economic focus 2
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Economic Focus 2TRANSCRIPT
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ECONOMICFOCUS ISSUE2VOL7AUTUMN2012MAGAZINEOFTHEARAB-BRITISHCHAMBEROFCOMMERCE
> REPORTSINENGLISHANDARABIC
> SETTINGUPBUSINESSINQATAR
> LIBYAOPPORTUNITIES
> SOCIALMEDIAASABUSINESSTOOL
> RELOCATINGTOTHEUK
> GCCHEALTHSECTORINNOVATION
> FOCUSINTERVIEW
> CHAMBERACTIVITIES
The Shard
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Badley Ashton and Associates Limited was established in 1982 as a high quality geoscience consultancy, providing specialist reservoir description and prediction advice to the oil and gas industry worldwide. Thirty years on, our emphasis on quality remains the same today, with a progressive ethos always informed by continuous scientifi c excellence.
Badley Ashtons business in the Middle East and North Africa continues to grow and we are delighted to be a new member of the Arab-British Chamber of Commerce.
Celebrating 30 years in business
Offi ces located in the UK, Abu Dhabi, Muscat and Houston.www.badley-ashton.co.uk
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ARAB-BRITISHCHAMBEROFCOMMERCE 3
Focus Reports
Setting Up Business in Qatar 4
Social Media as a Business Tool 11
How the GCC Can Lead Innovations in Health Research and Services 16
Relocating to the UK 20
Opportunity Libya 24
Focus Interview: A Lawyer Who Never Looks Back 30
Quarterly Economic Survey 38
Chamber News 48
New Members 58
Arabic Section 65
CONTENTS
4 11
38 52
EconomicFocusisanArab-BritishChamberofCommercepublication.
EditorialTeamAbdeslamEl-IdrissiCliffLawrenceDavidMorganDrYasminHusein
Arab-BritishChamberofCommerce43UpperGrosvenorStreetLondonW1K2NJ
Tel:+44(0)2072354363Fax:+44(0)2072456688
www.abcc.org.uk
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DisclaimerDistinctivePublishingorArab-BritishChamberofCommercecannotbeheldresponsibleforanyinaccuraciesthatmayoccur,individualproductsorservicesadvertisedorlateentries.NopartofthispublicationmaybereproducedorscannedwithoutpriorwrittenpermissionofthepublishersandArab-BritishChamberofCommerce.
ISSN No: ISSN 1751-4339
Badley Ashton and Associates Limited was established in 1982 as a high quality geoscience consultancy, providing specialist reservoir description and prediction advice to the oil and gas industry worldwide. Thirty years on, our emphasis on quality remains the same today, with a progressive ethos always informed by continuous scientific excellence.
Badley Ashtons business in the Middle East and North Africa continues to grow and we are delighted to be a new member of the Arab-British Chamber of Commerce.
Celebrating 30 years in business
Offices located in the UK, Abu Dhabi, Muscat and Houston.www.badley-ashton.co.uk
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ECONOMICFOCUS
SETTINGUPABUSINESSINQATARByWayneMerrick
AstheUKeconomyentersadoublediprecession,itisnosecretthecountryisfeelingthepinch.Youthunemploymentisatarecordhighofalmostonemillionthreepercenthigherthanduringthesameperiodin2011andthereisableakgrowthoutlookforUKcompanies.Withlittlegrowthprospectsandopportunitiesfordevelopmentathome,UKcompaniesareincreasinglylookingtoexpandabroadintohighgrowthmarkets.
Ascurrentlythefastestgrowingeconomyintheworld,QatarisbecomingatopoverseasdestinationforUKbusinessestosetupshop.AccordingtotheInternationalMonetaryFund,Qatarisnowalsotheworldsrichestnation.Withitspro-businessenvironment,rapidlygrowingeconomyandcloserelationswiththeUK,QatarpresentsespeciallyattractiveopportunitiesforBritishbusinesseswantingtosupplementtheirhomemarkets.
Aftercompletingmajorgasprojects,Qatarhasrecordedconsistentdouble-digitGDPoverthepastdecade.In2010,theGulfcountrysgrowthshotup16.3percentandrealGDPin2011reached14percent,accordingtotheQatarStatisticsAuthority.Withplanstodevelop$140billionworthofmajorprojectsintheleaduptothe2022FIFAWorldCup,QatarpresentsamyriadofinvestmentprospectsforUKcompanieslookingtocapitaliseonlucrativeopportunities.
Qatarseconomicdiversificationandinvestmentinhumancapital,inaccordancewithitsNationalVision2030economicstrategy,isalsohelpingtogenerateopportunitiesforUKbusinessesacrossawiderangeofsectorsincludingconstruction,energyandenvironment,transport,infrastructure,education,training,aswellasfinancialandprofessionalservices.
Sothetimeiscertainlyrighttosetupa
businessinQatar.However,inordertohaveasuccessfulbusinessinthecountry,therearesomeimportantstepsandfactorstobeconsideredbeforeestablishingapropermarketpresence.
Themostimportantdecisionyouwillneedtotakewhenkick-startingyourbusinessplanischoosingthekindoflegalpresenceyouwillsetupinQatar.Inordertoconductbusinessonaregularbasis,foreigninvestorsarerequiredtoestablishalegalcommercialpresenceontheground.Currently,thereareseveraloptionsthatcompaniescanchoosefrom:
l Incorporatingalocalentityunderthe CommercialCompaniesLaw;
l Obtainingalicenseforabranchofficeor traderepresentativeoffice;
l Enteringintoacommercialagency relationship;
l Settingupafree-zoneentitywithinthe QatarScienceandTechnologyPark(QSTP);
l Incorporatingorregisteringwiththe QatarFinancialCentre(QFC).
Itisimportanttonotethatnotalloftheseoptionsallowyoutotradefreely,andownershiprequirementsforQatar-basedentitiesdifferbetweeneachstructure.Itisthereforeparamounttoseekadvicefromcompanyformationspecialiststoensurethatyourbusinessisestablishedcorrectlyfromtheoutset.
UndertheCommercialCompaniesLaw,thereareeighttypesoflegalentitystructuresyoucansetupinQatar:
1.LimitedLiabilityCompany(LLC);
2.Generalpartnership;
3.Simplelimitedpartnership;
4.Limitedpartnershipwithshares;
5.Unincorporatedjointventure;
6.Shareholdingcompanies,alsoknownasjointstockcompanies(publicofprivate);
7.Oneproprietorshipcompany(single-personcompany);
8.Holdingcompany.
LimitedLiabilityCompanyIfyouarelookingtohavefullaccesstotheQatarimarketandenjoythefreedomtoworkonanunlimitedamountofprojects,thenthebestoptionwouldbetoincorporatealimitedliabilitycompany(LLC).Asamoreflexibleandlong-termoption,havinganLLCallowsyoutoremainindependentandcompleteanunlimitednumberofprojects.
UnderanLLCyouarerequiredtoappointalocalpartnerthatholdsaminimumof51percentofthecorporationsshares.Findingtherightlocalpartnerbeitanindividualoracompanyiscriticaltothesuccessofanybusiness.Withyearsofexperience,TheLinksGroup,forexample,canactasalocalcorporatepartner,providingyouwithadviceandinsidetipstobestfityourbusinessneedsfromthebeginning.
LLCsarepopularamongforeigninvestorsastheyrequirearelativelysmallamountofcapitalandcanbeestablishedreasonablyquickly.TheminimumpaidupcapitalrequirementisQR200,000(35,332),whichisratherappealingforanyonelookingtosetupabusiness.TheamountofshareholdersinanLLCmustbetwoatminimumandamaximumof50anotherappealingfeatureforforeigninvestors.YouareallowedtosetupanLLCinalmostallsectorsexceptbanking,insuranceandinvestmentfundactivities.
Single-PersonCompanyAnothertypeofcompanyyoucansetupinQatarisasingle-personcompany.TheQatarigovernmenthasidentifiedprioritysectorsinwhichforeigninvestorsareallowedtoownmorethan49percentandupto100percentofasingle-personcompany.These12prioritysectorsare:agriculture;businessconsulting;culturalprojects;developmentandexploitationofnaturalresources;distributionservices;energyandmining;health;industry;informationtechnology;sportsandleisureservices;technicalservices;andtourism.
LikeanLLC,aone-personbusinessrequiresaminimumstart-upcapitalofQR200,000.Whiletheshareholderofthecapitalmanagesthecompany,theyarealsopermittedtoappointoneormoremanagerstorepresentthecompanyinbusinesstransactions.Asingle-personcompanyisdissolveduponthedeathoftheshareholder,unlessthesharesoftheheirsareheldbyonepersonortheirheirsdecidetocontinuethecompanybyrestructuringitintoanotherkindofentity.
Ascurrentlythefastestgrowingeconomyintheworld,QatarisbecomingatopoverseasdestinationforUKbusinessestosetupshop.
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SimpleLimitedPartnershipThethirdkindoflocalbusinessyoucansetupisasimplelimitedpartnership,whichcanbeformedbytwoormoreQatarinationals.Theseindividualsarepersonallyandequallyresponsibleforthecompanysliabilities.Thisstructuredoesnothaveaminimumcapitalrequirement.
GeneralPartnershipAgeneralpartnershipisalocalentitymadeupoftwotypesofpartners:jointpartnersandtrusteepartners.Thelatterarethosewhocontributetothecompanyscapitalwithoutbeingresponsibleforitsliabilities,excepttothevalueoftheirsharesinthecapital.Trusteepartnersarenotpermittedtobeinvolvedinthemanagementoftheorganisation.Jointpartnersareempoweredtodirecttheaffairsofthebusinessandareheldresponsibleforthecompanysliabilities.SimilartoanLLC,thissetuprequiresaQataripartnerpossessingaminimumof51percentofthecapitalhowever,unlikeanLLC,thereisnocapitalrequirement.
LimitedPartnershipwithSharesThefifthtypeofcompanyundertheCommercialCompaniesLawisalimitedpartnershipwithshares.Thisstructureisformedbytwogroups;jointpartnersmadeupofoneormorepartners,whoarepersonallyliableforanycompanydebts;andtrusteepartnerscomprisingaminimumoffourshareholders,whoseliabilityislimitedtothevalueofsharesheldinthecapital.ThecapitalrequirementishighcomparedtoLLCandsingle-personstructures,cominginatQR1,000,000(177,169).ItisimportanttonotethatjointpartnersmustbeQatarinationals,whereasfortrusteepartners,Qatarinationalsmustholdaminimumshareof51percent.
UnincorporatedJointVentureDissimilartoalimitedpartnershipcompany,anunincorporatedjointventure(JV)doesnotrequireaminimumcapitaltosetup.Twoormorepeoplecanformajointventure,wheretheallocationofliabilitybetweenJVsissetforthinthecompanymemorandum.Sinceajointventureisnotaseparatelegalentity,thirdpartiesonlyhavetherightofactionagainstindividualsinthistypeofentity.Likemostofthestructures,anunincorporatedjointventuremusthavealocalpartnerholdatleast51percentofthecapital.
Joint-StockCompanypublicorprivateAjoint-stockcompany,beitpublicorprivate,musthaveaminimumoffiveshareholders
ARAB-BRITISHCHAMBEROFCOMMERCE 5
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wheretheforeigninvestorscannotownmorethan25percentofthecompanybetweenthem.Theminimumcapitalrequirementmustbesufficienttoaccomplishtheorganisationsobjectives;forapublicjoint-stockcompanycapitalcannotbelessthanQR10mandQR2m(349,072)foraprivatejoint-stock.
HoldingCompanyTheeighthtypeofcompanythatcanbesetupundertheCommercialCompaniesLawisaholdingcompany,whichcanbeincorporatedasajoint-stock,LLC,orasingle-personentity.Thisentityfinanciallyandadministrativelycontrolsoneormorecompanies.Astheparentcompany,theholdingcompanyisrequiredtoholdatleast51percentofthesharesineachcompanyunderitsumbrella.Theseentitiescanbejoint-stock,LLCsorone-personcompanies.AholdingcompanystotalcapitalcannotfallbelowQR10,000,000(1,745,364).
