on an individual level, are being taken by people who have so far not taken the prospect of

Prof Christopher


upscaling themselves seriously. They are using the recession as a reason to invest time and money for executive education programs that they believe will be their ladder to the top.

Influencing practice is the key aim of the institute when it comes to designing their executive training programs. Us-ing the latest frameworks on strategy, students are taught methods to develop plans that would apply for their compa-ny. “It is a break from the text-book and class-room style of learning. At the end of the program, students go back with a set of documents and learning that fine-tunes their learning to the actual work within their organization,” says Prof Christopher.

Especially in the prevailing market conditions, the demand for innovative solutions is being felt more than ever before. Companies are now focusing on training their staff to understand reces-sionary trends so that they are better equipped to work during times when cutting costs and managing budgets and people become a challenge.

“In collaboration with the Dubai logistics and supply chain group, we ran a two-hour seminar, where one of our specialists spoke on answers to the crisis for the logistics industry. There were close to 150 people who attended, looking for answers. There is a thirst for answers and probably the conven-tional programs might take a backseat for the moment, because people want a fresh perspective to the problem and a fresh approach to problem solving,” says Prof Christopher.

Participants in the program can be

broadly categorized into two groups. One is the typical MBA who has been in a position of authority in an organi-zation but wants to sharpen rough edg-es and stay abreast with latest trends and techniques in management. The other group is that of executives in high positions in a company who have risen from the ranks but do not pos-sess the latest management inputs. The second group forms the largest chunk of participants.

With executive education programs finding favour even with the true-blue MBAs, is that an indication of things to come as far as conventional business courses are concerned? “Both of them have different purposes. An MBA is a career enhancement program where people having the luxury of time and money can put in effort over a long-drawn period to achieve results. An ex-ecutive education, on the other hand, is for those with work and travel com-mitments who do not have the luxury of time,” says Prof Christopher.

These short-term programs are typically relevant to the times that the market operates in. Instead of hypo-

thetical scenarios, participants study and analyze real life situations preva-lent at that time. “We are tying up with one of our corporate partners, Dunia, to develop a program on how to man-age after the turbulent times and what your strategies should be once the mar-ket turbulence is over,” says Prof Chris-topher.

Executive education is now one among the institute’s three areas of fo-cus. There is a dedicated team working to design and develop programs for the institute. The institute is also looking at co-partnering executive education pro-grams with various universities across the world. It is also focusing on forging new alliances with corporate partners to add value to the programs.

Out-of-the box thinking for solu-tions is also what has brought the in-stitute to the thresholds of finalizing the setting up of its biggest campus in the world in Sydney. “We think very contrarian. We are looking at this as an opportunity for growth as compared to those who are depressed and waiting for something to hit them tomorrow,” says Prof Christopher.

“We are tying up with one of our corporate partners, Dunia, to develop a program on how to manage after the turbulent times and what your strategies should be once the market turbulence is over”


When job seekers invade Facebook

By Prof Soumitra Dutta and Dr Matthew Fraser

The increasing popularity of online social networking is changing not only the way people manage their careers but social networking itself


As the downturn continues, millions of corporate man-agers—gripped by the job jitters—are rushing to join

online social networks in a scramble to build their social capital. The popularity of sites such as LinkedIn is soaring: less than a year ago the site had little brand profile and was seen mostly as a venue for corporate suits trolling for profes-sional contacts while plotting their next career move. Facebook, by contrast, has largely attracted individuals seeking a compelling site for fun social network-ing.

Today LinkedIn’s year-on-year growth is up nearly 200 per cent in the United States and it now has more than 35 million members—many of whom were formerly employed within the hard-hit financial sector. And it’s just one of the many sites to which recession-struck managers are flocking: Xing (based in Germany), with its 7 million members and special Lehman Brothers alumni section, and Meet the Boss (based in the United Kingdom), which restricts mem-bership to C-level financial types, are also experiencing burgeoning member-ship levels.

This surging popularity of online social networking is transforming the nature of business networking, with profound implications for the way busi-ness people manage their careers. But it also augurs profound change for social

networking itself. With so many people stampeding

into Web-based social networks, the line between social and business networking is becoming increasingly blurred. An important question is whether the values and codes of conduct specific to the vir-tual world will come into conflict with real-world values and norms. Facebook, where the idea of a ‘friend’ is directly embedded in the interface, is increasing-ly cluttered with self-promoters, career artists, and marketing entrepreneurs. What happens as this trend intensifies and those using Facebook exclusively for career networking invade?

There are, of course, powerful eco-nomic reasons behind the trend. As sociologist Nan Lin puts it in his book, Social Capital, “Individuals engage in interactions and networking in order to produce profits.” These profits are based upon information, influence, social cre-dentials, and recognition. The accumu-lated social capital, meanwhile, helps in-dividuals to gain competitive advantages in the labor market as a result of privi-leged access to ‘resources’ located on the social networks.

Still, for many there’s nothing more irritating than when a new ‘friend’ con-tacts you almost immediately with an in-appropriate request for a favor. General-ly, it’s more advisable to approach social networking as a giver, not a taker, and gradually build relationships according

to reciprocated favors. Overall, online so-cial networking, with its support groups and trusted access, is governed by a cul-ture of sharing, not selling.

And can the throngs of interlopers re-ally be considered friends? Anthropolo-gists tell us that it’s impossible to maintain stable social relationships with more than 150 people. Maintaining a professional network of more than 150 looser connec-tions on LinkedIn might be plausible, but it would strain the richer social relations that make up the fabric of sites such as Fa-cebook. Among Facebook’s 175 million members, the instances of ‘de-friending’ are already growing.

It’s a safe bet that if the economic downturn grinds on, we will witness fur-ther conflict between the non-rational in-stinct to connect socially and the rational calculation to build social capital for pro-fessional reasons. If so, it may put further strain on the notion of an online friend. We may find ourselves asking more fre-quently that age-old question, “What are friends for?”

Professor Soumitra Dutta is the Ro-land Berger Chaired Professor of Busi-ness and Technology at INSEAD, where Dr Matthew Fraser is a senior research fellow. Their book, Throwing Sheep in the Boardroom: How Online Social Net-working Will Change Your Life, Work and World, was published by Wiley in December 2008. Credit: McKinsey Quar-terly



The past six to eight months has seen thousands of ex-patriate executives leave the Middle East. Some have left

in search of more rewarding compen-sation, but the majority have no work to keep them here.

The Middle East economy will suf-fer due to its reliance on the expatriate expertise that helped set up the recent boom years, but there is now less de-mand for those experts who, in turn, have less opportunity to justify the gen-erous remuneration they were used to.

As the Middle East loses senior ex-ecutives in its own ‘brain drain’, the need for talent retention is greater than ever. In an effort to minimize the chain effects of the current economic climate, Heidrick & Struggles, senior-level exec-

Plugging Arab brain drainShift from recruitment to retention and training seen as need of the hour

utive search and leadership consulting services, is shifting much of its focus away from recruitment and more to-wards retention, education and talent management and development.

With many of the expatriate senior executives leaving the region, Heid-rick & Struggles says its mission is to encourage the indigenous Arab popu-lation to be less dependent on foreign skills in the future.

According to Jon Boyle, Heidrick & Struggles partner in the Industrial Practice based in Dubai, “The intention was always there to learn from expatri-ate experience, but in reality, as soon as one expat left, another was recruited. Many of those who brought their expe-rience from abroad have now left. With the economic climate as it is, the reason

Many of those who brought their experience from abroad have now left and with the economic climate as it is, the reason they came has also gone


they came has gone and they have gone with it.

“There is a very real concern over the number of expatriates who are leaving the region. It isn’t there yet, but there is a danger that many essential foreign skills and expertise may reach critical mass in some parts of the Mid-dle East”, Boyle says.

But for some time to come though, there will be positions in certain sec-tors that will be filled by expatriates through sheer necessity said Paul Ben-son, Partner at Heidrick & Struggles MENA, who specializes in executive level search assignments for energy clients.

“Nuclear energy, for instance, is very much part of the Middle East agenda in the near future and the UAE is looking at as little as the next five years for that to become a reality. This is obviously an enormously specialized field and there just isn’t the experience or expertise here,” he said.

“This is a great opportunity for many of the younger nuclear engineers and executives to assume a level of re-sponsibility that would not be available to them in their home countries. It’s by no means a case of them not being ready for the position; these are en-thusiastic young men and women who have the opportunity to prove their ability without going through the ex-tremely rigid and sometimes unneces-sary industry structure in many other parts of the world,” he added.

“At the other end of the spectrum are highly experienced people who want to mentor new talent. These ex-ecutives are maybe aged between 50-55 years old and are looking for an advi-sory role in a new location, with all the benefits of an expatriate package and the excitement of introducing and overseeing a totally new industry for the region,” said Benson.

The reasons in any sector for a move to the Middle East have always been many and varied, and apart from the compensation, among the most com-mon factors are the high standard of living, family education and safety, valuable work experience and the po-tential to save.

A comprehensive Heidrick & Strug-gles survey published recently gives a breakdown of some of those factors among senior level executives, and where they saw the greatest potential to meet those factors.

“Many of the results are to be ex-pected, but there are some surprises,” Mr Boyle said. “The UAE comes out on top of many of the categories, apart from the potential to save most money. Here it ranks sixth below Saudi, Ku-wait, Qatar, Bahrain and Egypt in that order.

“So there is obviously a large com-promise in how expatriate executives choose their Middle East destinations. It isn’t purely the compensation pack-age. All these other factors have to be taken into account as well.”

The quality of education results show that Lebanon is second to the UAE, with Bahrain coming third.

“If we break this down even further, we can see that the resident and non-resident Arabs feel that the level of edu-cation in Lebanon is extremely high, but the non-Arab expatriates rate it in sixth place. There are so many variables, and so many priorities, there are always go-ing to be contradictions,” Boyle added. “It’s all a case of timing.”

And Boyle believes Dubai’s timing in particular has been totally spectacu-lar.

“Dubai has perhaps taken such mas-sive leaps in such a short space of time, there wasn’t the opportunity to take stock and assess the reality of the situa-tion. But that has been the same across the world. The difference is that much of the rest of the world is supposedly a mature market, whereas Dubai is not.

“There were many expatriates who rode on the back of Dubai’s success, and were not necessarily as qualified as they should have been for the posi-tions they held. Now we are seeing more mature Emirati leaders who will attract more mature foreign executives. A posi-tive outcome for this whole situation is maybe that national and expatriate pro-fessionals in all fields take a more prag-matic view of why they are here, what they are doing and what their future holds.”

And it may be that which helps plug the drain.

“There is a very real concern over the number of expatriates who are leaving the region. It isn’t there yet, but there is a danger that many essential foreign skills and expertise may reach critical mass in some parts of the Middle East”


PROPERTYCOMMODITIES

If you think that currency fu-tures being traded on the Dubai Gold & Commodities Exchange (DGCX) are meant only for those

thick-glassed veterans with heavy cash chests waiting to pounce on any arbi-trage opportunities or young MBAs with fancy specializations striking deals on their gizmos at the speed of lighting, you are mistaken.

Currency futures do meet the so-phisticated requirements of investors as an alternative asset class as well as the needs of trades and businesses to better manage currency exposures, but they also serve as an effective tool to protect the value of remittances salaried people make from their hard-earned incomes.

DGCX rupee futures are hot

COMMODITIES

DGCX DGCX

Currency futures emerging as most attractive asset class, says CEO“Currency futures are becoming

the most attractive alternative asset class in the UAE, led by continued price volatility and a focus on cur-rency risk hedging strategies”, says Malcolm Wall Morris, Chief Execu-tive Officer, DGCX.

Malcolm says trader members are reporting good response to some of the currency futures products, par-ticularly the Indian rupee and the pound-dollar contracts, from individ-uals who are keen to protect the value of their cash against future uncertain-ties. Asked about the threshold level for opening a trading account, he said it was an issue between the individual and the broker and the exchange was not involved.

DGCX is hosting a series of professional training workshops, aimed at helping individuals better understand the trading and price risk management benefits of derivatives

31BANKING AND BUSINESS REVIEW May 2009

The exchange is hosting a series of professional training workshops, aimed at helping individuals better understand the trading and price risk management benefits of derivatives.

Recent volatility in the Indian rupee compared to the US dollar has been as high as 40 per cent, which can leave businesses and individuals exposed. The futures contracts offer the finan-cial tool to manage this price risk.

As the only exchange-traded rupee futures contract outside of India, the DGCX rupee futures contract opens numerous trading opportunities to both local and international participants

Market participants can currently trade futures for a range of currencies including: Indian rupee-dollar, euro-dollar, British pound-dollar and Japa-nese yen-dollar. These contracts offer market participants with an attractive mechanism to hedge their price risk and exposure to foreign currencies.

The interest for Indian rupee-dol-lar futures contract has gone up sig-nificantly in recent months. As the only exchange-traded rupee futures contract outside of India, the product opens numerous trading opportuni-ties to both local and international participants.

The DGCX Indian rupee futures contract is a natural extension of the forwards market and meets the mar-ket’s needs by offering a significantly lower cost and safer method to trade

the currency. The contract provides several advantages, the most signifi-cant being transparency and guaran-teed settlement for market positions.

India’s rapidly growing trade flows, increased cross border investments and the fluctuation in exchange rates, have created a corresponding require-ment to hedge risk as individuals and businesses have exposure to volatility in the Indian rupee-dollar rate . So, traders, arbitrageurs, importers, ex-porters, and local businesses are all benefiting from the offering.

“The ongoing volatility in the cur-rency markets will continue to encour-age market participants to hedge their exposure to foreign currencies. From a long-term perspective, currency fu-tures are especially beneficial to both individuals and commercial entities with investments abroad or those who are planning to invest abroad,” Mal-colm pointed out.

Currency futures emerged as the key driver of volume for the DGCX in 2009, after the exchange saw volumes drop significantly in the last quarter of last year in the wake of the global financial crisis. The exchange had even suffered the loss of a number of bro-kers and trading accounts during this period.

But the first quarter saw confidence returning to the market, with the new year beginning on a positive note and month-on-month volumes increasing steadily. Total first quarter volume for the exchange was 212,485-70 per cent up on the previous quarter, but down by 33 per cent on the same period last year. Similarly, year-on-year volumes in April continued to grow with a 14 per cent increase compared with the same month last year.

The exchange traded 98,322 con-tracts, valued at $4.4 billion during April. The growth was driven by high-er volumes in Indian rupee-dollar fu-tures, as well as gold and WTI crude oil volumes. In fact, trading in the rupee-dollar futures more than dou-bled, with the average daily volume standing at 4,682 contracts in April, a 19 per cent increase on April last year, Malcolm pointed out. Volume for gold futures grew by 173 per cent month-

Malcolm Wall Morris


on-month, valued at $1.3 billion.Similarly, volumes in March 2009

were the highest ever achieved in March since inception.

Total volume grew 39 per cent on the previous month reaching 101,215 contracts. The volume growth was driven by increased volume in cur-rency futures, especially in euro-dol-lar and sterling-dollar, which grew by 37 per cent and 136 per cent respec-tively. The rupee-dollar, gold and WTI futures also recorded higher activity during March compared with the pre-vious month.

Euro futures volume recorded a daily high reaching 2,963 contracts, valued at $191.51 million, for the first time in its three-year history. Febru-ary 4th was the busiest day for euro futures as trades accounted for 75 per cent of the exchange’s total daily vol-ume, demonstrating the growing im-portance of currencies in its product range. The previous high for DGCX euro futures was 1,748 contracts, val-ued at $138.18 million in July 2008.

“The well balanced and diversified offering of DGCX across the distinct product segments of precious metals, energy and currencies has supported year to date volume growth”, the CEO said.

“Much of the volume increase has been led by the growing interest and demand for currency futures. Vola-tility in currencies has encouraged market participants to hedge their

exchange-rate risk on DGCX in or-der to better manage their exposure.” Malcolm said.

