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United ArAb emirAtes

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Content

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Content

intrOdUCtiOn•HHSheikhKhalifa:ALeaderfortheNewCentury4

•CommittedRulerHighlightsEmirate’sDiversity 5

• BenchmarkforStability,Forward-ThinkingStrategies 6

•MinistryofForeignTradePromotingTrade

Liberalisation 8

bUsiness & inVestment OPPOrtUnities•MinistryofEconomyAimstoStrengthen

TieswithEU 10

•CreatingEvenMoreDrawsforInvestors 11

•One-StopShopforInvestors 12

•VisionaryLeaderDrawingMoreFDItoRas

AlKhaimah 14

• JBF 16

•ChamberRaisingRasAlKhaimah’s

InternationalProfile 17

•FrankeArtemisGroup 19

FinAnCe•CentralBankCelebrates40YearsofExemplary

Service 21

•MENACORP 22

• IslamicInsuranceandBondsGrowing

Exponentially 23

•UnionNationalBank 24

•GulfFinance 26

•FinancialSystemSolidThanksto

Crisis-RecoveryMeasures 27

United Arab emirates

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• InvestBank 29

COnstrUCtiOn & inFrAstrUCtUre•VastInfrastructureProjectswithInvestment

Potential 31

•DhabiContracting 32

•SignificantIncreaseinConstruction

Projects 33

•KeleContracting 33

•DynamicGroupOffersOne-Stop

ConstructionSolutions 34

HeALtH•DevelopingWorld-ClassHealthcare

Services 36

• InternationalHealthcareProvidersWelcome 38

tOUrism•UniqueCulture,NaturalBeauty,Spectacular

Resorts 40

•AurisHotels 42

•RasAlKhaimah’sTop10ToSee 43

•Hilton 44

•AbuDhabi’sTop10ToSee 47

•CitySeasonsGroup 48

•SandsHotel 49

•TheSt.RegisSaadiyatIslandResort 50

•CristalHotelsandResortsGroup 52

•AlManzelHotelApartments 54

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united ArAb emirAtesTHEEUROPEANTIMES

HH sheikh Khalifa: A Leader for

the new CenturyHis Highness Sheikh Khalifa bin Zayed Al Nahyan, Ruler of Abu Dhabi, has been President of the UAE since 2004. HH Sheikh Khalifa has presided over major restructuring of both the federal government and the government of Abu Dhabi to implement the highest international standards.

His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE and ruler of Abu Dhabi

sector and with a well-educatedpopulation,thetimeisrightforthegovernment,bothlocalandfederal,to step back and to concentrateon the core areas of governmentresponsibility.”

HH Sheikh Khalifa often urges thepeople of the UAE to play a largerroleintheemirates’development.Hesays,“Itishightimeforourpolitical,religious, cultural, information,edu-cationalandcivil institutions totakeup their responsibilities to instil inour society a love of work, tomakepeopleunderstand thatworkmeansresponsibility and reflects human,civilandreligiousvalues.”

Concerning foreign policy, HHSheikh Khalifa is a strong supporterof the Gulf Cooperation Counciland of peace and stability through-out theArabworldandbeyond.HHSheikhKhalifahasstatedthathiskeyobjectiveasPresidentoftheUAEistocontinueonthepathlaiddownbyhisfather,HHSheikhZayedbinSultanAlNahyan, whose legacy, he says, “Willcontinuetobethebeaconguidingusinto the future, a prosperous futurewheresecurityandstabilitywillreign.”

The President has promoted anumber of significant changes,including the creation of newministries devoted to modernis-ing government, a new focus oncommunity development, and apolitical reform which allows halfthe officials of the Ministry ofFederalNationalCouncilAffairstobe elected rather than appointed.In announcing this reform, hesaid in 2005, “We will embark ona march that culminates in moreparticipationandinteractionbyallthe citizens of the country.Today,we stand at a threshold of a newera,whoseultimate objective is toentrench the rule of law and dueprocess, accountability, transpar-encyandequalopportunity.”

Supportfortheprivatesector

AnotherofHHSheikhKhalifa’spri-orities is to promote developmentthroughout the UAE, includingin the northern emirates. In AbuDhabi, HH Sheikh Khalifa haspushedforwardprogrammeswhichhavegreatlyimprovedtheefficiencyof public services while loweringcosts for the public. He has alsosupported the private sector withmany initiatives, including pub-lic-private partnerships. He says,“DuringtheearlyyearsoftheUAE,it was appropriate for the govern-ment to play the leading role, butnow, with a burgeoning private

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THEEUROPEANTIMES

Committed ruler Highlights emirate’s diversityHH Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, wants international investors to know more about the emirate’s exceptional diversity, natural beauty, high quality of life and economic potential. He says, “We are making Ras Al Khaimah a better place for people to live, visit, and invest in. Ras Al Khaimah is competitive, efficient, investor-friendly, and only five or six hours from the EU.”

His Highness Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah

The emirate’s stunning mountainand waterfront vistas, along withits wealth of cultural, entertain-mentandsportsoptions,makeRasAl Khaimah a natural for tourism.HH Sheikh Saud bin Saqr AlQasimi points out that RAK TDA(the emirate’s Tourism and Devel-opment Authority) is implement-ing strategic plans for the tourismsector thatofferallkindsof invest-mentpossibilities.

Open,investor-friendlyeconomy

Tourismisonlyoneofmanyinvest-ment options in Ras Al Khaimah.HHSheikhSaudbinSaqrAlQasimisays, “Investors should take a lookatourfreezoneandotherprojectswhich demonstrate our commit-menttotheindustrialsector,aswellasourstrongGDPgrowthandourA-ratingfromFitch.RasAlKhaimahis a diverse, open, investor-friendlyeconomy.”

RasAlKhaimahhasmade tremen-dous progress in recent years.HHSheikh Saud bin Saqr Al Qasimiexplains,“Wearetryingtogiveourinvestors the choices they need.Before,wedidn’thaveanindustrialpark on the water; now with theRAK MARITIME CITY and SAQRPORT, we do. Previously, we hadno waterfront real estate available.Now we do. We have boosted thecapacity of ourports by improvingour loading capacity. Unloadinga shiphere isnow ten times fasterthanbefore.Wearealsodevelopingour mountains so that we will not

Introduction

only just enjoy theirbeauty fromadistance.”

OneofRasAlKhaimah’s competi-tive advantages, according to HHSheikhSaudbinSaqrAlQasimi, isitsability tobeflexible toadapt tochanging markets; another is thatthepublicandprivatesectorsworktogether inharmony toensure theemirate’s long-termprosperity. RasAl Khaimah is currently streamlin-ing the investment process andmaking it more transparent whilecontinuing to improve quality oflife. HH Sheikh Saud bin Saqr AlQasimiconcludes,“WeaimforRasAlKhaimahtobethekindofplacewhereforeigntalentwouldwanttolive,becauseinadditiontobusinessprospects theycancountonsafety,naturalbeauty,goodeducationandhealthcare,andworld-classservices.Iwant tocreateabetter future forourpeople.”

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benchmark for stability, Forward-thinking strategies

The United Arab Emirates – home of stunning developments from the world’s tallest tower (Dubai’s Burj Khalifa) to the world’s first carbon-neutral city – is the product of an impressive transformation. Following the discovery of oil in the region more than 30 years ago, dedicated, forward-thinking local leaders used their oil revenues to transform isolated, impoverished desert emirates into a unified, thriving, modern state with a very high standard of living.

Successfuleconomicdiversification

Today’sUAEhasanopeneconomy,asizeabletradesurplus,andpercapitaincomeonparwith thatof leadingWestern-Europeannations. Further-more,lookingtothefuture,theUAEhassuccessfullypromotedeconomicdiversification and reduced theoil and gas sector’s GDP contribu-tion to 25%. The UAE serves as abenchmark for the Arab world inits stability, sound macroeconomicfundamentals,internationalism,andbalance between traditional valuesandcontemporaryperspectives.

After the global crisis in 2008 and2009, a combination of falling oilprices, collapsing real-estate valuesand the effects of the turmoil ininternational banking hit the UAEespeciallyhard,particularlyDubaiasit was heavily exposed to plummet-ing real-estate prices. To stimulateJumeirah Emirates Tower

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thegrowthof theprivatesectoraspartof itsrecoverydrive, the UAE government has increased spendingon job creation and infrastructure expansion and isopening up utilities to greater private-sector involve-ment. The UAE’s free-trade zones, offering 100%foreign ownership and zero taxes, along with manyotherincentiveshavebroughtinsignificantFDI.

In2011,theUAEgovernmentannouncedamulti-year,€1.3 billion(US$1.6 billion) infrastructure-investmentplanfor thepoorernorthernemirates.Thisproject isdesignednotonlytoimprovethestandardoflivingintheseareasbutalsotocreatenewinvestmentopportuni-ties.Thefutureislookingbright.Inspiteofadeclineinoilprices,theUAEeconomyshouldgrowby4.5%thisyear,accordingtoarecentreportbyKuwait-basedGulfInvestmentCompany.

TheUAEisafederationofsevenemirates:AbuDhabi,Dubai, Sharjah, Ajman, Umm Al-Qaiwain, Ras AlKhaimahandFujairah.Four-fifthsoftheUAEisdesertbutwithagreatvarietyoflandscapes,fromthetoweringreddunesoftheLiwatotherichpalm-filledoasesofAlAin,andfromtheprecipitousHajarMountainstothemorefertilestretchesofthecoastalplains.

HeadedbyHHSheikhKhalifasince2004

The UAE has been headed by President HH SheikhKhalifabinZayidAlNahyan,who isalsorulerofAbuDhabi, since 2004, followed by Vice-President andPrime Minister HH Sheikh Mohammed bin RashidAlMaktoum (since January 2006) and Deputy PrimeMinistersHHSheikhSaifbinZayedAlNahyanandHHSheikhMansourbinZayedAlNahyan.

TheUAEcabinetistheCouncilofMinisters,appointedbythepresident.TheFederalSupremeCouncil(FSC),composedofthesevenemiraterulers,isthehighestcon-stitutionalauthority in theUAE; it establishesgeneralpoliciesandsanctionsfederallegislation.TherulersofAbuDhabiandDubaihaveeffective vetopower in its

decisions.TheUAE’spresidentandvicepresidentareelectedbytheFSCforfive-yearterms(notermlimits)fromamongthesevenFSCmembers.IntheSeptember2011elections,votingwashistoricallyexpandedintheUAEtoincludearound12%oftheEmiratipopulation,whovotedonhalfoftheseatsontheFederalNationalCouncil,theUAE’sequivalentofalegislature.