UndertheCommercialCompaniesLaw,thereareotheroptionsavailabletoyoutoo.Forexample,ifyouasaforeigninvestorwouldliketoenterthemarketwithalarge-scaleenterprise,youcandosounderaQatariShareholdingCompany(QSC).AQSCisalsousedforinvestmentprojects,insuranceandbankingcompanies,establishedbyaMinisterialResolutionissuedbytheMinisterofBusinessandTrade,betweenatleastfiveshareholders.Thistypeofentityscapitalisdividedintotransferablesharesofequalvalue,wheretheshareholdersarenotliableforthecompanysobligations,exceptwiththeamountofnominalvalueofthesharesforwhichtheysubscribe.
TheCompaniesLawrecognisesthreevariantsofaQSC:apublicQSC,whosesharescanbetradedontheQatarExchange(QE)withaminimumcapitalrequirementofQR10m(1,745,364);privateorclosedQSC,withacapitalofnolessthanQR2m(349,072);andaQSCincorporatedunderArticle68oftheCompaniesLaw.
AnArticle68CompanyisaQSCsetupeitherbytheQatarigovernment,otherpubliccorporationorauthoritiesinwhichthegovernmentholdsatleast51percentofthesharecapitaleitheraloneorwithoneormorelocalorforeignshareholders.ThiskindofentityissubjecttotheprovisionsoftheCommercialCompaniesLaw,andincludesthesameregistrationstepsandrequirementsasaQSCoranLLC.ItiscommonforArticle68companiestobeusedasjointventurevehiclesforlargegovernmentsponsoredprojects,especiallyininfrastructureandtheoilandgassectors.
WhiletheQatarigovernmenthassetspecificownershiprequirementsfortheabovecompanies,theMinistryofBusinessandTradehasrecentlysofteneditspositiononlocalownershipofforeigncompaniesbyidentifyingprioritysectors(explainedabove).AcknowledgingtheimportanceofattainingforeignexpertisetoachieveQatarsNationalVision2030,thegovernmentalsoprovidesother
ECONOMICFOCUS
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ARAB-BRITISHCHAMBEROFCOMMERCE 7
ownershipstructureoptionsforforeigninvestorstomaintain100percentoftheirbusiness.
Foreigninvestorscansetupatraderepresentativeoffice,abranchofficeorappointacommercialagencyallofwhicharenotregulatedbytheCompaniesLaw.EstablishingaforeignbranchrequiresapprovalfromtheMinistryofBusinessandTrade.AcompanylookingtoestablishaforeignbranchmustawardacontractwiththeQatarigovernmentoraquasi-governmentalentitythatwouldfacilitatetheperformanceofapublicutilityorservice;however,itdoesnotrequirealocalpartner.ForeignbranchesaresubjecttotheQatariincometaxlaw,unlesstheyreceivespecialexemption.
Similartoaforeignbranch,arepresentativetradeoffice(RTO)isanexceptiontotheinvestmentruleofQatar.TheRTOactsasaplatformtointroduceandpromoteitsparentcompanyinQatar.ItisimportanttonotethatRTOscannotconductfinancialtransactionsrelatedtoitsparentcompanyscommercialactivitiesinQatar,anditsactivitiesarelimitedtomarketingandadministrativefunctions.Inessence,RTOsareshopwindowstosourcebusinessforitsparentcompany.TheremainingoptionsareincorporatingyourbusinessintothefinancialandtechnologyzonestheQatarFinancialCentre(QFC)andtheQatarScienceandTechnologyPark(QSTP).
Currently,allfinancialserviceinstitutions
mustberegisteredandregulatedbytheQFC.WithintheQFCsjurisdiction,foreignentitiesretain100percentownershipoftheirbusinesses.InvestorsareallowedtofullyowntheirbusinessintheQSTPaswelltheonlyotherfreezoneinthecountry.
TaxationUnderthe2009IncomeTaxLawNo.21,Qatarimposesaflatrateof10percentontaxableincometocorporations.QatariandGCCcompaniesareexemptfromthistax;however,foreigninvestorsinQatariLLCsaresubjecttothistaxontheirdistributionofprofits.CompanieswithoutapermanentpresenceinQatararesubjecttoawithholdingtaxoffive
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ECONOMICFOCUS
percentofthegrossamountofroyaltiesandtechnicalfees,orsevenpercentofthegrossamountofinterest,commissions,directorsfees,brokeragefees,attendancefeesandanyotherpaymentsforservicescarriedoutinQatar.Ataxexemptioncanbegrantedforaperiodofuptosixyearsformajorprojects,pendingapprovalfromMinistryofEconomyandFinance.
ProbablythebestnewsforUKandotherexpatriatesworkinginQataristhattheirsalariesarenottaxable.ThisisdefinitelyagreatincentiveforUKnationalstoseekemploymentinQatar.
LabourandImmigrationLawsQatarhasapopulationofjust1.87million,80percentofwhomareexpatriates.Allforeignersmustbesponsoredbytheiremployers,whoareresponsibleforthemaslongastheircontractsarevalid.Theimplementationofthelabourlawisheavilyconnectedwiththeimmigrationlaw.Theonlyemployeesexcludedfromtheapplicationofthelabourlawarethoseemployedbyministries,publicinstitutionsorbodiesthataresubjecttospecificemploymentregulations,suchasemployeesofQatarPetroleumortheQFC.
Inordertoobtainthedesirednumberofemploymentvisas,foreigncompaniesmustapplyforalabourquota.Companiesshoulddisclosethenumberofvisasrequired,nationality,gender,andprofessionaltitleofeachemployeeitplanstosponsor.ItisworthnotingtheQatarigovernmentsplanofQatarisationaninitiativetoincreasetheproportionofnationalsinthepublicandprivatesectors.Thisgivesemploymentpreferencetolocalsoverforeignworkers.
Suchemploymentrestrictionscanbefrustratingforforeigncompanies,especiallytherestrictionsonentryandexitvisasimposedonexpatriates.Thisisdefinitelywhereexperienceandconnectionsofalocalcorporatepartnercanreallyhelpyoutogetthingsdoneefficiently.Completethoroughduediligenceandfindoutwhatrelationshipsyourlocalpartnerhaswithrelevantgovernmententitiestobetterunderstandjusthowmuchtheycanhelpyou.
Ultimately,havingapresenceonthegroundinQatarratherthanworkingfromabroadreapsmanybenefitsforyourbusiness.EstablishingalegalandphysicalpresencesuchasanLLC,willnotonlygiveyouthefreedomtoparticipateinanunlimitedamountofprojects,butitwillgiveyouanadvantageoverinternationalcompaniesbiddingfromabroadforlocalprojects,asyourbusinesswillbeviewedasaserious,reliable,andtrustworthyorganisationthatiscommittedtocontributingtothegrowthoftheQatarimarket.Thisinitselfwillgainyourespectamongyourlocalindustrypeers,andinthelong-term,itwillwinyoumorebusiness.
WayneMerrickistheGeneralManagerinQatarforTheLinksGroupofCompanies
PhotoCreditThephotographsofQatarthataccompanythisarticlearetakenfromthebookQatar: Sand, Sea and SkypublishedbyBrightSkyPress.TheimagesweretakenbyHenryDallal.
Amanwhohasmanagedtopursuetwosuccessfulcareers,Dallalisafinancialadvisorandpropertyconsultantaswellasaprominentphotographer.HeworksasaseniorconsultantwithLondonbasedrealestateinvestmentandprivateequitygroup,EvansRandall,amembercompanyoftheArabBritishChamberofCommerce.
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Standard Chartered Bank is incorporated in England and Wales with limited liability by Royal Charter 1853, Reference number ZC 18. The Principal Office of the Company is situated in England at 1 Aldermanbury Square London EC2V 7SB. Standard Chartered Bank is authorised and regulated by the Financial Services Authority under FSA register number 114276.
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DOES CONFIDENCE COME FROM MERE EXPERTISE? OR DOES IT REQUIRE EXPERIENCE?
Pantone 8401
NB : THIS IS NOT ARTWORK : CHECK LOGOs, COLOURS, TYPOGRAPHY, IMAGES ETC BEFORE PRODUCTION
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Whyshouldcompaniesgetonsocialmedia?JimmyLeach(JL):Lookingatitfromadifferentangle,thequestionisWhathappensifyoudont?EveryoneisgoingonTwitterandmostreputationalcrisesnowwillbeginonTwitter.
Ifyourenotonsocialmedia,youredislocatedfromyourmarkets.Andifyouredislocated,yourenotpartoftheconversation.Andifyourenotpartoftheconversationyoucantinfluenceyourownreputationbecauseyouresubjecttootherpeoplesopinionsofyourcorporation.
MarkFlanagan(MF):Sincetheriseofsocialmediaevenjustoverthelastthreeorfouryearsyoucantjustmakeyourbigcorporateannouncementstwoorthreetimesayearandthendisengage.Becausethedangeristhatotherpeople,competitors,opponentsor,indeed,customerswillfillthevoid.Doyouwantyourcasetobepresented?Ordoyouwanttoleaveavacuum?
JL:Oneofthethingswediscussquiteabitwithourclientsistherelationshipbetweensocialmediaandsearch.Iflotsofpeoplearetalkingaboutyouandyourbrandonsocialnetworks,thataffectssearchandwillhelpmakesurethatyoursiteshowsuponthefrontpageofGoogle.AndifyourenotonthefrontpageofGoogle,yourenowhere.
WhataretherisksofbeingonTwitterandsocialmedia?JL:Doingitbadlyisalwaysarisk.Butitsthesamewithanykindofcommunication.Ifyoumisjudgethetoneifyoumisjudgeyourreactiontoanygivensituation,thenyouvegotaproblem.
Ifyoudemonstrateyourlackofunderstandingofthesetoolsbythewayyouusethemonlyusingthemforbroadcast,notforconversation;tweetingninetimesononeday,nottweetingagainfortwoweeksandthentweetingninetimesagainitobviouslyreflectsbadlyonyouandyourcompany.
SOCIALMEDIAASABUSINESSTOOL
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Howshouldbigcompaniesandorganisationsusesocialmedia?TwooftheUKsleadingexpertsintheuseofdigitalcommunicationsdiscussthebestwayforcorporationstoembracetheonlineworld.
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ECONOMICFOCUS
MF:Youvegottoaddvalueinsomeway.TherearepeopleonTwitterwhojustre-tweetortweetlinkstoarticlesanddontdoanythingelseandthatsfinetoanextentifyoureactingasanewsfeedbuttoneveraddanycommentorinsightofyourown,fromacorporatepointofviewthatsnotgoingtowinyouanyfollowers.Andyoullsoonlosethefollowersthatyouhavebuiltup.
Whatdoyouthinkarethebarrierstocompaniesusingsocialmedia?JL:OneoftheearlymistakesthatalotoforganisationsmakeistothinkthatsocialmediaandTwitterinparticularisjustfortheyouth.Infact,Twittersfiguresshowanaverageageof39abouttenyearsolderthanFacebooksusers.
MF:Actually,inmanyoftheadvancedmarkets,Twittercertainlystartedastheprovinceofmediaandthepoliticalelite.Itsonlyinthesecondhalfofitslifethatitbecamemuchmoreubiquitousandmainstream.
JL:Itsimportantthatyoudonttakeaonesizefitsallapproachtosocialmediaandunderstandhoweachchannelisusedindifferentmarkets.WevedonealotofworkresearchinghowTwitterisdeployedinvariouspartsoftheworldandtherearebigdifferencesdependingontechnology,connectivityand
culture.Atthemoment,wereconductingsomeresearchintohowkeyinfluencersacrosstheMiddleEastareengagingwitheachotheronTwitterandwellbepublishingourresultsinthenextfewmonths.
MF:Wealsooftenheartheargument,Imtoobusy.Butsomeofthemostactiveandhighprofilepeopleonsocialnetworksarealsosomeofthebusiestheadsofstate,businesspeople.Itssomethingyoucanbuildnaturallyintoyourday.Theworstthingyoucandoistrytohandlesocialmediainabureaucraticway.Therearelotsofcompanieswhereittakestendaystoclearatweetandthatsclearlynotgoingtowork.
Sohowcanacompanyusesocialmedia?Whatrolescanitfulfil?JL:Alongwithmakingannouncementsandreleasingreports,oneofsocialmediasbestusesistopromoteyourbestpeople.Makeyourorganisationarepositoryofexpertiseratherthanjustacorporation.Thosepeoplethenbecomespokespeoplefortheirindustry,makingthemthego-topeopleforthepress.Butthesepeopleneedtoknowwhattheyredoingandthatswherethingsliketrainingandsocialmediaguidancecomeintoit.