“Despite weakness in global mar-ket conditions, the month-on-month volume growth and strong first quar-ter performance shows that DGCX is moving in the right direction so far this year and demonstrates the appeal of our value proposition and product portfolio”, he pointed out. Diversified product offering and clearing solu-tions placed the exchange in an ideal position to capture the increased de-mand for low counter party risk in-struments, he said.

Malcolm says the DGCX strategy is to launch the right products at the right time and as part of this the ex-change is working closely with the industry and sectors concerned. For instance, the exchange decided to postpone the launch of plastics fu-tures as the feedback from the indus-try suggested that it was not the right time to launch such a product.

The launch of Polypropylene and Linear Low Density Polyethylene fu-tures contracts for the Middle East and South East Asian markets was originally scheduled for February 5, but the launch was postponed.

Malcolm explained that although the product was ready, the plastics in-dustry needed more time to prepare for trading the contracts, particularly in light of the current economic cli-mate.

“We work closely with the industry in order to meet their exact require-ments. As far as the plastics contracts are concerned, the physical delivery nature of the contracts requires com-plete readiness and familiarisation, as such we will continue to work in con-junction with participants to intro-duce the contracts when the industry is ready,” he said.

Asked about competition from Du-bai Mercantile Exchange, Malcolm said competition was a good thing for the market and in accordance with the policies and practices followed by Dubai. But he refused to be drawn into answering a question on what he felt about the DME’s market performance.

“My mandate is to mange DGCX and I am only concerned with that. As long as I enjoy the confidence of my board of directors, I presume I’m do-ing my job properly.”

-K. Raveendran

Similarly, volumes in March 2009 were the highest ever achieved in

Total volume grew 39 per cent on the previous month reaching 101,215 contracts. The volume growth was driven by increased volume in cur-rency futures, especially in euro-dol-lar and sterling-dollar, which grew by 37 per cent and 136 per cent respec-

exchange-rate risk on DGCX in or-der to better manage their exposure.” Malcolm said.

“Despite weakness in global mar-ket conditions, the month-on-month

Malcolm explained that although the product was ready, the plastics in-dustry needed more time to prepare


PROPERTYECONOMY

The global financial crisis has not spared the Middle East and North Africa region, but good economic fundamentals, appropriate policy responses, and sizeable currency reserves are helping to mitigate the impact of the shock, the IMF says in its latest assessment of conditions in the region.

Growth in the region could slow to 2.6 per cent in 2009 from 5.7 per cent in 2008 before recovering to about 3.6 per cent in 2010.

“Given the global reach of the current economic crisis, countries in the Mid-dle East and North Africa have also been impacted negatively. However, they are likely to fare better than countries in other regions of the world—in part because of prudent financial and economic management, but also because oil exporters in the region can draw upon their large reserves,” said Masood Ahmed, Director of the IMF’s Middle East and Central Asia Department.

These reserves will help “cushion the impact of the global slowdown in their own economies and the economies of their neighboring countries with which they have growing economic links,” Ahmed pointed out.

Nearly all the region’s 22 countries will be affected by the global crisis in im-portant but different ways, the report notes.

Oil exporters slow downThe Middle East’s oil-exporting countries—UAE, Kuwait, Oman, Qatar, Saudi

Arabia, Bahrain, Algeria, Iran, Iraq, Libya, Sudan and Yemen—are feeling the impact mainly through the sharp fall in oil prices and the tightening of credit conditions.

Amid high oil prices and strong investor interest the region, these countries grew by nearly 6 per cent per year between 2004 and 2008. With lower global demand for oil, however, GDP growth rates are forecast to decline to 2.3 per cent in 2009 from 5.4 per cent in 2008.

Middle East weathering global crisis: IMFFundamentals and policy responses helping mitigate impact of shock

Countries in the Middle East and North Africa are likely to fare better than countries in other regions of the world—in part because of prudent financial and economic management, but also because oil exporters in the region can draw upon their large reserves


Despite the decline in oil revenues, however, most oil exporters in the region are maintaining government spending at a high level. This spending is providing an important stimulus to both domestic and global demand. In countries with less fiscal space—such as Iran, Sudan, and Yemen—govern-ments will need to prioritize their expenditures, especially if oil prices remain at their current level.

Lower oil prices and high spending are expected to cause a turnaround in the oil exporters’ external current ac-count position from a surplus of $400 billion last year to a deficit of nearly $10 billion in 2009 (assuming oil pric-es remain at current levels).

Financial sector spillovers

The global financial crisis has also led to a tightening of credit conditions in oil-exporting countries, particularly in the Gulf Cooperation Council (GCC) states and other countries whose fi-nancial systems are more integrated with global markets. With asset prices falling rapidly and liquidity conditions tightening—in part from the withdraw-al of speculative capital, which started earlier in 2008—governments in the region responded by taking measures to stabilize interbank markets, ease li-quidity conditions, and support com-mercial banks.

Middle Eastern oil importers—

Afghanistan, Djibouti, Egypt, Jordan, Lebanon, Mauritania, Morocco, Paki-stan, Syria, and Tunisia—have largely escaped the direct effects of the cri-sis, because of the positive impact of lower oil prices and their limited links to global financial markets. But as the worldwide recession has deepened, these countries face weaker prospects for exports, foreign direct investment, tourism, and remittances.

As a result, real GDP growth for these countries is projected to drop to 3.2 per cent in 2009 from 6.2 per cent in 2008. This group has mainly been affected by slowdown in their trading partners—Europe, the United States, and GCC countries—which has led to


a fall in exports and foreign direct in-vestment, according to the report. Tour-ism and remittances are also likely to be affected, although the data so far show them to be quite resilient.

Oil-importing countries that trade mainly with the GCC could be protected to some degree by oil exporters’ contin-ued spending. But a protracted recession in trading partners could have a signifi-cant impact on the growth of oil import-ers, and unemployment and poverty could rise, Ahmed said. The projected fall in inflation to 9.7 per cent in 2009 from 14.4 per cent in 2008 for this group of countries should alleviate some of the pressure on the poor.

Countries in this group represent a range of different economic structures and levels of development, and depend upon different types of foreign inflows. Some countries are better integrated with world financial markets (for example, Egypt, Jordan, Lebanon, and Pakistan), but others, such as Afghanistan, are more dependent on official development assist-ance.

Policy challengesGiven the region’s unique characteristics, economic policy should concentrate on the following key measures, the report stresses:• Maintain or increase public spending

where possible. Countries where pub-lic debt levels are not a concern would do well to maintain or enhance pub-lic spending. This is true for most oil exporters, but also for countries like Morocco, Syria, and Tunisia.

• Strengthen financial systems. Coun-tries should keep a close eye on their banking systems and, where appro-priate, conduct “stress tests” to assess recapitalization needs and deal with troubled financial institutions.

• Ease monetary policy as inflationary falls. As inflationary pressures recede, some countries will have more room for an easing of monetary policy to support investment and growth.

• Strengthen social safety nets. In this period of economic slowdown, it will be crucial to target government re-sources and develop policies to protect the poor and vulnerable segments of society.

The role of Sovereign Wealth Funds (SWFs) in supporting domestic macroeconomic and financial stability has increased with the global crisis. As a result, implications for their investment strategies, overall

transparency, and consistency with domestic macroeconomic frameworks are receiving attention, IMF said.

Deteriorating domestic financial conditions have warranted more prominent roles for SWFs in their home countries.

For example, the Kuwait Investment Authority (KIA) and the Abu Dhabi Investment Authority have repatriated part of their foreign assets and deposited them in domestic banks to provide liquidity. SWFs’ resources in Kuwait and Oman were used to set up funds investing in local equity markets. In addition, the Qatar Investment Authority and the KIA bought domestic bank shares to help boost bank capitalization and confidence. At the same time, SWFs in the region continue to pursue profitable investment opportunities abroad in real estate, retail, and finance.

The crisis has shown that, notwithstanding their long-term focus, SWFs have a domestic stabilization role with implications for their investment objectives and strategies. In times of financial stress in the domestic economy, SWFs’ domestic investments may temporarily deviate from pure profit maximization to support broader macroeconomic and financial stabilization objectives. Going forward, SWFs need to ensure that they hold sufficient liquid assets to take on their stabilization role without realizing losses.

The scope for SWFs’ stabilizing role in international capital markets will remain substantial. The sharp downturn in asset prices since early 2008 has likely resulted in losses for MEOE SWFs. This is not surprising given the marked declines in major indices (the S&P 500 and World Equity Index lost, respectively, 39 per cent and 42 per cent in 2008).

Despite their losses and greater domestic focus, SWFs’ relative size and influence in the global market will remain large.

They are also likely to continue to maintain a longer-term investment strategy than most other investors.

International financial markets are likely to face increased regulation and demand greater transparency and accountability, which may affect SWFs’ cross-border operations. Increased regulation may alter the relative attractiveness of some asset classes or industries that SWFs invest in. More directly, SWFs could be affected by requirements that all financial institutions and investment vehicles improve transparency and disclose more financial information.

Furthermore, as SWFs have become more active in their domestic economies, it is important that their domestic operations also support, and be consistent with, the country’s macroeconomic framework. Well-designed policies and procedures for adding to or withdrawing from SWFs’ resources would ensure consistency with their policy objectives

Spending of SWF resources should be transparent and not undermine budgetary control. Moving SWF assets from abroad should take account of balance of payments and liquidity implications and be closely coordinated with monetary and exchange rate policies to prevent undermining the macroeconomic management of the domestic economy.

Sovereign Wealth Funds: Impact and implications


PROPERTYINTERNATIONAL

Toxic waste removalMarkets applaud plans to rid bank balance sheets of bad assetsBy Jeff Applegate and Charles Reinhard

At last, the equity markets have found something to cheer about. Stocks rallied mightily around the world

after US Treasury Secretary Timothy Geithner unveiled the Obama admin-istration’s two-part plan to rid bank balance sheets of toxic assets. After Geithner’s March 23 announcement,

equities built on prior momentum from the Federal Reserve Board’s blockbuster March 18 decision to cross a big divide in buying $300 bil-lion in longer-term Treasurys as part of a stepped-up effort to bring down interest rates on mortgage loans and other risky assets. The Fed typically buys only short-term Treasury bills.

The rallies couldn’t come soon enough. Geithner’s failure to come up with sufficient details at his Feb. 10 ap-pearance on Capitol Hill put equity in-vestors in a foul mood. The Standard & Poor’s 500 Index sunk to a 12-year low on March 9, but rallied 23 per cent through March 26—the fastest 20 per cent-or greater rally off a low since


1938. Global equities rose 19 per cent in local currencies and 23 per cent in US dollars.

Since then, US and global equities gave ground on concerns about the future of General Motors and Chrys-ler. Whether the March rally proves to be a bear market bounce or the start of real recovery depends largely on global policy responses and their ex-ecution, in our view. Increasingly, we believe policymakers are catching up with, and possibly getting ahead of, the curve.Two-pronged plan: The administra-tion’s Public-Private Investment Pro-gram (PPIP) aims to remove up to $1 trillion of assets, with one program designed for legacy loans and another for legacy securities. In all, the pro-gram will deploy up to $100 billion of the Treasury’s bank rescue funds that will be invested side by side with pri-vate investors.

The legacy loans program will es-tablish ‘price discovery’ via an auc-tion process on assets that banks wish to sell. Meanwhile, the procedure for the legacy securities program calls for asset managers to make bids on eligi-ble assets, after their plan to do so has been approved by the Treasury. Those bids will then be accepted or rejected by banks and other financial firms.Attractive terms: Government-pro-vided leverage and risk capital are key elements in the PPIP. The legacy loans program will make heavy use of guar-anteed financing by the Federal De-posit Insurance Corporation (FDIC).

Up to five-sixths, or 83 per cent, of the loans could be financed by the FDIC, with the Treasury and private investors providing the rest in equal amounts. On the other hand, the lega-cy securities program will rely on asset managers to raise private money. The Treasury will match the private capital raised, doubling it, and also provide up to 200 per cent financing on the ini-tial capital—doubling it yet again. The

starting date for the program is yet to be announced.Unprecedented ease: The Federal Re-serve is expanding its efforts to get the credit market moving again. An ag-gressive program of Quantitative Ease (QE) that was announced after the Fed’s March meeting will, along with other initiatives, push the Fed’s bal-ance sheet toward $4 trillion, or 30 per cent of GDP.

The Fed plans to buy $300 billion in notes from the $3 trillion outstanding in two-to- 10-year securities. In do-ing so, the Fed hopes to lower interest rates on government debt, making it cheaper for the US Treasury to borrow the money it will need to support the fiscal stimulus program and its ambi-tious plans to repair the financial sys-tem.

Central bankers have historically avoided using their powers to print money, which is essentially what is happening here, to support political goals. They do so to guard their inde-pendence, so that when necessary, they will be free to fight inflation by raising

interest rates. But now, deflation is the big risk; and as far back as a speech he gave in May 2003, Fed Chairman Ben Bernanke has stated that combating deflation requires monetary and fiscal cooperation.Buying binge: Also on March 18, the Fed said it will buy an additional $750 billion of agency mortgage-backed securities, taking the total to $1.25

Increasingly, the policymakers seem to be catching up with, and possibly getting ahead of, the curve


The severe downturn in fi-nancial markets since 2007 has led many investors to question the benefits of

portfolio diversification. Some are reevaluating their strategies, reassess-ing their risk tolerance and rethinking their financial plans. Is the promise of portfolio diversification dead? We think not.Benefits of diversification: Asset al-location theory states that by building a portfolio of different asset classes, investors can achieve greater portfo-lio efficiency, or a higher return per unit of risk. Now consider portfolios

The severe downturn in fi- split 50/50 between the S&P 500 and intermediate government bonds or the S&P 500 and long-term corporate bonds. The calculation starts with the portfolio return, subtracts the risk-free rate and divides the remainder by the standard deviation of returns, a proxy for volatility. With this met-ric, the higher is the ratio the more efficient the portfolio. For the period from 1926 to the present, a portfolio of US stocks alone had a Sharpe ra-tio of 0.29. The ratio was 0.39 for the portfolio blending stocks and corpo-rate bonds and 0.41 for the portfolio with government bonds. So, while an

all-equity portfolio had a higher nomi-nal return, the portfolios that were half bonds provided a higher return, given the amount of risk.Attributing benefits: Importantly, the blended portfolios’ improved efficien-cy relative to an equity-only portfolio was not due to bonds themselves being more efficient than stocks. Rather, the blended portfolios were more efficient because stock and bond returns do not always move in tandem. In other words, more often than not they com-plement each other. In addition, if you look at the returns across rolling 10-year periods, the mixed portfolios de-

Is the promise of portfolio diversification dead?


livered positive returns 100 per cent of the time versus 96 per cent for the all-stock example. Moreover, the blended portfolios beat inflation 87 per cent of the time, a big improvement compared with bonds alone.More efficiency: A study of the 10 most severe equity bear markets since 1926 shows the value of portfolio diversifi-cation. During these downturns, the S&P 500 Index posted an average -35 per cent return. The blends fared better, with average returns of -19 per cent for portfolios using long-term corporate bonds and -17 per cent for those using intermediate-term government bonds. By the time the 100 per cent equity portfolios recovered lost ground and returned to their prior cycle peaks, the blended portfolios stood, on average, 21 per cent and 17 per cent above their pre-correction highs for portfolios us-ing corporate bonds and government bonds, respectively. In each instance, the blends performed better than portfolios using equities alone during the entirety of the equity bear market and recovery periods.Perfect correlation: During shorter term periods of market distress, it is not unusual for the correlations among asset classes to move toward 1.0, per-fect positive correlation. In these peri-ods, investors are often forced to sell what they can, not what they prefer. The latest episode has been no excep-tion. Even so, diversified portfolios helped to contain the damage. From Oct. 7, 2007, the last high on the S&P 500, until Feb. 27, 2007, the S&P 500 fell 51.4 per cent.

