october 2012 vol. 1 - no. 1 - emirates nbdsolid business relationships, trumping the lengthy...

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News update

>> Dubai may issue bonds if needed to meet 2013 debt obligations: official

>> Dubai’s Emirates plans bond sale to finance aircraft

>> Emirates NBD extends banking operations to China with Beijing rep office

>> QIB UK to launch first sukuk-linked note

>> DP World sells half of Yemen Port, restructures Belgian operations

>> Egypt-based Islamic finance firm eyes USD100m investment

>> Arcapita takes steps to secure unique bankruptcy financing

>> World Bank recommends pension fund for expats in Dubai

>> MENA region has 5,000 ultra-rich individuals: Report

>> Qatar’s Doha Bank plans 50% capital raise in Q1 2013

Par(tners) for the course: The growing power of business golf

Globalization, generalization and adaptation: The three keys to successful leadership

Regional markets rise on central banks action but China remains a worry

Dubai residential: Clear signs of recovery but still long way to go

Gold outlook for the 4th Quarter 2012 and the 1st Ouarter of 2013

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

OCTOBER 2012 Vol. 1 - No. 1

inspire Vol. 1- No. 1

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Par(tners) for the course: The growing power of business golf By Philip Weiss of Zawya

Yesterday, there was the business lunch. Today, there is business golf. But business golf, like leisure golf, has its own set of rules. It will test you in a multitude of ways,

while giving you insight into your opponents and how they cope with success and failure.

The adventure through greens, fairways, bunkers, and other hazards remains one of the greatest ways to build and maintain solid business relationships, trumping the lengthy corporate lunches where business used to get done.

Doing four to five hours across 18 holes can give you undivided, uninterrupted quality time with a potential new client.

A game of golf brings an additional element of enjoyment and competitive excitement into our routine day, says Stephen Hubner, head golf pro at Dubai Creek Golf & Yacht Club.

“Golf tests the mind and body together in a social setting that is excellent for connecting with people. Whether you play a two-hour nine-hole or four-hour 18-hole game or participate in a beginners’ golf clinic for an hour, it allows you to build and maintain solid connections through which business often follows,” said Hubner.

Business these days is all about the connections you make and strong networking. Connections that are made on the golf course often stay as they bond people in an equal way and ensure that have human contact rather than just relying on technology.

What are Hubner’s tips before hitting the golf course? Start early. “Start learning the

game of golf so that you can confidently play along with business associates.”

A round of business golf should be seen as a ‘six-hour sales call’ including post-round drinks or dinner, says Bill Storer, the president of Business Golf Strategies in Basking Ridge, New Jersey, US.

Picking your partner wisely is rule number one, says Storer, a 22-handicapper. “You want to play with decision-makers, not the golfers who can shoot the lowest scores,” he said. The bigger question remains: to win or not to win. The handicap system can be good way to establish even ground while playing to your ability.

But taking business out of the boardroom should still remain just that, business. Pay attention to the personality of your opponent. If your playing partner is solemn and serious, act accordingly, says Storer. The course isn’t a stage, but you’re still performing. Just as you get to see them in an informal setting, they get to see you, too.

According to Brad Brewer, a PGA professional and founder of the Brad Brewer Golf Academy in Orlando, deals are rarely closed after the 18th hole. His advice is not to take yourself, or the game, too seriously. The goal should be to build and strengthen the business relationship.

“A lot of it is just common sense and common courtesy,” said Brewer, author

of Mentored by the King: Arnold Palmer’s Success Lessons for Golf, Business and Life.

In the book, he outlines 35 principles he has learned from the pros and on playing golf in a business setting. Five of the most relevant ideas might seem simple but they could change everything on the course:

Always give a firm handshake: You can tell a lot about a person based on his or her handshake, whether in business or on the golf course. Make sure you leave a strong lasting image.

Don’t dwell on yesterday’s news: To be competitively ready, get your thoughts off yesterday and deal with today.