MF:Pressofficeandcustomerservicefunctionsarealsogettingmorepopular
onplatformslikeTwitter.Twitterisfundamentallyaboutconversationssoitlendsitselftothiskindofwork.Formajorcorporatesandbigbrands,Twitterismoreandmoreoftenthechoicefordealingdirectlywithcustomers.Idontthinkitwilleverreplacecallcentresandface-to-facecontactbutitsperfectforquickquestions,basicinformationandlinkingbacktothewebsiteoranFAQpage.
Wheredoesacompanystartifitwantstobuilditspresenceonline?MF:Thefirstplacetostartisalwaysrunningsomesortofaudit.Audityourownchannels,yourownsitesandthoseofcompetitorsbeforeyoustartsettingupTwitteraccountsandFacebookpages.
Manycompaniesareveryfocusedontacticsanddontnecessarilytakethetimetothinkaboutaudiences,whichchannelsareappropriate,whatcontentisappropriateforFacebookversusTwitter,andhowyouorganiseyourselfinternallytorunthesechannels.
Whatcompaniesreallyneedtodoistostepbackandlookatwhattheiroverallbusinessandcommunicationsobjectivesareinthefirstplace.Youneedasolidstrategy.Youneedtoknowwhereyouraudiencesareandwhatyouwanttoachievebeforeyoustart
Mark Flanagan (front), Jimmy Leach (behind) and colleagues.
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out.Ifyoudontdothis,youshouldntbeenteringsocialmedia.
JL:Andoncethechannelsaresetup,youhavetoworktobuildyourfollowers,buildyouraudience.Becauseifyouleaveituntilyouhaveacrisis,youreshoutingintoanechochambernobodyslistening.Youcantsuddenlydecidewhenitsuitsyoutocommunicateyoureconstantlyon.
Howdoyoumakesurethatsocialmediaisusedproperlyoncethechannelsaresetup?MF:Embeddingitintheorganisationisextremelyimportant.Youneedtointegrateitintoyourwiderbusiness,andcertainlyintoallyourcommunications.Theresbeenagoodmoveawayfromseeingsocialmediaasaboltonandhavingtheinterninthecornertweetingforthecompany.Companiesarenowexpectingseniorpeopletobeabletousethesetools.
Theresnosilverbulletforcreatingadigital-friendlyculture.Youhavetoattackitfromdifferentangles.Isthecompanywillingtohavetwo-wayconversationswithitsaudiences?Arethepeopleatthetop,thepeopleatthebottomandeveryoneinbetweenwillingtogetonboard?Youhave
toopenpeopleseyestohowtheworldischanging,thengivethemthetrainingandsupporttheyneedtogetinvolved.Letpeopletryitoutandseewhatworks.
Isanyparticularnetworkbetterforcorporations?MF:ItsstillmainlyaboutTwitterandFacebook.TwitteristhefastestgrowingbutFacebookisstilldominant.TwitterhasbeenoneofthemainoutletsforcorporationsbutorganisationsarestartingtoseethebenefitofbeingonFacebookaswell.
JL:Facebookcanbeastrongcorporatetool.Itsallaboutcontentlinks,photosandvideos.OneofthebiggestmistakesthatcorporationsmakeisthinkingthatTwitterandFacebookarethesame,justrepeatingtheirtweetsontheFacebookpage.Initsmostbasicterms,Twitterisbetterforconversationsandcommentary,andFacebookisbetterforcontent.
Finally,thebigquestion-issocialmediaheretostay?JL:Socialmediaisbasicallyjustareflectionofthefundamentalneedtoconnect.Theneedforhumanbeingstoconnectwithotherhumanbeingsisntgoinganywhere
anytimesoonitsjustaquestionofhowthoseconnectionstakeshape.
OnLinkedIn,itsaboutbusinessconnections.OnFacebook,itmaybemoreaboutfriendshipsandsharingcontent.OnTwitter,itsconversations.Itsaquestionofwhereitsgoingtotakeusasopposedtohowlongitwillbewithus.
MF:Ofcourse,thegenieisoutofthebottleandthequestionforallbusinesspeopleandleadersishowyouutilisesocialmedianotwhethertouseitinthefirstplace.
MarkFlanagan,isaDigitalPartnerwithPortland,astrategiccommunicationsconsultancybasedinLondon.HepreviouslyservedasHeadofStrategicCommunicationsat10DowningStreet.JimmyLeachisaSeniorAdviserwiththecompany.HepreviouslyservedasHeadofDigitalDiplomacyattheForeignCommonwealthOfficewhereheranitsglobal40-language,250-sitewebplatformandwasresponsiblefortheFCOsdistinctivesocialmediapresence,includingagrowingnumberofbloggingMinistersandAmbassadorsaroundtheworld.
Portlandisastrategiccommunicationsconsultancywhichadvisesarangeofcorporate,NGOsandGovernmentclientsaroundtheworldontheirdigitalandsocialmediastrategies.ThecompanyisamemberoftheArabBritishChamberofCommerce.
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ECONOMICFOCUS
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WhyOmnisFX?BettercurrencyratesBydealingdirectlyinthemoneymarkets,OmnisFXisabletoachievecurrencyratesunobtainablethroughahighstreetbank.
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HMRevenueandCustomsMoneyLaunderingRegistrationNumber:12293997
CompanyRegistrationNumber:6420928
OmnisCapitalFXLtdisanAppointedRepresentativeofIndependentPortfolioManagersLimitedwhichisauthorisedandregulatedbytheFinancialServicesAuthority.
OmnisCapitalFXLimitedisregisteredwiththeFinancialServicesAuthorityunderthePaymentServicesRegulations2009underregisterreferenceNo.485601fortheprovisionofpaymentservices
RiskManagementManageyourforeignexchangeexposurewithexpertadvicefromourcurrencyexchangespecialists.
OmnisFXpridesitselfonitsindividuallytailoredadvisoryservice.Onceyourdesignatedbusinessconsultanthasdiscussedandevaluatedyourbusinesssforeignexchangerequirements,theycanregularlyupdateyouwithrelevantmarketnewsandindustryforecasts.
Forcompaniesthatareheavilyexposedtocurrencyvolatility,pro-activeexchangerateriskmanagementcanbethedifferencebetweenaprofitandaloss.Unfortunately,manycompaniesdonothavetheresourcestooptimisesuchcurrencytransactions.
TradingStrategiesByusingacombinationofcontracttypesandmarketorders,OmnisFXcanputtogetheracleartradingstrategyandhelpeasetheburdenofaconstantlychangingcurrencymarket.
SpotContractsAstraightforwardexchangeofcurrencydeliveredimmediately.
Spotcontractsareusedbybusinessesrequiringimmediateforeigncurrencyandthemostcompetitiveexchangerate.Businessesthatonlyrequireforeigncurrencyoccasionalwouldbenefitfromthistypeoftrade.
ForwardContractsFixcompetitiveexchangeratestohedgefuturecurrencyrisk.
Aforwardcontractallowsanexchangeratetobefixedfordeliveryupto24months.Thisprotectsthebusinessfromfutureadversecurrencymovements.Forwardcontractsareidealforcompanieswhoagreesalespricesin
advanceandneedtobuyfromsuppliers.Inthiscaseprofitmarginscanbefixedinadvance.
MarketOrdersThesearethetwocommontypesofmarketorderusedincurrencyriskmanagement:
StopLossOrderEnablesabusinesstosetaminimumrateatwhichthedesiredcurrenciesareexchanged.Stoplossordersareusedbybusinessestolockinaworstcaseexchangerate,whilststillbenefitingfromanyfavourablecurrencymovement.Stoporderscanbemonitoredcloselyandamendedasthemarketmoves.
LimitOrderEnablesabusinesstosetatargetexchangerateatwhichpoint,ifreached,currencywillbepurchased.Alimitorderisusedbybusinessesthatregularlytransferfunds,andwishtocapitaliseoncurrencymovements.
CombiningOrdersInordertoeffectivelymanagecurrencyexposure,astoporderisoftencombinedwithalimitordertoproducearangewithanupperandlowercurrencylevel.Thisallowsacompanytomakeitscurrencytransactionsmorepredictableastheexchangerateisguaranteedtobewithintheseparameters.
Optimisationofthisstrategyrequiresflexibility.Theorderlevelsaremonitoredconstantlyandinconjunctionwithclientinputamendedwhennecessary.
OmnisfxhavespentalotoftimeandeffortinsettingupandopeninglocalbankaccountsinDubai.TheseaccountsareforUSD,GBP,EURandAEDandmeansthattheprocessingtimeforsendingandreceivingfundshasbeendecreased.Thisenablesourclientstogetpaymentsinandoutmuchquicker.
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ARAB-BRITISHCHAMBEROFCOMMERCE 15
OmnisFX, The Innovation Centre, 128 Trevenson Road ,Pool, Redruth, Cornwall TR15 3PL
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ECONOMICFOCUS
Incommonwiththerestoftheworld,healthbudgetshavehadtokeepincreasingjusttokeeppacewithtechnology,newdrugsandpopulationswithhighburdensofchronicdiseasesuchasdiabetes.Traditionally,alargepartoftheirhealthcarebudgetshasbeenspentabroad,includingintheUK,undertheirInternationalPatientCareprogrammes.
Withnon-communicablediseases(NCDs)andchronicillnessalreadyagreaterchallengethaninfectiousdiseases,healthauthoritiesacrosstheGulfregionarelookingatpioneeringandinnovativewaystoimprovethehealthoftheirpopulationsinacost-effectivefashion.
Methodsofdoingsovaryfrommonitoring,managinglong-termconditionsandpreventionthroughtodevelopingthehealthcareprovisionavailableintheGCCincluding,forexample,throughtheestablishmentofhealthcarecitiesinfreezoneswhichnormallyoffer100%foreignownership.
TheestablishmentofhealthcarecitiesrepresentsanopportunityforBritishhealthcarebusinessesinparticulartheycanestablishfacilitiesinahealthcarecityintheGCCandtherebyreplacelostincomeintheUKwithincomegeneratedintheGulf.
NHSentitiesarelookingtoglobalisetheirbusinessandtheGCCrepresentsanimportantandimmediateopportunitytodothisgiventhehistorictradinglinksbetweenBritainandtheArabregion.Thisinvolvesbothresearchanddevelopmentaswellasclinicalservices.However,thetrueparadigmshiftmaycomefromtheGCC.
OneresponsetothechallengeBywayofanexample,letstakeacloserlookattheresponseoftheHealthAuthorityAbuDhabi(HAAD).
AccordingtoHAADstatisticsreportfor2010,theEmiratehashighratesofchronicdiseasesrelatedtolifestylesuchasobesity,diabetesandcardiovasculardiseases.Theselatteraccountedformorethanaquarterofdeathsin2010.
Inresponse,HAADhasdevelopedauniquetotalpopulationscreeningandinterventionprogrammenamedWeqaya.
TheWeqayamodelcombinesindividualscreeningwithindividual,groupandpopulation-levelplanningandaction.ThedeliveryofWeqayainterventionsisthroughtwostreams:thehealthcaresector;andhealthguardianssuchasemployersandschools.Itssuccessreliesonthedeliveryofbothhealthcareandsocietalresponsesinacoordinatedmanner.
Todate,morethan95%oftheadultEmiratipopulationhavebeenscreenedandaPersonalHealthReportisdeliveredtoeachparticipant.Thereportprovidesanevidence-basedassessmentoftheriskofthatindividualsufferingaheartattackorstrokewithinthenexttenyears.Allscreenedindividualswererequiredtoprovidetheirinformedconsentwhentheywerescreened,whichalsoincludedconsenttotheconfidentialuseofdataforresearchandfollowup,includingdiseasemanagementprogrammes.
TheresultsfromtheWeqayascreeningdemonstratedaveryhighburdenofcardiovascularriskfactorsintheAbuDhabiEmiratipopulation.TheyconfirmedinternationaldatasuggestingthattheUAEhastheworldssecondhighestrateofdiabetes,andaddeddetailofhighratesofobesityandpre-diabetes.