The UAE has demonstrated generosity with its oilrevenuesandamoderateforeign-policystance,givingitthecredibilitytoplayavitalroleinregionalaffairs,par-ticularlyinitspositionasaleadingmemberofOPEC.Ontheinternationalfront,theUAEhasprovedastrongadvocateofdevelopingnations throughout theworld,providing substantialeconomicandfinancial support,while steadily opening its economy to foreign invest-mentandpartnerships.TheUAEservesasanexampleto other countries in its willingness to invest majorportionsofitsstaterevenuesinprojectstoimprovethequalityoflifeofitscitizens.

PartneringwiththeEU

The UAE has well-established trade and cultural tieswith the EU and cooperates in a number of bilateralinitiativeswiththeEUandwithindividualEUmembercountries.TheCooperationAgreementsignedbetweenthe EU and the Gulf Coporation Council countries(includingtheUAE)in1988pavedthewayforanewlevelofrelationsbetweenthetworegions.Afree-tradeagreementisunderdiscussion.

Tokeepitsdevelopmentontrack,theUAEcontinuestoinvestinitsinfrastructure,includinghousing,renewableenergy, health and education facilities, telecomnetworks and transport systems. One measure of theUAE’ssuccessisthatthisyearitwasrankedfirstregion-allyand11thgloballyintheavailabilityandqualityofitstransportinfrastructurebytheWorldEconomicForum’sGlobalEnablingTradeReport2012.Asabusinessbase,high-potentialinvestmenttarget,andsymbolofstability,theUAEwillcontinuetoleadtheway.

Capital Gate Abu Dhabi

Dubai city by night

Introduction

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ministry of Foreign trade Promoting trade LiberalisationThe UAE Ministry of Foreign Trade aims to strengthen the UAE’s ties with its trade partners, help the UAE enter new markets, and attract more FDI. The UAE has already positioned itself as a leading global trade centre. Abdullah Ahmed Al Saleh, Undersecretary of the Ministry, explains, “The UAE is ranked the fourth largest re-export hub in the world. If you look at the size of the UAE in terms of population and geography, it is small, but if you look at the UAE’s trade activities, in 2010 we were 19th in the world in terms of commodity exports, according to the World Trade Organisation.”

Aspartofitsmission,theMinistryofForeignTradeisdrivingforwardtheUAE’sfreetradenegotiationswith different countries. The UAE already has acustomsunionwith theGCCblockandhas signedbilateral trade agreements with other countriesand tradeblocks.Through theGCCumbrella, theUAEnowhasfreetradeagreementswithEFTAandSingapore.“TheUAEbelievesinanopeneconomy,trade liberalisation and trade facilitation,” theUndersecretarypointsout.

Free-tradeagreementsaddtoinvestmentappeal

The UAE’s open approach to foreign trade isdrawingmoreFDI,andtokeepinvestmentflowingin, the UAE has upgraded the UAE’s businessclimate and regulatory environment. AbdullahAhmedAlSalehsays,“Onceyouarecommittedtotradeagreementswithothercountries,youhavetoupdateyourstandardsofregulations. This isoneofthemaintargetsofthisministry.Welookatfreetrade agreements as a vehicle for improving theUAEeconomy.”

TheMinistry of ForeignTrade ismaking interna-tional investors more aware of the UAE’s attrac-tionsasan investment target.AbdullahAhmedAl

SalehcitestheUAE’sbusinessfriendlyenvironment,internationaloutlook,state-of-the-artinfrastructure,high quality of life, strategic location and provenstability.

A key goal for the Ministry of Foreign Trade isto conclude a free-trade agreement with the EU.Abdullah Ahmed Al Saleh says, “There are onlyoneortwoissuespending. Iamverypositiveaboutthe future of this negotiation, and both parties willbenefit.TheEUis the2nd largest tradepartner fortheUAE,andwillremainveryimportantforus.”Heconcludes,“IinviteEUinvestorstotakeacloselookattheUAE,notjustAbuDhabiandDubaibutalltheemirates.”

Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Foreign Trade

Business & Investment Opportunities

•MinistryofEconomyAimstoStrengthenTieswithEU

•VisionaryLeaderDrawingMoreFDItoRasAlKhaimah

•ChamberRaisingRasAlKhaimah’sInternationalProfile

“We want to increase FDI flows to the UAE and fully capture the benefits of FDI by increasing the

competitiveness of priority sectors.” H.E. Mohammed Ahmed Bin Abdul Aziz Al Shihhi, Undersecretary

of the Ministry of Economy

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ministry of economy Aims to strengthen ties with euThe Ministry of Economy is driving forward the UAE’s economic development and instituting modern new policies which are dedicated to building up a diversified and competitive knowledge-based economy with investment appeal. H.E. Mohammed Ahmed Bin Abdul Aziz Al Shihhi, Undersecretary of the Ministry of Economy, explains that attracting FDI is one of the ministry’s main goals. He says, “We want to increase FDI flows to the UAE and fully capture the benefits of FDI by increasing the competitiveness of priority sectors. We will do this through promoting high-quality production sectors with added value, enhancing access to technology and managerial know-how, supporting R&D and training activities, and encouraging the employment of locals as well as environmental protection.”

Oneof theministry’s recent accomplishments is theendorsement by the Cabinet of a widely-anticipateddraft ‘Companies Law’ that is expected to be morefavourable to investors by allowing 100% foreignownership in specific sectorsof the economy in linewith the federal government’s economic diversifica-tion strategy.TheUndersecretary adds, “Weare alsonowinthehomestretchofcompletingacomprehen-sive,investor-friendlynewlawonforeigninvestment.”

Attractingknowledge-basedindustries

TheMinistryofEconomyaimsfortheindustrialsectortoaccountfor25%oftheUAE’sGDPfiveyearsfromnowcomparedtothecurrent10%.TheUndersecre-taryexplains,“Wewanttofocusonthepromotionofknowledge-basedindustries.”

TheministryisalsopromotingtradewiththeEU.TheUndersecretary says, “We want to see the free-tradeagreement between the EU and the GCC countriesfinalised.Meanwhilewehavelaunchedmanyprojectswith individual EU countries, particularly Germany,Italy and theUK.” TheUndersecretary adds, “For acompany looking for a base to servemarkets in the

H.E. Mohammed Ahmed Bin Abdul Aziz Al Shihhi, Undersecretary of the Ministry of Economy

MiddleEast,NorthAfrica,theCIScountriesandSouthAsia–acombinedmarketof€2billion–theUAEistheperfectplace.”

Ambitiousregulatoryreforms

The Undersecretary explains that over the last fiveyears,theministryhasreviewedtheUAE’sentirelegalframeworkregardingeconomicactivities,definedstrat-egiesandgoals,anddraftednewlaws,allwiththepartic-ipationoftheprivatesectorwhoseinputintheprocesstheministryactivelyencourages.

This comprehensive new framework is designed toensure a high-quality regulatory environment whichwillpromoteefficiency,transparencyandinvestorcon-fidence.TheUndersecretary says, “Onceenacted andimplemented, this framework will align the businessenvironmentwiththeUAE2021strategicvision.Suchaparticipation-basedapproachunderlinestheministry’scommitmenttoapublic-privatedialogueonreformingbusinesspractices.”

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Creating even more draws for investors

When the Dubai Financial Services Authority (DFSA) introduced its new Markets Law 2012 on June 7, the move highlighted the UAE’s commitment to enhancing its attractions for investors. The new law is designed to promote investor protection in a manner that better aligns the Dubai International Financial Centre to international standards, particularly EU requirements and OECD criteria. It gives investors yet another reason to target the UAE.

The UAE also offers a strategic location connectingEurope,Africa,theMiddleEastandAsia;politicalstability;well-establishedfree-tradeandbilateralinvestmentagree-ments, including theGulf CooperationCouncil (GCC)Free-Trade Agreement and the Great Arab Free-TradeAgreement (GAFTA), which provide privileged accessto regional and globalmarkets; free transfer of profits,revenues and assets; a strong regulatory environmentwhichprotects investors’ interests; lowcustoms tariffsof0%to5%foralmostallgoods;noincometaxes;excep-tionaltelecomandtransportinfrastructure;100%freeholdownershipinfreezones;andhighqualityoflife.

UAEInvestmentMap

According to the UAE Investment Map, a web portaldesigned to provide up-to-date information on invest-mentopportunities throughout theemirates, theUAEis ranked one of the world’s top 13 destinations forFDI. The UAE has not only successfully diversified its

economyandcreatedawiderangeofinvestmentoptions,butithasalsoinstitutedthesoundopen-marketprinciples,advancedinfrastructure,world-classbankingandfinancialservices,high-qualityeducationandtrainingprogrammes,andwell-fundedresearchinstitutionswhicharenecessaryinbuildinganeconomywithinvestmentappeal.

Each of the seven emirates possesses its own uniqueinvestment attractions and incentives.Leading sectorsfor investors in the UAE include the auto industry,energyandrenewableenergy,aluminium,pharmaceu-ticals,educationandknowledgeinitiatives,biotechnol-ogy and life sciences, aviation, petrochemicals, ICT,financial services, electronics and engineering, andindustrialtechnology.

Local and federal investment authorities provide allkindsofservicestoassistforeigninvestors,andinvestor-friendly free zones have been established throughouttheUAE. The Jebel Ali, Hamriyah (Sharjah), Ajman,AhmedBinRashedPortandFreeZone(UmmAl-Qai-wain),FujairahandRasAlKhaimahfreezonesallofferexceptionalinfrastructureandservices.

The UAE welcomes European investors, and in 2009launched its first bilateral federal business organisa-tion, the German-Emirati Joint Council for IndustryandCommerce(AHK),inpartnershipwithGermany’sMinistryofTechnologyandEconomy.Theneworgani-sationsignedup300membercompaniesinitsfirstyear,onesignthattheUAEisaveryattractivedestinationforEuropeaninvestors.

Dubai Pearl

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One-stop shop for investorsThe Economic Department of Ras Al Khaimah serves as a one-stop shop for investors. Professor Hassan Hamdan Al Alkim, explains, “We have brought all the necessary operations under one roof so that an investor can come here and set up a business. It only takes about ten minutes to receive a license. We want to make life as easy as possible for investors.” The department recently reduced its fees to help support investors during the global crisis.

Professor Hassan Hamdan Al Alkim, General Director RAK Economic Department

The Economic Department has established branchoffices, for example inmalls which operate from10AM to 10 PM and on Saturday. “We decided to stayopen these long hours so that we would be moreavailable to investors,” ProfessorHassanHamdanAlAlkimsays.Inanothermeasuredesignedtostreamlineprocedures,theEconomicDepartmenthastraineditsstaff to be ‘comprehensive employees’, in that eachpersonservingcustomerscanhandlealltaskswithoutrequiringthecustomertoseesomeoneelse.