A portfolio of half S&P 500 and half Barclays Capital US Aggregate In-dex, which includes government and corporate bonds, lost 22.2 per cent. A portfolio of 50 per cent S&P 500, 40 per cent Barclays US Aggregate and 10 per cent cash was down 16.7 per cent.

Although simplified, these results indicate that broad portfolio diversifi-cation matters. The fact that even the portfolios with bonds and cash regis-tered negative results underscores how difficult the market environment has been. Essentially, only plain-vanilla government securities earned positive returns during this period. But such

episodes of severely strained liquidity, while not unprecedented, are highly unusual and should not be considered the new norm.Inflation hedge: While US equity re-turns can fluctuate wildly in the short run, over longer periods, they tend to be positive both before and after infla-tion. Since 1926, S&P 500 returns have topped inflation in 68 per cent of the one-year periods, 77 per cent of the five-year periods, 87 per cent of the 10-year periods and 100 per cent of the 20-year periods. Earnings and the economy both tend to grow faster than inflation, which provides an inflation hedge for long-term investors.

Nonetheless, recent events may

have made some investors realize that their tolerance for owning equities is not as high as they thought. In that case, it is time for them to reassess their risk profiles and strategic asset allocations. Still, with the bear market well advanced, this is perhaps not the most opportune time to move away from stocks. Besides missing a po-tential recovery in stocks, an investor risks overloading the portfolio with low-return assets.

There is another problem with mov-ing too heavily toward bonds: They are less likely than stocks to beat inflation. Across rolling 20-year periods since 1926, the real or inflation-adjusted return has been positive 100 per cent

of the time for stocks but only 73 per cent of the time for intermediate-term government bonds and 59 per cent for long-term corporate bonds. These data explain the importance equities play for long-term investors who seek to beat inflation and, therefore, achieve greater purchasing power in the fu-ture for themselves, their heirs or their philanthropic interests.Mismanaged expectations: To be sure, some investors and media pundits have interpreted recent investment results as a failure of portfolio diversification to deliver on its promise. As we see it, the failure has been in managing in-vestors’ expectations and overpromis-ing on what portfolio diversification

can do. Its benefits are well-grounded, but investors should not expect to be immunized from the effects of a severe bear market. When most asset classes are declining, a portfolio will not in-crease in value because it is well-di-versified; only well-timed tactical asset allocation adjustments and other tem-porary hedging strategies can do that.

Fortunately, today’s harsh condi-tions are the exception rather than the norm. Portfolio diversification remains the best way to balance risk and return over long investment horizons.

Excerpted from a Strategic Think-ing paper titled ‘Is the Promise of Port-folio Diversification Dead?’

Credit: The Views


trillion, an amount larger than the entire issuance in 2008. Finally, the Fed will be purchasing an additional $100 billion of agency debt on top of the $100 billion already planned. This comes on top of the $1 trillion Term Asset-Backed Securities Loan Facil-ity (TALF), which was expanded on March 23 to include issues originated before Jan. 1.Other central bankers are also em-bracing QE: The Bank of England and the Swiss National Bank are buying both sovereign and corporate debt with—so far—salutary market results. The Bank of Japan announced it has increased the size of its QE program by 30 per cent, to 1.8 trillion yen per month. Monetary policy is simply no longer measured by interest rates alone. Still, the European Central Bank recently lowered rates, as did central bankers in the UK, Switzer-land, Brazil and New Zealand.A lasting rebound: In our view, the extraordinary monetary stimulus, along with the fiscal stimulus, will lead to economic recovery. Thus, as long as policy remains engaged, the recent bear market bounce could be the start of a more lasting equity rebound. Ac-

cordingly, given the sell-off in global equities earlier this year, we’re rec-ommending investors rebalance their portfolios, if necessary, to bring their equity holdings back to their strategic asset allocation.

We are optimistic on equities for more than policy reasons: Our analysis shows that valuations are at extremely attractive levels. Consider a metric known as Tobin’s Q Ratio, so called because it was developed by economist James Tobin, who was awarded the Nobel Prize in Econom-ics in 1981. The Q Ratio compares the market value of the US stock market to the replacement cost of the compa-nies’ assets.

At the end of the fourth quarter, the latest available data, US stocks could be purchased for just 62.1 per cent of the replacement cost of their assets, a clear sign of value. That ratio could be even lower now because the S&P 500, despite the recent rally, is down 12.8 per cent for the year (through March 30).Atypical valuations: Some of the more common valuation yardsticks are also signaling that equities are at-tractive. For example, price/earnings

ratios are well below their historical averages—which is more typical for periods of high inflation rather than the low, or even negative, inflation that is in effect now. What’s more, P/E ratios are low at a time when profits are also low. Typically, the ratios are higher at the low point in the profit cycle because, anticipating an upturn, investors bid up the prices before the earnings kick in. The low P/E can also be read as a measure of bearish senti-ment.

Bearish sentiment reached an ex-treme in early March. Investor and consumer surveys all pointed to heightened levels of fear and forebod-ing: The Market Vane survey dropped to just 32 per cent bulls, Investor’s In-telligence fell to

26 per cent and the American Asso-ciation of Individual Investors plum-meted to 19 per cent bulls. Such gloom can be bullish. At that point, any hint that the outlook is not quite as bad as already feared can give investors a lift and lead the market higher.Jeff Applegate is Chief Investment Offic-er and Charles Reinhard Senior Invest-ment Strategist with Citi Global Wealth Management.


PROPERTYREAL ESTATE

Market uncertainty cou-pled with the credit crunch continues to pose significant risk

for the real estate industry this year, according to the 2009 Ernst & Young Real Estate business risk report. The annual top ten ranking by leading sec-tor analysts reveals the top risks fac-ing the sector against the backdrop of the economic crisis. The report was published in conjunction with Oxford Analytica.

According to the survey respond-ents, the 2009 top 10 risks rankings for the real estate sector are:

Uncertainty is biggest riskEffect of credit crunch felt more severely than any other industry

Continued uncertainty and impact •of the credit crunch Global economic and market fluc-•tuations Impact of aging or inadequate in-•frastructure Global war for talent •Changing demographics •Inability to find and exploit global •and nontraditional opportunities Pricing uncertainty •Green revolution, sustainability •and climate changeEconomic vulnerability and regula-•tory risks in developing marketsVolatile energy costs•

Globalization takes a new meaningThe US credit crisis has continued to ripple across economies and real estate markets around the world, its impact being the top risk facing the sector worldwide. The global real estate indus-try went through tumultuous phases for most of last year, with little signs of bouncing back in the short term. The effects, felt the strongest in the west, spread to the region’s once buoyant property sector, which is now realizing the tightening conditions in the market perhaps more than any industry due to


its heavy reliance on capital. It suffered serious setbacks when local investor sentiments reeled under the impact of the credit crunch.

Mohammed Dahmash, Ernst & Young’s Real Estate Transaction and Advisory Services Group in the Mid-dle East, says, “The effect that the credit crunch has had on investor sentiments and market confidence makes it even more acute. The hugely leveraged prop-erty sector credited its growth to liberal lending practices and a bullish invest-ing public. With institutions and indi-viduals adopting a very cautious stance, liquidity remains the key concern that causes many projects be put on hold – some even risk cancellation.’’

Economic vulnerability and changing demographicsFor the regional sector, the next major risk stems from economic vulnerability and regulatory risks. Dahmash adds, “Economic and regulatory risks are not always easy to identify and define in emerging economies – especially dur-ing a downturn. Some crucially strate-gic challenges include managing specif-ic local regulations like property rights, tax laws (where applicable), arbitration,

With institutions and individuals adopting a very cautious stance, liquidity remains the key concern that causes many projects to be put on hold – some even risk cancellation

and residency clauses. Equally impor-tant is the enforcement of laws con-cerning bankruptcy and foreclosures. Any serious player needs to be willing to make long term commitments in emerging markets like the Middle East and must be prepared for a learning curve to better comprehend the oppor-tunities and related risks.’’

He points out that with shifting de-mographics being seen as a major area of concern for the region, there is also an underlying need to link strategic business growth plans to market demo-graphics. Demographic analysis and forecasting is often seen as a natural part of the real estate industry because shifting demographics will determine what will be built, where it will be built and how it will be funded.

Dahmash adds: “A ballooning mid-dle class, for instance, will lead to de-mands for basic services, including education; create demand for a leisure and tourism infrastructure; and strain the ability of countries to make more development-oriented investments.

Unless regional players factor in the rise of a growing middle class with an appetite for affordable housing, the sector may experience an unbalanced overabundance of luxury properties.

Such a scenario can potentially pro-long the industry’s recovery process – a hugely avoidable proposition.”

Below the radarIn addition to revealing the top 10 risks, the report identifies the following risks that sit ‘below the radar’ and which may move up the risk ranking in the years to come:

Geopolitical shocks•Financial reputation•Inability to insure certain proper-•tiesRegulatory and compliance risks•Despite various risks that currently

confront the industry, the real estate sector is poised to tide over the crisis. The first round of market corrections have happened. This has led to some fundamental and structural changes in the operating business models. Gov-ernment support in terms of increased infrastructure spending and bail out guarantees to financial institution will help in restoring confidence and bring back the industry to its feet.

Dahmash concludes that this is the best time to reassess and put one’s house in order so that businesses are best equipped to capitalize on the opportu-nities that will emerge from adversity.


PROPERTYTECHNOLOGY

The banking sector is set to undergo significant changes in 2009, with new and existing regulations driving the need for banks to adapt the way they do business. As well as plac-ing pressure on banks to change their operating structures,

regulations will have a significant impact on the competitive land-scape. As a result, banks will have to reassess their relationships with customers and put in place measures to renew trust and deliver greater value to the consumer.

One regulatory example is the Payment Services Directive (PSD), which aims to provide a harmonised legal framework for all payments made in the European Union (EU). As such, it is a crucial milestone in paving the way for the implementation of the single euro payments area (SEPA), which aims to achieve integrated payment infrastruc-tures and products for all euro credit transfers, direct debits and debit card transactions. As the PSD looks to encourage more players into the payment sector, competition for the retail customer is on the increase. This in turn will drive the need for retail banks to adopt innovative solutions to stay ahead of the competition and position themselves for market recovery.

The PSD is due to become part of national law in November 2009 and banks are already busily preparing their own systems ahead of this deadline. However, the directive significantly changes the land-scape, with the creation of licensed payment institutions across the EU. This means the market is opening up new routes for institutions to become entities licensed to handle customer funds and also to be members of schemes such as VISA and MasterCard. In confirmation of this, the European Commission (EC) aims to treble the number of electronic money institutions, just one of the categories of competitors to the incumbent banks, over the next two years.

Prepaid cards

The new wave of innovative banking?

47BANKING AND BUSINESS REVIEW May 2009

Innovation for profitInnovation will be a major factor for banks in addressing the challenge of changing regulation and intensified competition. However, for innovation to be successful, it must be applied within the right context and deliver results. The approach therefore needs to consider those business models that have already achieved a degree of suc-cess and are ripe for further develop-ment. Virtual prepaid cards is one such innovation and is fast becoming the ‘one to watch’ in the payment space.

The prepaid industry, when com-pared with other elements of banks’ card businesses, is relatively young. As with any line of business, it is important that prepaid schemes are both success-ful and profitable for them to become an attractive proposition. As the market continues to mature, as well as in these turbulent times, prepaid offers banks a number of opportunities to achieve growth, increase customer acquisition and sustain a competitive advantage.

Prepaid offers banks a highly secure alternative to credit cards by, in partic-ular, allowing them to remove some of the associated risk. In the UK, Equifax estimates that some two-thirds of credit card applications are declined. Many of these could be fulfilled through other profitable routes such as prepaid ac-counts.

A further advantage is in making cross-border payments. While the SEPA initiative is opening up the payment market across Europe, there is a real opportunity for banks to make quick, safe and prompt cross-border payments on a global scale. With SWIFT cater-ing to higher value payments, typically over £1,000, prepaid will enable banks to maximise the potential of smaller payments and therefore act as a comple-ment to their existing business models.

Virtual prepaid enables businesses and consumers anywhere to pay quickly and avoid many of the costs tradition-ally associated with e-commerce. Busi-ness users can cost-effectively send pay-ments to consumers around the world, while consumers can benefit from pro-tection against ID theft and fraud when they make purchases online. Consum-ers also inherently benefit from the re-


duced credit and other risks associated with prepaid, which is particularly rel-evant in today’s tough economic climate.

Industry standardBanks are in a prime position to take the lead on innovation in the virtual prepaid area, realising the benefits and bringing it into the mainstream. However, with their reputations at stake, they must first address the risks and help build an in-dustry standard that will ensure integrity throughout the prepaid sector. There are three broad areas to address.

The first area is proactive management of fraud. Successful and safe e-commerce is paramount to the success of virtual prepaid if it is to appeal to the end user. The current unstable economic climate, coupled with the proliferation of stories about data losses, has led to growing con-sumer concern about the safety of their personal data and money. Virtual pre-paid introduces safety into this process through the protection of customer data and balances. Customers can limit the amounts on their prepaid account and create new payment instruments, such as virtual Visa cards, for each purchase.

The second area is to ensure the safety of customer funds. Following high pro-file collapses of financial institutions, customers need reassurance that their cash is in safe hands. For prepaid, par-ticularly for the small business commu-nity, this means providing an equivalent of the government deposit guarantee to provide peace of mind to the customers in terms of securing the funds loaded into their prepaid account. In practical terms, this would mean separating and legally protecting virtual prepaid funds appropriately.

Finally, banks must provide clar-ity of terms to their customers. While the PSD seeks to create transparency of fees across the EU, banks must take the global view. The right approach here is for banks to spearhead a full disclosure policy in terms of their prepaid fees. This will be vital if the industry is to maintain customer trust in what is perceived to be a new banking innovation.

William Lorenz is chief operating officer of EntroPay, provider of virtual prepaid cards in Europe. Credit:gtnews.com

Dubai-Based 3SC Technologies says it has over 80 man-years of IT expertise in the banking industry, with sales and support offices in Kuwait, Bahrain and Qatar and back offices in Pakistan and

Malaysia. A GBS Group company, 3SC Technologies provides integrated suite of software, solutions, services and consulting in EFT and the pay-ments industry.

According to the company, the payments solutions include the indus-try’s top recognized software and services for payment processing from a wide range of applications, including card management system, charge back system, card issue, payment middleware, fraud management, anti-money laundering etc.

The card management software provides a feature-rich platform for processing and managing prepaid cards, fleet cards, credit cards, debit cards, reward cards, private-label card etc. According to the company, it is the next-generation software solution for merchant acquiring, card is-suance and account management, disputes management, and collections management.

The charge back package offers one single interface for both Issuer and Acquirer activity, covering all types of exception processing problems which, according to the company, cuts down the operational costs and en-sures real financial control.

The company also offers fully integrated instant issuance and PIN se-lection solutions that allow financial institutions and retailers to quick-ly and securely issue ATM, prepaid, debit and credit cards instantly at branch or store locations.

3SC Technologies’ EFT Switch payment authorization and routing system for issuers and acquirers addresses the needs of banks, retailers and processors. An SOA-oriented platform independent product, it is spe-cifically targeted at the card payments market and is designed with future needs in mind, with an emphasis on user configuration rather than pro-gramming, say company sources.

It also offers flexible, labour-saving payments message transformation product; enabling message transformations to be effected by point and click windows-based configuration, without coding.

The company claims that its fraud management and detection sys-tem facilitates an entirely new approach to detecting card-based fraud, improving on the traditional and increasingly dated neural network ap-proaches. Similarly, the anti-money laundering system helps detection and reporting of illegitimate activities by dynamic rule based scenarios. The solution has an enterprise wide approach in tracking and monitoring transactions focusing at hindering the persevering money laundering ac-tivities, efficiently and effectively.

