september 2013 vol. 2 - no. 14 - emirates nbd · 2014. 2. 25. · news update >> gcc...

News update

>> GCC economies remain resilient

>> Saudi leads MENA sukuk market in January-July 2013

>> GCC market valuations still justify exposure

>> Egypt to use Gulf billions to spur economy

>> Saudi Arabia holds GCC’s largest SWF assets at USD641bn

>> Inbound MENA M&A values spike in first half

>> UAE central bank says monetary aggregate rose 7.8%

>> Qatar government spending growth slows sharply in 2012/13

>> Some GCC insurers face default risk: S&P

>> Expectations grow for Saudi bourse opening to foreigners

Top smartphone apps for working on the go

Managing social media crisis

Dubai office real estate health monitor

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

SEPTEMBER 2013 Vol. 2 - No. 14

Western economies continue their slow return to form

CU

RR

ENC

Y C

OR

NER

The ‘Global Calculus’ of U.S. tapering

Events and Promotions

Goal Recurring Deposits

Free Remittance

inspire Vol. 2- No. 14

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The aspiration: the best automobile in the world The pinnacle of the Mercedes-Benz promise to deliver the best or nothing in luxury automotive development has arrived in the region, and is set to beguile another generation of the region’s elite with its vision of the future today. Mirroring the Middle East’s ambition to utilise and develop cutting edge technologies to achieve some of the globe’s most admired and recognisable engineering achievements, the prestigious new S-Class is not just a technological spearhead for Mercedes-Benz, but for automotive development as a whole.

With the three engineering priorities “Intelligent Drive”, “Efficient Technology” and “Essence of Luxury”, the new S Class extends the boundaries of technology on many levels.

“Admired for its ability to glide effortlessly with a power and prestige that commands understated respect, the revered S-Class has achieved a status in the Middle East bordering on the legendary. But the S-Class is no mirage. With every new generation of S-Class, customers across the region expect it to set standards across the board to retain its accolade as “the best automobile in the world,” says Frank Bernthaler, Director, Sales and Marketing, Mercedes-Benz Cars, Middle East & Levant.

“Rather than being about safety or aesthetics,

power or efficiency, comfort or dynamism, our aspirations were ‘the best or nothing’ in every respect. No other car stands for the Mercedes-Benz brand promise more than the S-Class,” adds Bernthaler.

Perfection to the last detail results in “The Essence of Luxury”. This pursuit of the best is particularly noticeable in the interior: whether it is the seats or the air conditioning, the controls or the design, the infotainment or the comfort and safety in the rear – new ideas, their painstaking realisation, and highest perceived quality underpin the high standards that the engineers have set for the Mercedes-Benz flagship model – and for themselves.

The same applies to safety. What started with PRE-SAFE® ten years ago and continued with DISTRONIC PLUS has now resulted in a new dimension of motoring: comfort and safety are merged into one. Mercedes-Benz refers to this as “Intelligent Drive”. A whole host of new systems makes the new S-Class even more comfortable and even safer.

Furthermore, the new model is the world’s first car to dispense entirely with light bulbs in favour of LEDs, pointing the way ahead once again.

For further information from Mercedes-Benz, please visit www.media.daimler.com,

join us on Facebook www.facebook.com/MercedesBenzME,

or follow us on Twitter www.twitter.com/MercedesBenzME.

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Top smartphone apps for working on the goEssential, user-friendly programs designed for professionals: at the touch of their fingertips.

By Nadeen Ghalwash

With smartphone’s taking up the role of office

computers, no-one’s carting around a heavy

laptop. Instead, professionals are increasingly

relying on mobile apps to access information

at anytime, anywhere. Apps come innumerous

categories, from financial management to note

taking packages, which together complete

the ultimate office on the go, so essential for

carrying out everyday tasks. These benefit-

packed apps have both positives and negatives

for the user.

“We love Google Drive on the web (there is also

an iOS app which is useful on the go). A media

list is only useful if it is up to date, rather than

having each team member manage their own

media list, we use a centralized Google Excel

sheet, which anyone can update online,”said

Serene Touma, chief communicator at Purple

PR, Dubai.