GDPtotop €3.5billionthisyear

Transparency is anotherpriority for theEconomicDepartment, which compiles its own databaseand statistics and publishes this information in

English every year. As ProfessorHassanHamdanAlAlkimpointsout, “Investorsneed to knowwhat theeconomic indicators are.” These economic indica-torsare verypositive.RasAlKhaimah is the secondemirate in the UAE to receive a credit rating from

© Patrik Dietrich_dreamstime.com

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Fitchratingsservices,anditwillachieveGDPofover €3.5billionthisyear.“RasAlKhaimahreceivedanArating from Fitch last year as well, even during thecrisis, andweareaiming toearnAAandeventuallyAAA ratings,” Professor Hassan Hamdan Al Alkimsays. The department recently completed a newsurvey on the economy thatwill provide evenmoreinformationforinvestors.ProfessorHassanHamdanAlAlkimpointsoutthatallsegments of Ras Al Khaimah’s economy are growing.Tourism now accounts for around 3% of GDP, whileindustry contributes 33%. “We believe our indus-trial sector’s contribution will rise to 40% next year,”Professor Hassan Hamdan Al Alkim explains. Ras AlKhaimah’s GDP was growing by 20% annually beforetheglobalcrisisandevenduringthecrisismanagedtoachievea6%growthin2010.

Ras Al Khaimah welcomes foreign investors,including joint ventures in the rapidly developingeducationandhealthsectors.TopotentialinvestorsintheEU,ProfessorHassanHamdanAlAlkimsays,

Business&InvestmentOpportunities

“RasAlKhaimahofferslowcostsofdoingbusiness,a safe environment, high quality of life, naturalbeauty, a very strategic location, abundant naturalresources,andastrongregulatoryenvironmentthatprotectsinvestors.”

© Ras Al Khaimah Tourism

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Visionary Leader drawing more Fdi to ras Al KhaimahDr. Khater Massaad is an example of the kind of innovative, creative, forward-thinking leadership that has made the UAE one of the world’s most attractive investment destina-tions. As CEO of the Ras Al Khaimah Investment Authority (RAKIA) and of RAK Ceramics, the biggest ceramics company in the world, he has an in-depth understanding of the business environment and exceptional investment potential of the UAE and of Ras Al Khaimah.

Commentingonwhyinternationalinvestors should target Ras AlKhaimah in particular, Dr. KhaterMassaad says, “Ineveryfield thereis an opportunity because theUAE’s and the Gulf’s populationsaregrowing.Here,investorssettingupindustrialprojectscanexporttoa population of two billionwithina three-hour flight from theirplant. If we take the example ofRAK Ceramics, our most success-ful industry, we can export to 150countries from Ras Al Khaimah.Any other industry can be suc-cessful aswell.Every industry thatis long term and sustainable iswelcomehere.”

Dr. Khater Massaad adds that RasAlKhaimahoffersanadvantageous

Dr. Khater Massaad, CEO Ras Al Khaimah Investment Authority

labour market, UAEmembership,aworld-class free zone, exception-allyattractivecostsforconstructionandland,andhigh-qualityservicesfrom RAKIA. Defining the RAKIAdifference, he says, “We try to bevery friendly, verywelcoming, andveryefficient.Wetrytomakeitveryeasyforinvestors.”

TopMiddleEastinvestmentdestination

Dr. Khater Massaad notes thatRAKIAisworkingtoattractinvestorsinmanyindustries.Hesays,“RasAlKhaimahwas recently ratedoneofthe best and most creative invest-ment destinations in the MiddleEastandamongthe topten in theregion. In our industrial parks,we have world-class infrastructureavailable. RAKIA is working onmany projects to bring in diverseindustries, including in the auto-motive sector,wherewewould liketo attractUS, European andAsianmanufacturers to set up plantshere.”

Dr.KhaterMassaadisakeyreasonso many foreign investors havechosen Ras Al Khaimah. Onesatisfied investor there is Dabur,the world’s largest Ayurvedicand natural healthcare, personalcare and food-products companyand the fourth-largest companyin India. CEO Mohit Malhotra,explains, “We evaluated Ras AlKhaimahasapossiblemanufactur-ing destination and after just onemeeting with Dr. KhaterMassaad,itwascleartousatDaburthatRAKwastheplaceforus.Thecostswere

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THEEUROPEANTIMES

lower, the licensing and regulations were all mucheasier,andthesupportfromRAKIAandtheRAKgov-ernmentwasatthehighestlevel.”

Daburis thekindofcompanythatRasAlKhaimahparticularly welcomes, since it has a very interna-tional outlook and is open to partnerships. MohitMalhotraexplains,“Aspartofourlong-termgrowthstrategy through a mix of organic and inorganicenablers,Daburmadeitsfirstinternationalacquisi-tionsin2010and2011byacquiringtwocompanies,oneinTurkeyandoneintheUS.Strategicacquisi-tions are critical forgainingaccess tonewmarketsand advanced technologies to leverage inter-com-panystrengthsandscale inboth the front-endandback-endof thebusiness value chain.We areopentoevaluating suchmutuallybeneficialpartnershipsinthefuture.”

Dabur also focuses on corporate social responsibil-ity,atoppriorityinRasAlKhaimah.MohitMalhotrapoints out, “Social responsibility is one of the keystrategic intentsofDabur.Wehavea visionofdedi-catingourselvestothehealthandwell-beingofeveryhousehold.Daburwantstobethepreferredcompanytomeet thehealthandpersonalgroomingneedsofour target consumers with safe, efficacious, naturalsolutions by synthesising our deep knowledge ofherbswithmodernscience.”

Dabursettoreinvest

Dabur has been so satisfied with its investment inRasAlKhaimahthatitplanstoexpandthere.MohitMalhotra says, “We currently have approximately100,000sqminRasAlKhaimahandhaveambitious

plans to double our investments in the next twoyears.Wehavealreadytakenthefirststepofpurchas-ing additional land fromRAKIA, whichwas helpfulenough toprovide space contiguous toourexistingfactory.ThesearesomeoftheintangiblebenefitswereceivewhichexemplifiesthelevelofcooperationwegetfromthegovernmentinRasAlKhaimah.”

Dr.KhaterMassaad’svisionforRasAlKhaimahisthatitwillbetheindustrialhuboftheUAE.Theemirateis well on theway to reaching this goal, judging byDabur’ssuccessstory.MohitMalhotrasays,“Dabur’sexperience in Ras Al Khaimah has been extremelypositiveandencouragingduetothevisionaryleader-shipofHHSheikhSaudandDr.KhaterMassaad.Wearethankfulandindebtedtothemfortheirsupportand contribution to Dabur’s success in the region.TheyhavehelpedandfacilitateduswheneverneededandIwouldrecommendallcompaniestocomeandinvesthere.FollowourfootstepsandinvestinRasAlKhaimah.”


© Ras Al Khaimah Tourism

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JbF

brand Powerhouse in rAKThe establishment of JBF RAK has provided India’s JBF Industries a springboard to pursue its ambition to access to the global market.

JBF Group, founded in 1982, hasgrown to become an industryleader inmanufacturing polyesterchipsandisnowrankedoneofthetopfiveplayersinIndia’spolyestermarket through its production ofpartially oriented yarns (POY).JBF’s backward-integrated projectsin manufacturing polyester chipshavehelpedthegroupincreaseitsturnover by a factor of 250 sinceJBF became a publicly limitedcompanyin1986.JBF chose Ras Al Khaimah as itsbase in theMiddleEastandbeganproductionthere in2007.CheeragArya, CEO of JBF RAK LLC,explains,“Thecompanyfoundthatproject costs in RAK are around20% to 25% lower than in otherMiddle East countries, mainly onaccount of RAK’s better logistics,low overheads and lack of bureau-craticdelays.”

JBFRAKLLCisastate-of-the-artsitededicated to polyester packagingapplications, namely SSP bottlegraderesinsandBOPETfilms.Thecompany has built up expertise inproviding industrial raw materialfor polyester packaging applica-tionmainlytotheFood&Beverageindustry.

JBF RAK LLC produces 400,000tons per annum (TPA) of bottlegradePETResinand100,000TPAofBOPETFilm,underthebrandnameARYAPET.Thestate-of-the-artplanthas been designed and built withthe most modern technology fromUOP SINCO, Italy and DORNIER,Germany.

Allmeasureshavebeenincorporatedto ensure that all theemissions arekept to the standardof the strictestenvironmental regulations in theworld.

“We have around 800 employeesstrivingtoprovideworld-classqualityproducts and services toour globalaccounts.Weservetheleadingcon-verters and the brand owners inkey markets like North and SouthAmerica, Europe, Asia, and Africa.We have been moving forwardaggressivelyonmanyfronts,tocapi-taliseonsolid-growthopportunities,to improveouroperatingefficiencyand expand our global presenceto sharpen our business portfolio.Weareactivelyengaged increatinglong-term growth opportunities bydeveloping customised productsand solutions for the packagingindustry,”saysCheeragArya.

POBox6574,AlJazeeraAlHamraRasAlKhaimah

Tel:[email protected]

17

THEEUROPEANTIMES


Chamber raising ras Al Khaimah’s international ProfileThe Chamber of Commerce and Industry of Ras Al Khaimah is committed to supporting both the private and public sector. Yousef Obaid Al Neaimi, Chairman, explains, “Our primary mission is to invest in our people and in RAK’s business sector. We want to help small, medium and large companies achieve success here, and we aim to provide quality service to the community.”

One of the current goals forthe Chamber of Commerce andIndustry is to strengthen tiesbetween RAK and the EU. TheUAE has already proved its com-petitive strengths inmany sectors,including in the aviation industry,andmany EU countries recognisethe UAE’s investment potential.RAK’s particular advantages areless well known, however. YousefObaid Al Neaimi says, “Awarenessof the UAE is high in GermanyforAbuDhabiandDubai,butnotfor RAK.We want to change this.

Yousef Obaid Al Neaimi, Chairman Ras Al Khaimah Chamber of Commerce and Industry

18


WebelieveRAKhasstronginvestmentopportunitiesfortheEU,specificallyGermany.”

“RAK’s tourism arrivals are expected to more than double over

the next three years.”

Tourismarrivalsgrowingrapidly

RAK’sfastgrowingtourismindustry isakeyreasoninternational investors should explore opportu-nities there. Yousef Obaid Al Neaimi points out,“RAK’s tourism arrivals are expected tomore thandouble over the next three years. In fact, tourismis the best industry to develop in RAK. We reallyneedmoreinternationalhotels.RasAlKhaimahhasawonderfulclimate,mountains, sea,camping,thedesert,diving,snorkelling,hotwatersprings,andan

expandingairport.RAKisstillauthenticasonecansee and feel real, traditional culture here.” RAK’stop tourism markets are Germany and Russia, buttheemirateaimstopromote its tourismattractionsworldwide.

TourismisnottheonlysectorwithgrowthpotentialinRAK.Arangeofindustrialenterprisesarealsothrivingthere, boosted by RAK’s free zones and strategiclocation.Thereareseveralsuccessfulforeigninvestors,whileRAKhasalsoattractedFDItoitsglass,cement,ceramics and pharmaceuticals industries. Currentforeigninvestors inRAKarefromallover theworld,includingChina,Iran,theEU,theUKandIndia,andmanymore.

