BAHRAIN FINANCIAL HARBOUR CREATING A COMPLETE FINANCIAL CITY Bahrain’s financial landscape recently underwent a sea change. In a much-awaited announcement, His Highness Shaikh Khalifa Bin Salman Al Khalifa, the Prime Minister of the Kingdom of Bahrain, formally opened Phase I of the landmark US$ 1.5-billion Bahrain Financial Harbour (BFH), ‘The Financial Centre’, on 2 May, 2007 at a memorable and high-profile evening event. BFH was conceived in early 2000 as the regions first, financially focused, fully integrated mixed use water-front development comprising premium grade office space, high end retail/restaurant facilities, unique luxury residential concepts, hotels, and much more. Far-sighted efforts and persistent hard work have translated this vision into reality. Spread over 380,000 m2 of prime seafront property on the Manama Corniche, BFH was conceived with the dual aim of further enhancing the reputation of the Kingdom of Bahrain as the Financial Hub of the region, and for addressing the key issue of congestion in the current scattered financial district of Manama (Bahrain’s capital), by aggregation into a single purpose built “financial district”. The BFH model does not just ensure its financial sector tenants with significant value through prime scenic waterfront property but also facilitates optimal business gains through its integrated cluster model and next-generation technologically advanced office environment. Its technology blueprint has been designed to incorporate the four key areas of prime importance to tenants namely; security systems, communication systems, building management systems and air-conditioning systems. In a local context the technology blueprint ensures that BFH leads the field of stellar developments in Bahrain. The buildings are able to cater to the exhaustive needs of demanding local, regional and international businesses. Thus BFH boasts of some of the regions most technologically advanced systems that are designed to ensure optimal security and enhance energy consumption savings. The Security Systems implemented in accordance with the requirements of international financial institutions. It has also introduced the Wild Cooling concept for the first time in Bahrain. Through these various innovative and cutting-edge systems BFH will be able to optimally satisfy the complex infrastructure needs of its tenants and to position itself as one of the safest and friendliest facilities in the Kingdom of Bahrain. Additionally, being developed into a diversified range of office, residential, retail, leisure & dining components that will cater to all needs of the financial sector, the BFH development comprises 10 projects which are further sub-divided into 28 parcels, collectively offering over 1.5 million square metres of space. The projects are namely: Financial Centre, Commercial West, Commercial East, Harbour Row, Hotel, Residential South, Diamond Tower, Residential North, Bahrain Performance Centre and Dhow Harbour. The Financial Centre consists of three components – the two 53 storied iconic centrepieces namely the Harbour Towers, Harbour Mall and the Harbour House. The Harbour Towers provide office and commercial space for the financial services industry while the Harbour Mall is designed for exclusive, high-quality retail outlets, cafes, brokerage and trading firms and retail banking. Additionally the Bahrain Stock Exchange announced intended relation to Financial Center. The Harbour House is a 12-storeyed building that is almost circular with an average office floor diameter of 28 metres and is directly linked to the Harbour Mall via a suspended bridge. With a business model and product mix such as BFH’s it is no surprise that In recent times it has evoked significant interest from global audiences and even been dubbed the Canary Wharf of the Middle East. BFH’s innovative and cutting-edge systems combined with tenant-friendly security systems, communication systems, building management systems and air-conditioning systems have seen many large financial sector and retail brands move in. Recently, it has appointed internationally renowned real estate consultants Cluttons as Leasing, Sales, Marketing and Managing Agents. BFH being a “completely connected set-up” is designed to offer a financial sector focused world class integrated master-planned development. It is the first development of its kind in the Middle East which uniquely combines business, leisure and residential components under one canopy and by evolving a highly focused, committed and advanced financial environment; it is and will continue to attract inward investment to Bahrain.Companies that have chosen BFH include Gulf Finance House, Khaleej Commercial Bank, MENA Telecom, DHL, Aramex, Servcorp, Jawad Business Group, Alshaya Trading, Dexia Asset Management and Reuters.