Offering the perfect solution for working on the

go, here are the top 10 recommended apps that

will make your work easier:

1- LinkedIn. Individuals seeking jobs need to

send out their resumes as quick and efficiently

as possible. The LinkedIn app provides the right

tools to maintain a complete online CV. Other

features include communication with former

co-workers and receiving recommendations.

This app is convenient for departments seeking

employees as well as employees looking for

employment.

2- Wally. Mainly compatible with the iPhone

for managing personal finances and reviewing

business expenses, with details including the

date and time of issue. Adds an aspect for each

expense and provides programs like InstaScan,

which allows you to scan and save pictures

of your receipts. A digital organizer, which

automatically handles tasks assigned to it.

3- Evernote. Serves

as a portable desktop

keeping files, notes,

images, and web

clips in sync with

any device you use,

enabling access

to edit documents. Easily takes snapshots or

records audio of online files and has a share

function.

4- Skype. Allows you to stay in touch and

communicate globally with friends, family as

well as business partners, clients and co-

workers. Skype offers

international calls –

often at lower rates

that conventional

providers – video call

facilities, messaging

and the option to

share files created.

5- Mighty Meeting. Stores PowerPoint

presentations and PDF documents online using

cloud technology. It is economical, introduces

paperless meetings and is an alternative of

excessive printing of slides and brochures. It can

also host video conferences without the use of

browser extensions.

6- Facebook and Twitter.

These popular social

networking channels are

increasingly used for business

purposes. In addition to

their social use, they are also

highly used by companies

in communicating with the

general public/consumers and increasingly used

for branding exercises.

7- Dropbox. Stores data and saves your files

making them available from anywhere online;

shares your work securely with your team,

accesses older versions of your documents, and

even restores deleted files. Offers a powerful

admin console where you can view member

activity, linked devices, and apps.

8- Any.do. Is a professional, well organized

to-do list app, with innovative tools to help with

your day-to-day activities using its personalized

calendar that can also record

your routine.

9- Gmail. Switch between

up to five accounts; organize

your mail by archiving,

labeling, starring, deleting,

reporting spam and both

sending and receiving

attachments. Gmail email

accounts also have large inbox storage

capacities.

10- Flight track pro. See flight details, get real-

time departure info, delays and gate numbers,

track all your flights worldwide, receive updates

on cancellations and find alternate flights. . © Zawya

FEATURED



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SUCCESS SECRETS

Managing social media crisisHandling PR crises and bad press in the social media era

By Alice Johnson

The rise of social media in the past five years has undeniably changed the internet landscape for good. This is all the more relevant for companies and brands that can – and have – received both positive and negative feedback from their customers on networking sites such as Facebook and Twitter. Handling these comments and feedback – particularly if it’s negative –needs to be done with careful consideration, as with any PR crisis.

A “PR crisis” can take the form of any “situation that negatively impacts the reputation of a company or a person, which could potentially have a detrimental effect on the business,” said Louise Mezzina, co-founder and partner, Mojo PR. “More extreme examples could be a plane crash or a hotel fire, while less obvious but by no means less harmful examples could be an inappropriate

ad campaign or unsuitable commentary by a company representative,” she added.

Surviving any “PR crisis” comes down to the “effectiveness of its rescue mission,” Mezzina continued. “Too often companies shy away from negative press hoping that if they ignore the situation it will simply disappear. This is akin to throwing fuel on the proverbial fire. Journalists and social media commentators are left to speculate. The rumor mill starts to spin. Distrust abounds. Sales plummet. Somebody or something invariably takes the fall.”

According to Mezzina, effective communication is the antidote for a corporate crisis; there are three golden rules by which to abide:

1. Act fast. Respond to a crisis proactively rather than reactively, by getting your message out before a story breaks or soon after. Saying “no comment” or keeping silent may be tempting, but the risk is that the media and the public will assume the worst. Your messaging may need to go through a number of layers of approval but by releasing a holding statement in the interim you can deflate the situation.

2. Be transparent. Don’t deny responsibility when your company is at fault or try to put a positive spin on the situation. Hiding the truth will seriously damage your credibility, especially when the public starts discussing any suspected dishonesty on social media channels. Honesty, sincerity and apologies go a long way,

especially if your actions speak louder than those words.