Individualsthoughttobeathighriskofcardiovasculardiseasearethenseenbydoctorsasrequired.Participantswillnowbemonitoredonaregularbasistodeterminetheeffectivenessoftheprogrammewhichhelpsdrivecontinuousimprovementandinnovation(forexample,HAADhaspartneredwithAstraZenecaandLillyonpatienteducationandthebetteruseofdrugs).
BahrainsHealthPromotionCouncilandOmansNizwaHealthyLifestyleProject(NHLP)aresimilarlyworkingonprogrammestoaddressNCDs.
Interestingly,theseinitiativesandinparticulartheWeqayawholepopulationscreeningprogrammeanddatadiseasemanagement
programmeopportunitiesintheregionwillcontributetotheglobaldevelopmentofdiseasemanagementandthemethodologiesemployedherewillbeexportedaroundtheworld.TheGCCcanleadthewayininnovationinthemanagementoflong-termconditionsandNCDs.
e-Health/m-HealthAsafurtherdevelopment,aMemorandumofUnderstandingwassignedbyEtisalat,theleadingtelecomsproviderintheUAEandHAAD,setting-outapioneeringcollaborationbetweenthetwoorganisations.
Underthememorandum,EtisalatandHAADwillshareideas,expertiseandknow-howtodesignandimplementtargetedapplicationstodeliversecure,confidential,accurateWeqayapersonalisedhealthdataandinformationtopatientsacrossAbuDhabi.Theywillprovidespecific,individualadviceforlivingahealthierlife.
Thecollaborationwillalsoworktowardsdesigningandimplementingdiseasemanagementprogrammesforthepopulationatrisktoeffectivelyhelppreventcardiovasculardiseases,thenationsnumberonecauseofmorbidityandmortality.
Commentingonthestrategicalliance,MrJamalAlNuaimisaid:Itiscriticalfortelecomleaderstoharnessthebenefitsthatmobiletechnologycanbringtohealthcare,inbothsociologicalandeconomicterms.OurcollaborationwithHAADwillprogressivelyaimtobuildoneachothersskillsinanalyzingandinterpretingtheWeqayadata,andeventuallydesignandimplementaholisticpatientsupportprogramme,whichwillencompassproactivepatientreminders,diseaseinformationsharing,patientawarenessandmedicaleducationsolutionsthroughinnovativem-Healthande-Healthapplications.
AccordingtoHEEngZaidAlSiksek,CEOofHAAD,HAADisendeavouringtodevelopinnovativem-Healthande-Healthsolutionstowardsenablingpreventivecareandproactivediseasemanagement.HAADaimstocreateawell-knitandintegratedPatientCareecosystemthatcombinescriticalelementssuchaspatienteducation,healthcaresupportsystemsandtimelyhealthcaredelivery.
ManyinternationalbodiesarekeentoseehowtheprocessesinAbuDhabicanbeusedas
TheArabWorldgenerallyandtheGCCinparticularspendafortuneeachyearonhealthcare.
HOWTHEGCCCANLEADINNOVATIONSINHEALTHRESEARCHANDSERVICESByJanePittawayandBleddynRees
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examplesofglobalbestpractice.EmergingandrelativelyunconstrainedhealthmarketssuchasAbuDhabioffertremendousopportunitiesforinnovationthatcanbeadoptedbyolder,oftenmoreconstrainedmarketssuchastheUKandUS.
Whatise-Health/m-Health?TheWorldHealthOrganisationhasadoptedthefollowingbroaddefinitionofe-Health:Theoverarchingtermfortherangeoftoolsbasedoninformationandcommunicationtechnologiesusedtoassistandenhancetheprevention,diagnosis,treatment,monitoringandmanagementofhealthandlifestyle.
m-HealthwasdefinedattheFoundationfortheNationalInstitutesofHealths2010m-HealthSummitasthedeliveryofhealthcareservicesviamobilecommunicationdevices.
Itismuchmorethanusingmobilephonesforthedeliveryofhealthcareservices.Itinvolvesthecombiningofproductsandservicesfromdevicemanufacturers,telecommunicationscompaniesandsoftwareproducerswithsomehealthcareaspecttoprovideincreasedservicesfor:
Healthprofessionals(suchasmobiledevicesfordoctors/nurses,forexample,scannersandmobileaccesstohealthinformationandclinicalsystem);
Healthmanagement(throughdatacollection,tele-assessmentandremotemonitoring);
Preventionandwell-beingeducationandawareness,personalemergencyalarmsandtracking).
So,whoisinterestedine-Health?Thoseinterestedine-Health/m-Healthinclude:
l Healthcare&socialcareproviders
l Healthcare&socialcarecommissioners
l Regulators
l Software/ITbusinesses
l Devicemanufacturers
l Telecommunicationcompanies
Itisstaggeringtothinkthat76%oftheFortune500companiesarenowinvolvedinthehealthindustryinonewayoranother.Themarketfore-Healthishuge.
UnderstandingthelegalissuesWhetheronecallsite-Healthorm-Health,onethingisclearthisnewareaofhealthcareraisesawholehostoflegalissueswhichhavenotpreviouslyneededtobeaddressed.Regulatorstheworldoveraregrapplingwiththechangestheyneedtomaketotheirlegislativeframeworkinordertoprotectpatientsandtheirfamilies.Atthesametime,theymustfacilitateandenablegovernmentsandhealthauthoritiestotaketheradicalstepsneededtoimprovethehealthoftheirpopulations.
Underliningthesignificanceoftheselegalandregulatoryissues,ourHeadofHealthcare,BleddynRees,hasbeenappointedanon-executivedirectorofEuropeslargestconnectedhealthorganisation,EuropeanConnectedHealth(ECH)Alliance.Thisisanewbody,dedicatedtosupportingandpromotingtheadoptionofe-Healthsolutions.
Oneofthealliancesmajorfocusareasissettingup'ecosystems'-largepopulationsofpeopleintowhiche-Healthsolutionscanberolledout.ThefirstoftheseisalreadyunderwayinManchesterandBleddynisoneoffourboardmembershelpingtosetitup.Onceinplaceitwilljoinuphealth,socialcareandhousingservicesproviderstodeliverco-ordinatedandinnovativeservicestoManchesters3.4millionpeople.Thiswillgiveusauniqueinsightintotheissuesandenableustoactivelyparticipateinidentifyingandimplementingthesolutions.
Thelegalissuesthesetechnologicaladvancesraiseinclude:Isane-Health/m-Healthserviceorproductaclinicalservice?Ifsowhattypeoflicencesshouldtheproviderhold?
Doesane-Health/m-Healthserviceorproductconstituteamedicaldevice?Ifso,towhatextentwiththeregulatorybodieswhichareconcernedwiththemanufacture,distributionandlicensingofmedicaldevicesneedtoapproveit?
Whatadditionalprotectionsshouldbeputinplaceinrelationtopatientconsentfordatatransmittedelectronically?
Howisanyrelevantclinicalinformationincorporatedintothepatientsrecords?
Whoownssuchdata/clinicalrecords?Asthisinformationisbecomingincreasinglyvaluable,theanswertothisquestionbecomesincreasinglyimportant.
Thereisacomplexfragmentedregulatorymarketfore-HealthinEurope.TheEuropeanUnionisplanningthisyearmaterialchangestotheDataProtectionDirective(officiallyDirective95/46/EContheprotectionofindividualswithregardtotheprocessingofpersonaldataandonthefreemovementofsuchdata)asitapproachesits20thanniversary.
Accordingly,itishardlysurprisingthatthepositionisevenmoreunclearintheGCCwhichisstillplayingcatchupondataprotectiongenerally.
However,insomeways,thisgivestheGCCtheopportunitytoleapfrogEuropeandputitselffirmlyintotheleadgloballyintheregulationofe-Health/m-Health.Thatwilltakedeterminedandvisionaryleadershipinthehealthcaresector.HEDrTawfiqAlKhoja,DirectorGeneraloftheCouncilofGCCHealthMinisters,haspreviouslyemphasisedthehomogeneityoftheGCCstatesandrecommendedaunifiedapproachtoaddressthechallengesofthefuture.
OliverHarrison,DirectorofPublicHealthandPolicyatHAAD,sumsitup,Asthechallengesofglobalhealthevolvefromacutetochronic,andfrominfectioustobehaviour-relateddiseases,itiscriticalthathealthcarechanges,too.
Theopportunitiestodayareunparalleled.ITandmobiledevicesarechangingthewaywelive,socialise,makemoney,andeducateourselves.Datasystemshavetheabilitytotransformhealthcare.Yes,therearechallengesaroundethics,dataownership,andcontrols.Andyes,therearetechnicalchallenges,too.Webelievethatthechallengescanbemet,andthattheopportunitiesforimprovinghealth,andforhealthcareinnovationcompelustofacethesechallengeshead-on.
Theemerginghealthchallengesareglobal,anditmaywellbethatemergingmarketscanleadthewayinimplementinganewkindofhealthcare,bringingbenefitstoall.AbuDhabiisactivelyseekingpartnershipstorealisethesebenefits.
Theproofofthepuddingisintheeating.WellhavetowaitandseeiftheGCCrisestothisparticularandverymodernchallenge.
JanePittawayismanagingpartner,Wragge&CoLegalConsultantsLLCintheUAEandBleddynReesisapartnerandheadofhealthcare,Wragge&CoLLPintheUK.
Thisarticlemaycontaininformationofgeneralinterestaboutcurrentlegalissues,butdoesnotconstitutelegaladvice.ForfurtherinformationcontactKathrynHobbs,headofcorporatecommunications,Wragge&CoLLP:www.wragge.com
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ARABCHAMBEROFCOMMERCE 19
Inthisarticle,weexaminetheincentivesavailabletoforeigninvestorsinboththeSaudipublicandprivatesectors,aswellasthedifferenttypesofSaudiinvestmentvehiclesavailable.PleasenotethatthisdescribescurrentprocessesfordoingbusinessinSaudiArabia.TheKingdomiscurrentlyinthemidstofrevisingitscorporateandcommerciallaws,sotheremaybeanumberofchangesinthefuture.
I.IncentivesIncentivesforforeigninvestorsareavailablefromboththeSaudipublicandprivatesectors.
A.PublicSectorTheSaudiArabianForeignInvestmentLawprovidesthataprojectlicensedundertheForeignInvestmentLawshallenjoyallthebenefits,incentives,andguaranteesenjoyedbyanationalprojectaccordingtoregulationsanddirectives.Thesebenefits,incentives,andguaranteesinclude:
(1)IncentivesundertheNationalIndustriesLaw,whichprovidesthatindustrialprojectsinSaudiArabiamayimportmachinery,tools,equipment,andsparepartsfreefromcustomsduties.Semi-manufacturedmaterials,rawmaterials,andpackagingmaterialsmayalsobeimportedduty-freebyindustrialprojects,butonlytotheextentthatsuchmaterialsarenotavailableinSaudiArabia;
(2)Theabilitytoownthepropertyrequiredfortheinvestmentprojectandtosponsoritsemployees,althoughsuchabilityissubjecttocertainconditions,includingaprohibitionagainstnon-SaudisowningpropertyinthecitiesofMeccaorMedinah;
(3)ThebenefitsofSaudiArabiasdoubletaxationtreaties;
(4)Prohibitionsagainsttheconfiscationofaninvestmentprojectwithoutdueprocess;
(5)Unhinderedrepatriationofprofits;
(6)Unhinderedtransferofinterestintheprojectcompany;
(7)Theexemptionofexportgoodsfromstoragefeesfor10days;
(8)TherighttoapplyforloansfromtheSaudiIndustrialDevelopmentFund(SIDF),afundingagencyestablishedtoprovidemedium-termandlong-termsoftloansatmodestfeessubstantiallylessthanthoseassociatedwithcommercialloansforprivateindustrialprojectsinordertohelpdevelopandenhanceSaudiArabiasindustrialbase.SIDFwillprovideupto50%ofaprojectscapitalexpenditurecost,includingtheinitialworkingcapitalandpre-operatingexpenses;and
(9)Theabilitytocarrylossesforwardfortaxpurposes.
B.PrivateSectorForeignbusinesseswinninglargegovernmentprocurementcontractsareoftenrequiredtoenterintoEconomicOffsetAgreementswherebytheycommittoinvestanamountequaltoadefinedproportionofthevalueoftheprocurementcontracttoestablishinnovativeindustrialandserviceprojectsinSaudiArabiaincollaborationwithSaudiprivatesectorcompanies.