3SC Technologies also provides performance monitoring and diagnos-tics software solutions for business-critical computing environments in-cluding ATM and PoS networks.

3SC Technologies claims over 80 man-years of IT expertise


ABN AMRO Bank

Head Office: The Netherlands Dubai Branch, Regional Hub for UAE and Middle East Tel: 04 3512200 P.O.Box: 2567, Khalid bin Waleed Street, Dubai, UAE. Fax: 04 3511555 Non-stop banking service: 04 3080000 (Toll free)

Dubai Branch:Colin Macdonald Country Executive 04 5062601Burhan Khan Head of Consumer Banking 04 5062801 Hassan EI Nahas Head of Private Clients 04 5062301Vishnu Deuskar Head of Global Market 04 5062551Padmanabh Mishra Head Commercial Client Coverage 04 5062701

Abu Dhabi Tel: 02 6963000Corner of Hamdan and Salam Streets Fax: 02 6963001P.O. Box: 2720, Abu Dhabi, United Arab Emirates

Sharjah Tel: 06 5594900Abdul Aziz Al Majid Building, King Faisal Street Fax: 06 5591009P.O. Box: 1971, Sharjah, United Arab Emirates

Abu Dhabi Commercial Bank

Head Office: Abu Dhabi Mall P.O. Box 939, Abu Dhabi Tel: 02 6962144 Fax: 02 6450384

Branches Al SalamOmar S. Al Tamimi Manager 02 6962486, 02 6666311Khalidiya 02 6669910Al BayahKhaled Al Mannaei Manager 02 8721300Al DhafraYaqoob Al Dosari (Edgar Ruaya / GM in charge) 02 5851030Al MuroorRamzi Al Rimawi Manager 02 4444216Al ShahamaHazim Al Suwadi Manager 02 5633424GHQEssam Husain Al Habshi Manager 02 4415626Tourist Club AreaHadia Dalloul Manager 02 6725178HamdanAbdalla Al Jaberi Manager 02 6335820Sh. Rashed RoadMohamed Al Dosari Manager 02 6213237

CornicheGhassan Kandalaft Manager 02 6275111 MussafahFiras Al Eid Manager 02 5544272Baniyas Town Manager Hamad Salem Rashid Al Junaibi Manager 02 5821550Ruwais Mohammad Ismail Manager 02 8775015Zayed TownDhababa Rashed Obaid Al Mansouri Manager 02 8846180GayathiHaraba Al Mazroui Manager 02 8742155Al BayaOttakath C Mohamed Kutty Manager 02 8721300Al Ghuaifat Pay OfficeOttakath C Mohamed Kutty Manager 02 8723499Al Ain Main BranchMohd. Al Darmaki Manager 03 7543413Al Ain Khalifa StreetSalim Al Darmaki 03 7511322Sinaeyah (Indust. Area)Salem Ahmed Manager 03 7210064Al WaganNayla Al Ameri Manager 03 7352100Al YaharKhamis Sulum Abdun Khamis Manager 03 7815600Al HayerKhalid Omar Eissa Manager 03 7322557RiggahMudhi Al Haj Manager 04 2956969KaramaOmran Abbas Taimour Manager 04 4055135MinaHosam Al Refay Manager 04 3984444Naif Ms. Seema Mohd. Malk Manager 04 6024110Al EttihadSalem Ali Khammas Jammahi Manager 04 3615151 ext. (202)Al QusaisFahd. M. Baroudi Manager Manager 04 2634244Sharjah MainMs. Wissam Moaded Manager 06 5737737Farah Al Ulama Manager 06 5566169Abdulla Al Shamsi Manager 06 5433300Abdullah Fayez Al Shamsi Manager 06 5432006Ajman


Yasmeen Alabid Manager 06 7442111RAKAisha Ahmed Ghareib Manager 07 2335500FujairahMohdAli Hassan Mohd Al Bloushi Manager 09 2224324 DibbaRania Yousef Manager 09-2446700Contact CentreAhmed Abdo Manager 800-2030

Eissa Al Suwaidi Chairman Eirvin Knox CEO Ala’a Eraiqat Deputy Chief Executive OfficerThirry Bardury Head Operations & ITDeepak Khullar Chief Financial OfficerSeumas Gallacher Head - Investment BankingZaki Hamadani Head - legal & Special AssetsSultan Al Mahmoud Head - Human ResourcesAbdirizak Ali Head - Internal AuditAlok Kakar Head - Corporate Finance DivisionRobert Price Head - CreditWalter Pompliano Head - Financial Institution & Intl. DivisionHoward Gaunt Head - Business BankingJasim Al Darmaki Head - Government RelationsArup Mukhopadhyay Head - Retail BankingAhmed Barakat Head - Wealth ManagementYaser Mansour Head - Corporate Communications, Director of Chairman’s Executive Office & Senior Vice PresidentSimon Copleston General Counsel & Board Secretary

Abu Dhabi Islamic Bank

Head Office: Abu Dhabi Najda Street, P.O. Box 313, Abu Dhabi UAE Tel 02 6343000Email: [email protected] Fax 02 6342222Website : www.e-adib.com

Established on 20th May 1997 as a Public Joint Stock Company through the Amiri Decree No. 9 of 1997. The bank commenced commercial operations on 11th November 1998, and was formally inaugurated by His Highness Sheikh Abdulla Bin Zayed Ak Nahyan, UAE Minister of Information and Culture on 18th April 1999. All contracts, operations and transactions are carried out in accordance with Islamic Shari’a principles. Branches

Abu Dhabi Main 02 6168118Aref Ismail Al Khouri Manager Mushref 02 4455177Ezzeldin Nagdy Manager Madinat Zayed 02 6100821 Mohamed Yousef ManagerKhalidiya Ladies Abu Baker Omar Manager Sheikha Al Suwaidi Manager Khalifa Street 02 6100590Omar Aqel Manager

Al AinSinaiya 03 7211777Omar M. Basheer ManagerClock Tower Branch 03 7076444Ali Abdullah Al Manager Dhaheri Al Jimi Mall Branch 03 7633500Ahmed Abdullah Manager Al Boloshi

DubaiAl Twar 04 2611116Ibrahim Alqasser ManagerOpposite Deira City Center 04 3973333Hashim Al Zarooni Manager Shk. Zayed Rd. Mohamed Hussein Zainal Manager 04 4033400

FujairahFujairah 09 2222711Fahad Al Shaer Manager Dibba 02 6100920Ali Mohammed Manager Ras Al Khaimah 07 2284448Saif Hamdan Alkeem ManagerSharjah 06 5075100Ali Essa Alshaqoosh Manager

Al Ahli Bank of Kuwait - Dubai

Head Office: KuwaitRegional Head Office: Dubai Tel 04 2681118Opposite Hamarain Centre, Deira Fax 04 2684445P.O.Box 1719, Dubai, E-mail: [email protected]: www.ahlibank.ae Management & Senior Personnel:Vikram Pradhan General Manager, UAE Vijay Shah Head of Trade Finance & Operations Hiranand Motwani Manager Treasury Krishna Kumar Manager Retail Operations

American Express Bank Ltd

Representative Office, Suite 509 Tel: 04 3975000; Fax: 04 3976986The Business Centre, Khalid Bin Al Waleed Street, Bur DubaiP.O. Box 3304, Dubai.Prabir A. Biswas Director & Chief RepresentativeSumit.K.Roy Director-financial institution groupJohn A. Smetanka Head-wealth management-subcontinent and global NRI

Arab African International Bank

Head Office: Cairo, Egypt.Regional Head Office Dubai Tel: 04 3937773ART Tower, Al Mina Street, Opp. Ports & Customs Bldg., Bur DubaiP.O. Box 1049, Dubai Fax: 04 3937774Swift ARAIAEAD, E-mail: [email protected]: www.aaib.comHistory: Established 1964 as the first Arab joint venture bankHemant Jethwani General Manager UAE Dubai Branch: Key ExecutiveAlaa Sobhy Head of syndication and assert tradeAbu Dhabi Tel: 02 6323400; Fax: 02-6216009Arab Monetary Fund Bldg, Corniche Street, P.O. Box 928, Abu DhabiKey ExecutiveHani Hassan Branch Manager

Arab Bank

Head Office Jordan – Amman Tel: 04 2950845; Fax: 04 2024369P.O.Box 950544, 950545Amman 11195 Website: www.arabbank.aeHistory: The Arab Bank Group is one of the principal financial institutions in the Arab world and ranks among the leading international banks in terms of equity, earnings and assets. Established in 1930 in Jerusalem. The Arab Bank Group is


owned by about 4,000 shareholders from all over the world, mainly Arab countires. The Group has a diversified network of over 350 branches worldwide. Abdul Majeed Shoman ChairmanAbdel Hamid Shoman Deputy Chairman & Chief Executive OfficerU.A.E Area Management Mohammad A . Azab Senior Vice President - DubaiSaed Jarallah Senior Vice President – Abu DhabiAladin Al-Khatib Treasury HeadHatem Kurdieh Corporate Banking HeadTareq HajHasan Retail Banking HeadMohammad Mattar Central Operations Unit ManagerHani Hirzallah Regional Manager Human Resources /Gulf RegionTareq Ibrahim Head of Human ResourcesAmmar Al Khayyat Financial ControllarGhassan Nimer IT Center Regional ManagerJihad Ghoury Legal CounselSanjay Malhotra Global Head of Marketing & Product DeveleopmentNasser Maghtheh Senior AuditorAnan Al Khatib Premises & Pruchasing Officer (Engineer)Suleiman Malhas U.A.E Branches Audit Centre Manager

Dubai Al Ittihad Street 04 2950845

Mohammed Azab Branch Manager

Deira 04 2221231Mohammed Elayyan Branch Manager

Abu Dhabi Al Naser Street 02 6392225 Nasser Serries Branch Manager

Al Ain 03 7641328Colock Tower roundabout, Al Ain StreetMaen Jarrar Branch Manager Sharjah Al Arooba Street 06 5618999Maher Al Debis Branch Manager

Ajman 06 7422431Rashid Bin Humaid Street Modhar Kherfan Branch Manager

Ras Al Khaimah 07 2288437Oman Street, Al Nakheel Ali Zatar Branch Manager

Fujairah Sheik Zayed Street 09 2222050Abdel Hamid Qamhieyah Branch Manager Call Centre Within UAE 800 40 43Outside UAE 009714 2953889

Arab Bank for Investment and Foreign Trade

Abu Dhabi Tel 02 6721900Regional Head Office, Sh. Hamdan Street, Tourist Club Area Fax 02 6785271P.O. Box 46733, Abu Dhabi Telex 22455 ARBIFT EMEmail: [email protected]: www.arbift.comHistory: Established in 1976 in Abu Dhabi Registered as a Puvlic Joint Stock CompanyManagement & PersonnelIbrahim N. R. Lootah General Manager 02 6952286Hassan S. Kishko Head of Finance 02 6721299M.A. Majid Siddiqui Head of HR & Admin 02 6728785Khalid Mohammed Bin Amir Head of Operations 02 6776109Najib Taleb Nasser Head of Commercial Banking Ahmed Majid Lootah Head of Retail Banking 02 6743801M. Santosh Babu Senior Manager IT 02 6722975Izzeldin Al Siddiq Salem Mgr - Inspection & Internal Audit 02 6780592Osman Hamid Suliman Mgr - Banking Relations Dept 02 6787380

Mir Asif Ali Mgr - Treasury Dept 02 6721600Saidi Zoubir Head of Business Dev. Dept. 02 6723763Tareq S’adi Al Darras Mgr - Credit Risk Management 02 6720886Issam Abugisseisa Legal Advisor 02-6791642Abu Dhabi Main, Sh. Hamdan Street 02 6721900Noora Ebrahim Manager -Sales & Services 02 6780423Souk Branch 02 6269500Al Masaood Building - Khalifa Street, Abu DhabiNasser Rashed Al Ali Manager 02 6275087

Al Ain 03 7655133Mohd. Sultan Al-Darmaki Bldg., 1st Floor, Old Passport Office Road.Hussain Marzouqul Manager 03 7656482

Dubai 04 2220151Arbift Tower, Baniyas Street, DeiraAdel Mohd. Khalfan Manager 04 2282071Al Bagh

Sharjah King Faisal Street 06 5744888Fatima Al Muani Manager 06 5747766

Arab Banking Corporation

Abu Dhabi Office 02 6447666Office, 10th Floor, Abu Dhabi Trade Centre, Abu Dhabi MallP.O.Box 6689, Abu Dhabi Fax 02 6444429Mohamed El Calamawy Chief Representative

Arab Emirates Investment Bank PJSC

Head Office: Cairo Egypt Tel: 04 3937773Regional Office: Dubai Fax: 04 3937774ART Tower, Al Mina Road, Opposite Maritime City, Bur DubaiP.O Box 1049 DubaiSWIFT: ARAIAEADE-mail: [email protected]: www.aaib.com

Management-UAEHemant Jethwani General ManagerAlaa Sobhy Head of Syndication and Asset TradeMahendran Raman Head of Operations and LiabilitiesAbu Dhabi Branch Tel: 02 6323400 Fax: 02 6216009Arab Monetary Fund Bldg., CornicheP.O Box 928, Abu Dhabi

BLOM Bank France SA

Dubai Tel 04 2284655Al Maktoum Street, Deira Dubai, P.O. Box 4370 Fax 04 2236260email: [email protected]: www.blombank.aeBassem Ariss Regional Manager 04 2222355Samir Hobeika Branch Manager 04 2214648Michel Germanof Manager Corporate Credit UAE 04 2242067 Mohammad M Ansari Treasurer 04 2224812

Sharjah

PO Box 5803, Al Buheira Tower, Al Buheira Corniche Tel 06 5736100 Fax 06 5736080 Mokhtar Kassem Branch Manager


Bank Muscat

Dubai Representative Office Dubai Creek Tower, Baniyas Road, Deira Tel 04 2222267P.O. Box 29969, Dubai Fax 04 2210115Lawrence P. Monteiro Chief Representative

BBK BSC

Dubai-Representative Office 04 2210560Dubai Creek Tower Office 18A, Baniyas Road, DeiraPO Box 31115 Tel 04 2210560 / 70 Fax 04 2210260 Website www.bbkonline.comHistory: Established on 16th March, 1971

Murad Ali Murad ChairmanKarim Bucheery CEO & GMSh. Rashed Al Khalifa Deputy General Manager

Dubai ReP-Office: CK Jaidev Head of Representative Office Rajiv Kapoor Relationship Manager & Loan Syndications Wafa Al-Alwan Relationship Manager & Loan Syndications

Bank of Baroda

Dubai Zonal Office: Sheikh Rashid Bldg.Ali Bin Abu Talib Street, Bur Dubai,P.O.Box 3162, Dubai Tel: 04 3531628E-mail: [email protected] Fax: 04 3530839UAE Website: www.bankofbarodauae.aeHistory: Established in 1908, July 20Nationalized on July 19, 1969

Senior Management & Personnel – Baroda Corporate Centre, Mumbai, India.Dr. A.K. Khandelwal Chairman & Managing Director Mr. V. Santhanavanam Executive DirectorMr. S.C. Gupta Executive Director

Zonal Office, Dubai:Ashok K. Gupta Chief Executive, (GCC operations) 04 3538093L.J. Asthana Senior Manager (Credit) 04 3531628J.K.Jais Senior Manager (Inspection) 04 3531628P.M. Bondarde Senior Manager (Credit) 04 3531628Sujeet Bhale Senior Manager (Syndication) 04 3531628Rajesh Jain Senior Manager (Internal Auditor) 04 3531517

Abu Dhabi:Al Halami Centre, Sheikh Hamdan Street 02 6330244/ 6322000K. Venkateshwarlu Chief Manager 02 6344302K.Shridhar Senior Manager (Credit) R.G. Shanker Senior Manager (Operations)