3. Be accessible and helpful. It is exceedingly necessary to keep the media and public on your side, and you will do this by keeping them informed. Be helpful by giving journalists, bloggers and customers the information they need. Issue regular updates to the media in the form of written statements and use your social media channels to maintain an open dialogue with the public. Most important, listen to their feedback as it can influence the direction your communication takes.

These golden rules also apply to dealing with bad publicity via social media. “The only difference is you have to act faster and be even more responsive as the communication now happens in real time,” she said. “Also, don’t hide behind the brand. People want to know there are humans behind the brand so put your head above the parapet and show that you are dealing with the situation. Remember, how you handle complaints on social media has the potential to convert an unhappy customer into a loyal one.”

Top five tips for dealing with negative comments on social media sites, by Louise Mezzina of Mojo PR:

1. Respond as fast as possible

2. Give more information. Answer questions and volunteer additional information. Provide a contact email or phone number in case people want to take their complaints offline.

3. Be honest and transparent. Customers will appreciate if you are upfront in your explanations and apologize when you are at fault.

4. Be human. Follow corporate guidelines but not the script. People want to interact with people.

5. Don’t take it personally. Negative comments are not often a personal attack and can provide valuable customer feedback. In exceptional cases, when a person makes irrelevant jibes, it is usually best to be the bigger person and simply ignore the post. Only delete a comment if the person is a repeat offender and causes unnecessary drama for you or your followers. But never delete a customer complaint.. © Zawya



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MARKETS UPDATE

Western economies continue their slow return to formA better risk tone has prevailed over the past week with improved data from Europe, the United Kingdom and the United States.

In Europe, growth has spill over from Germany to Italy and Spain where the economic data has also shown signs of improvement.

Meanwhile, the UK economy grew faster than expected as exports rose. The economy grew by 0.7% in the second quarter, with construction, manufacturing and trade leading the charge.

Across the Atlantic, analysts pored over the U.S. Federal Reserve meeting minutes, which suggested the federal open market committee was neutral on the issue of monetary policy. Most members of the committee believe that while the decision to taper should be data-driven, there was not enough evidence to justify a pull back at this time.

However, a number of economic developments have occurred since that July 31 meeting, which may have strengthened the committee’s resolve.

Unemployment rate has declined further while more companies appear to be on a hiring spree. Analysts expect second quarter GDP data to be revised higher while housing remains strong in spite of higher mortgage rates and higher inflation.

The improved data suggests that the Fed may be ready to reduce its asset purchasing policy soon.

In emerging markets, China and India seem to be on diverging paths. While the two economies had led global growth over the past few years, India has been faltering lately. GDP growth grew 4.8% - weakest since the Great Recession while the Indian rupee has fallen 17% since May.

Foreign investors have also been exiting the Indian stock markets as much-needed structural financial reforms are stalled and a coherent policy to revive the economy remains elusive.

Meanwhile, neighboring China’s economic data has perked up, with purchasing managers’ index and foreign direct investment both showing positive signs. PMI jumped to 50.1 points in August compared to 47.7 points in July, while FDI grew USD 71.4 billion in the first seven months of 2013 – up 7.1%.

In the Middle East, Gulf markets continue to

shine, even as the political situation in Egypt and Syria continues to worsen.

The UAE and Qatar bourses hit multi- year highs on a string of improved domestic and foreign economic data.

Domestic bellwether Arabtec’s better-than-expected results in the second quarter and Emaar Properties’ announcement that its revenues from housing and land sales doubled in the second quarter added to investor sentiment.

The value of announced merger and acquisition deals targeting companies in the region reached USD 10.6 billion in the first half of the year, more than double last year’s USD 5.1 billion figure, according to Ernst & Young.

Meanwhile, Qatar main market index crossed the 10,000-point milestone as the MSCI-upgrade surge keeps investors interested.

Currency: The euro and American dollar have been fighting for dominance lately as both regions see improved economic data. While

the euro set a six-month high of USD 1.3453 against the greenback in the third week of August, the American currency has also been edging up on Fed news. The dollar rose 0.3% to JPY 99.02, having hit a three-week high of JPY 99.15 on the Reuters trading platform.