Practise like a pro: The steps in the march toward victory begin weeks, if not months or years, in advance. Don’t try to hit the ball before you’re ready.

Use fear for fuel: In business, you can’t be afraid to take a chance and fail, which makes winning even sweeter.

Befriend your enemy: Don’t think about your competitors as enemies, but as a challenge for you to work harder.

During your time on the course, keep in mind that patience is a virtue and always avoid discussing business before the fifth hole or after the fifteenth.© Zawya

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HOME | FEATURED | SUCCESS SECRETS | MARKETS UPDATE | REALTY CHECK | EXPERT SPEAK | NEWS UPDATE | EVENTS & PROMOTIONS


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SUCCESS SECRETS

Globalization, generalization and adaptation: The three keys to successful leadershipBy Jude Hardy of Zawya

Who is your idea of a great leader? Napoleon? The Dalai Lama? Mahatma Gandhi? Martin Luther King? All leaders have common traits that made them popular, concise, noble and worthy of their status as great leaders. Do you think you’ve got what it takes to be a great leader?

Since Apple CEO Steve Jobs died, his status as a great business leader is more evident than ever. But think back to the early 1990s. Where was Apple then? The answer is: in a bad place. It wasn’t until 1996 when Jobs returned to the company that Apple really hit the headlines again.

“One of the characteristics of a good leader is to be a good re-builder,” Panos Manolopoulos, vice president of Europe and ME&A at Stanton Chase, told Zawya.

“To stumble and then fall and then re-do the organization. Jobs’ case was lost with Apple in the early 1990s; Apple was a dead company – and he rebuilt the company,” Monolopoulos said.

Does this mean to be an effective leader you need to be the CEO of one of the most successful multinational companies in the world? Not necessarily. Manolopoulos outlines three levels at which an effective leader should be working:

Behavioural: At this level, the leader should be able to understand both the general corporate culture as well as the culture of the organization.

Emotional: At this level, the leader needs to understand and deal with people and employees of different cultures, nationalities and personalities.

Cognitive: At this third level, the leader should understand that continuous change is par for the course and that one needs to deal with unprecedented change – the kind that can’t be predicted at any time.

Along with these three levels come three major characteristics of a leader.

Global awareness: Effective leaders need to be globally aware; thinking globally but acting locally in the organization. “The leader has to assimilate this bombardment of global knowledge and the fast-paced information and translate this into the organization. The leader has to understand what’s going on in the world,” Manolopoulos said.

Generalizing, rather than specializing: In the past, leaders were expected to be specialists in their area of expertise – think high-level IT professionals or successful bankers. However, in the past decade, Manolopoulos said, specialization has moved to generalization. “Leaders should have a general knowledge and understanding of the world, which is changing rapidly. All the disciplines are highly interdependent,” he said.

Adapting to change, quickly: The third characteristic any effective leader needs to have in order to succeed is the ability to adapt to change quickly. Not only this, but they need to be quick, continuous learners. “They have to keep up with new

technologies, be able to keep up with changes in the world and they should be able to transfer all of this knowledge into their own organization,” Manolopoulos said.

So, have you got what it takes to be a great leader? Being able to handle uncertainty is also a major factor. “We’re living in a very volatile world and we’re living in a world where things are changing in the one era that succeeds the other very quickly. It took us years to move from a natural, industrial economy and now the digital economy is changing every five to 10 years. At the same time, cycles of financial ups and downs are becoming more unexpected, interdependent, volatile… If a leader is not ready to handle this...,” Manolopoulos said.

Finally, ethics is all-important, he said, noting the prevalence of corporate social responsibility in the modern business world.

“The leader is like the captain of a ship. If the ship is going to hit the rocks, there are a number of things that might happen. First, people are panicked, people want to leave the boat, people don’t believe in the leader and the consequences can be catastrophic,” Manolopoulos said.