Al Ain: Clock Tower, Round about, Planning Street 03 7519880Sarabjeet Singh Senior Branch Manager 03 7659554Vijay Kumar Goel Senior Manager (Operations)

Dubai: Sheikh Rashid Bldg.Ali Bin Abu Talib Street,

Bur Dubai, 04 3531955Vinod Malhotra Asst. General Manager 04 3534516Shekhar Tripathi Senior Manager (Operations) 04 3530166M.K. Patel Senior Manager (Credit) 04 3534080Beena Desai Manager (India Desk) 04 3537586Retail banking Shoppe, DubaiMr. Saravana kumar 04 3534390Mr Ketan Dave 04 3540041Mr Vinay Rathi 04 3540340

Deira Kuwaiti Bldg., Al Rigga, Baniyas Street, Deira 042287949Rajiv K. Garg Chief Manager 04 2286516Yuvraj Singh Senior Manager (Operations) 04 2286216P.K. Gambhir Senior Manager (Credit) 04 2292181R.K. Madaan Manager 04 2292181

Ras Al Khaimah:Al Qasimi Bldg, Oman Street, Al Nakheel 07 2229293P.K.Bhargav Senior Branch Manager 07 2229293

SharjahAl Mina Road 06 5684231/ 5686232M.S. Chouhan Asst. General Manager 06 5683273D. Pathania Senior Manager (Credit) 06 5684231D. Guha Senior Manager (Operations) 06 5686232

Bank of New YorkRepresentative office Tel 02 6263008Suite 402, The Blue Tower, Sh. Khalifa Bin Zayed Street Fax 02 6263308P.O.Box 727, Abu DhabiHani Kablawi Managing Director

Bank of Sharjah

Sharjah Head Office – Al Hosn Avenue Tel 06 5694411 P.O. Box 1394, Sharjah Fax 06 5694422E-mail: [email protected]: Established on 22nd December 1973 with Banque Paribas, Paris

Ahmed Abdulla Al Noman ChairmanVarouj Nerguizian General ManagerMario Tohme Deputy General ManagerFadi Ghosn Deputy General ManagerAli Burheimah Commercial ManagerMohammed Asghar Senior Operations ManagerFares Saade Senior ManagerMichel Germanos Risk ManagerJayakumar Menon Finance ManagerBerj Tossounian Credit Manager - SharjahWahide Assaad IT ManagerJihad Aoun Investment ManagerSamer Hamed Audit & Control Manager Abu Dhabi Tel 02 6795555Al Mina Street, P.O.Box 27391 Fax 02 6795843Ramzi Saba Senior ManagerMazen El Attar Operations Manager- Abu DhabAnni Barsoum Credit Manager - Abu DhabiDubai Tel 04 2827278Al Gharoud Street, PO Box 27141 Fax 04 2827270Nadim Melki Senior ManagerToufic Youakim Credit Manager - DubaiFadi Haddad Operations Manager - DubaiAl Ain 03 7517171Khalifa Street, PO Box 84287 Fax 03 75170770George Dib Branch ManagerRida Higazi Deputy Branch Manager


Bank Saderat Iran

Dubai Tel 04-6035555Regional Office, Al Maktoum Street, P.O. Box 4182 Fax 04 2229951

Dr.Hamid Borhani Regional ManagerAbdul Reza Shabahangi Assistant Regional ManagerMohammad Yousefi Peyhani Assistant Regional ManagerMajid Tavasoli H.R. & Organization Dept. ManagerGholamreza Joulaie Credit Facility Dept. ManagerRahim Erfan Moghaddam Account Dept. ManagerMehran Arzhang Letter of Credit Dept. Manager Majid Mirnasiri Recovery Dept. ManagerHamdi Reza Khalajzadeh Dealing Dept. ManagerHojatollah Malek Mohammadi IT Dept. ManagerMansoor Sedaghat Motlagh Service Dept. Manager Mohsen Hossein Hosseinpour Manager of Al Maktoum BranchGholamreza Ebadi Fard Manager of Murshid Bazar Branch Saeed Mirzaian Tafti Manager of Sheikh Zayed Rd. Branch Ferdos Zolfagharian Manager of Bur Dubai Branch Seifollah Farzan Mehr Manager of Sharjah Branch Jalil Vosooghi Manager of Ajman Branch Ali Abasteh Manager of Abu Dhabi Branch Peyman Sabri Manager of Al Ain Branch

Banque Du Caire

Abu Dhabi Regional Head Office (02) 6225880P.O. Box 533, Abu Dhabi Telefax 02-6225881History: Established on 8th May, 1952 On July 1, 1960 the Amman Branch became independent under the title of Cairo Amman Bank. In July, 1961 the Bank was na-tionalized. On November 2, 1962 the Lebanese branches were absorbed by Banque Misr-Liban S.A.L On October 1, 1979 fo3rmer branches in Saudi Arabia have been saudized and a new bank was formed under the name of Saudi Cairo Bank.

Mohamed kamal Al Deen Barakat Chairman Ahmad Sherif Rehab Regional Manager Abu Dhabi - UAE PO Box 533 Tel: 02-6272525Abu Dhabi Branch Mohamad Kamal Farid (Acting Manager) Tel: 02-6273000Dubai Branch Labib Abdul Ghaffar Tel: 04-2715175Sharjah Branch Tareq Hafez Tel: 06-5739379Ras Al Khaima Mohamad Abdul Ghani (Acting Manager) Tel: 07-2332245Al Ain Abdul Hamid Saeed Tel: 03-7511104

Barclays Bank PLC

Dubai Tel: 04 3626888Emaar Business Park, Building No. 4, Sheikh Zayed Road Fax: 04 3663133P.O. Box: 1891, DubaiWebsite www.barclays.com

Saleem Sheikh Regional Managing Director, Middle East & North AfricaMark Petchell Group Country Managing DirectorAmin Habib Director - Corporate BankingFaizen Mitha Regional TreasurerFarrukh Zain Head of Trade SalesFlorence Goodman Head of Corporate Afffairs & Public RelationsDavid Inglesfield Location Manager - International & Premier Bank-ing Callum Watts-Reham Director, Market Manager, Gulf - Barclays Private Clients

Barclays CapitalDubai International Financial Centre, Level 9, West Wing, The Gate Building, Sheikh Zayed Road, Dubai Nicholas Hegarthy Managing Director, Head of Middle East & North Africa

BLC Bank (France) S.A.

Head Office17-19 Avenue Montaigne Tel 33 1 56 52 11 0075008 Paris, France Fax 33 1 56 52 11 11Mr. Andre Tyan General Manager

Regional Office Dubai Al Maidan Tower, Al Maktoum St. Tel 04 2222291P.O. Box 4207, Dubai Fax 04 2283935E-mail: [email protected] Melhem Dagher Administration & Operations Manager

DubaiAl Maidan Tower, Al Maktoum St. Tel 04 2222291P.O. Box 4207, Dubai Fax 04 2279861 Hamze Abdul Sater Branch Manager

Abu DhabiMohd. Joan Al Badi Bldg., Hamdan St. Tel 02 6220055P.O. Box 3771 Fax 02 6222055Ghassan Haddad Acting Regional ManagerSamir Rached Acting Branch Manager

Sharjah Al Salam Bldg., Al Mina St. Tel 06 5724561P.O. Box 854 Fax 06 5727843Victor Khoriaty Branch Manager

Ras-Al-KhaimahSheikh Ahmad Bin Saker Al Quasimi Bldg., Al Montaser St. Tel 07 2286222P.O. Box 771 Fax 07 2275067Abd El Hajj Branch Manager

BNP Paribas

Abd Ahmad Al Hajj Branch ManagerAbu Dhabi Tel 02 6130400Khalifa Street, P.O. Box, 2742, Abu Dhabi Fax 02 6268638Marc Checri General Manager

Central Bank of the U.A.E

Abu Dhabi Tel 02 6652220/6915555Head Office, Al Bateen Area, Bainoona Street Fax 02 6668483/6668621P.O.Box: 854, Abu Dhabi, www.cbuae.gov.aeE-mail: [email protected]: CBAU AE AAReuters dealing code: CBEMHistory Established in 1980 as a central bank of the United Arab Emirates by a federal decree. Central bank took over the activity of the United Arab Emirates currency board which was established in 1973.Management & PersonnelH.E. Sultan Bin Nasser Al-Suwaidi Governor H.E. Mohd. Ali Bin Zayed Al Falasi Deputy Governor

Board of DirectorsH.E. Mohd. Eid M. Jasim Al-Meraikhi ChairmanH.E. Jumaa Al-Majid Vice Chairman


H.E. Sultan Bin Nasser Al-Suwaidi Governor

MembersAli Al-Sayed Abdulla, Jamal Nasser Lootah, Khalifa Nasser Bin Huwaileel, Saeed Rashid Al Yateem Al Muhairy

Executive DirectorsSaeed Abdulla Al Hamiz Executive Director-Banking Supervision & Exami-nation Dept.Rashid Mohamed Al Fandi Executive Director - Banking Operations Dept.Saif Hadef Al Shamesi Executive Director - Treasury DepartmentSalem Ahmed Al-Hammadi Executive Director - Research & Statistics DepartmentAbdulla Hamad Al-Zaabi Executive Director - Internal Audit DepartmentJamal Ebrahim Al Mutawaa Executive Director - Administration Department

Economic AdvisorsAbed Alla Osama Malki, Mohammed Zeitouni Bechri

Portfolio ManagersMohammed Abdulla Mohammed, Brian Gardner

Anti-Money Laundering & Suspicious Cases UnitAbdul Rahim Mohamed Al Awadi Asst. Executive Director

General Secretariat & Legal Affairs DivisionSalem Said Al Kubaisi Senior Manager

Financial Control DepartmentHassan Ibrahim Al Hamar Senior Manager

Personnel DivisionAli Ghurair Al Romaithi Senior Manager

Correspondent Banking DivisionSultan Rashed Al-Sakeb Senior Manager

Public Relations DivisionAbdul Raheem Abdullah Manager

Information Technology Division/ UAE Switch DivisionKhalifa Al Dhaheri Senior Manager

Dubai Tel: 04 3939777P.O. Box 448 Fax: 04 3937802Omar Al Qaizi Manager-in-Charge

Sharjah Tel: 06 5592592Old Airport Road, Opp. Immigration Bldg., P.O. Box 645, Sharjah Fax: 06 5593977Zakaria Abdul Aziz Al Suwaidi Senior Manager

Ras Al Khaimah Tel: 07 2284444Al Nakheel, Oman Street, P.O. Box 5000 Fax: 07 2284646Salem Jasem Al Baker Asst. Executive Director

Fujairah Tel: 09 2224040P.O. Box 768, Fujairah Fax: 09 2226805Ali Mubarak Saeed Abbad Senior Manager

Al Ain Tel: 03 656656Ali Ibn Abee Taleb Street, Oud Al Touba Fax: 03 664777P.O. Box 1414Ajlan Ahmed Al Qubaisi Asst. Executive Director

Citibank N.A (UAE Branches)

Date of Establishment 1964Nationality USALegal Status

Commercial Banking Services (F)Regional Head Office Oud Metha TowersP.O Box 749, Dubai – UAETel: 04- 3245000Telex: 023 6738736Cable: CITIBAEMSwift: CITIAEADReuters: N/AEmail: [email protected]: www.citibank.aeAuditors: KPMGDomestic Branches: Al Wasl Road Branch (Main Branch) Tel: 04 3245000Oud Metha Road, P.O Box 749 Dubai Branch (Next to Burjuman) Tel: Abu Dhabi Branch Tel: 02 6982206Al Salam Street, Next to Lulu Center Fax: 02 6726381P.O Box 999, Abu DhabiSharjah Branch Tel: 06 5072101Beside Sharjah Emigration, Fax: 06 5723378Opposite Civil Court. Sharjah Al Ain Branch Tel: 03 7641090Sh. Zayed Street Fax: 03 7663887Broad of Directors: N/AGeneral Management: Mohammed E. Al- Shroogi, MD for the Middle East and Chief Executive Officer, UAE Sanjoy Sen, Country Business Manager Global Consumer Group - U.A.EMohammed Azab, Chief Officer, UAE Offices, Citi Private Bank

Clearstream Banking

Dubai Tel 04 3310644City Tower 2, Sheikh Zayed Road Fax 04 3316973Website: www.clearstream.comRobert Tabet Vice President Middle East & North Africa

Commercial Bank International

Dubai Tel 04 2275265Head OfficeDubai Al Riqqa Street Deira , P.O Box 4449 Tel : 04 2275265 Website : www.cbiuae.com Fax : 04 2279038 Hamad Al Mutawaa Chairman H.E. Humaid Al Qatami Deputy Chairman Abdulla Rashid Omran Managing Director and Board Member 04 2242104

Mohammed Saadeh Head of GBG 04 2126500 Abdulla Amer Jasem Head of HR & Admin 04 2126466 Hesham Abdulla Head of Branches & Services 04 6020615 Ahmed Mustafa Tahoun Head of Internal Audit & compliance Division 04 2126603 Ramanthan Murgappan Senior Manpower planning & Recruitment Manager 04 2126444 Zainab Nour Aldin Employee Relations Manager 04 2126 442 Yousef Haddad Planning & Development Manager 04 2126190 Bashir Haji Mohd Chief Dealer 04 2126214 A.D.Abooty Head Of Operations & Finance 04 2126291 K.E Mammoo Accounts Manager 04 2126215 Faris Saddi Chief information Officer 04 2060700 Yousef Al Marshoudi Dubai Branch Manager 04-2275265 Tariq Selaij Bur Dubai Manager 04-3559577 Ameena Bin Kaali Sheikh Zayed Branch Manager 04 3405555 Ahmed Al Junaibi Abu Dhabi Branch Manager 02-6913111 Abdulla Ali Almadhani Al Ain Branch Manager 03 7669994 Mohammed Ishaq RAK Branch Manager (AL Manar Mall) 07 2274777 Ahmed Darwish RAK Branch Manager (Nakhel Branch) 07 2227555


Alyia Al Mulla Sharjah Branch Manager 06 512100 Ahmed Bin Masood Fujairah Branch Manager 09 2011777

Dubai Main Branch (Al Riqqa Street)Yousef Al Marshaudi Branch manager 04 2126101Bur DubaiTariq Sulaij Branch manager 04 3555511Sheikh Zayed RoadAmeena Mhd. Bin Kaadi Branch manager 04 3405555Abu Dhabi Ahmed Sulaim Al Junaibi Branch Manager 02 6264400AL AINAbdulla Ali Branch manager 03 7669994Ras Al KhaimahKhaled Al Mannai Branch Manager (Manar Mall) 07 2274777Ahmed Yousef A. Darwish Branch Manager (Nakeel Branch) 07 2227555SharjahAliya Al Mulla Branch manager 06 5687666