II.AvailableInvestmentVehiclesTherearesixtypesofSaudiinvestmentvehiclesthroughwhichforeigninvestorsmayconductbusinessinSaudiArabia:
(a)aSaudibranchofaforeignbusiness(aBranch);
(b)anestablishment;
(c)ajointstockcompany,publicorprivate(aJSC);
(d)alimitedliabilitycompany(anLLC);
(e)aprofessionalcompany;and
(f)atechnicalandscientificoffice(aTSO).
Notalltypesofinvestmentvehiclesare
availableinallcircumstances;certaincommercialactivitiescanonlybeundertakenbycertaininvestmentvehicles.
Inthenextissue,wewilllookinmoredetailatthesedifferenttypesofSaudiinvestmentvehiclescurrentlyavailable.
Crowell&MoringhasbeenworkingintheMiddleEast,specificallySaudiArabia,formanyyears.WehavemorethanadozenlawyerslocatedinCairoandRiyadh.InSaudiArabia,weoperateincollaborationwithAl-Enizy&Associates,oneoftheleadinglocallawfirms.ThroughourassociationwithAl-Enizy,weunderstandboththelegalandculturalissuesassociatedwithbusinessventuresinSaudiArabia.
ThisisthesecondinaseriesofarticleslookingatthelegalandculturalissuesassociatedwithoperatingacommercialventureinSaudiArabia.
DOINGBUSINESSINSAUDIARABIABYMORRISDEFEO,HEADOFCROWELL&MORINGSMENAPRACTICE
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ECONOMICFOCUS
GreatBritainhasbeenverymuchonthemapin2012withthecelebrationoftheQueensDiamondJubileeandtheOlympics.YetitisnotjustexcitingeventslikethesethatareattractingpeoplefromtheArabStatesintotheUK.GreatertradelinksandtheappealofhighqualityuniversitytrainingarestrongincentivestorelocatetotheUK.Atthepresenttimeitisestimatedthatthereareover500,000peopleintheUKwhoidentifythemselvesasBritish-Arabandmorecontinuetoarrivetoseekoutopportunities.
Theprospectofrelocatingtoanewcountrycanarouseahostofdifferingemotions;excitementaboutdiscoveringanewland;fearofhowyoumightcope;sadnessatleavinglovedonesbehind;orguiltabouthowthemovemightimpactfamiliesandfriends.Youmayexperiencesomeofthesefeelingsorallofthemdependingonwhatmoodyouareinonacertainday.Personalcircumstancescanvarywidelywhenmovingabroad.Youmightbemovingonyourown,withaspouseorafamily,orhavetheaddeddimensionofprovingyourselfinabusinessoracademicendeavour.Ontopofthattherearethechallengesofspeakinganotherlanguage,experiencingavastlydifferentclimateandculture.
Althoughinternationalrelocationcanbeanenrichingandrewardingexperience,thereisstrongevidencethatitcanalsobeverychallengingpsychologically.Uprootingoneselffromallthatisfamiliarandleavingbehindanestablishedreputationandstatuscanresultinvulnerablefeelingsandtheneedtorebuildonesidentity.Insomecasesthiscanleadtoanxiety,stressanddepressionaspeoplefeelisolatedandstruggletocope.Fortunatelythereissupportavailable.CiC,anEmployeeAssistanceProgramme(EAP)
provider,hasrespondedtosomeoftheuniquechallengesthattheArabcommunityfacesintheUKbysettingupanArabicCounsellingandSupportService.LikemanyEAPs,CiCoffersservicestohelpmitigatethepersonalissuesthatinterferewithourabilitytoworkorcarryoutourdailyliveseffectively.WhenmembersoftheArabiccommunitycontactCiCsArabicCounsellingandSupportServicefreephonenumbertheycanbeconnectedwithafullyaccreditedArabicspeakingcounsellorwithin24hours.Thisallowsthemtoaccessimmediatesupportonthephoneor,whereappropriate,structuredtelephoneorface-to-facecounselling.Counsellingprovidesasupportiveenvironmentinwhichtoexploreunresolvedemotionaldifficultiesthatmaybeaffectingyourcapacitytomaintainfulfillingrelationshipsandenjoylife.
WhathappensonthejourneyAccordingtointerculturalexpertsBarbaraSchaettiandDavePollackanindividualpassesthroughfivestageswhenintransitionfromoneplacetoanother.Knowingwhattheyareandwhattoexpectcanhelpyoutobemoreacceptingwhenyouencounterthem.Whatfollowsisanoverviewofthesefivestages,whatyoumightexperienceandsomesuggestionsforhowtocope.
InvolvementDuringtheinvolvementstagewefeelembeddedwithinourcommunityandenjoyanestablishedreputationandsocialposition.Wederiveasenseofsecurityfromthethingsthatseemfamiliarinourlife:routines,people,customs,weatherandmore.Duringthisperiod,the
rulesofoursocietyanditscultureandwhatisexpectedofusareunderstood.Thisstageisbarelyrecognisableduetoitsfamiliarity.Thefeelingsofinvolvementincreasewithtimespentinasinglegeographicallocation.
LeavingAswepreparetoleaveweturnourfocusfromthepresenttothefuture,wonderingwhatlifewillbelikeabroad.Friendsandorfamilymaybemoreattentive,withgatheringsandfarewellstakingplace.Webecomeconsciouslyawarethatlifeandeventswillcontinueafterourdepartureandmayfeelexcludedfromotherpeoplesplans.Itistemptingtowithdrawtoavoidpainfulanduncomfortablefeelingsbuttakingthetimetosaygoodbyeandacknowledgetheimportanceofsignificantrelationshipswilloffersomeclosure,freeingyouuppsychologicallytomakeanewbeginning.
Taskslikepacking,findingpropertyoverseasandchoosingschoolscanfeeloverwhelming.Somepeopleliketochooseparticularpersonalbelongingstotakewiththemtohelpthemtofeelathomewhileothersprefertobeginwithacleanslateandoffloadasmuchastheycan.Thereisnorightapproach.Tohelpalleviatetheoverwhelmingfeelings(ifyoucan)makeuseofprofessionalpackingcompaniesandrelocationconsultants.Youmaybeabletoaccessthesethroughyourwork.
Howthemoveiscommunicatedcanpositivelyornegativelyinfluenceyourexperience.Ifyouareplanningonmovingwithapartnerorfamilygivethemnoticeofwhenitwillhappenasearlyaspossible.Allowotherstoventtheirfeelingsandbeopenaboutanyworriesorconcerns.Askingthemtomoveawayfromallthatisfamiliarwillinevitablyraiseanxietiesandemotionssuchasanger,fearorsadness.Acknowledgetheirfeelings.Itcanbehelpfultoremindthemofothertimeswhentheyhavesuccessfullymadetransitionstogivethemtheconfidencethattheywillcope.
Childrenandteenagersoftenstrugglewiththelackofcontroltheyhaveoverthesituationandwhilethedecisiontomovemightnotbetheirstomaketheymayappreciatebeinginvolvedinotherways.Ifthereisanyflexibilityoverthetimingofthemoveyoucanfactorinimportanteventssuchasbirthdayparties,sportscompetitionsorschoolexams.
TransitionUponarrivalinanewdestinationthewonderofdiscoveryisusuallyaccompaniedbyfeelingsofvulnerability.Familiarandsimpleroutinesnowrequirethoughtandplanning.Everydaythingslikebuyingabusticketordoingthehouseholdshoppingcancausefrustrationandanxietyastheynowrequirecarefulattention.Ourestablishedreputationneedstoberebuilt.Itisverycommontoexperiencelowself-esteemandstressasyoutrytoworkoutthenewrules.Allofourpersonalresourcesarechannelledintosimplesurvivalandthereis
RELOCATINGTOTHEUK
Movingoverseastoanothercountrycanbeadauntingprospect,butfortunatelythereisanincreasingpoolofknowledgeandresourcesavailabletomaketherelocationalittleeasier.Thisarticleexploressomeofthechallengespeoplemightfaceandofferssomebasicadvicetoassist.
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ARAB-BRITISHCHAMBEROFCOMMERCE 21
littleremainingforhigherlevelthinking.Minorillnessesandtirednessaretobeexpectedaswefindourselvesinaprolongedstateofhighalert.Thistimecanbeparticularlydifficultforthepartnersofthosewhohaverelocatedforwork,astheyfigureouthowtointegrateintoanewcommunity,especiallyiftheyhavegivenuptheirowncareers.Thoseworkinginbusinessorstudyingcanbenefitfromthestructureofwork,colleaguesandhavingasenseofpurpose.Forotherswhoareathomeitcanrequiremoreefforttomeetnewpeopleandfindasatisfyingroutineandthereisariskoffeelingmoreisolated.Evensmallstepslikegettingtoknowlocalshopownersorjoiningafitnessclasscanhelpyoutofeelmoreintegrated.Mostgymsandleisurecentresofferwomenonlysessions.
Youmayexperiencecountryshock.InterculturalauthorCraigStortiwarnsusnottounderestimatehowtoughitcanbemovingtoextremelydifferentclimates.Britainisknownforitschangeableweatherandcool,cloudyandrainydaysarecommon.Limiteddaylighthoursinwintercanhaveanimpactonhowweliveandthedarkereveningsofwintercanmakeittemptingtostayindoors.Allofthesearethingsthatyoucangetusedtobutittakestime.
Wecanbecomesofocussedonourownexperiencethatitiseasytomisshowothersaregettingon,suchaspartnersandchildren.Ifyouaremovingwithothersremembertolistenandsupporteachother.Partnersandfamiliescanbetheonefamiliarthinginanunfamiliarsettingandahugesenseofcomfort.Ifyouareonyourownensurethatyoustayconnectedwithlovedonesathomeandtakesupportfromthem.
EnteringAftertheinitialacclimatisationweconsciouslyattempttoadjusttoournewculture,formnewrelationshipsandlearnsocialexpectations.Thisremainsasensitivetime,withhighswhenyoumakeheadwayandlowswhenitfeelslikeyouhavegotitwrong.Itisnotunusualtoidealisehome.Makingnewfriends,joininggroupsanddoingcoursesarejustsomeofthewaysthatwecanconsciouslybegintobuildasatisfyinglifeandfeelpartofthewidercommunity.
Re-involvementAfteraperiodoftimeinanewlocationthingsstarttofeelfamiliarandweregainasenseofpermanence.Thereisnosettimeforhowlongthistakesalthoughmanypeoplewhohavemovedabroadsaythatitcantakeuptoayearortwobeforereallyfeelingathomeagain.
MakinginternationalrelocationworkforyouRememberthatyouhavedealtwithsimilarchallengesbeforeandovercomethem,perhapsnotallatonceandinaforeignland,butyoudohavetheresourcestocomethrough.
TrytogetalongwiththeBritishcommunity.Thereisevidencetosuggestthatsuccessfulrelocationsdependonhowwellweintegratewiththelocalpeople.
Expectmisunderstandingstohappen.Dontbetoohardonyourselfwhentheydoandlearnfromthem.
Useanyavailablesupport.Manyorganisationshaveaccesstorelocationteamsandcangiveadviceonremovalcompanies,propertyexpertsandothers.Friendsandfamilycanbehelpfultoo.
Askforhelpifyouarestruggling.Sometimeswhenthingsfeeldifficultweneedtoleanonothersforsupport.TakeadvantageoftheArabicCounsellingSupportServiceortalktofriendsorfamily.Signsofstress,anxietyordepressionare:
l Poorconcentration
l Sleepdisruption
l Inabilitytoswitchoff
l Unabletofeelenjoyment
l Irritability,tearfulness,feelinglikeyou cantcope
l Chestpains,palpitationsorpanicattacks
l Changeinappetite
l Increasedusageofalcoholorother substances
IfpossiblevisittheUKinadvanceofyourrelocationtoresearchpropertysothatyouknowwhereyouwillbelivingwhenyouarrive.
Makeyourhouseorflatfeellikehome.Manypeoplefindgreatcomfortinhavingaplacewheretheyfeelsecureandcomfortable,especiallyiftheworldoutsidefeelsconfusingandunsettling.Itisaplacewhereyourrootscanbegintogrowagain.