“Poor leadership is something decisive for the history and future of any organization. It’s critical.© Zawya



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MARKETS UPDATE

Regional markets rise on central banks action but China remains a worryGlobal markets soared in early September in the hopes that the U.S. Federal Reserve will announce the third iteration of its quantitative easing program. And the Fed did not disappoint, announcing QE3 on September 13, pledging to buy USD 40 billion worth mortgage-backed securities every month, and continuing its bond-buying programme till at the least the end of the year.

Chairman Ben Bernanke also announced that the Fed will continue to print money to make these purchases until the employment and economic outlook improves. To remove further uncertainty from the market, Bernanke promised keep interest rates near zero till at least mid-2015.

Such open-ended Fed support, coupled with European Central Bank and Bank of Japan’s bond-buying programs, boosted global markets and propelled oil and gold prices upward. But the euphoria may be short-lived as the most recent Chinese trade data suggests it could take a while for the Asian economic giant to complete its turnaround. More importantly for Gulf crude exporters, Chinese oil imports fell to a 22-month low in August.

Elsewhere, ratings agency Standard & Poor’s weighed in, suggesting there is a 20%-25% chance of a recession in the U.S. economy, further deflating investor sentiment. “Chances of a quick turnaround are around 15%,” said Standard & Poor’s deputy chief economist Beth Ann Bovino.

With the Eurozone still working through its massive financial and debt issues, the global economy looks set to meander through the recovery path till at least next year.

Dubai remains the best performing market in the Gulf, up nearly 18.6% year-to-date, with Saudi Arabia up 10% and Abu Dhabi clocking a 9% improvement from the start of the year.

Barring any new significant global headwinds, regional markets should remain steady on the back of domestic growth and improved macroeconomic indicators. The

International Monetary Fund expects the Saudi economy to post 6% real GDP growth this year, 4.2% in 2013 and 3.8% in 2014. The Fund expects the kingdom’s GDP to cross a mammoth USD 700 billion by 2014.

Data from online recruitment consultancies also suggest corporate hiring in the emirate saw double-digit growth this year. Not surprisingly, hospitality and retail jobs led the way.

CURRENCY & GOLD

Gold could well be the biggest beneficiary of the Fed’s quantitative easing program as it serves as a hedge against the American dollar and a safe haven in times of economic uncertainty. Many market observers predict gold could touch USD 2,000 per troy ounce by next year as investors seek shelter from a weakening greenback. Gold has already risen 13.48% this year (till September 20),

and that trend could accelerate as investors and central banks continue to buy the yellow metal.

Meanwhile, the U.S. dollar fell against major currencies after the Fed announcement. The euro hit USD 1.3169 on September 17 – a four-and-a-half-month high as traders bet against the dollar. Sterling rose to its highest level in 13 months on September 21 at USD 1.6310, while an American dollar fetched 78.14 yen, well below a one-month high of 79.21.

OIL

The Brent benchmark has been volatile this year, rising 3.76% year-to-date to reach USD 111.42 per barrel by September 20. Crude has moved back and forth throughout the year as it’s torn between a decline in supplies from Iran and non-OPEC countries, and falling demand in emerging and developed economies.

While crude prices shot up immediately after the Fed’s QE3 announcement, Saudi Arabia and its OPEC allies immediately moved to keep a tight lid on prices. Major oil exporters are aiming to keep crude prices around the USD 100 per barrel ‘sweet spot’, which they believe will not destabilize the global economy and also ensure their own fiscal cushions remain intact.© Zawya



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Dubai residential: Clear signs of recovery but still long way to go

Reports suggesting investors are lining up to buy Emaar Properties’ latest project offering is yet another sign that Dubai’s real estate market is recovering after four consecutive years of decline. While the queues are heartening to see and suggest investor enthusiasm is returning, there should be no

doubt that there is a long way to go before the sector can claim to have fully recovered.

Dubai Land Department data shows real estate transaction values stood at around USD 39 billion in the first eight months of 2012, compared to AED 80 billion at the peak in 2008.