Commercial Bank of Dubai

Main Branch , Al Ittihad Street, Port Saeed, DubaiIbrahim Salama Branch Manager 04 212 1000Dubai Branch, Mankhool Street, DubaiAmer Al Shamali Branch Manager 04 352 3355AL Maktoum Branch, Abu Baker Al Siddique StreetAhmed Al Aboodi Branch Manager 04 268 3555Deira Branch, Baniyas Street Mohammad Al-Sayed Al-Hashemi Branch Manager 04 225 3222Baniyas Square Branch, Al Maktoum Hospital StreetMohd. Al Lawati Branch Manager 04 228 9000Jebel Ali Branch, Jebel Ali Free ZoneMohammed Abdulla Mardood Branch Manager 04 881 8882Jumeirah Branch, Jumeirah Beach RoadAreffa Al Hashimi Branch Manager 04 344 1438Sheikh Zayed Road Branch, Ghaya Towers, Sheikh Zayed RoadMaher Marzouqi Branch Manager 04 334 777Al Garhoud Branch, Al Haj Saleh Bin Lahej Building,Al Garhoud Street-DeiraAli Salman Branch Manager 04 282 6444Al Qusais Branch ,Al Nahda StreetAbdullah Lootah Branch Manager 04 261 5000Souq Al Wasl Branch, Souq Al Wasl StreetTaher Mohammed Branch Manager 04 227 6111Al Aweer Branch, Central Fruit and Vegetable Market, Al AweerIbrahim Al Ramsi Branch Manager 04 320 1222Naturalization and Residence , Administration – Dubai BranchAdel Abdul Aziz Branch Manager 04 398 5000Mr. Jamal Saleh Assistant General Manager, Head of Risk ManagementAbu Dhabi Branch, Corniche Street Wael Ahmed Mahfouz Branch Manager 02 626 8400Musaffah Branch , Al Firdoos Building, Mussaffah Area M/3Zahir M. Suaiman Branch Manager 02 555 5510Khalidiya Branch, Khalidiya streetSultan Ali Al Assiry Branch Manager 02 667 9929 AL Ain Branch, Al Takhtit Street, Clock TowerKhalid Abdel Hadi Branch Manager 03 766 7800Sharjah Branch, Immigration RoadAbdul Aziz AL Ansari Branch Manager 06 574 0666Ajman Branch, Shk.Humaid Abdul Aziz StreetMarwan Ebrahim Mohammed Branch Manager 06 745 6668 Ras Al Khaimah Branch, Al Nakheel Area, Oman StreetEbrahim Ahmed Al Zaabi Branch Manager 07 228 6266Fujairah Branch , Al Gurfa Road, Near Al Mibkhar RoundaboutAbdullah Al Suwaidi Branch Manager 09 222 5111H.E. Ahmed Humaid Al Tayer ChairmanH.E. Saeed Ahmed Ghobash Deputy Chairman

H.E. Saeed Mohd Al Ghandi Deputy ChairmanMr. Abdul Wahed Al Rostamani DirectorMr. Abdul Rehman Saif Al Ghurair DirectorMr. Saeed Mohd Al Mulla DirectorMr. Khaled Juma Al Majid DirectorMr. Omar Abdulla Al Futtaim DirectorMr. Peter Baltussen Chief ExecutiveMr. Yaqoob Yousuf Hassan Deputy Chief ExecutiveMr. Ibrahim Abdulla General Manager, Administration & FinanceMr. Mahmoud Hadi General Manager, Central OperationsMr. Faisal Galadari General Manager, Business groupMr. Ahmed Shaheen General Manager, Credit GroupMr. Abdul Rahim Al Nimer General Manager, Financial ServicesMr. Stephen Davies Deputy General Manager, Corporate Banking Mr. Moukarram Att asi Deputy General Manager, Asset ManagementMr. Thomas Smith Deputy General Manager, Head of RetailMr. John Tuke Deputy General Manager, Treasury & ALMMr. V.P Bhatia Assistant General Manager, TreasuryMr. Masood Azhar Assistant General Manager, SPDMr. Amir Afzal Assistant General Manager, ITMr. Adel Al Sammak Assistant General Manager, Corporate Banking Mr. Kanan Iyer Assistant General Manager – Internal AuditMr. Clive Harrison Assistant General Manager – HRMr. Alan Kerr Assistant General Manager, Corporate BankingMr. Alan Hill Assistant General Manager, Treasury & Investment

Coutts & Co.

Representative Office - Dubai Tel 04 2217007Twin Towers, Baniyas Street, Deira Fax 04 2217006P.O. Box 42220Sarah Deaves CEOSandra Shaw General Manager Martin Bond Private Banker

Calyon Corporate & Investment Bank (Previously Crédit Agricole Indosuez & Crédit Lyonnais) DubaiWorld Trade Centre, Level 32 Tel: 04 3314211P.O.Box: 9256 Fax: 04 3313201Website: www.calyon.comAmr Alkabbani Regional Manager – Gulf 04 3317316Ludovic Bernard-Maissa Regional COO Eric Fromaget Head of Private Banking 04 3321300Sebastian Van der List Head of Corporate Banking – UAE 04 3315836Naeem Khan Trade Finance 04 3291055Albert Mondjian Head of Investment Banking – MEA 04 4284803 Abu DhabiAl Muhairy Centre, Level 5 Tel: 02 6351100Block C, Sheikh Zayed the First Street Fax: 02 6344995P.O.Box: 4725Ghazi Abdul Fattah Branch Manager 02 6351991

Credit Suisse

Abu Dhabi Dhabi Tower, 4th floor, Sheikh Hamdan Street Tel 02 6275048P.O.Box 47060 Fax 02 6274109Jean-Marc Suter Director

Dubai P.O. Box 33660 04 3620000


The Gate bldg, 9th Floor Fax 04 3620001Dubai International Finance Centre ( DIFC), Dubai Head of Regional Office Beat Naegell

Deutsche Bank A G

Abu Dhabi Tel 02 6333122P.O.Box 52333 Fax 02 6322044E-mail: [email protected] Moeller Representative

Dubai P.O. Box: 50490Emirates Towers, Level 27b Fax 04 3199560Karl French Director Tel : 04 3199514 Private Wealth Management - AsiaNadeem Masud Director Tel : 04 3199524 Global MarketsHarris Irfan Vice President Tel : 04 3199520 Global Equities & DerivativesRohit Johri Vice President Tel : 04 3199522 Private Wealth Management - Asia

Dresdner Bank AG

Dubai Representative OfficeBurjuman Business Towers, 10th Floor, Office 1011 Bur Dubai, P.O. Box: 25654 Tel 04 3596444 Fax 04 3596116E-mail: [email protected]

Bashar A. Barakat Chief Representative Regional Head GCC & Yemen

Dubai Bank

Main Office Sheikh Zayed Road, Near Dubai World Trade Centre Tel 04 3328989P.O. Box 65555, Dubai Fax 04 3290071E-mail: [email protected] Website: www.dubaibank.ae

History: Established in September 2002

Ziad Makkawi Chief Executive Officer

Dubai Islamic Bank

Head OfficeAl Maktoum Street, Dubai Tel 04 2953000 P.O. Box 1080, Dubai Fax 04 2954111Website: www.alislami.co.aeHistory: Established March 12, 1975Dr. Mohammed Khalfan Bin- Kharbash Chairman Butti Khalifah Bin DarishAl- Falasi CEOSaad Mohammed Abdul Razzaq Deputy CEOMohd. Saeed Al Sharif Executive Vice President-FinanceArif Ahmed Al Koheji Executive Vice President-Investment BankingAbdullah Ali Al Hamli Executive Vice President - Business ServicesAhmed Mohammed Fadel Legal Consultant and Board Secretary

Branches

Deira Main Branch 04 2959999Al Souk 04 2233300Sheikh Zayed Rd 04-3437777Nad Al Shiba 04 3907777Bur Dubai 04 3971717Jumeirah Ladies Branch 04 3429955Al Barsha 04 3406000Ajman 06 7466555Sharjah 06 5726444Wasit Road 06 5584455Al Dhaid 06 8826682Khorfakan 09 2370080Abu Dhabi 02 6346600Khalidiah Ladies Branch 02 6677119Al Salam 02 6450555Bani Yas 02 5825511Al Ain 03 7644111Al Ain Mall 03 7515155Ras Al Kheimah 07 2284888Fujairah 09 2221550

El Nilein Bank

Abu Dhabi P.O.Box 46013 Tel 02 6269995 Fax 02 6275551Abdulla Mahmoud Awad Manager Tel 02 6720934Mohamed Osman Salih Deputy Manager 02 6761916Murlidhar G. Ramchandani Chief Accountant & Dealer 02-6729300Ahmed Hillali Ahmed Head Investment Dept. & Credit 02-6729300

Emirates Bank International

DubaiMain Branch, Baniyas Road, Deira Tel 04 2256900P.O. Box 2923, Dubai Fax 04 2267718

BranchesAbu Dhabi 02 6455151Hameed Sheikh ManagerAl Ain 03 7510055/77Ghanim Al Hajeri Manager Al Maktoum Ali Malallah ManagerAl Quoz Mohd. Abdulla Manager Baniyas Square Sherif Al Ulama ManagerBander Talib Fareed Aquilli ManagerDubai Main Branch Amal Al Qamzi ManagerFujairah 09 2222114/110 Yousif Al Marshoudi ManagerInternet City 04 3910840/1 Balakrishnan Nair ManagerGalleria Farida Al Balooshi Manager IBN Gardens 04 8844689Hamdan Mohd. Abdulla Manager Jebel Ali Free Zone 04 8815551Abdul Rahman Ibrahim Manager Karama Muna Al Falahi Manager


Karama Shopping Complex Nawal Al Khader ManagerMankhool Abdul Rahim Abdulla ManagerQiyadah Fatima Al Midfa ManagerGhusais Fatima Al Midfa ManagerRamoul Ibrahim Hassan ManagerRas Al Khaimah 07 2272333 Khalifa Bin Kalban ManagerSatwaMohamed Bilal ManagerSharjah Industrial Area 06 5345577Mohamed Al Shouq ManagerSharjah 06 5733300Mahmoud Saif Manager Souk Samia Al Aqady ManagerUmm Suqueim Nazia Kalban ManagerTower Saif Al Mansoori ManagerWorld Trade Centre Abdulla Sulaij Al Falasi ManagerNajdah 02 6771919 Butti Al Assiri Manager

Emirates Industrial Bank

Abu Dhabi - Head Office Tel 02 6339700P.O. Box 2722, Abu Dhabi Fax 02 6319191/6326397E-mail: [email protected] Tel 04 2211300Arbift Tower, Deira P.O. Box 5454, Dubai Fax 04 2232320E-mail: [email protected]: www.emiratesindustrialbank.netSenior Management Personnel/Branch ManagerMohamed Abdulbaki Mohamed General ManagerAhmed Mohamed Bakhit Khalfan Deputy General ManagerAbdullah Rashed Omran Dubai Branch ManagerKhalifa Al Falasi Acting Projects Division ManagerAli Ahmed Al Essa Development Services Division ManagerNasser Haji Malek Administration ManagerEssa A. Bu Al Rougha Internal Audit ManagerMohamed Moneir Makled Finance ManagerSalem Abu Baker Salem Acting Loans Division Manager

Emirates Islamic Bank

P.O. Box: 6564, 2nd & 3rd Floor, Al Gurg Tower 1 Tel: 04 3160330Plot 372 - Riggat Al Buteen, Deira, Dubai. Fax: 04 2272172www.emiratesislamicbank.aeEbrahim Fayez Al Shamsi CEO 04 3160330Abdulla Showaiter (General manager – corporate and investment banking) Faisal Aqil General manager – retail banking Ahmed Fayez Alshamsi chief financial officer Syed Imran Bashir Head of marketing and product development Samih Mohd Qadri Awadalla head of branches Nasir Ahmed Khan head of consumer finance Zahir Mulla head of operations

IMB (Main Branch) P.O. Box: 6564, Al Gurg Tower 2, Riggat Al Buteen, Dubai.BUD (Bur Dubai) P.O. Box: 6564, Khalid Bin Walid Road, Dubai.DFR (Diyafa) P.O. Box: 6564, Diyafa Road, Dubai.RIQ (Riqqa) P.O. Box: 6564, Omar Bin Al Khattab Street, Dubai.ADC (Abu Dhabi) P.O. Box: 46077, Sheikh Rashid Bin Saeed Al Maktoum Street, Abu Dbahi.ROS (Ras Al-Khaima) P.O. Box: 5198, 191 Oman Street, Al Nakeel, Ras Al Khaima.Fuj (Fujairah) P.O. Box: 1472, Sheikh Hamad Bin Abdulla Street, Fujairah.AJS (Al Ain) P.O. Box: 15095, Jawazat Street, Al Ain.QFS (Umm Al-Qaiwain) P.O. Box: 315, King Faisal Road, Umm Al Qaiwain.SBA (Sharjah) P.O. Box: 5169, Al Arooba Bank Street, Sharjah.

Finance House P.J.S.C.

Mr. Mohammed Abdullah Jumaa Al Qubaisi Chairman

Mr. Abdul Hamid Umer Taylor General Manager 02 6194998Mr. T.K. Raman Chief Operating Officer 02 6194889Mr. Mohammed Wassim Khayata Executive VP – Strategic Planning 02 6194445Mr. Ramesh S. Mahalingam Chief Investments & Financial Officer 02 6194601Mrs. Shagufta Farid Khan Head of Internal Audit 02 6194223Ms. Lina Abdul Hamid I. El Araj Manager – General Services 02 6194702Mr. Tarek Soubra Vice President – Central Operations 02 6194362

Ms. Maha Al Jamal Senior Manager – Marketing 02 6194893

First Gulf Bank

Abu Dhabi Tel 02 6816666 Head Office, Sh. Zayed Second Street, Khalidiya P.O. Box 6316, Abu DhabiWebsite: www.fbg.aeHistory: Established in 1979Shareholder Equity of over AED 10 billionSenior ManagementAbdulhamid Mohammed Saeed Managing Director 02 6920502Andre’ Sayegh Chief Executive Officer 02 6920506Amit Wanchoo Head of Retail Banking GroupArif Shaikh Chief Credit & Risk OfficerGeorge Abraham Head of Corporate BankingGopi Krishna Madhavan Head of Human ResourcesHana Al Rostamani Strategic Planning HeadKarim Karoui Head of Business Planning & Financial ControlNadeem A. Siddiqui Head of International BusinessShafiqur Rehman Adhami SR. VP, CB FI\SYN\MNC\OIL & Energy SectorZafar Habib Khan Chief Investment OfficerZulfiquar Ali Sulaiman Business Support Director

Habib Bank A.G. Zurich

Head Office: Zurich, SwitzerlandZonal Office: Dubai Tel 04 2214535Baniyas Square Deira, P.O. Box 3306 Fax 04 2284211E-mail: [email protected]: www.habibbank.comHistory: Established in 1967Reza S. Habib Joint President Arif Lakhani Chief Executive Vice President 04 2229985Asad Habib Senior EVPAfzal Memon Senior EVP Shariq Ali Senior EVPDeira Mains 04 2214535Najibullah Khan Branch Manager Farrukh Iqbal Deputy Branch Manager Corporate 04 3513777 Awais Hasan Branch ManagerSharjeel Vijdani Deputy Branch Manager Al Fahidi Street 04 3534545


Zain Ghazali Branch ManagerAbdul Basheer Deputy Branch Manager Jebel Ali 04 8812828Nisar Chowdhary Branch Manager Ifthikhar Memon Deputy Branch ManagerSh.Zayed Branch 04 3313999Zia Abbas Mirza Branch ManagerKashif Aijaz Dodhy Deputy Branch Manager

Abu Dhabi Sh. Hamdan 02 6346888Imamat Naqvi Area Manager Farhan Bakhshy Branch Manager Al Falah 02 6422600Syed Akhtar Hussain Branch Manager Raid Saleem Ansari Deputy Branch Manager Sharjah 06 5730004Al Boorj Avenue Younus Warsi Area Manager Kausarullah Khan Branch Manager