Packanyimportantdocumentsinyourcarryonluggagesoyouhavethemavailableassoonasyouarrive.Shipmentscanbedelayedandfindingafewdocumentsamongapileofboxescanbefrustratingandtimeconsuming.
Researchyournewdestinationbeforeyouleave.Thereismuchthatyoucanfindoutonline.
TrytolearnEnglish,eveniftheyspeakArabicinyourofficeortheex-patcommunity.Youwillfeelempoweredtocopebetterandwillbeabletoplayamoreactiveroleinthecommunity.
FindalocalArabicex-patcommunity,therearemanyacrosstheUK.
Talktootherswhohaverelocatedandfindoutwhathelpedthem.
CONTACTSFormoreinformationonCiCsArabicCounsellingandSupportServicepleasecontactJavierParedesatCiC.
Tel: 0207 938 0923
Email: [email protected]
www.cic-eap.co.uk
ArabicCounsellingandSupportServiceFreephoneNumber:0800 781 7935
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Implant Dentistry | Laser Dentistry Clinic | Orthadontics | Cosmetic Dentistry | Root Canal Treatment | Dentistry For Children | Sport Dentistry | Oral Hygiene
We love to see you smile
ABCC-EF2.indd 22 10/10/12 13:47:11
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Inthecurrenteconomicclimatemanycompaniesarelookingbeyondtheirtraditionalmarketstooperateinagreatervarietyofcountries,manyoftheminhighriskareas.Therefore,itisadvisableforcompaniestoactmorecautiouslybeforeenteringanynewmarketsandformingnewbusinessrelationshipsbyconductingappropriateriskassessmentsandduediligence.Thisapproachallowsacompanytoaccuratelyassessanyfuturebusinessrelationshipsandidentifyanypotentialrisksthatcouldbedamagingbothtoreputationaswellasfinancially.
PageGrouphasmorethan20yearsexperienceingatheringinformationandprovidingenhancedduediligenceandintelligenceforclientsinsectorssuchasBankingandFinance,OilandGas,Pharmaceutical,Energy,RealEstateandRetail.Byusingspecialistcommercialdatabases,opensourcesandselectedindustryandlocalcontacts,informationcanbegatheredtoprofileanindividualorcompanytoidentifyanyadverseinformationsuchaspreviousfinancialirregularitiesorunknownassociations.Inadditionariskassessmentcanhelpidentifythepolitical,financialandphysicalriskstoacompanyanditsstaffbeforeitentersacountryforthefirsttime.
WehaveanestablishedpresenceinBeirut,DubaiandLondonaswellasoperatinginotherinternationallocationsinEurope,AfricaandAsia.HavingbeenintheMiddleEastforthelastsixyears,wehaveoperatedinmarketssuchasLibya,Yemen,Egypt,SaudiArabia,UAE,Kuwait,Jordan,IraqandLebanon.Withgreatchangestakingplaceinanumberofcountriesand
ongoingconflictinSyriaandYemen,PageGroupcanhelpreducetheriskofconductingbusinessinthesevolatilemarkets,byproducingreliableinformation,conductingduediligenceandprovidingappropriatesecurity.
Itmakesgoodbusinesssensetoconductenquiriesonaninternationalbasistoverifythebackgroundofindividuals;particularlyprincipalsofcompanies,jointventurepartners,seniorhiresandinvestors,aswellasverifycompanyactivities,relatedshareholdings,subsidiariesandmarketreputation.ItisparticularlyimportanttoestablishwhethertargetedcompaniesandindividualshavelinkstoPoliticallyExposedPersons(PEPs)orahistoryofanycriminalassociationsorrelatedcivilcourtactions.Enquiriesalsoexaminelikelysourcesofwealth,verify(potentiallyconflicting)businessinterestsanddetermineundisclosedbeneficialshareholdingsandassets.
Todemonstrateanappropriatelevelofcareandsafetyforstaff,itiswisetoconsiderprovidingphysicalandpersonalsecuritytocompanyexecutivesandotherstaffwhotraveltohighrisklocations.PageGroupalsoprovidesthistohighprofileanddiplomaticpersonnelanddelegations,tohelpensuretheirsafetyandminimizeanyphysicalrisk.Thiscanbeachievedbydeployingexperienced,lowprofilecloseprotectiontrainedoperativeswithlocalknowledgewhoaresensitivetocommercialenvironments.PageGrouprecentassignmentshaveincludedassistingwiththeevacuationofforeignersfromLibyawhentheconflictfirststarted;providingprotectiontosenior
executivestravellingtoWestBankandGazaandpreparationofevacuationplansforcompaniesinLebanon.PageGroupisnowassistinginternationalfirmstore-enterLibyaandnotonlyprovidingsecuritybutalsoduediligenceonpotentialpartnersparticularlytochecktheyarenotonanygovernmentwatchlistsexcludingthemfrombiddingfornewcontracts.
Intheeventaclientsbusinessrelationshipgoeswrong,PageGroupalsoassistslawyersandcompaniestorecoverassets.Thismightincludeexaminingcomplexownershipstructures,determiningultimatebeneficialownershipofassetsandestablishingfinancialandcorporatelinksbetweenparties.Thishelpstoprovidevaluableinformationtonegotiateprecourtsettlementsorprovidelitigationsupport.
HOWTOASSESSANDMANAGEYOURRISKSTOAVOIDCOSTLYMISTAKES
Email: [email protected]
Phone: + 44 (0)20 7930 9200 (London)
Phone: +961 1957577 (Beirut)
CONTACTS
ADVERTORIAL
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ECONOMICFOCUS
TheemergingopportunitieshavebeendesignatedasHighValueOpportunities(HVO)byUKTradeandInvestment(UKTI).
TheoverwhelmingcharacteristicsofLibyaasanewstatewithmoderndemocraticambitions,enormousinfrastructureneeds,historicaltieswiththeUK,hugecapitalreserves,andalargequantityofunpumpedhighqualityoil(andprobablygas)reserves,
combinetoreaffirmjustwhatasignificantopportunitythemarketistoUKcompanieswithseriousambitions.TheLibyanelectionsheldinJune2012weretoelectabodyresponsiblefordraftinganewconstitution.Thiswillpreparethewayforpopularelectionsplannedfor2013whenanewgovernmentwillbeelected.
Whatfollowsisanoverviewofopportunities
forecastinsevenprioritysectors:
l Oil,GasandPower
l Healthcare
l EducationandSkills
l Technology(ICT)
l CivilSecurity
l BusinessandFinancialServices
l Infrastructure.
Inrecentmonths,trademissionshavetakenplaceaspartofUKTI'sexportpromotionworkinLibyaforalltheseprioritysectors,apartfromBusinessandFinancialServices,whichisforthcomingatthetimeofwriting.SuchactivitieshavecomprisedbothtakingUKcompaniesouttomarket,andbringingLibyanofficialstotheUK.TheUKTICommercialSectioninLibyahasgrowninsizewithanumberofUKbasedandlocallyengagedofficersinplace,eachwithspecificsectoralresponsibilities.Simultaneously,UKTIinLondonhasorganisedaseriesofconferencesandeventsandprovidedlogisticalsupporttothetrademissions.
Oil&GasLibyahasacombinationofsubstantial,highquality,crudeoilreserves,andwhatisforecasttoemergeasahighlysignificantoffshoregasbasin.Theseresourcescombinetoconfirmitspositionasakeyregionalandglobalexporteroffossilfuels.TheyalsodrivetheLibyaneconomy,representingamassiveproportionofLibyanGDPandprovidingthefinancialcapabilityandcashflowtofundLibya'sambitiousgrowthplans.
TheenergysectorishighlyevolvedandhasbeensubjecttoperhapsthegreatestinternationalpartnershipandinvestmentofanysectorinLibya'seconomy.
Thepervadingsenseinthemarketisthatthedoortointernationalbusinesswillmovefromajartowideopenonceelectionshavetakenplaceandadegreeofbureaucratictransitionhasoccurred.ItthereforeremainscriticalthatUKIOCsandsupplyandmaintenancecompaniescontinuetoevaluatelocalsecurityconditions,continuetoidentifylocalcontractorswithwhichtheycouldpotentiallypartnerwhenthedoordoesfullyopen,andbuildrelationshipsacrossgovernment,theNationalOilCompanyandoperationalcompaniesnow.
ThereisanimmediatedemandforelectricityandpowerinLibyaaspowerstationsarebroughtbackonlineandoil&gasflowsareincreasedinordertomeetdomesticdemand,andtogenerateexportrevenues.ThereareUKcompaniesthatspecialiseinsupplyingtemporarypowergeneration.RepresentativesofthesecompaniesareknowntobeonthegroundinLibyaalready,buildinglocalcontactsandreviewingthemarket.
OPPORTUNITYLIBYA
Libyaisacountryundergoingatransitionwithmanycommercialopportunitiesarisingoutofitsreconstructionprocess.
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Tel: +44 (0) 207 723 1733
www.londoncentralportfolio.com
CONTACTS
Long-termtradeopportunitiesexistaroundsupportingBritishIOCsandindependentoilcompaniesinwinningadditionalLibyanE&Pcontracts.TheLibyanoilandgassectoroffersenormousopportunitiestoUKbusiness,andappetiteislikelytobeverystrongforadditionalE&PcontractstothosealreadyheldbyUKfirms.
HealthcareLibya'shealthsectorhassufferedmajorneglectoverthepast40years,bothininvestmentandinstrategiccohesionandqualityofmanagement.AsituationhasbeenabletodevelopinwhichdoctorswriteprescriptionsinEnglishfornursesthatspeakArabic,inwhichthereare
nochildpsychologists,andinwhichmanywealthierLibyanstraveloverseasforoperationsandtreatment.
Thelonger-termreformanddevelopmentoftheLibyanhealthsystemwillbeamajortask,whichwillrequiresignificantinvestmentandpresentsamajoropportunityfortheUKwherecompaniesarewellequippedtoassistinaddressingurgentneeds.UKclinicalstandards,trainingandexpertiseareheldinhighregardbytheLibyanclinicalcommunityandtherearestronglinkswiththeNHSasalargenumberofLibyandoctorsqualifiedandworkedintheUK,andthereareapproximately3,000LibyandoctorspracticingintheNHS.TheUKssystemisseenasoneofseveral
internationalmodelsthatcouldbedrawnuponintheredevelopmentoftheLibyanhealthsystem.
UKTI,alongsideNHSGlobalandtheDepartmentofHealth,havebeenindiscussionswiththeLibyanMinistryofHealthtorefinetheirunderstandingofthecountrysneeds,andtocoordinatearesponsefromtheUKshealthsectorincludingpublicandprivatesectororganisationsanduniversities.AnumberofUKorganisationsthattookpartrecenttrademissionshavebeenactivelyfollowingupwiththeirLibyancounterpartsandareprogressingopportunitiesbilaterally.
ARAB-BRITISHCHAMBEROFCOMMERCE 25
Tripoli airport needs to be upgraded to meet the demands of increasing volumes of international business.
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For more information on our high-quality, tailor made services, contact the team today. We are far and away the best!
T: +44 207 959 1105 E: [email protected]
As part of the Independent Clinical Services group, PULSE have recently been recognised as Staf ng Agency of the Year at the Health Investor Awards 2012. Our contributions to modernising healthcare staf ng and developing a complete range of specialist services are but a few of the reasons why we have been acknowledged as the best.
Renowned for our market leading presence in International hospital recruitment, PULSE offer the highest quality service unique to each and every client we work with.
Far and away the best!
Our teams use various targeted methods of recruitment to attract high quality candidates to match your requirements. We will work with you to design bespoke attraction campaigns that may include:Roadshows & Recruitment daysExhibitionsConferencesOpen daysSpecialist journal advertisingExisting UK & Overseas database communication
We support our healthcare professionals from start to nish assisting them with VISA administration, compliance, travel arrangements and accommodation. Our experienced and knowledgeable teams are fully versed in all of the documentation and visa requirements required to relocate candidates to each country. They will ensure that the application process runs as smoothly as possible and that we continue to supply the best professionals.
In recent years, PULSE has also been providing individual personal care provisions to private clients across the Middle East via our VIP Service. Whether their requirement is for medical, nursing or physiotherapy care at home or if they need assistance whilst travelling, we work closely with them to nd the most suitable healthcare professional for their needs. Our discretion is assured. Anyone we recommend is carefully and expertly screened and will sign a con dentiality agreement if required so our clients can be con dent that their privacy is protected.