While there was a slight pick-up in apartment and villa prices earlier in the year, they remained unchanged over the past quarter, according to Asteco, the real estate management company. Rental rates jumped by 2% for apartments and 3% for villas during the second quarter largely due to shortages of larger units, such as three-bedroom apartments or townhouses.

DIFC still commands the highest price among Dubai apartments at AED 14,000 per square meter, but rates remained flat over the second quarter. There was not much price movement in popular areas such as Downtown Dubai and Jumeirah Beach Residence either, but the Greens community saw a 3% jump in the quarter, Asteco data show. Palm Jumeirah villas fetched AED 17,200 per square meters – the highest residential prices in Dubai. Jumeirah Village was at the other end of the price spectrum, realizing AED 5,400 per square meter.

Dubai is also reportedly issuing two-year visas for investors buying property exceeding AED 1 million, in the hope of attracting

high net worth individuals. The strategy is especially favourable at a time when citizens of many neighboring troubled countries like Iran, Pakistan, Egypt and Syria are looking for safe havens.

Dubai’s Real Estate Regulatory Agency (RERA) is beefing up regulation of real estate management companies in the aftermath of a real estate scam. RERA is doubling leasing license fees for property management and leasing companies and also clarifying rules to ensure tenant and investor rights. More than 6,000 real estate companies operate in the emirate with 200 focused on property management and leasing, and the department is looking to monitor their activities more effectively.

While Dubai has embarked on the long journey to recovery, Abu Dhabi’s residential real estate market is further down the recovery cycle. The capital continues to see significant increases in supply at a time of

weak demand, causing rents to fall further. Real estate consultancy Jones Lang LaSalle estimates nearly 3,000 units were added to the Abu Dhabi market in the first half of the year, bringing the emirate’s total housing stock to 200,000. That figure could rise to 238,000 by 2014 if the delayed projects finally come on line.

The industry is looking at innovative ways to manage the downturn. JLL reports rent-to-own schemes have become more prevalent in the capital and are now available in three investment areas: Reem Island, Raha Beach and at the St. Regis Residences and the Saadiyat beach villas on Saadiyat Island.

Nevertheless, rental prices continue to decline. The emirate saw residential prices fall 4% in the second quarter – implying a decline of nearly 51% from their peak in the fourth quarter of 2008.© Zawya

REALTY CHECK

ROAD TO RECOVERY: DUBAI’S TRANSACTIONS AND VALUES

2006 2007 2008 2009 2010 20112012 (up to Aug.)

Transactions 2,611 7,283 19,878 24,343 17,445 19,110 16,986

Value (AED billion) 18.63 50.51 84.47 39.19 32.66 39.95 35.07

Source Dubai Land Department



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Gold outlook for the 4th Quarter 2012 and the 1st Ouarter of 2013By Gerhard Max Schubert Head of Precious Metals – Emirates NBD

We do expect a bullish base scenario for the rest of 2012 as there are still very compelling arguments for a basic long position in a customers portfolio. The drivers, which have propelled the gold price to the current levels of approx. US $ 1780 per ounce are still valid and the overall macro outlook for gold has improved even further.

The European Sovereign Debt issues and the problems surrounding the Eurozone in general and the ECB in particular creating atmosphere of mistrust and uncertainty

in one of the major reserve currencies in the world. I also want to mention, without getting into to much detail, the potential exit of Greece from the Euro currency zone, the troika reports, potential bail-out requests from Spain , the possible request for aid from Italy and the sky-high expectations in the big bazooka from the ECB.