Gold: Gold has been supported by the Fed’s impending decision of late, but subdued markets in China and India have kept it trading in a tight range. Gold was trading at USD 1,375 per ounce by August 23 – 20% below its price at the start of the year as fund outflows led the rout.

Oil: Brent crude prices remain elevated as crude oil production from Egypt, Syria, Yemen and, most notably, Iraq remain in doubt. Improved global economic environment coupled with supply worries has lifted Brent crude above USD 110 per barrel.. © Zawya


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Doha Securities Market: Five year high


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Dubai office real estate health monitor While regional analysts are worried about overheating in Dubai’s residential real estate sector, the office rental markets seems to be holding its own against other global cities.

The Dubai Land Department says real estate transactions in the first quarter stood at USD12-billion, a 63% increase over the same period last year, suggesting growth has returned to the city’s real estate sector.

Indeed, Dubai offered some of the best rental values of 10-20% growth, in a recent Jones Lang LaSalle survey of 13 of the world’s biggest metropolises such as New York, London, Hong Kong and Shanghai.

Dubai’s commercial real estate space has been more robust this year after posting deep losses over the past few years.

“The Dubai residential market appears to be experiencing a more broad-based recovery, with prices and rents now picking up in affordable secondary locations,” said Jones Lang LaSalle, which recently published a global report on office real estate.

“Despite the continuous growth in rental values and sale prices, there remains encouraging signs that the market has more mature characteristics than in the boom years of 2006 and 2007.”

The real estate consultancy believes that the limited availability of finance and the high

levels of future supply, in addition to the more rigorously enforced market regulations, “offer hope that Dubai may witness a period of modest growth rather than a speculative boom similar to that experienced in the previous cycle.”

Dubai also appears to score high on prime yield on commercial real estate, clocking 8.3%, behind Mumbai (10.1%), Sao Paulo (9%) and Moscow (8.8%).

The Royal Institution of Chartered Surveyors’ also placed the UAE market at the top of its Occupier Sentiment Index, and second in its Investment Sentiment Index.

“Further improvements in sentiment in both the occupier and investment segments of UAE real estate market show that the tone in the property industry is continuing to gain ground, reversing the negative pattern that

characterized the market from the back end of 2009 through till the middle of last year,” RICS said in its latest survey on global commercial real estate.

Still, the office space continues to see more supply, with more than 312,000 square meters of space flooding the market by the first six months alone, and additional 587,000 square meters could enter the market by the end of the year.

More than half the projects are expected to come on line in Business Bay area while Dubai International Financial Centre, Jumeirah Lake Towers, Dubai World Central and Dubai Investment Park will also see new office space.

In addition, there is stable demand for high quality freezone accommodation with Dubai Airport Freezone, Media City and Internet City all seeing high occupancy rates.

Due to the high occupancy levels witnessed in these freezones rental increases will occur in 2013, according to UK-based real estate consultants Knight Frank.

“Supply will continue to be absorbed by tenants consolidating their operations and taking advantage of cost saving solutions.”

Demand for office space over the next six months stand at 104,000 square meters, according to real estate consultants, which means ample supply will remain a core feature of the market.. © Zawya

REALTY CHECK


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Area AED sqm*Sheikh Zayed Road 1,290Emaar Square/Downtown 1,615Dubai International Financial Centre 2,530Dubai Internet City 1,720Dubai Media City 1,720Knowledge Village 1,720TECOM C 540Jumeirah Lake Towers 645Business Bay 540Deira 1,075Bur Dubai/Oud Metha 860Festival City 1,075

Source: Knight Frank Research; *Indicative rent for fitted accommodation

Commercial Rents By Area


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The ‘Global Calculus’ of U.S. tapering

War clouds in the Middle East overshadowed other global economic events, with the American dollar posting a four-week high against other major currencies.

While British lawmakers rejected a proposal to launch an attack against the Syrian regime, U.S. President Barack Obama has sought Congress approval to use military force against Bashar Al Assad’s government.

Lost in the geopolitical haze, the euro fell to a five-month low against the U.S. dollar as economic data emerging out of the Eurozone remained tepid.

Unemployment in the region fell for the second consecutive month, but it was not enough to bring the unemployment rate down which has stubbornly remained at 12.1% for the past five months – indeed, the number of European under-25 out of work rose in July.