 

BANK SADERAT IRAN Bank Saderat Iran was established on 6th September 1952 with a capital of I.Rls. 20 million, divided into 2,000 (50% paid up) share of I.Rls. 10,000 each. The bank capital was later increased to I.Rls.948 billion. The Bank commenced official operation on 13th November 1952 with a Board of three Directors and 20 employees, comprising 13 employees working directly behind the counter with an Administration back up of 7 employees. The second branch of the bank was opened on 31st December of the same year with a third branch opening on 28th March 1953, currently the bank has over 3500 branches in Iran and on other countries. With nearly half a century of banking experience gained within its banking network both in Iran and aboard, Bank Saderat Iran has been able to offer quality specialized financial services to its customers and this provides a sound grounding for future business expansion and, it is with this in mind that we look to the future. Bank Saderat Iran is one of the largest retail and commercial banks in the Middle East. In the United Arab Emirates we have 8 branches which are very active in offering various banking services to the residents, national expatriate businessmen as well as the individual clients. Based on the recent information that was produced by the Emirates Bankers Association of the United Arab Emirates, Bank Sadrat Iran, is ranked 3rd among all foreign banks in the Emirates. We are mostly involved in trade financing especially the trade between the United Arab Emirates and Islamic Republic of Iran. Therefore, Bank Saderat Iran is one of the main banks that finances such activities. Likewise, many Iranian businessmen tend to export goods to Iran from other parts of the world. Therefore, they approach us for the services related to their business and banking activities and appropriate our good position for the efficient and fast services offered to the customers. In 2006 our total profit was more than Dhs.495 millions. Comparing our owner’s equity of 1,495 million (comprising of capital 676 million, legal reserve 172 million, the retained profit 346 million and subordinated loan 300 million), with the other banks, Bank Saderat Iran is one of the most successful banks in getting the income and the profit pertaining to our assets.

 

CENTURY FINANCIAL BROKERS LLC

 

DUBAI INTERNATIONAL FINANCIAL EXCHANGE The Dubai International Financial Exchange (DIFX) is the international stock exchange designed as the main gateway to opportunities in the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent providing regional issuers with access to international and regional investors and being the conduit for international, retail & institutional investors seeking exposure to the region. The DIFX complements other exchanges in the region thereby filling the financial gap between Western Europe and East Asia in a region with a population of 2.2 billion and a GDP of $ US 2.1 trillion. Issuers The exchange provides regional issuers with unprecedented access to international investors, through the DIFX’s unique membership base of international & regional banks. International issuers have unprecedented access to investors in the wealthy and rapidly growing DIFX region. As its market develops, the DIFX will offer a wide range of investment opportunities in exciting new products. Many of these will be new to the region. The DIFX intends to become the platform of choice in its region for a range of: Equities, Bonds, Funds, Islamic Products, Structured Products & Derivatives. Investors The DIFX is unique in its region because its standards are comparable to those of leading international exchanges, such as those in New York, London and Hong Kong. The Exchange offers investors a broader range of securities than any other in its region, including companies with roots from around the globe. Ordinary shares have been listed by Al Baraka Banking Group, Furtune Management and Kingdom Hotel Investments. The DIFX is the largest exchange in the world for Sukuk by listed value, with 44% of the total. In December 2006 the Nakheel Group, builder of the Palm and The World property developments, listed the world’s largest Sukuk at $3.52 billion on the DIFX. Members DIFX members have the opportunity to operate and make markets in a large and highly liquid market, in a region where international participation has until now been limited. The DIFX provides Members with an efficient and cost-effective technology infrastructure operating to international standards, as well as a market with world-class, independent regulation. The exchange within 15 months of starting its operations has 18 Members – ABN AMRO, Abu Dhabi Commercial Bank, Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, EFG-Hermes, Hichens Harrison, HSBC, Jefferies International, KAS BANK, Mashreq Capital DIFC Ltd, Merrill Lynch, Morgan Stanley, National Bank of Dubai, SHUAA Capital, Standard Chartered and UBS. Building Liquidity The exchange reached an important agreement with Euroclear Bank in November 2006 under which DIFX Members will be able to settle cross-border DIFX securities transactions with Euroclear Bank clients. Academy The DIFX Academy is the training arm of the Dubai International Financial Exchange launched in May 2005. The main objective of the Academy is to increase awareness, knowledge and become the primary source of capital markets & financial training in the region. Today’s competitive market demands that practitioners and investors have the right education when it comes to financial services. The aim of the DIFX Academy is to have a fully integrated financial education and accredited programs that will contribute positively to the availability of a local skills base.