These developments on their own are scary enough without even contemplating the economic problems of the US, the worlds largest reserve currency. The Presidential election will take place on November 5 and there are only eight weeks after this date left to address the issues of the so called “fiscal cliff”. A failure would automatically trigger tax rises and spending cuts which would not be seen as contructive in the attempts to boost the US economy. The US also has to address the recurring question of raising the debt ceiling level late in 2012 or latest in early 2013. The economic date out of the US gives a very mixed picture at best but the most prominent issue is and remains for the foreseeable future the level of unemploment in the US. The Federal Reserve Bank has extended their guidance of near zero-interest rate policies until the middle of 2015 to the financial markets, and topped this with a QE3 program of purchasing mortgage backed securities to the tune of US $ 40 billion each and every month until a significant improvement in the Labor market is visible and sustainable.

These stimulus programs have been the flavour of the year with China increasing spending programs, while the UK, Japan all running programs to boost the local economies in this time of stagnation. The financial markets are looking at these programs also as attempts to debase, at least partially, their currencies, in the hope of being able to achieve a competetiveness advantage against other economies.

All of these macro-economic developments are increasing the positive outlook for gold. Furthermore, there are clear indications that more direct purchases of gold from Central Banks and other supra-national institutions are taking place and effectively providing a bottom of the current price cycle. We do expect, in line with other analysts, prices to reach US $ 1975 within 2012 and we agree with a predicted rise of gold prices towards US $ 2100 within the 1st Quarter of 2013.

These issues and drivers mentioned should be re-visited on a regular basis in order to check the validity of the individual investment decision, but it seems that there are still many more potential buyers out there, awating a setback in order to add to their holdings, as there are sellers out there, other than the sporadic profit-taking sell-offs.

I also suggest to start looking in 2013 for signs that these stimulus programs starting to invite inflationary pressures, which could

also be construed as being potentially positive for the gold price.

Emirates NBD recommends that a prudently managed portfolio should contain between five and ten per cent of its allocation invested in gold or gold related products.

EXPERT SPEAK



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NEWS UPDATES

Dubai may issue bonds if needed to meet 2013 debt obligations: officialIssuing bonds is one of several options that the Dubai government is considering to ensure it settles AED 6.5 billion (USD 1.77 billion) of sovereign debt that falls due in April next year, a senior Dubai official said.

The Government of Dubai’s department of finance issued in 2008 a two-tranche bond worth AED 6.5 billion (USD 1.77 billion), which is due to mature on April 23, 2013.

“It is too early to take a decision on the matter as it depends on Dubai’s national budget and other obligations,” Abdulrahman Al Saleh, director general at the emirate’s department of finance, told Zawya Dow Jones. “All options are on the table and issuing bonds is one of those options. We may issue bonds if needed.”

Dubai last issued conventional bonds in June 2011. It sold USD 1.25 billion worth of sukuk in April.

An improving economy has helped a number of Dubai government-related entities wade through some chunky debt repayments this year. Trade and tourism, two pillars of Dubai’s economy, have enjoyed a rebound over the past year partly because of the UAE’s stability amid Arab Spring unrest elsewhere in the region.

Dubai’s Emirates plans bond sale to finance aircraftEmirates, Dubai’s flagship carrier and one of the world’s biggest by passenger numbers, plans to issue bonds as part of a broader financing strategy for its aircraft orders worth billions of dollars.

“We have a fleet order to buy planes worth USD 62 billion, and for sure we will go to the markets to finance these orders, through various financial instruments,” President Tim Clark said in an interview to Reuters. “Yes, we will issue more bonds in the coming period.” Clark did not provide a specific time frame for bond sales or the amount that the airline was looking to raise.

The airline, part of a matrix of state-owned firms referred to as Dubai Inc., last tapped global debt markets with a five-year USD 1 billion bond in 2011 with a coupon of 5.125%.

Emirates’ cash balance stood at AED 15.6 billion (USD 4.25 billion) as of March 31, 2012. In June, the company reported a 72% drop in 2011 net profit following a steep rise in fuel costs.

Emirates NBD extends banking operations to China with Beijing rep officeEmirates NBD announced the inauguration of its Beijing Representative Office, underlining its commitment to businesses in China and the Gulf Cooperation Council (GCC) countries that seek to expand their footprint across all markets where Emirates NBD has operations.