The slow pace of economic recovery has raised concerns that other economic data from the euro region, such as an improvement in consumer spending and domestic growth, remains some way off.

Given the languid economic data emerging from Europe, analysts expect that the European Central Bank to reiterate its guidance on accommodative monetary policy at its September 5 meeting.

Meanwhile, the U.S. dollar continues to gain against European and emerging market currencies, as economic activity in the world’s largest economy gathers steam.

The dollar index hit a four-week high of 82.263 against a basket of other currencies while the euro touched a five-week low of USD1.3172, on August 30. The dollar also reached JPY 98.47, as the Japanese currency continues to weaken.

Emerging markets like India have also seen their currency plunge 10% against the U.S. dollar as investors believe the Fed unwinding will heighten asset price volatility and potentially delay much-needed investment in the country.

“The rupee could continue to be under pressure if the outflows intensify and the financials of corporate India could be further weakened,” said U.R. Bhat, managing director at Dalton Capital Advisors, in a column.

The U.S. gross domestic product rose 2.5% in the second quarter – beating initial estimates

of 1.7% according to the U.S. Commerce Department. Jobless claims had fallen by 6,000 to reach 331,000 by the third week of August, the U.S. Labour Department said.

The data has reinforced the market view that the U.S. Federal Reserve may start to tighten its monetary policy, which would lead to a strengthening of the U.S. dollar.

The Fed’s anticipated action has already resulted in a sharp rise in U.S. bond yields. Analysts expect the so-called Fed tapering – meaning slow unwinding of the monthly USD 85 billion of asset purchases – to be weighed towards Treasuries.

The Fed’s potential move has already viewed with great consternation by other economies.

Japanese and Chinese officials have urged the United States to be more open in its monetary policy actions so other countries can respond accordingly.

The calls come after International Monetary Fund managing director Christine Lagarde suggested central banks should not rush to exit unconventional monetary policies (UMP).

“I do worry that all the hard work of central banks will be wasted if not enough is done on other fronts—to adopt the admittedly more difficult policies needed for balanced, durable, and inclusive growth,” Ms. Lagarde told an audience at an annual event hosted by the U.S. Federal Reserve, titled ‘The Global Calculus of Unconventional Monetary Policies’.

The Fed action, expected as early as this month, may lead to great economic upheavals that will need to be managed. Indeed, an orderly Fed exit is crucial to the prospects of the fragile global economy..© Zawya

CURRENCY CORNER



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NEWS UPDATES

GCC economies remain resilientThe economic outlook for the GCC in the early stages of 2H has remained resilient, says EmiratesNBD. “Even within the broader context of relatively flat growth in hydrocarbon production, activity across the region’s non-oil economy has held up, suggesting a higher quality of growth this year.” - Zawya Dow Jones

Read full article

Saudi leads MENA sukuk market in January-July 2013The value of Islamic bonds issued globally from January to July 2013 slipped to USD 65 billion compared with USD 81 billion in the same period last year. However, the number of sukuk programs and tranches that were issued so far this year were relatively higher at 442 as against 417 in 2012, according to Zawya’s Global Sukuk Monitor data.- Zawya.com

Read full article

GCC market valuations still justify exposureInvestors looking for opportunities in the Near East would be better off considering Saudi and Dubai markets instead of Turkey, according to a bank.

Regional markets are on fire this year, beating their emerging market peers and showing a number of signs that investors are worried about overheating. - alifarabia.com

Read full article

Egypt to use Gulf billions to spur economyEgypt plans to avoid raising taxes or cutting spending but instead use billions of dollars in aid pledged by Gulf Arab states to spur the economy through new investments, Finance Minister Ahmed Galal said.

After Islamist President Mohamed Mursi was deposed by the army last month, Saudi Arabia, Kuwait and the United Arab Emirates promised Egypt a total of USD 12 billion in loans, grants and fuel shipments. Of that, USD 5 billion has already arrived. – Thomson Reuters

Read full article

Saudi Arabia holds GCC’s largest SWF assets at USD641bn Saudi Arabia has ranked first in the volume of assets of sovereign wealth funds (SWFs) among the GCC countries at USD 641 billion (SAR 2,400 billion) followed by the United Arab Emirates (UAE) at USD 397 billion (SAR 1,489 billion).