 

DHL celebrates three decades of excellence in the middle east DHL is celebrating 30 years as the Middle East’s leading express and logistics services provider. The Deutsche Post World Net subsidiary has expanded significantly over the years starting from a small office in Sharjah to its current vast regional network. Currently, the company employs over 2,200 employees in the Middle East and has offices in 15 countries across the region including Afghanistan, Bahrain, Iran, Iraq, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, UAE, Egypt, Libya and Yemen. The express logistics sector in the Middle East is forecasted to grow from 15% to 20% per annum for the next 3-5 years. Today, DHL Express Logistics operations are represented in eight countries across the region bringing the essence of express to complement traditional supply chain logistics. Consolidating express service categories into a single end-to-end solution, the company’s services provide door-to-door distribution for time/day definite heavyweight and high value goods, and gives control, visibility and flexibility to customers. “In an environment as dynamic as the Middle East, DHL will continue to bolster its traditional express delivery capabilities and provide a solid platform to meet customers’ specific express and logistics needs,” said Phil Couchman, Area Director, DHL Middle East. As part of DHL’s vast service offering, banks and financial institutions benefit from customised solutions meeting their needs, which require a constant support for precise deliveries of time critical shipments. DHL Express Services is built around the banking and finance sector’s need to make the right cost efficient decision regarding their shipment requirements to anywhere in the world. “DHL continues to provide to our banking and financial industry customers with innovative, customised and comprehensive express and logistics solutions to their business needs. Customers entrust us with the complete logistics process of their shipments and we in turn provide them with a ‘one-stop’ solution to their needs,” Couchman added. Building on 30 years of achievements in the Middle East and leveraging a strong air/road network with a proven record of consistent delivery of world-class services, DHL Express Logistics is creating a new market through diversification of product offering in the express logistics sector to establish the biggest and most effective footprint in the Middle East market and further demonstrate its leadership position.

 

GALADARI ASSOCIATES The convergence of capital and insurance markets has opened up a plethora of opportunities on both sides of the divide. Following September 11th, 2001 capacity constraints and high premium levels have characterised the insurance industry. Increasingly, insurance risk is being passed on directly of the capital markets. Alternative Risk Transfer solutions can offer cheaper and more efficient cover to corporate cedents, retro opportunities to primary insurance companies and systemic risk protection to the reinsurance industry. Galadary & Associates Alternative Risk Transfer team is experienced in the convergence of the re/insurance and capital markets. Our primary goal is to help clients achieve their corporate and strategic objectives through the legal design and placement of bespoke risk solutions. We effectively blend the diverse range of skills within our environment and though our work with the investment banking experts to deliver the optimal solution for our customers. To achieve this, we drive the process through the conceptual design phase, indicative pricing, marketing and ultimately the successful placement of the transaction. For further information on alternative risk transfer, please contact Bode Wilfred, Senior Legal Advisor, on Tel: +971 4 393 7700 or email: bode@galadarilaw.com

 

LogicaCMG LogicaCMG is a major international force in IT and business services. It employs around 40,000 people across 41 countries. LogicaCMG’s focus is on enabling its customers to build and maintain leadership positions using LogicaCMG’s deep industry knowledge and its track record for successful delivery. The company provides business consulting, systems integration and IT and business process outsourcing across diverse markets including telecoms and media, financial services, energy and utilities, industry, distribution and transport and the public sector. LogicaCMG has been providing services to clients in the Middle East since 1980 and has deep knowledge of the financial services industry with over 5,700 professionals engaged in the sector. That knowledge is built on four decades of working closely with clients around the world to resolve complex business, market and regulatory challenges. We provide end to end services including consulting, systems design and integration, specialist products, managed testing, outsourcing and offshore sourcing capabilities. We have helped shape the financial services industry: from the design of the SWIFT system to the implementation of internet banking services; from development of central clearing systems to the design, transformation and operation of entire business processes. As vendor independent industry specialists, we deliver the right solutions using a range of applications to ensure clients achieve their business goals and release their potential. Our added-value solutions Payments Reducing costs, enabling new services, managing risk, delivering flexibility, driving growth, ensuring security, easing liquidity. Effective Operations delivering efficiency and effectiveness, driving growth, reducing costs, reducing time to market, managing revenue. Risk and Compliance ensuring compliance, minimizing exposure to fraud, preventing money laundering, increasing transparency. More information is available at www.logicacmg.com