Emirates NBD’s Beijing Representative Office was officially inaugurated by Vice Chairman Hesham Abdulla Al Qassim, in the presence of senior bank management, including Rick Pudner, Chief Executive Officer; Mohammed Hamad Al Shehi, Board Director and James Wu, China Representative, Emirates NBD.

The opening of the Beijing Representative Office is part of Emirates NBD’s international expansion strategy, and is the bank’s first office in China. It will serve as a liaison point to facilitate and better serve the bank’s clients in their business activities in the world’s most populous nation and in the high-growth Middle East region.

QIB UK to launch first sukuk-linked noteLondon-based QIB UK, a subsidiary of Qatar Islamic Bank, plans to launch two structured products this month including a note linked to a sukuk, its head of asset management told Reuters. It will be the first time in the industry that a structured note uses a sukuk as an underlying asset, Anouar Adham, head of asset management at QIB UK, said.

The capital-protected note will be based on a five-year sukuk which QIB is expected to issue soon, he said. The firm has raised USD 153 million through the first six products of its “Hemaya” structured note program; the previous notes were linked to equities listed on the Qatar, Saudi Arabia and Abu Dhabi stock exchanges.



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DP World sells half of Yemen Port, restructures Belgian operationsDubai’s DP World it has sold its 50% shareholding in its Yemen ports business to its local joint venture partner there, Reuters reported. “The value of the gross assets divested by DP World Limited is USD 27 million,” the world’s third biggest ports operator said in a brief statement posted on the Nasdaq Dubai website.

The company also sold some non-core operations in Belgium as part of a series of disposals of assets in developed countries. The value of the assets sold was USD 61 million, DP World said in a bourse statement. The group, one of the more profitable parts of debt-laden Dubai World and which operates three terminals in Belgium, gave no other financial details.

The company said it sold its stake in DP World Breakbulk and AProjects to a company called Orienta. DP World Breakbulk is a joint venture formed in 2007 and operates a general cargo terminal at the Port of Antwerp, while AProjects offers logistical services.

Egypt-based Islamic finance firm eyes USD100m investmentCairo-based Ridge Islamic Capital said it has USD 100 million to raise its capital and invest in funds over the next two years to tap a growing market for Islamic finance, Reuters reported. The firm was launched on September 19 after Dubai-based regional investment company Ridge Solutions International Holdings, which is providing the USD 100 million, acquired Egyptian investment banking and asset management firm El Rashad.

El Rashad operated on conventional financial lines but Ridge said assets that it managed would now be converted to be Shariah-compliant, according to a timeline set by a Shariah compliance board, likely to be about two years. Future investments would all meet Islamic principles.

Arcapita takes steps to secure unique bankruptcy financingArcapita Bank won bankruptcy-court permission on September 19 to move forward with talks to line up what could be one the first bankruptcy-financing deals compliant with Islamic Shariah law, Reuters reported.

Judge Sean H. Lane of the U.S. Bankruptcy Court in Manhattan authorized Arcapita, a Bahrain investment firm, to pay up to USD 500,000 to cover the expenses incurred by the lender it will soon choose to provide what Arcapita’s attorney called an unusual financing package.

“We are looking for Shariah-compliant post-petition financing, which to our knowledge has never been done before,” said Arcapita attorney Michael A. Rosenthal, a Gibson, Dunn & Crutcher partner. In court papers, Arcapita said it is hoping to secure between USD 150 million and USD 200 million. It said the financing would likely be a Shariah-compliant murabaha, a facility in which the company would buy commodities at a marked-up price and then sell them to a third party to avoid Shariah’s general ban on borrowing money with interest.

World Bank recommends pension fund for expats in DubaiThe International Bank for Reconstruction and Development (World Bank) has recommended the establishment of a pension fund for expatriate employees in Dubai, reported Emarat Al Youm newspaper. The recommendations were made in a study by the bank at the request of the Department of Economic Development in Dubai (DED).