TheRAKChamberofCommerceandIndustrywelcomesthechancetoformproductivepartnershipswithforeigninvestors.YousefObaidAlNeaimisays,“Wehavemanyprojectsonthedesigntableforourfuture.Wewanttofurtherworkwiththeprivatesectortobuildupallourhigh potential business activities and to ensure highqualityoflifeforthepeopleofRAK.”

19

THEEUROPEANTIMES

Franke Artemis Group

extending the GCC FootprintFranke Artemis Group is a successful International Group from Switzerland. The Group includes 81 companies, is found in 40 countries and has close to 50 production sites spread across Europe, America, Africa and Asia. Franke retains the number one position in beer kegs, kitchen sinks and taps as well as in kitchens supplied to the quick service restaurant industry. The focus worldwide is on quality, reliability, innovation, industry knowledge and environmental sustainability.

Continualgrowthintoughtimes

Franke Artemis Group is one of the world-leadingprovidersofintelligentwashroomsolutionstoboththepublicandsemi-publicsectors.FrankewasestablishedinRasAlKhaimahin2008tomanufacturewashroomsandspecialfabricatedproductsfromitsnewmanufacturingsite. Alexander Pieper, Managing Director, says, “Thissitehas givenFranke a strongpresence in theMiddleEastwithpenetrationintomarketssuchasQatar,UAE,Oman,SaudiArabiaandthereareadditionalmarketsonthefuturehorizon.”

“LogisticallyRAKwasaperfectlocationfortheregion,andhasprovenaqualityinvestmentasthecompanycontinuestogrowonamonthlyrate,withemployeesdoublinginthelastyear, from25to51andexpectations tocontinueatsucharatethroughout2012andreach80employeesbytheendoftheyear,”AlexanderPieperexplains.

Frankeplanstocontinuallyincreaseanalreadystrongfootprint inside the markets within the GCC. Thegroupseespotentialasmonthlynumbersincrease.ThefirstpriorityinRasAlKhaimahisdevelopingthesalesteamandtoprovideexpedientsolutionsforlogistics.Thiswillbeaccomplishedwhenfurtherinvestmentinanewlogisticscentreiscomplete.

Appreciationofinvestmentenvironment

Ras Al Khaimah is very flexible compared to otherEmirates. The government of RAK is very close to itspeopleandpayscloseattentiontoitsinvestorslikeFranke.

Alexander Pieper, Managing Director

AlexanderPieperexplains,“Thecostsoverallarelow,withnotaxes,andlowhousingandlabourcosts.”RasAlKhaimahisaperfectplacetodobusiness.FrankeisgratefultheRAKGovernmentisveryapproachableandtentativetointerna-tionalinvestor’sneeds.“TheyarehappytoaccommodatetoaSwisscompanyandweappreciatetheenvironmentgiventoFrankehereinRAK”,saysAlexanderPieper.

Opennesstopartnershipsforfuturegrowth

Frankepridesitselfonbeingexpertpartners,dedicatedto creating completewashroom systems that outshinetherest in functionality,designanddurability.FrankeinRAK isopen forpartnerships locally, specifically inplasticmoulding.“Weoffertotalsolutionswhichisposi-tivelyappreciatedbyarchitects,”saysAlexanderPieper.

OneinitiativeinRasAlKhaimahischallengingthearchi-tects tobecomegreener.Theenvironment isapriorityandFrankewantstoshowcaseitselfasagreencompany.

AlexanderPieper’spersonalmessagetoforeigninvestorsand potential companies, “Come and experience RasAlKhaimahasaqualitydestinationfordoingbusiness.Frankeisafreetradezonesuccessmodelknownforitsquality,reliabilityandstrongpresenceintheregion.”


Finance

•IslamicInsuranceandBondsGrowingExponentially

•FinancialSystemSolidThankstoCrisis-RecoveryMeasures

“The EU is very important to us. The financial flow from Europe to the UAE has been significant and

we want to make sure that this flow continues to be strong.”

H.E. Sultan Bin Nasser Al Suwaidi, Governor Central Bank

21

THEEUROPEANTIMES

Central bank Celebrates 40 Years of exemplary serviceThe Central Bank of the UAE celebrated its 40th anniversary this year, marking four decades of impressive accomplishments that have helped to build strong foundations for the UAE’s economic development. H.E. Sultan Bin Nasser Al Suwaidi, Governor, explains, “We have put new policies in place concerning implementing Basel Three criteria and boosting banks’ liquidity and the banking system’s reserves. We aim to increase value for shareholders.”

The Central Bank’s mission isto formulate and implementbanking, credit and monetarypolicies that will ensure sustain-able, balanced growth for theUAEeconomy.TheCentralBankisalsoworkingtomaintainafixedexchange rate of the dirhamagainst the US dollar and tomaintainthefreeconvertibilityofthenationalcurrencyintoforeigncurrencies. The Central Bankservesasthe‘BankofBanks’andtheUAE government’s bank andfinancialadviser.

The Central Bank is currentlyexpanding personal bankingservices, including personalconsumerloans;theseeffortshaveresulted in a growth in depositsin2011.TheCentralBankisalsoworking to upgrade corporategovernanceinUAEbanksandtobalance local and internationalmarkets.

Strengthening the UAE’s ties totheEUisakeygoalfortheCentralBank. H.E. Sultan Bin Nasser AlSuwaidi points out, “The EU isvery important to us. We rely onEU countries for trade and wedependonEuropefor20%ofourimports, 26% counting the UK.ThefinancialflowfromEuropetotheUAE has been significant andwewanttomakesurethatthisflowcontinuestobestrong.”

Cutting-edgeITsystemsandservices

TheCentralBankhasbeensteadilyupgrading its IT systems andservices, and has created ICCSelectronic banking using imagingof checks. H.E. Sultan Bin NasserAl Suwaidi says, “We implemented

H.E. Sultan Bin Nasser Al Suwaidi, Governor Central Bank

ICCS three years ago and it hasbeen very successful. We workedwith the Ministry of Labour con-cerning a wage protection systemand now four million people aregetting paid through our ICCSsystem.”

One of the recent tasks of theCentral Bank has been to helptheUAE copewith the economicslowdown caused by the globalfinancialcrisis.AsH.E.SultanBinNasser Al Suwaidi points out, theslowdown has had some benefitsfor investors, including reducingthe costs of doing business inthe UAE. In the future, he adds,the Central Bank aims to ensure‘stable resources’ for all UAEbanksandtocontinue to serveasa bridge between other countriesandtheUAE.

Finance

22


menACOrP

multi-line Abu dhabi-based investment firm leads the way of the emirati financial services industryMENACORP is a diversified, multi-line investment institution, licensed and regulated by the Securities and Commodities Authority of the United Arab Emirates. With its headquarters in Abu Dhabi and a secondary office in Dubai, MENACORP’s activity is at the heart of the Emirati financial services industry. The company offers world-class expertise and execution in the fields of investment banking, stockbrokerage, asset management and financial research.

MENACORPhascomealongwayina very challengingmarket andhasgarneredavastclientbaseincludinggovernment bodies, insurancecompanies, corporations, privateoffices and distinguished ultra-high net worth individuals. Whilemost of itsUAE-based competitorswere stopping their operations orreducingtheirexposureasaconse-quenceoftheinternationalfinancialcrisis,MENACORP recruited someofthemosttalentedprofessionalsintheUAEandsubstantiallyincreasedits market share positioning itselfas a well-establishedmarket leaderboth in Abu Dhabi and Dubai.AnotherexampleofMENACORP’scommitment toward its clientsis that the company’s financialresearch department is now thenumber one in UAE in terms oflisted companies covered offering

investorsanindependentviewonthemostactive stocksof theAbuDhabiSecurities Exchange and the DubaiFinancialMarket.

ButwhatmakesMENACORP reallydifferent is its uniquemix of deeplocal roots – MENACORP’s profes-sionalshave adirect andprivilegedaccess to some of the wealthiestfamilies in the region – and inter-nationalsophistication,allowingthecompanytoservelocallyglobalinsti-tutionalinvestors.

MENACORP is backed by oneof the largest and most diversi-fied Emirati conglomerate, theBin Hamoodah Group – MENA-CORP’smain shareholder. “Since1967, our Group’s reputationhas been built on our capacityto successfully deliver each timewe commit and we are proudthat MENACORP shares thesameDNA,” saidHamadGhanimBin Hamoodah, the company’sChairman.“Ourvisionisclear,weareconfidentinthefutureandweare convinced that MENACORPwillplayamajorroleinthedevel-opment of the financial servicesindustry in the UAE. The localmarketsofferplentyofopportuni-ties and the authorities are, stepby step, implementing the rightframework to increase our inter-nationalvisibility,”headded.

The man in charge of implement-ing this vision is the company’sCEO, Fathi Ben Grira. A formercorporate lawyer with the US lawfirm Skadden, Arps, Slate, Meagher&Flomand investmentbankerwithLazard, Fathi Ben Grira’s prioritywas tomake sure thatMENACORPcomplies with the highest standardsinthefinancialworld.“Ourgoalwasto make sure that our local clientsreceive the same quality of servicethey are used to when dealing withmajorUSorEuropeanfinancialinsti-tutionsfortheirinternationalinvest-ments.Atthesametime,weinvestedalotoftimeandenergytobeabletoguarantee thesemajor international

Fathi Ben Grira, CEO of MENACORP, receiving an award from the Minister of Economy His Excellency Sultan Bin Saeed Al Mansoori and from the CEO of the SCA, Abdullah Al Tarifi

23

THEEUROPEANTIMES

islamic insurance and bonds Growing exponentiallyVolatility in bond and equity markets along with the Eurozone crisis are drawing new investors to Islamic financial services, particularly Islamic insurance (Takaful) and Islamic bonds (sukuk). The UAE has positioned itself as one of the leading sources for these products.

Lastyearwasarecordyearfortheglobalsukukmarket,with over €3.5 billion in issues between January andNovember 2011. This year is expected to be equallystrong,especiallysinceoverthefirsthalfof2012,sukukshave outperformed most conventional bonds. Onefactor behind sukuk growth is Dubai’s recovery fromcrisis.In2009,manyfearedthatsukuksissuedinDubaiwould not be repaid, but that fear has proved to beunfounded.