Kuwait came in the third rank at USD 395 billion (SAR 1,481 billion), followed by Qatar (USD 175 billion or SAR 656 billion), Oman (USD 14 billion or SAR 52.5 billion), and Bahrain (USD 11 billion or SAR 41 billion), local media said quoting a report by Moody’s Investors Service. – Arab News

Read full article


http://www.zawya.com/story/GCC_economies_remain_resilient__EmiratesNBD-ZW20130822000068

http://www.zawya.com/story/Sukuk_value_down_as_volumes_rise-ZAWYA20130813080534

http://www.zawya.com/story/Market_valuations_still_justify_exposure-ZAWYA20130819074425

http://www.zawya.com/story/Egypts_economic_push-TR20130820nL6N0GL3BP2

http://www.zawya.com/story/KSA_holds_GCCs_largest_SWF_assets_at_USD641bn-ZAWYA20130813034729


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Inbound MENA M&A values spike in first halfThe value of announced merger and acquisition deals targeting companies in the Middle East and North Africa region hit USD 10.6 billion in the first half of the year, an Ernst & Young report says. That’s more than double last year’s USD 5.1 billion figure. The figures were skewed, however, by two deals targeting Egyptian companies that were worth USD 8.3 billion. - Zawya Dow jones

Read full article

UAE central bank says monetary aggregate rose 7.8%The UAE Central Bank said during the first six months of 2013, monetary aggregate M2 increased 7.8% on year, while bank loans and advances surged 4.4%, and total bank deposits were up 7.5% year-on-year as a result of an increase in resident deposits by 9.2%.

“The rise of loans and deposits reflects that there’s greater confidence of investors in the UAE economy,” Dr Abdul Hameed, an Abu Dhabi-based economist at the ministry of economy told Gulf News by telephone. - Gulf News

Read full article

Qatar government spending growth slows sharply in 2012/13Qatar’s government spending rose 2.2% to a record SAR 178.2 billion (USD 48.9 billion) in its last fiscal year, slowing sharply from double-digit increases seen in the previous decade, official data showed.

It was the first time that the government’s annual spending undershot its budget plan since 1990 - a sign of the difficulties which Qatar is having in pushing forward huge and complex infrastructure projects. – Thomson Reuters

Read full article

Some GCC insurers face default risk: S&PA small number of well-established insurers are reaping the benefits of the fast-growing insurance markets in the Gulf Cooperation Council (GCC) region, Standard & Poor’s rating services said.

Meanwhile, inflated valuations and a reluctance to relinquish control are preventing smaller insurers from consolidating. In trying to avoid reporting losses, S&P said revenue-starved insurers could distort market pricing for all. – The Saudi Gazette

Read full article

Expectations grow for Saudi bourse opening to foreignersA long-awaited opening of Saudi Arabia’s stock market to direct foreign investment appears near, industry executives and fund managers say - a reform that could give equity investment in the Gulf its biggest boost for years.

Hopes have been raised and dashed several times over the last few years. While the Saudi government has long considered the reform and has been making technical preparations, it has never set a date for opening the market. – Thomson Reuters

Read full article. © Zawya

NEWS UPDATES


http://www.zawya.com/story/Inbound_MENA_MA_values_spike_in_1H__EY-ZW20130818000024/

http://www.zawya.com/story/UAE_central_bank_says_monetary_aggregate_rose_78_on_year-GN_18082013_190831

http://www.zawya.com/story/TR20121014nL5E8LE0WJ2

http://www.zawya.com/story/Qatar_government_spending_growth_slows_sharply_in_201213-TR20130819nL6N0GK19D2

http://www.zawya.com/story/Some_GCC_insurers_face_default_risk_SP-ZAWYA20130819040545

http://www.zawya.com/story/Saudi_bourse_opening_to_foreigners-TR20130822nL6N0GN0TP2/


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Training Courses

Valid at: Jebel Ali International Centre of Excellence

Emirates Jiu Jitsu Center> Receive a discount of 15% on classes

Valid at: Behind Mall of the Emirates, Al Quoz



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september 2013 vol. 2 - no. 14 - emirates nbd · 2014. 2. 25. · news update >> gcc...

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