The fund will revitalise business in the UAE, says the World Bank report. The fund will also help provide a decent life for expatriates and their families when they retire, added Ali Ibrahim. The study was done in accordance with international best practices, while respecting the local aspects.

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MENA region has 5,000 ultra-rich individuals: ReportThe Middle East North Africa region welcomed 100 new ultra high net worth individuals, as the region’s nearly 5,000 richest people avoided the worst of the global economic crisis and regional turmoil, according to Wealth-X, a Singapore-based wealth consultancy, reports Alifarabia.com.

There are a total of 4,950 UHNW individuals in the region, with a total net worth of USD 732 billion. However, the combined wealth of the Middle East UHNW population saw a decrease of 1.3%, the consultancy noted. UNHWs are individuals with more than USD 30 million in investible assets, according to the consultancy.

Wealth-X data shows Saudi Arabia led the region with 1,265 UNHWs, gaining 30 new individuals in the year, as high oil prices and record crude production, combined with a USD 130 billion stimulus package opened a bonanza of opportunities for the country’s wealthiest businessmen and entrepreneurs.

There are 810 UHNW individuals in the UAE and 300 in Qatar. Of these, the UAE has 35 billionaires worth an average of USD 1.1 billion each.

Qatar’s Doha Bank plans 50% capital raise in Q1 2013Doha Bank, the Qatari lender which issued a USD 500 million bond in March, plans to raise its capital by 50% in the first quarter of 2013 to meet strategic business requirements, Reuters reported. Doha Bank’s board of directors approved plans for a capital hike, and will now seek approval from shareholders at an extraordinary general assembly, a bourse statement said.

No details of how the bank plans to raise capital or the size and date of issue were provided in the statement, which said these would be disclosed after the necessary studies and approvals were in place.

© Zawya

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Truth: You have set goals for business growth

Reality: Make them come true with ourPersonal Loans for Self Employed

SMS ‘PL SELF’ to 4452


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Smart saving wins you smart prizes and smart returns of up to 2.25%

Win 20 Samsung Galaxy S3 phones and 10 Samsung Smart TVs!Open, operate and save in your online Smart S@ver Account to earn up to 2.25% interest p.a.

There is no limit to the number of withdrawals made from your Smart S@ver Account and interest is calculated on the daily closing balance in your account and paid out monthly.

Enter the Smart draw!

> For every AED 100,000 incremental savings in this account you get a chance to win a Samsung Galaxy S3 Phone

> For every AED 500,000 or more incremental savings in this account you also get a chance to win a Samsung Smart TV

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Smart S@ver Account can be opened in AED, USD, GBP and EUR. This promotion is valid from October 1st, 2012 to November 29th, 2012.

For detailed terms and conditions please visit our website.

Smart S@ver rates:

To apply SMS ‘SSL’ to 4452 Call (+971) 800 100 Visit emiratesnbd.com/en/priorityBanking



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Emirates NBD invites you to witness a series of magical evenings featuring the best in Indian classical music. The masters of Indian classical music, light up the night in an

array of captivating concerts that are sure to enchant the senses.

The second concert of the Classics series features, Shujaat Husain Khan. Born in 19 May 1960 Shujaat Husain Khan is an Indian musician and sitar player of the Imdadkhani

gharana (school of music). He has recorded over 60 albums and was nominated for a Grammy Award for Best World

Music Album for his work with the band Ghazal.

Sit back, relax and delight in the rhythms of the Maestro as he mesmerizes you with the tasteful sounds of India.

Venue

DUCTAC Theatre

Inside the Mall of the Emirates, Dubai

Date

Wednesday, October 31st, 2012

Time

Gates open: 6.30 pm,

concert starts: 8.00 pm

Logon facebook.com/emiratesnbdclassicsTo attend this event SMS ‘CLASSICS’ to 4452


october 2012 vol. 1 - no. 1 - emirates nbdsolid business relationships, trumping the lengthy...

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