TheTakaful(Islamicinsurance)industryhasalsoseenexceptionalgrowthinrecentyearsandisexpandingparticularly rapidly in the GCC countries. Ernstand Young predicts that the international Takafulindustry will reach a total value of €19.9 billion bythe end of 2015, andDeutscheBank forecasts thattheIslamic-financesectoroverallwillalmostdoubleoverthenextfouryearstoreachatotal€14.4trillioninassetsworldwide.SukuksandTakafularetwokeyfactorsdrivingthatgrowth.

institutionsthatwearetherightpeopletodealwithfortheirtransactionsonUAEmarketsorfortheirbusinessdevelopmentneedsintheMiddleEastandNorthAfricaregion,” explained Fathi Ben Grira. “However, we willneverloseourlocaltouchandwewillnevercompromiseonwhatmakes us unique in ourmarket: the intimacywith our clients and the strong relationship we havewiththem,”heconcluded.Thispersonalrelationshipisat theheartof the strategydevelopedbyMENACORP.Onaday-to-daybasis,theSales,BrokerageandBusinessDevelopmentteam,arguablythelargestsalesteamofthecountryforafinancialservicesfirm,staysintouchwiththecompany’sclientsandbringsthemrecommendationsandinvestmentideaswhichmayincludetransactionsonlistedequitiesbutalsoM&Atransactionsoracquisitionsofunitsinaforeigninvestmentvehicleforexample.

“We are confident in the future

and we are convinced that

MENACORP will play a major role

in the development of the financial

services industry in the UAE.”Hamad Ghanem Bin Hamoodah, Chairman

With the recent developments in the Emirati regula-tionsgoverningthedistributionofinvestmentproductsin theUAE – requiringnotably that foreignfinancialinstitutions either get the prior approval of the Secu-rities and Commodities Authority or partner with aUAE-licensedentity inorder tomarket theirproductslocally–MENACORPisdefinitelywellpositionedtobethe trusted Emirati business partner for internationalfinancial institutions targeting clients and investorsbasedinAbuDhabiandDubai.

Finance

24


union national bank

Leading bank reports another Year of stellar PerformanceUnion National Bank – consist-ently ranked one of the world’s best performing banks – achieved another stellar performance in fiscal year 2011, reporting a record consolidated profit of €309.9 million (AED1.5 billion) for an increase of 11.1% over 2010. Commenting on these impressive results, His Excellency Sheikh Nahayan Mabarak Al Nahayan, the bank’s Chairman, said, “The prudent approach adopted by Union National Bank is reflected in the consistent performance of the bank over many years, positioning it strongly as a leading customer focused bank.”

Infact,everyyearfrom1999,whenitwasrestructured,tothepresent,Union National Bank has beenrankedthetopbankinAbuDhabiinaverageannualdividendsforitsshareholders. CEO MohammadNasr Abdeen explains, “We havealways grown and performed welland we continue to expand andincreaseourpresence in the localbankingindustry.OurmissionistobetheUAE’s leadingbank,not insize but in quality.We are rankednumber five in size but we arenumberoneinquality!”

MaintainingA+ratingwithstableoutlook

UnionNationalBankremainedprof-itableevenduringthe2008financialcrisis and is still profitable today,

maintaininganA+ratingwithastableoutlook.“Weareoneofveryfewbanksthathavemaintainedthisstableratingthroughthisperiod,andwehavethefigurestoproveit,”MohammadNasrAbdeensaysproudly.

One reasonUnionNational Bankis prized by its customers is thebank’s rapid decision making.Mohammad Nasr Abdeen pointsout, “Our business is not at allbureaucratic. Our decision-makingprocesses here are among thefastest in the world! We have aset turnaround time for each andevery decision on every level, and

it is hard for even world leadingbanksandcompaniestomeetthesestandards.Weareveryprofessionalinthisregardandthisisoneofthemajorreasonsforhighsatisfactionamongourcustomers.”

SupportingAbuDhabi

Union National Bank supportsmany corporate social responsibil-ityprojects,includingrehabilitationcentres, educational programmes,environmental initiativesandmore.Initsroleasaproviderofcorporatefinancing, thebankhas alsoplayed

Mohammad Nasr Abdeen, CEO

25

THEEUROPEANTIMES

HeadOffice-AbuDhabiUNBBuilding,SalamStreet

AbuDhabiTel:+97126741600www.unb.com

asignificantroleinspurringonthegrowth of the local private sector.The bank is committed to playinga key role in Abu Dhabi’s ongoingdevelopment.

WhileitwillcontinuetofocusonAbuDhabiandtheUAE,UnionNationalBankiscurrentlyexpandingtoQatarandEgypt.Over thepast few years,thebankopened22morebranchesof its subsidiary company in Egyptandboosteditsprofitsthereby25%,an impressive record in a troubledglobaleconomy.

In its quest for excellence, UNBhasadoptedtheTotalQualityMan-agementconceptsandsystemsand

businessexcellenceframework.Intheprocess,ithasreceivedseveralprestigious accolades and thirdparty validations. The SheikhKhalifaExcellenceAward (SKEA)received in 2002 was followed bySKEA Gold in 2005 and again in2009, thereby becoming the onlyorganisationtohavewontheSKEAGold twice.UNB is also a winnerof the prestigious Dubai QualityAwardin2006and2009aswellastheMRMBusinessAwardin2009.

In2010UNBreceivedtheBankoftheYearawardatthe2010ArabianBusiness Achievements award. Inaddition, the UNB CEO receivedtheCEOof theYearAward at theCEO Middle East Awards 2010,Banking Category. UNB alsoreceived the Superbrand Statusin theUAE for the year 2011 and2012.In2011UNBbecamethefirstfinancialinstitutionintheworldtobecertifiedbyM/sLloyd’sRegisterQuality Assurance (LRQA) Ltd.to the Integrated ManagementSystem (IMS) comprising of threestandards, ISO 9001, ISO 14001andOHSAS18001.

In 2011 UNB won the covetedPeople’s Choice Stevie AwardFor Favourite Companies in theFinancial Services category andwas also recognised as a Distin-guishedHonouree in two catego-ries of the International BusinessAwards, namely Company of theyear Financial Services and UNBCEOMohammadNasrAbdeenasExecutive of the Year FinancialServices.In2011UNBalsoreceivedthe distinguished Golden AwardforqualityandexcellencefromtheArabAdministrativeDevelopmentOrganisationmemberoftheArabLeague. In 2011 Union NationalBankhasalsobeenrankedoneofthe ‘50 Safest Banks in Emergingmarkets’ byGlobal Finance.UNBhas also received an accolade attheAsianLeadershipAwards2011

by winning the ‘Dream CompanytoWorkFor’Award.

Being located in Abu Dhabi is asignificant advantage for thebank,according to Mohammad NasrAbdeen. He says, “The UAE is ahaven for investment for anyonefrom anywhere in the world. Thelegalsystemisveryfair,thedecision-makingprocessregardinginvestorsisthefastestintheworld,investorsaresafeandsupported,thefinancialsectorisverystrongandstable,andwehave the infrastructure and thegeographical location to reachmarketsinmanyregions,includingAsia, (India, Pakistan, China andothers)aswellastheMiddleEast.”Hepraises thegovernmentofAbuDhabi, which has been quick toimplement policies suggested byprivate-sector financial leadersandwhichhasdevelopedcoherentdevelopment plans for the localeconomyinthecomingdecades.

One of Union National Bank’sgoals for 2012 is to remain thebest service provider in the localbankingsector,achallengingtaskgiventhecompetition.MohammadNasr Abdeen says, “Service isthe key factor that differentiatesone bank from another. We alsoaim to maintain high returnsfor our shareholders despite theeconomic problems around theworld,andtocontinuetogiveourfullsupporttotheeconomyandtoourcountry.”

Finance

26


Gulf Finance

Pioneering sme FinanceSteve Williams is Group Chief Executive Officer of the dynamic UAE-based finance company Gulf Finance. Gulf Finance is a proactive lender with a sole focus on small and medium-sized businesses.

The company first started 14 yearsago where it engaged primarily infinancing construction equipment.Steve Willimas was brought intothe business in 2008 where hespearheaded a significant portfoliodiversification, deleveraging itsexisting asset base and steering thecompany’s sector caps to no morethan20%inanyoneindustry.SteveWilliams says, “Wegotourselvesoutofasectorthatwasdormantandhighrisk and are now into a very broadrangeof sectors.The large interna-tionalbanksgavetheSMEsegmentlittle recognition, but Gulf Financeliterally jumped at the chance tofocushere.”

Strengthinitspeople

One of the things that make GulfFinance so unique is its lendingconcept. The strength of the teamgives Gulf Finance the ability toconsiderclientsfromallfacetsofthebusinessandjudgethemonanindi-vidualbasis,ratherthanthetraditionalapproachofstrictcriteriaandgener-alisation.“Ihavenotcompromisedonquality,” statesSteveWilliams,who isproudtoboastateamofinternationalcommercial and corporate bankers.“We have auditing skills, commer-cialduediligenceandweapplybestpractices to make sure our clientsget the right money and it’s secureforus.Everybodybenefits.”TheGulf

Financeteamisunderstandablyproudofitsrecord.Sinceinauguration,GulfFinancehaslent€665million(AED3billion) to local SMEs with write-offscomfortablyatlessthan1%.

Expansiononthehorizon

The future of Gulf Finance has noboundariesasfarasGroupCEOSteveWilliams is concerned. The businesswill begin expanding regionally inSeptember 2012, opening its firstofficeoutsideof theUAE in Jeddah,Saudi Arabia. “The appetite for ourproducts inSaudiArabia isphenom-enalandwecanonlyenterthismarketbecauseofourbaseandstrengthherein the UAE,” states Steve Williams.Thenear future lookspromising,heexplains. “There is further opportu-nityforustogrowsubstantiallyintheUAEinthecoming3years,andwithastrongerfootholdinKSAwewilllooktofurthertargettheoutlyingregion.”

AmbassadorfortheUAE

Steve Williams places importance onpromoting the United Arab Emiratesas a business hub, with a firm beliefthattheUAEisoneoftheeasiestandmostefficientplacestostartabusinessintheworld.Hisonlycautiontobusi-nesses in theUAE is to appropriatelymanagetheirgrowth.This,hebelieves,is the biggest challenge for SMEs inthe region. “It is hugely important topromote theUAE and the businessesthatoperatehere.Asanexpatmyself,I emphasise this as an ambassado-rial step,” says Steve Williams. Withthe flexible environment and opendialogueprovidedbytheUAECentralBank within the public sector, SteveWilliamsurgesinvestorstotakenotice.

“TheUAE’s economy is fertile; if youplantseeds,waterthem,lookafterthem,then you’ll be able to take a harvest.Thiswillbenefit thecountry, youasabusinessandeverybodysurrounding.”