Habib Bank limited

Abu Dhabi Tel 02 6224688Main Branch, Corniche Road, P.O.Box 897, Abu Dhabi Fax 02 6225620E-mail: [email protected]: Established on August 25, 1941Nationalised on January 1, 1974 On June 1974 absorbed Habib Bank Ltd. On June 30, 1975 absorbed Standard Bank Ltd., KarachiAman Aziz Siddiqi EVP/RGM 04 3597753Mohammad Tanvir HR. Manager 04 3592292Fouad Farrukh GRM 04 3592214Sh. Abdul Basit AVP/CAD Manager 04 3592539M. Amin Usman AVP/Treasury 04 3591893Ahmed Faraz Faruqi VP/Head ICU 04 3592517Nadeem Zia VP/Head FINCON 04 3592292Syed Ali Gohar VP/IT/Head 04 3592820Abdul Shahid Khan VP/Head Cops 04 3591874Abu DhabiSh. Zayed Road, 2nd Street Mushtaq H. Shah Service Manager 02 6344557Abu DhabiMain Branch M. Saadat Cheema VP/Chief Manager 02 6224655Al Ain 03 7642555Abdul Jalil Al Fahim Bldg.Adbul Hameed Khan AVP/Senior Manager 03 7642555Dubai Regional Office Sahibzada M. Taimur SVP/Corporate Manager 04 3596922Sameera Mohammad Service Manager 04 3592016Sheikh Zayed Road, Kalantar Tower Khalid Bin Shaheen SVP/Director 04 3431421Mahdi Hassan Business Development Manager 04 3438081Isar-Ul-Haq Service Manager 04 3438081Deira Branch, Creek Road Zulfiqar Ahmad Bhatti Service Manager 04 2253292Sharjah 06 5682552 / 5683473Al Boorj AvenueAssad Ali Shaikh AVP/Branch Manager 06 5695122Dhaid & Dibba 06 8822249Near Al Dhaid Police Station 06 8822249Abdul Sattar Badi Service Manager 06 8822249

HDFC Bank

Representative Office: Dubai Tel 04 3966991

Juma Al Majid Bldg., Opp Bur Juman Centre Fax 04 3967010P O Box 64546, Email: [email protected] Saeed Cheif Representative Tel 04 3966991

HSBC Bank Middle East Ltd

Head Office: Jersey, Channel IslandMiddle East Management Office, Dubai Internet City Tel: 04 3904722 Fax: 04 3906607HSBC Bldg., Dubai Internet City, P.O. Box: 66, Dubai, UAE Web: www.hsbc.aeUAE Web: www.uae.hsbc.com

Youssef Nasr ChairmanDavid Hodgkinson DirectorKen Matheson Regional Chief Operating OfficerAbu Dhabi 02 6332200/6152215Al Ain 03 7641812Dubai 04 3535000Deira 04 2227161Fujeirah 09 2222221Jebel Ali 04 8846133Ras Al Khaimah 07 2333544Sharjah 06 5537222

IndusInd Bank

Dubai Representative Office Tel 04 3978803203, Safa Commercial Bldg. Fax 04 3978805Opp. Bur Juman Centre, P.O. Box: 111873, Dubai.E-mail: [email protected] Gupta Vice President & Chief Representative 04 3978804

ING Asia Private Bank Ltd

Dubai Representative Office Tel 04 4277100602, Level 6, Building 4 Fax 04 4257801Burj Dubai SquareSheikh Zayed RoadP.O Box 4296, Dubai – UAE Suresh Nanda Managing Director & HeadEric Lorentz Managing DirectorVarun Bukshi Executive DirectorMelwyn Dias Executive Director

B.R. Subramanian DirectorP.G. Bhaskar DirectorRanjit Paul DirectorPiyush Bhandari DirectorNitin Bhatnagar DirectorRishi Chauhan DirectorAsad Dadarkar DirectorAshraf Al Yamani Director

InvestBank

Sharjah Tel 06 5694440Al Boorj Avenue, P.O. Box 1885 Fax 06-5694442E-mail: [email protected]: www.invest-bank.comHistory: Established on 2nd February 1975 as Investment Bank for Trade & Finance On July 1, 1995 name changed to Investbank.Sami Farhat General Manager


Qasim Kazmi AGM. Operations & Treasury Taleb Zaarour Senior Manager-ADM & LegalAthar Anis Manager, Credit Risk Bassam Hollmerus Chief DealerSajjad H. Holimerus Trade FinanceMadhu Pilakazhi Financial Controller Ghassan Accari Personnel Manager Vinay Gupta IT ManagerDubai 04 3213131Sheikh Zayed RoadDubai 04 2285551Al Maktoum StreetAl Ain 03 7644446Al Ghaba StreetAbu Dhabi 02 6794594Sh. Khalifa streetAbu Dhabi 02 5555336Mussaffa Area Sharjah 06 5420333Industrial Area

Janata Bank Abu DhabiObied Sayah Al-Mansuri Building Tel No 02-6331400Electra Road, Post Box No. 2630 Fax : 02-6348749Email [email protected]. Md. Masuduzzaman Chief Executive 02-6344543Mr. Md. Chaynul Haque IT Manager/SPO 02-6340881Mr. Md. Ramjan Bahar System Administrator/PO 02-6340881 Abu DhabiMr. Mohamudul Hoque Manager 0 2-6344542DubaiMr. Md. Abdul Awal Manager Mohammad Saleh Al-Gurg Building 0 4-2281442Al-Borj Street, P.O. Box 3342Mr. Md. Mizanur Rahman ManagerSharjah Saqer Bin Rashid Al Quassim BuildingAl Suwaiheen Street, P.O. Box- 5303 0 6-5687032Mr. Md. Mizanur Rahman ManagerAl Ain Branch Mr. Md Shahadat Hossain ManagerSk. Khalifa Bin Mohd. Al-Nahyan Building, Main Market Centre, Main Street,P.O. Box- 1107 0 3-7513425

Lloyds TSB Bank plc

Dubai Main BranchAl Wasl Road, Opp. Safa Park Tel 04 3422000P.O. Box: 3766, Dubai, UAE Fax 04 3422660E-mail: [email protected] Website: www.lloydstsb.aeVivek Vohra Head of Corporate OriginationGiles Cunningham Regional Manager, UAE & Gulf States 04 3023267Bert de Ruiter Managing Director 04 3023267Steve Williams Consumer Banking Director 04 3023267 Jon Mortell Head of Corporate Banking 04 3023266Suresh Jadhwani Treasury Manager 04 3023256Tim Goddard Head of Operations and IT 04 3023250Derek Vaz Head of Finance and Planning 04 3023330Caroline Ridley HR Manager 04 3023270Steve Snowdon Head of Middle OfficeAlex de Melo Head of Treasury Trading Edson Suppo Head of Treasury Strategy & Risk Claire Thomas Head of Human Resources

Dubai Customer Service CentresCommunity Centre at Arabian Ranches, Dubai Tel 04 3023318 Fax 04 3618035Dubai Healthcare City (Behind Wafi City) Tel 04 3023349 Fax 04 3624805

Man Investments Middle East Limited

Representative Office Dubai Tel 04 3604999Level 5, West Wing, The Gate, Dubai Internaional Financial Centre Fax 04 3604900P.O. Box: 73221, DubaiWebsite: www.maninvestments.comE-mail: [email protected] Merville Chief Executive OfficerKamlesh Bhatia Deputy Chief Executive Officer

Mashreqbank

Dubai Tel 04 2223333Head Office, Omar Bin Al Khatab Street, Deira Fax 04 2226061P.O. Box 1250, Dubai History: Established on 1st May, 1967 as Bank of Oman Limited. On October 1st 1993 name was changed to MashreqBank PSC.bdullah Al Ghurair President and ChairmanAbdul Aziz Al Ghurair CEOAli Raza Khan Head of Corporate AffairsDouglas Beckett Head of Retail BankingOmar Bouhadiba Head of Investment and Corporate BankingNabeel Waheed Head of Treasury and Capital MarketsNigel Morgan Head of Audit Review & ComplianceMajid Husain Head of Financial InstitutionsSomnath Menon Head of Operations & TechnologyKantic DasGupta Head of Risk ManagementAlexander Sinclair Head of Technology Mubashar Khokhar CEO of Badr Al IslamiEbrahim Kazi Head of Marketing and Corporate CommunicationsSaad Hakim Events and Public Relations ManagerAl Khaleej Street, Deira 04 2717771Souq Al Kabir Branch 04 2264176Hor Al Anz, Deira 04 2623100Jumeirah Branch 04 3441600Jebel Ali 04 8815355Khor Branch 04 3534000Bur Juman Centre 04 3527103Al Riqa, Deira 04 2229131Al Aweer 04 3333727Abu Dhabi 02 6274300Main Branch, Khalifa StreetMusaffa 02 5555051Zayed the 2nd Street 02 6334021Al Salam Street 02 6786500Al Mushrif 02 4432424Baniyas 02 5821100Muroor 02 4481858Khalidiya 02 6665757Al Ain 03 7667700Al Ain Main Street Ali Ibn Abi Tailb St. 03 7669968 Ajman 06 7422440Shk Humaid Bin Abdul Aziz Street, Near Ajman MuseumFujairah 09 2221100 Sh. Hamad StreetRas Al Khaimah 07 2361644King Faisal Street.


Al Nakheel RAK 07 2281695Sharjah Main 06 5684366Bank Street, RollaKing Abdul Aziz Street 06 5730883Dhaid 06 8822899Main Street, Sh. Arsan Hameed Bldg., DhaidDibba 09 2444230Kalba 09 2777430Kalba CityKhorfakkan 09 2385295Umm Al Quwain 06 7666948 King Faisal Street, Next to New Souk

Merill Lynch International & Co.C.V

Representative Office Dubai (04) 3975555Business Center Building, Khalid Bin Walid StreetP.O. Box 3911, DubaiTelefax 04-3975252Executive Director Mones Bazzy

NATIXIS

Dubai Branch Tel 04 7026777DIFC Gate Village Fax 04 7026820Building No. 8, 5th FloorP.O Box 33770Email: [email protected]: www.natixis.frPhilippe Petitgas CEO

National Bank of Abu Dhabi

Head Office: Abu Dhabi 02 - 6111111One NBAD Tower, Khalifa St., P.O. Box 4, Abu DhabiTelex 22266/7 MASRIP EMHistory: Established in 1968H.E. KHALIFA MOHAMED AL KINDI ChairmanH.E. DR. JAUAN SALEM AL DHAHIRI Deputy ChairmanMICHAEL H. TOMALIN Chief ExecutiveABDULLA MOHAMMED SALEH ABDULRAHEEM GM & Chief Operating OfficerSAIF ALI MOHAMED MUNAKHAS AL SHEHHI GM Domestic Banking DivisionQAMBER ALI AL MULLA GM International Banking DivisionABHIJIT CHOUDHURY GM & Chief Risk OfficerJOHN GARRETT GM & Chief Audit & Compliance Officer

Abu DhabiMain Branch 02 - 6111111Khalidiya 02 - 6666800Dept. of Social Services & Commercial Buildings 02 - 6346673ADCO 02 - 6672642ADMA 02 - 6263225ADNOC 02 - 6669143Abu Dhabi Municipality 02 - 6744749NPCC 02 - 5549282 ZADCO 02 - 6768821HILTON 02 - 6812280Abu Dhabi International Airport 02 - 5757303Sheikh Rashed Bin Saeed Al Maktoum Road 02 - 6419800Abu Dhabi Mall 02 - 6452200Arabian Gulf Road 02 - 4478878Baniyas 02 - 5831625Bateen 02 - 6658332Between The Two Bridges Area 02 - 5589446Corniche 02 - 6220300

Dalma Island 02 - 8781240TAMM 02 - 8945528Das Island 02 - 8731099Liwa 02 - 8822388Madinat Zayed 02 - 8846146Government Complex 02 - 8945428Al Mirfaa 02 - 8836506Al Ruwais 02 - 8776343Al Muroor 02 - 4481918Mussafah 02 - 5553357Dept. of Social Services & Commercial Buildings (Mussafah) 02 - 5520681Mussafah Municipality 02 - 5540300Industrial City of Abu Dhabi 02 - 5501125Al Salam St. 02 - 6442900Al Shahama 02 - 5632411New Al Shahama 02 - 5635695Abu Dhabi Municipality-Shahama 02 - 5631385Sweihan 03 - 7347919Marina Mall 02 - 6816002Al Etihad 02 - 6111111Emirates Palace 02 - 6908900National Exhibition Centre 02 - 4494996Mina Road 02 - 6767665

Al AlinAl Ain Clock Tower 03 - 7642400Al Ain 03 - 7516900Al Ain Cement Factory 03 - 7828060Al Ain International Airport 03 - 7855511Al Ain Defence 03 - 7688824Al Sanaiya 03 - 7213222Al Hayer 02 - 7322400Al Ain Mall 03 - 7519900

AjmanAjman 06 - 7422996

DubaiDeira 04 - 2226141Dubai Side 04 - 3599111Jebel Ali 04 - 8815655Sh. Zayed Road 04 - 3433311 Al Qusais 04 - 2674176Jumeirah 04 - 3499001Mall of the Emirates 04 - 3413888

FujairahFujairah 09 - 2222458Dibba 09 - 2444223

Ras Al KhaimahAl Nakheel 07 - 2281753 Ras Al Khaimah 07 - 2334333

SharjahAl Bourj Avenue 06 - 5695500Sharjah 06 - 5721111Al Falah Camp Office 06 - 5385969Al Dhaid 06 - 8822929Khorfakkan 09 - 2385250Kalba 09 - 2772112

Umm Al QuwainUmm Al Quwain 06 - 7660033


National Bank of Bahrain

Abu Dhabi Tel 02 6335288Khalaf Bin Ahmed Al Otaiba Building, Sh. Hamdan Street Fax 02 6333783P.O.Box 46080Email: [email protected]: www.nbbonline.com

Farouk Khalaf UAE Country Manager 02 6335299Ingersoll Ramalingam Manager Credit 02 6311248

National Bank of Dubai

Dubai Tel 04 2222111Head Office Baniyas Street, Deira Fax 04 2283000P.O. Box 777 Email: [email protected]: www.nbd.comHistory: Established in1963 as National Bank of Dubai Limited. In 1994 name was changed to National Bank of Dubai.