We have dedicated teams in the UK, Australia and New Zealand who have built a network of the best practicing Executive and Healthcare professionals including:
Consultant DoctorsRegistered Nurses in specialties including, but not limited to, Critical Care, Acute Medical,Theatres, and PaediatricsMidwivesAllied Health ProfessionalsProfessors and Educators for Medical Universities
This has enabled us to form unrivalled relationships with Hospitals and Medical Centres who have the con dence in us to provide the best. We assign a dedicated representative to each of the countries we work in. Their knowledge and expertise means that our clients can rest assured that they have access to the best possible service.
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The Montcalm Luxury Hotels
London
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For more information on our high-quality, tailor made services, contact the team today. We are far and away the best!
T: +44 207 959 1105 E: [email protected]
As part of the Independent Clinical Services group, PULSE have recently been recognised as Staf ng Agency of the Year at the Health Investor Awards 2012. Our contributions to modernising healthcare staf ng and developing a complete range of specialist services are but a few of the reasons why we have been acknowledged as the best.
Renowned for our market leading presence in International hospital recruitment, PULSE offer the highest quality service unique to each and every client we work with.
Renowned for our market leading presence in Renowned for our market leading presence in
Far and away the best!
Our teams use various targeted methods of recruitment to attract high quality candidates to match your requirements. We will work with you to design bespoke attraction campaigns that may include:Roadshows & Recruitment daysExhibitionsConferencesOpen daysSpecialist journal advertisingExisting UK & Overseas database communication
We support our healthcare professionals from start to nish assisting them with VISA administration, compliance, travel arrangements and accommodation. Our experienced and knowledgeable teams are fully versed in all of the documentation and visa requirements required to relocate candidates to each country. They will ensure that the application process runs as smoothly as possible and that we continue to supply the best professionals.
In recent years, PULSE has also been providing individual personal care provisions to private clients across the Middle East via our VIP Service. Whether their requirement is for medical, nursing or physiotherapy care at home or if they need assistance whilst travelling, we work closely with them to nd the most suitable healthcare professional for their needs. Our discretion is assured. Anyone we recommend is carefully and expertly screened and will sign a con dentiality agreement if required so our clients can be con dent that their privacy is protected.
We have dedicated teams in the UK, Australia and New Zealand who have built a network of the best practicing Executive and Healthcare professionals including:
Consultant DoctorsRegistered Nurses in specialties including, but not limited to, Critical Care, Acute Medical,Theatres, and PaediatricsMidwivesAllied Health ProfessionalsProfessors and Educators for Medical Universities
This has enabled us to form unrivalled relationships with Hospitals and Medical Centres who have the con dence in us to provide the best. We assign a dedicated representative to each of the countries we work in. Their knowledge and expertise means that our clients can rest assured that they have access to the best possible service.
ll
lll
The Montcalm Luxury Hotels
London
tdD>&
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ABCC-EF2.indd 27 10/10/12 13:47:37
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ECONOMICFOCUS
EducationandSkillsAsignificantproportionofforeigneducatedLibyanshavebeentaughtintheUK,oftenthroughoneofthenumerousLibyangovernment-fundedscholarshipschemes.Inadditiontohighereducation,thecombinationofbothanestablishednetworkofEnglishlanguagetrainingcentresinLibya,andthevocationaltrainingandknowledgetransferthatmanyUKcompaniesincludeintheirbusinessofferwhenworkinginLibya,reinforcetheUK'sstrengthsinthissector.
AnumberofUKcompanieswereactiveintheLibyaneducationmarketbeforetherevolution,includingeducationconsultancies,equipmentsupplies,Englishlanguagetuition,andmanyUKuniversitieshadestablishedscholarshiplinksthroughtheLibyanMinistryofHigherEducation.
PriortotheconflicttheBritishCouncilhadpartneredwithTripoliUniversity(TU)onafive-yearprogrammetoteachEnglishinanumberofLibyanuniversities,leadingtotheestablishmentoftenregionalteachingcentres.Thisprogrammehadbeenverysuccessful,andTU'sEnglishLanguageFacultyareverykeentoexpandtheprogrammetoincludeteachingatsecondaryschoollevel.ThisareapresentsexcellentopportunitiesforUKuniversitiesandcommerciallyruneducationalorganisations.
Therearealsosignificantopportunitiesinthevocationaltrainingsector.ItwasincreasinglycommoninthepastfortheLibyangovernmenttoplacecontractualrequirementsonforeigncompaniestoprovidevocationaltrainingtolocalworkersco-deliveringmajorprojects.Thereareparticularlystrongdemandsforvocationaltrainingintheoilandgas,healthcare,andtelecomssectors.
TheOpenUniversityandtheArabOpenUniversity(AOU)havebeenaffiliatedforanumberofyears.OpportunitiesstemfromtheAOU'splanstosignificantlyexpanditscurriculumintohealthandsocialcare,Englishlanguagetuition,andcomputerengineering.TheprovisionofdistancelearningcoursesisanticipatedtoresonatewellinLibya,notleastwhiletheeducation
sectorrecovers,providinginitialcapacityandupskillingtoanationwithimmediateplansforeconomicdevelopmentanddiversification.
Technology(ICT)Libyahasambitiousplansforcreatinganadvancedeconomy,modelledonitsEuropeanpartners.Thisnecessitatessomestate-of-the-artcommunicationsinfrastructure.Atpresent,Libya'sICTinfrastructureisdatedandunreliable.Forexample,onlysomeEuropeanmobilenetworkshaveroamingdealswiththeLibyan(stateowned)networks,initselfabarriertointernationalbusiness.InternetaccessisverysloweveninTripoli,andslowerornon-existentelsewhere.Internetaccessstandsataround6%-7%countrywidealthoughthereisanambitiousgovernmenttargetof100%by2015.ThetechnologyunderpinningoperationsoutsideofthepureICTsectorareequallydated;forexample,bankingsystemsareindesperateneedofmodernising,andmedicaltechnologyinpublichospitalsrequiresinvestment.
However,thereisagrowingviewthatLibyamayhaveafutureasaregionaltechnologycentre.
EducationinLibyaisaprestigiousissue,andmanyofthecountrysuniversityeducatedmiddleclasseshavemedicalorengineeringdegrees.Increasingly,ICT-relateddegreesincomputersciencesandotherapplicablesubjectsarebeingconsideredviablealternativestothesetraditionalstaples.Ifthistrendcontinues,LibyawillhaveanincreasinglylargepopulationofhighlyskilledICTprofessionals,whichinturnwillinfluencetheevolutionofLibya'seconomyintoamoderndigitalstate.
DuetothesignificantspendingrequiredformanyofthenationalICTinfrastructureprojects,itisunlikelythattheLibyangovernment'sstrategywillbeclearuntilaftertheelections.
CivilSecurityLibya'ssuccessfulfutureisfundamentallyreliantonitssustainedstability.Butthere
isasignificantriskthatwithoutbothimmediateinvestmentsincivilsecurity,alongsideeconomicgrowthandemploymentopportunitiesinotherindustrialsectors,Libyawillnotachieveitsgreatpromisetoemergeasaregionalsuccessstory.
Thescaleofopportunityinthissectorishugeandthepotentialvalueofthesectoriscomparableonlywithoilandgasintermsofabsolutevalues.UKcompaniesarekeenlyawareofthis,andmanyareconductingmarketvisits.
AsLibyasoilfieldsarereactivatedandforeigncompaniesreturntothecountrytocontinuewithproductionandexplorationactivities,therewillbeareneweddemandforoilfieldprotectionservicesfromthesecurityindustry.Equally,thereisanongoingneedtoprotectpowerplants,ports,andgovernmentbuildings.
Libyahasahugeandlargelyunprotectedborder.Securingitisofcriticalnationalimportanceandpriority.TherearemajoropportunitiesforUKcompaniestohelpsupplythesolutiontothisproblem.Immediateopportunitiesareinrelativelylowtechnologyanswers,includingpatrolvehicles.However,itislikelythattheseimmediateapproacheswillbesupplementedbyhightechnologysolutionsinthelongterm,includingbiometricvisacontrol.
Thereisapressingneedtoensurethatpoliceofficershavebeentrainedinmodernpolicingtechniques,thattheLibyanpoliceforceisorganisedeffectivelyandtransparentlyinordertobuildtrustwiththepopulationwhichitpolices,andformodernequipmentandhardwaretosupportthis.
Business&FinancialServicesWithoutagileandrobustfinancialservices,underpinnedbyupdatedregulations,Libyaislikelytoencountergreatdifficultyinunderwritingandadministeringitsmulti-billiondollarnationwideinfrastructureinvestmentprogramme.Thefinancialservicessectorwassubjecttoreformduringthepast5-10years,includingliberalisationofdomesticownershiprulesforretailbanks.ThisledtoanincreaseinthenumberofforeignbanksoperatinginLibya,ledbyinstitutionssuchastheBritishArabCommercialBank.
However,reformswerenotsufficientlyfarreaching.ThecurrentadministrationinTripolihaspublicallyannouncedthatitplanstotackleregulationofthesectortoenablethelevelsofforeigninvestmentrequiredtomeetLibya'sgrowthplans.Thisisexpectedtobethroughupdatingthe2005bankinglawwhichfirstopenedthemarketuptoforeignbanks,andchangingtheexistingnationalbankingstructure.
BritishcompaniesestablishedinthemarketincludeassetmanagementsuchasBarclaysCapitalandRBS;Commercialbanking,namelyABCInternational,BritishArabCommercial
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BankandStandardChartered;retailbanking,HSBC;andbusinessserviceswhereKPMG,E&Y,PWCandtheLawSocietyareactive.
AnewopportunitywasidentifiedinprovidingadvisoryservicestotheLibyangovernmentonbankingreformandregulation.AclearneedhasbeenexpressedbythegovernmentandawillingnesstoassistwasexpressedbyUKindustry.
InfrastructureLibya'sinfrastructureneedsremainacuteasisreinforcedbytravellingtoTripoli.Theoldairportisdatedandnotfitforservicingincreasingvolumesofinternationalbusiness.Theroadsarefullwithtraffic,andshortdistancestakealongtimetocover.Thereisnopublicbussystem,ormetro,sotheroadsareburstingwithtrafficleavingpeoplewithnoalternativemeansofreachingadestination.Wastemanagementisminimal,thoughthatislikelytoimproveasservicesarereintroduced.
MarketentryforUKfirmsextendsbeyondwinningprimecontracts,orsupplyingUKcompaniesatornearthetopofthesupplychain.Therearehugeopportunitiesinpartneringwithforeignprimesfrom,forexample,Tunisia,MaltaandTurkeyamongstothermajorplayers.
ThereisanopportunityforBritisharchitectureandtownplanningconsultancyfirmstohelpmasterplanLibya'sgrowth,and
subsequentlyforBritain'shighlycapableengineeringconsultancyindustrytooverseetheimplementation.BuildingrelationshipswiththekeydecisionmakersandinfluencersintheNTC,ministriesandLibyanbusinessearlyonwillbecriticaltotheUK'scompetitiveadvantageinfuturecompetitionsforthiswork,andforgatheringintelligenceabouttheLibyangovernment'sstrategicambitionsforthesector.
BenghaziInfrastructureBenghaziwasdeliberatelysidelinedbythepreviousregimeandsufferedunderinvestment.Somerecentinvestmentisknowntohavetakenplacesuchasairportrebuildingaspartofthewiderairportrebuildstrategy.AnumberofopportunitieshavebeenhighlightedthroughUKTIofficeinTripolivia"TeamMaghreb"inBenghazi.
MarketSummaryLibyaisamarketthathasnotyetbeenexploitedbyUKcompanies.TheUKspre-revolutionmarketshareofLibyanimportswasverylow.Thereareanumberoflikelycausesforthis,includingverysignificantbarrierstoentry,andissueswithtransparencyofbusinesstransactions.However,thebusinesscontexthasnowchangedandLibya'snewgovernmentischampioningequitablebusiness,andisslowlybutsurelytacklingtheobstaclestointernationalinvestmentthatitinheritedfromthepreviousregime.