FundingSMEgrowth

Gulf Finance is sending amessage toSMEslookingtoexpandorstartupintheregion.GulfFinanceisheretolendserious money to serious businesses.SteveWilliamsurges,“Whenyougetonthegroundhere,wecanprovideyouwith dedicated financial professionalswhocanworkwithyou,maketheintro-ductions, andprovide thefinancing.”GulfFinanceisthelenderofchoiceforthose companies thathave little trackrecordhereintheUAE,yetaresophis-ticated businesses existing in othermarkets.SteveWilliamsconcludes,“Weunderstandhowtolendtothesebusi-nesses,manage therisk,and take thebiggerpictureintoconsideration.TheUAEiscallingfortalented,drivenandenthusiasticbusinessowners.Onceyoubring your business here, you’ll wanttostartgrowing.GulfFinancewillhelpyoudothat.”

POBox35356,DubaiTel:[email protected]

Steve Williams, Group Chief Executive Officer

27

THEEUROPEANTIMES

Financial system solid thanks to Crisis-recovery measures Capital flow into the UAE surged by nearly 40% to more than €6.21 billion (US$7.6 billion) in 2011, a significant increase over the €4.49 billion (US$5.5 billion) in FDI reported in 2010, one key indicator that the UAE economy has recovered from the global crisis. The UAE’s successful FDI result is in sharp contrast to the decline in FDI in most other Arab countries last year.

Infact,theUnitedNationsConferenceonTradeandDevelopment(UNCTAD)reportsthatFDItotheArabregion slumped by nearly 35% in 2011,making theUAE’s results particularly impressive. UNCTAD alsoobserved that the UAE was the third-largest capitalexporter in theArabworld in2011afterKuwaitandSaudiArabia.

TheseresultsareespeciallyencouragingsincetheUAEeconomywashithardbytheglobalfinancialcrisis.TheUAEregistered5.3%GDPgrowthinpre-crisis2008;thefollowingyear,GDPwasanegative3.3%.Bythesecondquarter of 2010, however, thanks to aggressive gov-ernmentmeasures, theUAE’sGDPbegan to rise andreachedapositive5%bythethirdquarterof2011.Atthesametime,inflationhadbeguntodissipate,fromahighof12.3%in2008to0.9%in2011.

Bridgingthebudgetgap

Whilepublicdebtremainsaconcernandthepossibilityofallowingpublic-debtbondissuesatthefederallevelhasbeendiscussed,HEObaidHumaidAlTayer,UAEMinisterofStateforFinancialAffairs,saidinJunethisyear,“Wearenotunderpressuretoissueanybonds.Weareinnoneedtofinanceanything.Wewillbeabletobridgethebudgetgapwithourownresources.”

AreportbyStandardCharteredBankinJanuary2012notedthatalthoughtheUAE’seconomywillprobablygrowataslowerpacein2012thanin2011,itsoutlookismorepositivethanthoseofstrugglingnationsinthewest. The bank predicts a two-speed global economythis year, with an ailing Europe and North AmericafallingbehindamorerobustAsia,Africa,MiddleEastandLatinAmerica.

Financialsectorrebounding

The UAE’s financial sector, meanwhile, is clearlyrebounding.AccordingtoSICOInvestmentBank,theUAE’sbankingsectorwillexperienceslowerbutmoresustainablegrowththisyearduetotoughcentralbankregulations aimed at controlling excessive lending.SICO notes that Abu Dhabi Commercial Bank, theUAE’sthird-biggestlenderinmarketvalue,haskeptitsnon-performingloanstoahealthylevelthisyear.

The UAE continues to strengthen its position as aregional hub for financial services, partly becauseduring the crisis the UAE federal government andCentral Bank demonstrated a willingness to shore upthebankingsectorandprovideunconditionalsupporttomaintaintheintegrityoftheUAEfinancialsystemno

Finance

28


matterwhat.Observersagree that theUAE’sfinancialsectorremainsanattractiveFDItarget.

Investinginfinancialsector

OpportunitiesforinvestorsincludetheDubaiInterna-tional Financial Centre (DIFC), an onshore financialfreezoneprovidingasecureandefficientplatformforbusinessandfinancialinstitutionstoreachintoandoutof emerging markets in the region. The UAE is alsohometonumerousstockexchanges,includingthesuc-cessfulAbuDhabiSecuritiesExchange.

Islamicbankingservices, inwhichtheUAEisagloballeader, present strong growth opportunities. Theincreasing demand for Shariah-compliant invest-

ments by both Muslims and non-Muslims worldwidehasresultedin20%annualgrowthinIslamicbankinginternationallyoverthepastfiveyearsalone.AfaqKhan,CEOof StandardCharteredSaadiq, the Islamic-bank-ing business of Standard Chartered Group, explains,“IntheUAE,theIslamic-bankingmarketaccountedfor22%ofbankingactivity in2010.If theIslamicmarketcontinuestogrowathistoricrates,itwillbecomeasig-nificantpartofthefinancialsysteminthisregion.”

Dubai’sbankingsectorrecovering

Dubai,huboftheUAE’sfinancialsector,wasparticularlyhurtby theglobal crisis, especiallybecauseof a steepdropinpricesofpropertiesinwhichlocalbankshadasignificant interest.Thecurrentupswing intheDubaipropertymarket is very goodnews forDubai’s banks.Dubai-basedEmaarPropertiesreportedstrongdemandforits€409.8million,seven-yearIslamicbond,orsukuk,offeredon July12 this year;ordersworth€3.8billionwereplacedforthesukukfrom185individualinvestors,according to lead banks involved in the venture.TheresponsetothebondisasignificantsignofreturninginvestorconfidenceinDubai.

International observers are generally bullish on theUAE.DuringanIMFmissiontotheUAEinMarchthisyear, Harald Finger, Senior Economist, IMF MiddleEastandCentralAsia,commented,“TheUAEbankingsectorremainsresilienttoshocks,thankstosubstantialliquidity and capital buffers. Despite a considerablerise innon-performing loans since 2008, the bankingsystemremainswellcapitalised.”Headded,“TheUAE’seconomicrecoveryseemssettocontinue.”

soundness indicators of UAe banks2005-2011

25

20

15

10

5

02005 2006 2007 2008 2009 2010 2011

Car Ratio % of Nonperforming loans Return on assets (ROA)

16.6

13.3

2.3

1.6

19.220.8 21.2

4.3

1.3

5.6

1.4

6.2

1.52.6

6.6

22.32.7

8.3

17.4

14

29

THEEUROPEANTIMES

investbank

Local bank with Global reachInvestBank, founded 36 years ago, has positioned itself as a boutique bank offering tailor-made products and services to its customers. “We build long-term relationships with our clients and partners and aspire to be the bank of choice for all our customers,” explains General Manager Sami Rashed Farhat.

InvestBank’sgoalsfor2012aretocontinue to preserve its capital,achievesteadygrowthandfurtherreinforce its risk mitigationand management. InvestBankprovidesawiderangeofcorporateand retail banking services butits focus is on project and tradefinancinggeared toeach individ-ualclient’sneeds.

The bank’s competitive edgecomes from many factors,including its small size, whichallows for more personalisedservices; its strong but flexibleoperatingprinciples; and its verycustomer-focused, open-doorapproach. “Establishing mutualtrust with our board, customersand staff is our mission. We arenot a fair-weather friend; weare an all-weather friend,” SamiRashedFarhatsays.

Capital-adequacyratioamongUAE’sstrongest

InvestBank has a stellar trackrecord, having grown from itsinitial capital of less than €2.44million (US$3 million) to reacharound €285.3 million (US$350million) today, with around

Sami Rashed Farhat, General Manager

progress.”HeaddsthatInvestBank’sboard of directors favours a ‘smallis beautiful’ approachwhich avoidsshortcutsandunwarrantedrisks.

SamiRashedFarhatadvisespotentialinvestors to look intoopportunitiesin the UAE, where they will findvastpotentialinallsectors.Hesays,“TheUAEisthe2ndlargestregionaleconomy and the most stablecountryintheregion,withvisionaryand progressive leadership. Havingthe largestnumberof freezones tocater to everyone’s needs is one ofthereasonswhyglobalcorporationshavetheirregionalbaseshere.Italsohas the best infrastructure in placetosupportanyandallbusinesses.Ithasinvestor-friendlyrulesandregu-lations and is strategically locatedtoserveasagatewaytoAsiaandtheArabworld,andoffersanexcellentblendoftraditionandprogress.”

Al-BorjAvenueP.O.Box1885,Sharjahwww.investbank.ae

Finance

€449.3 million (US$550 million)inshareholderfunds.SamiRashedFarhat says, “Our capital-adequacyratios are among the best in theUAE’s banking sector, averaging24.6%overthepastfouryearswithanaveragetier-oneratioof20.6%.InvestBank has been a net lenderinthemarketforovertwodecadeswith an average liquid-asset ratioofover23%throughoutthegloballiquidity crunch. In the sameperiod,ouraverageloan-to-depositratio was 97%.” With an averageincome-to-revenueratioof20.45%andanaveragereturnonassetsof2.25%, Invest Bank has deliveredvalue to its shareholders. Thebank’saveragereturnoncapitalis19.73%with an 11.43% return ontotalequity.

Proactiveapproachtocrisis

Unlike many other UAE banks,InvestBank’s rating remainedunchanged throughout the globalcrisis and was recently upgraded.SamiRashedFarhatpraisestheUAE’sfederalandlocalgovernments,withwhich InvestBank enjoys excellentrelations,aswellasthecentralbankfor their proactive approach andwillingness to implementnew regu-lationstocopewiththecrisis.

Infact,theUAEwasthefirstcountryintheregiontoofferdepositguaran-teeswhenthecrisisbegantodevelop.SamiRashedFarhatexplains,“Rulesandregulationsarebeingconstantlyreviewedandupdatedtomeetfuturechallenges.Wehavefullconfidencein the government’s fiscal-manage-ment abilities. The reform processis not a hurdle for InvestBank.Wearecontentwithourslowandsteady

Construction & Infrastructure

•SignificantIncreaseinConstruction

•DynamicGroupOffersOne-StopConstructionSolutions

“The UAE is a haven for investors, with a very safe, stable

investment environment.”H.E. Dr. Abdullah Belhaif Al Nuaimi, Undersecretary

of the UAE Ministry of Public Works

31

THEEUROPEANTIMES

Vast infrastructure Projects with investment PotentialH.E. Dr. Abdullah Belhaif Al Nuaimi, Undersecretary of the UAE Ministry of Public Works, outlines his ministry’s current projects.

european times: What are your ministry’s priorities?

H.e. dr. Abdullah belhaif Al nuami:Weareworkingwithrep-resentatives of the EU to set upan infrastructure-developmentplanwhichmeetsEUcriteria.Wearesimilar totheEUinthat theEUbuildsfordifferentcountriesand we build for differentemirates. We want to partnerwith infrastructure teams in theEU, because we believe this willbe beneficial for both sides. Weareproudtoshowtheworldwhatwe have accomplished. The lastfive years we have seen a hugedifference in theUAE, not onlyin infrastructure developmentbut also in attitudes. Today, weare thinking internationally, notjustlocally.

european times: Can you describe some recent projects?