R. Douglas Dowie CEOJoyshil Mitter CFOAlex Richardson COOLeslic Rice CROAbdul Shakoor Tahlak CM - Intl.Ghanim Bin Zaal CM - Business DevelopmentAli Al Najjar CM - LiabilitySuvo Sarkar Head of RetailRajesh Thaper Head Of CorporateFaranak Foroughi Head of TPOHusam Al Sayad Head of HRG. Krishnamoorthy TreasurerSue Evans Head of IS&TAlan M. Smith Head of Group AuditA. Chandran Head of BPQMWalid El Masri Head of Corp CommRashmi Malik Head of StrategyAbdul Fattah Sharaf GM NFSMohamed Al Neaimi GM AqaratAli Kaitoob Head of Dist. RetailP.S. Sastry SM CEO’s OfficeHesham Qassimi Divisional Manager Corporate Banking

Abu Dhabi P.O. Box: 386 Tel : 02 6394555 Fax : 02 6346767Ajman P.O. Box: 712 Tel : 06 7456555 Fax : 06 7456060Ajman Archives Tel : 06 7444606 Fax : 06 7425883Al Mizhar Tel : 04 2641221 Fax : 04 2640569Al Ain P.O. Box: 16122 Tel : 03 7644345 Fax : 03 7668515Burjuman Centre Tel : 04 3555222 Fax : 04 3554455Bullion Tel : 04 2284757 Fax : 04 2289090Convention Centre Branch Tel : 04 3320808 Fax : 04 3320908Dubai Central Fruit & Vgtbl. Mkt Branch Al Awir Tel : 04 3333880 Fax : 04 3333870Dubai International Airport Tel : 04 2200404 Fax : 04 2244614Dubai International Airport Pay Office Tel : 04 2164946 Fax : 04 2244614Dubai Internation Airport Tel : 04 2162450 Fax : 04 2244614Dubai Internation Airport Tel : 04 2166995 Fax : 04 2244614Dubai Internation Airport Tel : 04 2162452 Fax : 04 2244614Dubai Internation Airport Tel : 04 2162434 Fax : 04 2244614Dubai Internation Airport Tel : 04 2162740 Fax : 04 2244614Dubai Media City Pay Office Tel : 04 3902007 Fax : 04 3908855Deira City Centre Tel : 04 2951555 Fax : 04 2951525Dubai Airline Centre Tel : 04 2952555 Fax : 04 2955655

Dubai Airport Free Zone Tel : 04 2995550 Fax : 04 2995557Dubai Courts Tel : 04 3366702 Fax : 04 3353906Dubai Media City Pay Office Tel : 04 3030400 Fax : 04 3908855Emirates Tower Tel : 04 3300133 Fax : 04 3300155Fahidi Tel : 04 3535575 Fax : 04 3535575 Emirates Tower Tel : 04 3530308 Fax : 04 3534601Emirates Tower Tel : 04 2823400 Fax : 04 2823640Fahidi Direct Banking Tel : 04 3532840 Fax : 04 3531443Fujairah Branch P.O. Box: 1744 Tel : 09 2233335 Fax : 09 2233336Hamriya Tel : 04 2663189 Fax : 04 2690103Hatta Tel : 04 8523183 Fax : 04 8521051Ibn Battuta Mall Branch Tel : 04 3685499 Fax : 04 3685501Ittihad Road Tel : 04 2955600 Fax : 04 2955611Jumeirah Branch Tel : 04 3420202 Fax : 04 3421112Jebel Ali Tel : 04 8816087 Fax : 04 8816961Main Office Tel : 04 2222111 Fax : 04 2283000Maktoom Branch Tel : 04 2281141 Fax : 04 2235456Malleq Emirates Branch Tel : 04 3410777 Fax : 04 3410707Muhaissnah Branch Tel : 04 2544545 Fax : 04 2544646Nadd Al Shiba Tel : 04 3363939 Fax : 04 3363788Oud Metha Branch (Ex-Gulf Tower Branch) Tel : 04 3370222 Fax : 04 3366145Ras Al Kaimah P.O. Box : 1932 Tel : 07 2279888 Fax : 07 2279889Rashidiya Tel : 04 2859523 Fax : 04 2854847Souk Madinat Jumeirah Branch Tel : 04 3686130 Fax : 04 3686195Sh. Zayed Road (Saeed Tower) Tel : 04 3313183 Fax : 04 3310629Sharjah P.O. Box : 21850 Tel : 06 5738888 Fax : 06 5733000Umm Al Quwain P.O. Box : 22 Tel : 06 7656154 Fax : 06 7655151Emirates Tower Tel : 06 7656152 Fax : 04 3300155Umm Suqeim Tel : 04 3485222 Fax : 04 3482535

National Bank of Oman

Abu Dhabi Bin Sagar Towers, Najda Street Tel 02 6348111 / 6323456P.O. Box 3822 Fax 02 6325027Ravi S. Khot Country Manager 02 6393028Salim Al Khanjri Manager - Operations 02 6392535Minhajuddin Niazi Manager - Consumer Banking & Business Development 02 6326560K.K. Gambhir Manager - Corporate Banking 02 6394922

National Bank of Umm Al Qaiwain

History: Established in 198224/7 Call Centre Number: 600 56 56 56 E-mail: [email protected] Website: www.nbq.aeSh. Nasser Bin Rashid Al-Moalla Managing Director Mohamed Abdel Rahim Al Mulla General Manager

Umm Al Qaiwain Branch Tel: 06 7066666NBQ Building, King Faisal Street Fax: 06 706 6677P.O.Box 800, Umm Al QaiwainFalaj Al Mualla Branch Tel: 06 8824447NBQ Building, Shaikh Zayed Street Fax: 06 8824445P.O.Box 11074 Falaj Al MuallaDubai Branches Tel: 04 3976655NBQ Building, Khalid Bin Al Waleed Street Fax: 04 3975382P.O. Box 9715 Dubai Deira Branch Tel: 04 2651222Opposite Dubai Police Head Quaiter Fax: 04 2651333Al Ittihad Street, P.O. Box 8898 Deira, Abu Dhabi BranchHamdan Bin Mohammed Street (# 5) Tel: 02 6775100P.O. Box 3915 Abu Dhabi Fax: 02 6779644Mussafah Branch Tel: 02 5555088P.O. Box 9770 Abu Dhabi Fax: 02 5553559


Al Ain Branch Tel: 03 3751300Oud Al Touba Street Fax: 03 7513500Al Mandoos RoundaboutP.O. Box 17888 Al AinSharjah Branch Tel: 06 5742000King Faisal Street, Fax: 06 5742200P.O.Box 23000 SharjahNBQ Kiosk Fax: 06 5742200Sharjah Mega MallP.O.Box 23000 SharjahAjman BranchesCity Center Branch Tel: 06 7436000Ajman City Center Fax: 06 7436060P.O.Box 4133 AjmanMasfout Branch Tel: 04 8523377 NBQ Building Fax: 04 8523093Main Street P.O.Box 12550 Masfout, AjmanFujairah Branch Tel: 09 2232100Fujairah Insurance Co. Building Fax: 09 2232220Hamad Bin Abdulla RoadP.O.Box 1444 FujairahRas Al Khaimah Branch Tel: 07 2366444Corniche Al Qawasim Road Fax: 07 2364470P.O.Box 32253Ras Al Khaimah

Philippine National Bank

Dubai Representative Office Room 108, Al Nakheel Bldg., Zabeel Road, Karama Tel 04 3365940P.O. Box 52357, Dubai, UAE Fax 04 3374474E-mail: [email protected] Tillah Rasul First Vice President & Regional Representative

Rafidain BankAbu Dhabi Tel 02 6335882 / 3 Al Nasser Street, Glass Bldg. Fax 6326996P.O.Box 2727, Abu Dhabi Salah Mahid Branch Manager

Royal Bank of Canada

Dubai Representative Office Tel 04 3313196API World Tower, Suite 1002, Shk. Zayed Road, P.O. Box: 3614. Telefax 04 3313960Umaima Zaman senior managerAshwani.k.Dewitt senior managerGlobal Private BankingAshish Anand Chief Representative

RAK Bank

Ras Al Khaimah Head Office, Oman Street, Al Nakheel Tel 07 2281127P.O. Box 5300 Fax 07 2283238E-mail: [email protected]; www.rakbank.aeHistory: Established in 1976 as The National Bank of Ras Al Khaimah. In 2003, name was changed to RAKBANK

H.E. Sheikh Omar Bin Saqr Al Qasimi ChairmanH.E. Sheikh Salim Bin Sultan-Al-Qasimi DirectorMr. Hamad Abdulaziz Al Sagar DirectorMr. Essa Ahmed Abu Shuraija Al Neaimi DirectorMr. Majid Saif Al Ghurair Director

Mr. Ali Samir Al Shihabi DirectorMr. Yousuf Obaid Essa DirectorMr. Graham Honeybill General ManagerMr. Ian Hodges Head of Personal BankingMr. Anil Sukhia Head of Corporate BankingMr. Steve O Hanlon Chief Operating OfficerMr. Geoff Harman Head of Internal ControlsMr. Jose Braganza Head of CreditMr. Malcolm D’Souza Head of TreasuryMr. Nigel Summersall Chief Internal AuditorMrs. Susan Gardner Head of Human ResourcesMr. Venkat Raghavan Head of FinanceDubaiDeira Maktoum Branch Tel : 04-2248000Deira Souk Branch Tel : 04-2248000Umm Hurair Branch (Bur Dubai) Tel : 04-2248000Sultan Business Center ( Dubai Main Branch) Tel : 04-2248000Sheikh Zayed Road Branch Tel : 04-2248000Emaar Business Park Branch Tel : 04-2248000Marina Diamond Branch Tel : 04-2248000Al Quoz Branch Tel : 04-2248000Al Qusais Branch Tel : 04-7058444Ibn Battuta Mall Branch Tel : 04-3685890SharjahSharjah Main Branch Tel : 06-5746888Sharjah Industrial Area Tel : 06-5132666Kalba Branch Tel : 09-2778707Khorafakkan Branch Tel : 09-2371900Al AinAl Ain Branch Tel : 03-7644222Abu DhabiAbu Dhabi-Tourist Club Branch Tel : 02-6448227Khalidiya Branch Tel : 02-6666658Ras Al KhaimahRAK Town Branch Tel : 07-2333744Sha’am Branch Tel : 07-2666833 Badr Branch Tel : 07-2448822Al Mannei Branch Tel : 04-8525999Al Rams Branch Tel : 07-2662434Al Dhait Branch Tel : 07-2351147Al Nakheel Branch Tel : 07-2281127

Sharjah Islamic Bank

Mohammed Abdalla Chief Executive Officer 06-5115116Ahmed Saad ibrahim Chief Operating Officer 06-5115118Mohammed Rizwan Chief Risk Officer 06-5115172Saeed M Ahmed Al Amiri Head, Investment Group 06-5115000Ossama Salah El Din Head, Retail Banking 06-5115339G . Ramkirshinan Head of Coroprate Banking Group 06-5115111Hussam A. Abu Aisheh SVP-Chief Internal Audit 06-5115153Mohammed Ishaq Chief Dealer 06-5115151Mohamed Azmeer Head of Credit Division 06-5115319Eman Jasim Sajwani Head of Human Resources Group 06-5115170Myron Britto Head, nformation Technology Div.-CIO 06-5115444Sufyan Maysara Head of Shariaa Supervision Divison 06-5115213BranchesMain Branch - Al Brooj Avenue Mohammed Yousif 06-5115121King Faisal Street Branch Abdul Salam Al Ali 06-5746805Ladies Branch Laila Ali Salem 06-5746807American Unversity Branch Mohd Mousa Ali 06-5585789Al Dhaid Branch Khalid M. Ajmani 06-8829414Industrial Area Branch Waleed Abdul Qadir 06-5397623Sharjah Expo Branch Jassim Al Awadi 06-5992502Sharjah Buhaira Branch Osama Ahmed AlSalman N/AKhorfakhan Branch Yousif M. Abdullah 09-2387490Dibba Branch Ali Al-Abdouli 09-2442601


Kalba Branch Abdullah Bin Hikal 09-2774204Fujairah Branch Nawal Mohamed AlMaghribi 09-2244339Dubai Branch Mohamed Ibrahim Alghufili 04-2698322Sheikh Zayed Branch Maisoon Zainudin 04-3217543Al Twar Branch Maha AlBanna 04-2638335Abu Dhabi Branch Thomas P.Y. 02-6224166Al Ain Branch Majid Sha’abaan 03-7513200

Shuaa Capital PSC

Head Office Tel: 04 3303600/ 04 3199778Emirates Towers Hotel, Level 7 Fax: 04 3303550P.O. Box: 31045, Dubai, UAE.Website: www.shuaacapital.com Iyad Duwaji CEOAbeer Ayash Marketing and PR coordinator

Societe Generale

Dubai DIFC Gate Village, Bldg. 6, 4th Floor Tel.: 04 4257500Sheikh Zayed Road, Dubai Fax: 04 3653170 Website: www.socgen.com Alain L. Tave Chief Regional Representative

Standard Bank Plc - Dubai Branch (DIFC)

Dubai Emirates Tower, Office-16 B Tel 04 3300011P.O. Box 504904 Fax 04 3300169Website: www.standardbank.comJeffrey Rhodes General Manager 04 3300164Kate Lunjevich Head of Compliance & Operations

Standard Chartered Bank

Head Office: United KingdomDubai Main Branch Tel 04 3520455 Head Office: Al Fardan Building, Fax 04 3526679 Mankhool Road, Bur Dubai P.O. Box: 999, Dubai - United Arab Emirates www.standardchartered.com/ae/Phone Banking: +9714 3138888 (24 hours)Dubai Branch P. O. Box 999, Al Mankool Road, Dubai , UAE 04-3599550Deira Branch P. O. Box 1125, Al Nasr Square, Dubai, 04-5085300Gold Souq BranchP. O. Box 64555, Gold Souq, Dubai , UAE 04-2262699Jebel Ali BranchP. O. Box 16920 , Jebel Ali, Dubai , UAE 04-5085200Sharjah BranchP. O. Box 5, Al Boorj Avenue, Sharjah , UAE 06-5916100Hamdhan BranchP. O. Box 240,Al Fardan Tower ,Abu Dhabi, UAE 02-6165600Istiqlal BranchP. O. Box 241, Istiqlal Street, Abu Dhabi UAE 02-6165400Al Ain BranchP. O. Box 1240, Near Clock Tower, Al Ain, UAE 03-7056800Dragon Mart BranchP. O. Box 4166, Dragon Mart mall, Dubai, UAE 04-5085260Emaar Business Park BranchP. O. Box 103669,Building 3 ,Dubai , UAE 04-5085255Wealth Management CenterP.O Box 999, Jumeira Beach Road, Dubai UAE 04-5085706

The Housing Bank for Trade & Finance

Abu Dhabi P.O. Box 44768 Tel 02 6268855/6270280 Fax 02 6271771Muhanad Habashneh Representative

Union de Banques Arabes et Francaises UBAF

Dubai Creek Tower, Baniyas Road, Deira Tel 04 2284080P.O. Box 29885 Fax 04 2284070Hamed Hassouna Chief Representative GCC & Yemen

UBS AG

Abu Dhabi ADNIC Bldg., 5th Floor, Sh. Khalifa Street Tel 02 6275024P.O.Box 3744 Fax 02 6272752Website: www.ubs.comRoger Leitner Senior Representative

DubaiCreek Tower, Office 17A, Baniyas Road, Deira 04 2240044Peter Schaer Senior Representative 04 2220006

DIFC Gate Village, Bldg. No. 6, 5th Floor Tel.: 04 3657150Sheikh Zayed Road Fax: 04 3657191P.O Box 506542Per Larsson Senior Representative

Union National Bank

Abu Dhabi Tel 02 6741600Head Office, Salam Street, P.O.Box 3865, Abu Dhabi Fax 02 6786080Website: www.unb.aeHistory: Established as a Public Joint Stock Company in 1982Nahyan Bin Mubarak Al Nahyan ChairmanMohammad Nasr Abdeen Chief Executive OfficerAbu Dhabi Corniche 02 632 1600City Centre 02 627 3471Najda 02 632 4981Hazzaa 02 641 2288Khalidiya 02 635 2511Adgas Booth 02 627 0611Musaffah 02 555 9111Shahama 02 563 4600Baneyas 02 582 1886Al Dhafra/Madinat Zayed 08 884 8484Al Muroor 02 444 8384Al AinSh. Khalifa Street 03 7644551Al Jimi 03 7626240DubaiMain Branch, Deira 04 2211188 Al Maktoum Street 04 2232266Khalid Bin Al Waleed Road 04 3516444Al Bustan 04 2636388Jebel Ali 04 8810999Sheikh Zayed Road/Jumeira 04 3329911Rashidiya 04 2857686

64

Ajman Central - Emirates Post 06 7425552Fujairah 09 2222747Ras Al Khaimah 07 2286600Sharjah 06 5686141King Abdul Aziz 06 5746161

United Arab Bank

General Management & H.O. Tel 06 5733900Sh. Abdulla Bin Salim Al Qassimi Building, Al Qasimia St., Sharjah Fax 06 5733906E-Mail Address [email protected] www.uab.aeHistory: Established 1975

Bertrand Giraud General Manager 06 5733900Awni Alami Dy. General Manager 06 5733900Gibert Hie Asst. GM-Corporate & Retail 06 5733900Arif Premdjee Asst. GM-Admin. & Finance 06 5733900

United Bank Limited

Dubai Gargosh Bldg, Khalid Bin Waleed Street Tel 04 3552020

P.O. Box 1367, Dubai Fax 04 3514525Email: [email protected]: www.ubl.com.pkWajahat Husain Head of Middle EastMaruf Ahmed General Manager UAE

Wachovia Bank National Assoc.

Representative Office Dubai The Atrium Centre, Khalid Bin Waleed Street, Bur Dubai 04 3556244P.O. Box 53089 Fax 3557117Head Office: USAJ.Kennedy Thompson Chairman & Chief Executive Officer Michael P. Heavener International DivisionDubai Branch:Chafic Haddad Vice President & Regional Manager Carol Hampson Customer Services Representative

‘

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