Libyaiscashrich,withbillionsofcapitalreservesinsavings,andarichsupplyofhighlyvaluableprimeoil(andlikelygastoo).Thecountryhasextensiveneeds,andstrongtieswiththeUK.ThusthereisahugeopportunityforgrowthinUKexportstoLibya.Theseexistacrossthespectrumofbusinessoutlinedabove.Particularlyvaluableopportunitiesexistinenergy,healthcare,civilsecurityandinfrastructure.However,notableopportunitiesexistelsewheretoo,includingforUKSmallandMediumEnterprises(SMEs)toenterthesupplychainsformajorprojects.
BusinessinLibyarequirescommitmentandpatience.WhatsomehaveperceivedasslowprogressinopeningtobusinesssincetheLibyanrevolutionisinitselfanopportunitytoprepareforthewidespreadtenderingofmajorinvestmentprojectsbythenewLibyangovernment.ItiscriticalthatUKcompanieswithaninterestinenteringthisexcitingmarketinvestnowinvisitingLibya,buildingrelationships,meetingkeyplayersingovernment,administration,andbusiness,andthenreturningtosustaintheserelationships.
MakingthatinvestmentnowislikelytoleadtovaluableandsustainablebusinessinoneoftheworldsmostambitiousandwealthynationsandonethatisonlyafewhoursfromtheUKbyair.
ThisarticleisbasedoninformationcontainedinthereportpublishedbyUKTI,HighValueOpportunitiesinLibya.
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ECONOMICFOCUS
AhighproportionofBijansprofessionaltimeisspentengagedinworkthatisrelatedtoMENAactivities,developingrelationshipsandpromotingclientsandprospectivebusinesscontactstoeachotherandviceversa.IhavedealtwiththeGCCsince1992andhaveacquiredasoundknowledgebaseandahighlevelofbusinessconnections,manyofwhomhavenowbecomeverygoodfriends,heexplains.
Concerninghisinitialentryintothelegalfield,Bijansays,thisoccurredmorebyaccidentthanbydesign.HavinglaunchedintohisAlevelsoneyearearlyandintendingtoembarkonascience-basedfuture,hewasinitiallysettingouttobecomeamedicaldoctor.But,hecontinues:Physics(andmycompletedislikeforthesubject)putpaidtothatandIchangedtoarts-basedsubjectsand
thenbecameenthusedtoreadlawbutwithoutanyfinalfocusonwhatIwoulddowithmylawdegree.Bythethirdyearofmylawcourse,Irealisedthatacareerasasolicitorappealed.IappliedtoWragge&Co(whichwasthenthepre-eminentlawfirmoutsideLondon)andwasfortunateenoughtobeofferedatrainingcontract.AftergraduatingandjoiningWragge&Co,Ididnotlookback.
ALAWYERWHONEVERLOOKSBACK
EconomicFocusspeakstoleadingbusinesslawyerMrBijanSedghiwhohasneverlookedbackafterjoiningWragge&Coatthestartofhisimpressivelegalcareer.WeaskedBijantosharesomeofhisexperienceofdoingbusinessintheMiddleEastandtheGulfinparticular.
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ARAB-BRITISHCHAMBEROFCOMMERCE 31
Describingthefactorsthatcontinuetodriveandmotivatehiminhiscareer,Bijanexplainsthat:Mykeymotivationhasbeentoacquireandenjoyasuperlativereputationforthehighestqualityofclientservicebothintermsoflegalandcommercialadvice.Mykeyinfluenceshavebeenmyfatherforhisworkethosandintegrity;aformerseniorpartnerinlawcalledJohnWardle,whoencouragedmetotakeonPlcdirectorshipsattheageofthirty;andJackOrmerod,aformerPlcChairmanwhopersuadedmetojoinhisBoardandembarkonanindustrialcareer,too.
Asalawyer,Bijansreputationrestsonhisexpertiseinprovidingbusinessadvice.Ashesays,Myareaofexpertiseliesinbuilding
businessesasaprincipalandalsoasanadviser.Ihavebuiltbusinessesin:
l Thelaw(buildingthelargestinsolvency practiceoutsideLondonintheearly 1980s);
l Industry(buildingaquotedinternational engineeringgrouplistedontheLondon StockExchange);
l Rebuildingadistressedengineering groupquotedontheLSEattherequestof itsBoardandfinancialadvisers;
l Re-enteringthelawandbuildingnew practiceareasandnew strategicrelationships.
Mystrengthslieinseeingthebiggercommercialpictureandnotbecomingimmersedintheminutiaebeingabletomovetheneedleonthespeedometerofanyorganisation.
Bijanfurtherelaboratesonhisrole:AsanoperatorandmanagerofbusinessesatChairmanandCEOlevel,publicandprivate,Itendsitwiththeclientonhisorhersideofthetable,understandingthebusinessandwhattheyreallyneedtoachieveandthendevisingthebestmeanstoproduceasuccessfuloutcome.
Reflectingonhismainachievementstodate,Bijanpointstohow,attheageof
Maketheefforttospeakthelocallanguage.Respectthereligiousviewsandpractices.Observelocalcustomsandtraditions.BesensitivetothepeopleintheGulfbecausetheywillshowyoutheutmostinhospitalityandcourtesy.
Bijan Sedghi
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ECONOMICFOCUS
twenty-eight,hebecameapartnerinalargecommerciallawfirmandbeforetheageofthirtythree,hehadbecomeChairmanoftwoengineeringgroupsquotedontheLSE.
Heisproudofthefactthathehasreceivedrecognitionforhisworkandpointsoutthatattheageof37,hewasincludedinTheTop40under40byBusiness Magazine.
Icombinedtheseachievementswithworkingalsoforgovernment(theDepartmentofTradeandIndustryandtheDepartmentofHealth)anduniversities(AberystwythandAstonUniversity)andsimultaneouslyservingtheprivateandthepublicsector,heexplains.
IwasembarrassedtobedescribedbyaprominentventurecapitalistasthemostcommerciallawyerIhaveevermetandbytheCEOofafamilyofficeasthebestBritish-basedlawyerinLondonneitherofwhichquotationsmodestypermitsmetoendorsetheymustbereferringtosomeoneelse,Isay!
Weaskedhimforhisviewsonthemainchallengesandopportunitiesfacingcorporatelawyersintodaysbusinessenvironment.TodaysbusinessenvironmentintheUKistoughforallofthereasonsweappreciatelackofliquidityinthebankingsystem,austeritymeasures,recoveryfromneareconomicmeltdown,globalrecessionarypressuresandthecontinuedmigrationofmanufacturingtolowercostbaseselsewhereintheworld,heobserves.
Inevitably,thissituationishavinganimpactonhowlawfirmsoperate,Bijanexplains.So,lawfirmsfindthemselvescompetingforworkandatalowercost.Additionally,regulatorycontrolsorrestrictionsbecomefurthernecessaryasthelighttouchapproachmaybeconsideredtohavefailedthosewhomitwasmeanttoprotect.So,withlegalfeesunderpressureinamarketwhichhasseenfewerdeals,thechallengeforthelawyeristostandoutfromthecompetitioninordertowintheworkatafairprice.
Otherfactorsnowbecomeimportant,suchasaddingvaluetotheclientandtheclientsbusinessthroughcommercialintroductions,innovationandqualityenhancementandhavingaglobaloffering.
Wragge&CohasbeenbasedinBirminghamsincethe1830sandiscurrentlythelargestprivatesectoremployerinthecitycentre.Bijanstartedworkinthecityin1975.Birminghamofferedalow-cost,well-positionedhubfromwhichtooperatenotjustnationallybutinternationally.ButnowadaysBijanworksmostlyoutsidethecity;heretainsadeskinBirminghamwhichishiscorporateHQbutheisbasedinLondonforalmostfourdaysaweekaswellastravellingabroad.
WeaskedBijanhowhewouldadviseacompanyseekingtodobusinessintheGulf
forthefirsttime:Whatarethekeylegalpitfallsthatacompanyshouldlookoutforwhendoingbusinessintheregion?Alwaysexercisehumilityandpatienceinthatorder.Donotunder-estimatethebusinessacumenofGCCnationals,manyofwhomhaveenjoyedthehighestlevelsofeducationandareextremelysophisticated,Bijansays.
Rememberthat(throughextremepoliteness)thewordNoisrarelyusedbutthattherearevaryingshadesofYes.Donotbepushy.Donotpressurise.Beentirelyrespectful.Talkfamilybeforebusinessandbuildafoundationoftrustandconfidencebeforefinanceandmoney.
Hisadvicecontinues,Maketheefforttospeakthelocallanguage.Respectthereligiousviewsandpractices.Observelocalcustomsandtraditions.BesensitivetothepeopleintheGulfbecausetheywillshowyoutheutmostinhospitalityandcourtesy.Donottrytotakeadvantage.Takeprofessionaladviceastowhereyousetupandhowandviewtherelationshipaslong-termandmutuallybeneficial.
Endingwithanoteofcaution,Bijansays,Trynottobethestereotypicalexpat.Trytothinkasifyouarealocalbutdonteverpretendtobelocal.Takealong-termview.Enjoybutdontrush.SayShukranwithsinceritywhenyousucceed.DontassumethingswillalwayshappenasitwilldependuponGodswill.
Lookingaheadtothepathwaysthathiscareerwilltakehimintheimmediateandlongtermfuture,Bijansays,Mylong-termcareerambitionsaretoservemyclients,mypartners,mygovernment(andmyfamilyandfriends)foraslongasIcaneffectivelydoso,Godwilling.
Wragge&CoisamemberoftheArab-BritishChamberofCommerceandBijaniskeentorecommenditsservicesandactivities.TheArab-BritishChamberofCommerceisamosteffectiveforumthroughwhichbusinessesandindividualscantransactwiththeMENAregionandtheUK.ThemembershipfeeshouldnotberegardedasacostbutasaninvestmentanditisoneofthebestinvestmentsIhavemade,beingamemberviaTheInformedExecutiveandalsoviaWragge&Co.
BijanendswithastrongendorsementoftheworkoftheChamberandthesupportservicesitprovidestobusiness:IrecommendstronglythatanyoneseekingtodobusinessintheMENAshouldjointheChamberandparticipateactively.ThroughitshighlyprofessionalteamcapablyledbyitsCEOandSecretary-General,DrAfnanAl-ShuaibyanditsBoardastutelychairedbyTheRtHonBaronessSymons,theChamberoffersaverypowerfulandsupportivevoiceforitsmembers.
TheInformedExecutivewww.informedexecutive.co.uk
Wragge&Co www.wragge.com
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ExportDocumentationTheChambersuniqueExportDocumentationserviceisanimportantassettoArab-Britishtrade.Withourextensiveexperience,weareideallypositionedtoassistexportersenteringthesubstantialandsophisticatedArabmarket,encompassingallyourcertificationandlegalisationneeds.
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http://www.abcc.org.uk/Export-Documentation
TranslationServicesABCCspecialisesinArabic/EnglishandEnglish/Arabictranslationforover35years.
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VisaServicesABCCvisaserviceisavailabletoUKfirmsandfirmswithofficesintheUK.IfyouaretravellingonbusinesstoanyArabcountryandneedavisasecuredquicklyandefficiently,thentheChamber'sVisaSectionistheidealpointofcontact.
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FCOServiceABCCprovidesa24hourserviceforFCO.Tomakeuseofthisservicepleasecall
Mr Cliff Lawrence on 020 76594881
NotaryServiceABCCoffersthisuniqueservicewithin48hours.Tousethisservicepleasecall
Mr Cliff Lawrence on 020 76594881
VenueHireABCCoffersclientsacontemporaryvenuetosuitavarietyofdifferenteventsandmeetings.ToseethebusinessandconferencefacilitiesthattheChambercanprovide.
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http://www.abcc.org.uk/Venue_Hire
ChamberEventsTheChamberorganisesaprogrammeofprestigiousevents,businessroundtables,briefings,seminars,conferencesandreceptionstakingplacethroughouttheyear.TheseeventsofferashowcaseforthelatestprojectsandmajordevelopmentsintheArabeconomies.
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http://www.abcc.org.uk/Events
BecomeaMemberThebenefitsofbecomingamemberareconsiderable:joiningtheChamberputsyouincontactwithawidebusinessnetworkintheUKandtheArabWorld.
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http://www.abcc.org.uk/Members_Benefits
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