H.e. dr. Abdullah belhaif Al nuami: Through an interna-tional tender process, over thepast three years we establishedworld-class medical facilities thatcan be reached from anywherein the UAE in only 30 minutes.We have made similar advancesin education and civil defence.We have been able to continueto develop our infrastructure,including building our Dubai

underground system, even duringthe global economic downturn.Wehaveexceededourownexpec-tations. We are currently involvedin building new housing develop-ments and roads connecting theemirates, andwewelcome foreigninvestment in these projects.Several foreign companies arealready involved in building AbuDhabi’snewinternationalairport.

european times: What are some challenges you face?

H.e. dr. Abdullah belhaif Al nuami: I can think of two majorchallenges.OneistoconvincetheEUandother countries tobelieveinusandseeusaswearetoday,andthesecondistoreinforceourlinkswithothercountries so thatdevel-

H.E. Dr. Abdullah Belhaif Al Nuaimi, Undersecretary of the UAE Ministry of Public Works

opments in theUAEwillbeparal-leledbydevelopments throughouttheregion.

european times: What about the UAe’s investment climate?

H.e. dr. Abdullah belhaif Al nuami: The UAE is a havenfor investors, with a very safe,stable investment environment,which is whywe havemanymajorinvestors who have been with ussincebeforethecrisisandarestillhere. In addition, the UAE offersexceptional growth potential. Wecontinued our development pro-grammesevenduringthecrisisandarecommittedtofurtherprogress.TheUAE has opened its doors totheworld, to every industry, everybrandandeverymarket.

Construction&Infrastructure

32


dhabi Contracting

Leading uAe Construction Firm expanding internationallyDhabi Contracting has developed a full range of international standard contracting services and has achieved LEED and ISO certi-fication, to add value for its quality management system. The company, which employs 6,000 people, specialises in the turnkey construc-tion of residential, commercial and mixed-use buildings and hospitality and leisure complexes throughout the UAE and abroad. Even during the global crisis, Dhabi Contracting continued to prosper and profits have been boosted by 23% in 2011.

DhabiContractingreceivedthepres-tigious Quality and PerformanceAwardfromtheBID,BusinessInitia-tiveDirections, inGenevaonMarch11th2012aspartofitscommitmentto world-class technologies andexpertise and to fulfil the world’schangingneeds. DhabiContractinghas created an electro-mechanicaldivisionwhichallowsthecompanytohandlealltheelectricalandmechani-calaspectsofeveryproject.ManagingDirector SamyEdward explains thatDhabi Contracting is very focusedonenvironmentalissuesanditscom-mitment to ‘green’ constructionpracticesandtryingtoimplementthe‘ESTIDAMA’initsprojects.

Dhabi Contracting’s vision is tocontinueinitsexpansionintonewmarkets and is currently lookingat Eastern Europe. Samy Edward

pointsout,“EasternEuropeisafreshmarketneedingmanythingswecanprovide, and also offering manythings the UAE needs, includingland, food and water. We havealreadybuiltseveralhotelsforclientsin Eastern Europe. Supporting theUAEisvitalforusandweserveasanambassadorforourcountrywhenwehaveprojectsabroad.”

SeekingpartnershipswithEuropeancompanies

Dhabi Contracting would like toforge partnerships with Europeancompanies and has already openedoffices in Amsterdam and London.SamyEdwardsays,“WealreadyhaveprojectsintheUAEwithatotalvalueof€224.4million(2.5billiondirham)

andwewould like todouble that inthe next three to four years. Weare aiming for 50% growth for ourcompanyoverthenextthreeyears.”

Dhabi Contracting’s current high-profile projects include SaadiyatBeach Apartments, Abu DhabiPoliceProjectsCommitteebuilding,a five-star hotel for MBT, the AbuDhabiNationalBankbuilding,newheadquarters for the Ministry ofFinance, the Dubai Metro, OceanaMovenpick Hotel, Palm JumeirahVillas,andmuchmore.

Dhabi Contracting will continue toemploystate-of-the-art technologies tocompleteprojectsofthehighestqualityintheUAEandbeyondinordertobethe leading provider of quality Con-structionandEngineeringServices.

33

THEEUROPEANTIMES

Construction&Infrastructure

significant increase in Construction Projects UAE’s construction industry, hard hit by the global crisis, seems to be back on a growth track. Construction contracts worth a total of more than €11.9 billion are expected to be awarded in the UAE this year, an increase of 26.5% over the 2011 totals, according to a recent report by researchers Ventures Middle East. The report notes that the construction of buildings is expected to account for most new projects, followed by energy and infrastructure construction.

Sustainable projects are playing an increasinglyprominent role in the Gulf region’s constructionindustry.Highlightingthistrend,inAprilAbuDhabihostedWORLDecoConstruct,aglobalconferenceonsustainable construction. Recent sustainable-develop-mentprojectsintheUAEincludeAbuDhabi’sMasdarCity, a low-carbon, low-waste, clean-technology initia-tivewhichaimstobecomeoneoftheworld’smostsus-tainableurbanareas.

Tsitsi LynnMakuni, Exhibition Director ofWORLDecoConstruct, commented at the event that theregionalconstructionsectorseemshealthyagain.Shesaid,“ThelatestfiguresillustratethattheMiddleEastcontinues itsaggressivedevelopmentplans.TheAbuDhabiExecutiveCouncilhasapprovedspendingonanewbillion-euroairportterminal,ametrosystem,twoindustrialzones,morethan20,000newhomes,14newhospitalsand24newschools.”

Kele Contracting thriving Contractor Welcomes european Partners

Kele Contracting is a major player in the rapidly growing regional construction industry. Founded in the UAE, Kele Contracting, a partnership between Enshaa PSC and Australian affiliate Kele International Holdings, offers a winning combination of in-depth local knowledge and international best practices.

Thefirmspecialisesincon-structionmanagementandcontracting, value engi-neering,interiorfit-outanddesign-and-build projects,and it counts various well-known regional and inter-national industry playersamongitsclients.

Kele is well placed tomeetnew construction-industrychallenges and is confidentthat theywill play a role inthecontinuedgrowth,devel-opmentandprosperityoftheUAEandtheregion.Kele’shigh-profile projects in Dubai include numerous large-scale residential, commercialhigh-rise, and infrastructureprojectssuchasD1TowerinCultureVillageandNakheel’sDragonMartHotelandcarpark.

Kele is strongly committed to the region and sponsorsSynergos, a global philanthropic programme to supportlocalentrepreneurs.ThecompanyisestablishedthroughouttheUAE,Lebanon,SaudiArabia,andBahrainwithplanstoexpandacrosstheregionintoIraq,Oman,andQatar.KeleCEOAndrewEliassays,“Wearehighlydiversified,withawide-rangingexpertise,andhaveastrongtrackrecordforsuccessful partnerships. We welcome joint ventures withEuropeancompaniesandcanhelpforgestrategicalliancestohelpthementertheMiddleEastmarket.”

BusinessTower,Level10-BurjumanBusinessTowerPOBox120780-Dubai


Andrew Elias, CEO

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dynamic Group Offers One-stop Construction solutionsAl Nuaimi Group, founded in Ras Al Khaimah in 1974, has grown to become a major integrated construc-tion enterprise with activities throughout the UAE and beyond. The group’s seven specialised divisions cover the full range of construction materials and services: Building Construction, Transport, Ready-Mixed Concrete Manufacturing, Road and Infrastructure, Foundations and Piling, Aluminium and Glass, and Application Engineering.

AlNuaimiGroup’scompletedprojectsincludeseveralcement factories and ports; Abjar Tower, RAKMALLTwinTowerwithitsMallandFlexTower;theofficesoftheFederalElectricityandWaterAuthority;EmiratesIslamicBankbuilding;MantledAthleticHallforIAT;the RAK’s Arabian Automobiles showroom; and theRAKChamber ofCommerce building, amongmanyotherroadandinfrastructureprojectswithintheUAE.AlNuaimiGroupisanISO-certifiedcompany,whichmaintains international standards in itsdealings andemploys the latest technologies and equipments todelivertheprojectsandservicesontime.

With years of experience and success, the Groupentered into the markets of Oman, KSA and Qatarrecentlyandhasachievedcommendableprogressinitsoperations.AlNuaimiGroupisdoingthepilingandfoundationworkinoneofthelargestExpress-HighwayprojectsinOman,isparticipatinginthedevelopmentphase I of King Abdulaziz International Airport inJeddah,KSA as the ready-mix concrete supplier andis also in thenegotiation stage for the2022projectsinQatar.AsyoucanseetheGroupplaysaprominentroleintheconstructionmapofGCCcountries.

RashedAbdullahAlNuaimi,ChiefExecutiveOfficerandsonofthegroup’sfounder,explains,“Webelievethatmultiplicityisthekeytosustainablegrowth,whichis why we established different divisions which arecomplementary and supplementary to each other.Thesuccessofourcompanycanbeattributedtoourabilitytocontinuallyidentifyandrespondtochangingdemands across markets.” He adds that quality,on-timecompletionofprojects,efficiency,adedicatedteam,excellentrelationshipwithlocalauthoritiesand

Rashed Abdullah Al Nuaimi, Chief Executive Officer Al Nuaimi Group

acommitmenttocontinuousimprovementarethekeyelementstothegroup’ssuccess.

In 2008, the UAE’s construction sector had manyplayers,buttodayonlythestrongestcontinuetothrive,andAlNuaimiGroupisaleaderamongthem.Definingthe group’s competitive edge, Rashid Abdullah AlNuaimisays,“Whatdistinguishesusfromourcompeti-torsisthatwecanofferone-stopconstructionsolutions.Wealsohaveanexcellentrelationshipwithfederalandlocalauthorities,andourready-mixconcreteandpilingactivitiesaddtoourstrengths.”Hesaysthathisgoalistoexpandthegroup’sreachthroughouttheGCCregionandtheMiddleEastaswellasinEurope.

RashedAbdullahAlNuaimiurgesforeigninvestorstotakeagoodlookatalltheexcitingopportunitiesRAKoffers,and tocome to theAlNuaimiGroup for theirconstructionneeds.Hesays,“Wecanofferacompleteconstruction solution that takes a project from thevery beginning to its completion. The Group is ableto provide any construction requirement in flexibleterms.WeapproachtheprojectswithAlNuaimispiritandourresponsibilityandaccountabilitywillneverbedelegated.Ourstrength isourquality, reputationandthesatisfiedcustomersandclients.”

Health

•DevelopingWorld-ClassHealthcareServices

•InternationalHealthcareProvidersWelcome

“I want healthcare here in RAK to benchmark to the highest level of

care in other countries.”Dr. Yasser Al Nuaimi, Director RAK Medical Zone

36


developing World-Class Healthcare servicesHealthcare is a growth sector in RAK, and the RAK Medical Zone, overseen by the UAE Ministry of Health, is developing modern, world-class healthcare facilities and services. Dr. Yasser Al Nuaimi, Director, explains, “All our policies and regulations are set by the UAE Ministry of Health, but we handle certain issues locally.”

TheRAKMedicalZoneincludesfourhospitalsand18healthcarecentres.Dr.YasserAlNuaimisays,“We have established primaryhealthcare centres dealing withspecial conditions likediabetes,hypertensionandimmunisationsfor children. We are all setwith primary care, and now weare debating which hospitalsshould focus on primary careand which on secondary care.Mygoalistocreateawell-estab-lished tertiary-care system aswell,whichisalreadyhappeningwith the new Sheikh Khalifahospital. We are also focusingon promoting healthy lifestylesand on healthcare training attheuniversitylevel.”

The new 250-bed Sheikh Khalifahospital specialises in oncology,neurosurgery,cardiologyandotherspecific fields. “We are optimisticthat this hospital will save a goodnumberofpatients,notonlyinRAKbutalsoinneighbouringemirates.In fact, we chose the location ofthis newhospital to ensure that itwouldbeeasilyaccessibletopeople

in RAK and beyond,” Dr. Yasser AlNuaimisays.Otherprojectsincluderenovating ShamHospital near theOmaniborderandbuildingamajornewhospitaltoofferunderoneroofthe care currently provided at SaqrandObaidullahospitals.

MorepatientschoosingtobetreatedinRAK

Thanks to recent improvements,moreandmorepatientsarechoosingto be treated in RAK rather thantravelling elsewhere. In fact, RAK’snumber of repeat patients toppedtheonemillionmark last year. “Weneedtohavemorehospitalbedstomeetgrowingdemand.Trustinourserviceshasincreased,”Dr.YasserAlNuaimisaysproudly.

One challenge for theministry isthat former government policiesallowed for medical insurance inRAK’s private healthcare sectorbut not in public healthcare,which caused many medicalprofessionals to choose to workin private facilities where salarieswere higher. To address theproblem, the government hasnow allowed medical insurancein thepublichealthcare sector as

Dr. Yasser Al Nuaimi, Director RAK Medical Zone

well. RAK’s public health serviceshavealsobeenstronglysupportedby private industry, including bypharmaceuticals leader Julphar,RAK Ceramics, and a number ofcement companies. Dr. Yasser AlNuamiexplains,“Nowthatweareable to offer more competitivesalaries,manydoctorsarecomingbacktoRAKbecausetheylikethequalityoflifehere.”

MedicalandHealthSciencesUniversity

The RAK Medical and HealthSciences University is playing akey role in upgrading healthcarein RAK and beyond. ViceChancellor Dr. S. GurumadhvaRao explains, “The RAK Medicaland Health Sciences Universityhas state-of-the-art facilitieswhichmeet international standards.The campus offers all therequired facilities to supportits programmes, including an

AlZahrawiHospitalP.O.Box5442OmanStreet

AlNakheel,[email protected]

37

THEEUROPEANTIMES

Health

advanced library, laboratories, demonstrationrooms,anauditorium,agymandresidencehalls.”

“Now that we are able to offer

more competitive salaries, many

doctors are coming back to RAK

because they like the quality

of life here.”

TheRAKMedicalandHealthSciencesUniversityhasa very international atmosphere and welcomes thechancetopartnerwithglobaleducationalinstitutionsandhealthcareorganisations,particularlyinEurope.Dr.S.GurumadhvaRaoexplains,“Ouruniversityhasstudents from 41 countries all over the globe andweareproudtomakesureitisapriorityforusthateveryonefeelscomfortablenomatterwhichcorneroftheworldtheycomefrom.TheRAKMedicalandHealthSciencesUniversity isopentocollaborationwithinternationaluniversities,especiallyinEurope.We encourage students and universities acrossEurope to partner with us and see our qualityfacilities, highly skilled staff, and the pleasantatmospherewehavecreatedhereinRAK.”

RAKMedicalandHealthSciencesUniversityP.O.Box11172RasAlKhaimah


RAKideallocationforeducationalinstitutions

BeinglocatedinRAKisadefiniteadvantagefortheRAKMedicalandHealthSciencesUniversity,whichbenefitsfrom the emirate’s easy access, very supportive leadersandhighqualityoflife.AsDr.S.GurumadhvaRaopointsout,“RAKprovidesstudentsandtheirparentswithavitalaspect when choosing education: safety in addition toquality.Thelocationiscloseenoughtolargecities likeDubaiandAbuDhabi,buthasitsownquietatmospherewhichisperfectforaneducationalenvironment.”

RAK’s healthcare sector has significant growth potential,Dr.YasserAlNuaimibelieves.Hesays,“Otheremirateshavesuccessfullybroughtinbig-nameforeignhospitalsandthesame thing canhappenhere inRAK.There is sufficientgrowth and demand. I want healthcare here in RAK tobenchmarktothehighestlevelofcareinothercountries.”

RAK Medical and Health Sciences University

38


international Healthcare Providers WelcomeThe UAE has a strong record in healthcare, ranking first in life expectancy among the GCC countries, according to the World Health Organisation. The UAE government has developed an ambitious healthcare strategy which focuses on making the UAE a preferred destination for domestic patients and a hub for global medical tourists seeking high-quality, cost-effective procedures and treatments.

TheUAE’shealthcarespendingishigh–24%ofthefederalbudget in2011– and likely to remain so. Infact,theUAE’stotalhealthcarespendingisprojectedtonearlydoubleby2014.

TheUAEhasattractedsignificantforeignhealthcareinvestment in spite of the global crisis, andnow theUAEgovernmentissteppingupitseffortstoencourageinternational private healthcare providers to openfacilities in the emirates. The government welcomespublic-private partnerships (PPPs) in the healthcaresector,andDubaiandAbuDhabihavealreadytakenmajor steps in thisdirection. InAbuDhabi, thegov-ernmenthasbeendevelopingPPPsinthehealthcaresector since 2006, mainly management partnershipswithsuchprestigiousinternationalhospitalsasVamed,theClevelandClinic,JohnHopkinsandBumrungrad.Likemanyothernationsallovertheworld,theUAEmustcopewithanagingpopulation,risinghealthcarecosts,agrowingneedforqualifiedhealthcarehuman

resources, and the creationof competitive advantagesin the healthcare sector, including bringing in morecutting-edgemedicalequipmentandtechnologies.

OnechallengeforhealthcareprovidersintheUAEisalackofstandardisationinhealthcareregulationsamongthesevenemirates,aproblemthefederalgovernmentisworking to solve.Thehealthcare sector is currentlyoverseen by the UAE Ministry of Health, the HealthAuthority of Abu Dhabi, the Dubai Health AuthorityandDubaiHealthcareCity.

World’sfastestpopulationgrowthrate

A2011studyoftheUAE’shealthcaresectorbyDeloittedetermined that theUAE’s rapid population growthrate – the highest in the world – will continue todrive healthcare development as well as demand forworld-class services. Trends include a growing needfor treatment of chronic diseases among the UAE’sincreasingly affluent, agingnative population aswellas the need for emergency and preventive care foryoungermembersofthesociety,includingblue-collarworkers.

The Deloitte study pinpoints five types of healthcareprojects with particularly strong investment potentialin theUAE. These are speciality-care centres, centresfocussing on minor cosmetic surgery for medicaltourists,long-termcarecentres,home-carecentres,andpartnershipswithUAEhealthcareproviders.

Tourism

•UniqueCulture,NaturalBeauty,SpectacularResorts

•RasAlKhaimah’sTop10ToSee

•AbuDhabi’sTop10ToSee

40


unique Culture, natural beauty, spectacular resortsThe UAE is transforming itself into one of the top tourism destinations on the planet. The UAE offers world-class hotels and resorts; fine restaurants featuring just about any cuisine; a clean, safe, family-friendly environment; cutting-edge infrastructure; many natural wonders and unique cultural attractions; a range of sports and adventure-travel options; and superlative shopping, from spectacular destination malls to traditional souks.

AbuDhabi’sUNESCOWorldHeritagesite

Last year, UNESCO named Abu Dhabi’s Al Ain aWorldHeritagesite,thefirstofficialWorldHeritagesiteintheemirates;thishonourreflectsgrowinginter-national recognition of the UAE’s unique heritageandexceptionaltourismappeal.AlAinfeaturesthedome-shapedtombsofHafeet, theman-madewatersystemoffalaj,andlushoasessoughtoutbytravellersforthousandsofyears.

Eachemiratehasuniqueattractions

The National Council of Tourism and Antiquitiesis overseeing the UAE’s tourism programmes andis making sure the emirates develop a high-qualitytourismsectorwhilepreservingtheirauthenticlocalculture and traditions. Each emirate has its ownspecialattractions.

Abu Dhabi, the largest and most populous of thesevenemirates,offersvariedgeographyfrompristinebeaches to date-palm oases and many islands. Theemirateisnowthehomeofawidechoiceofhigh-endhotels and resorts, and leading the list is SaadiyatIsland, which offers five-star amenities and a focusonculture.ThedevelopmentisthehomeofSheikhZayedNationalMuseum,theLouvreAbuDhabiandtheGuggenheimAbuDhabi.

Dubaihasmadeheadlinesworldwideforitsambitious,one-of-a-kind development projects, includingJumeirah Beach with its host of up-market hotelsandleisurefacilities;BurjKhalifa,theworld’stallest

tower; and Burj Al Arab, the world’s first seven-starhotel. DubaiMuseum showcases the area’s seafaringpast,whileShindaghaHeritageVillagecelebratestradi-tionallocalcultureandSheikhMohammedCentreforCulturalUnderstandingisawindowonDubai’sworld.Shoppers delight inDubai’s famousmalls, includingBurjuman, Emirates Towers Boulevard, Dubai MallunderneathBurjKhalifa,MalloftheEmiratesandIbnBattutaMall.Visitorscanbaskonabeach,skidowntheslopesatSkiDubai,andcheckoutThePalm,Dubai’sman-madeislandbuiltintheshapeofapalmtree.Andthatisjustthebeginning.

CulturalCapitaloftheArabWorld

Sharjah’smany tourism attractions include bustlingSharjah City, with its restored traditional buildingsandmanymuseums.KhorKhalidtidalcreekrunninginland from Sharjah’s port houses an active dhowfleet, while within the Buhaira Corniche is a largelagoon with a 100-m-high fountain. The nearby AlMajaz Waterfront, with cafés, entertainment andcultural venues, has received a major upgrade inrecentyears.

Sharjahhasseveralbeautifulbeaches,andtheSharjahArts Area is filled with galleries and shops. SharjahHeritage Area includes Al Hisn Fort Museum andmanycraftsandculturalcentres,onereasonUNESCO

The Louvre Abu Dhabi

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THEEUROPEANTIMES

namedSharjahthe‘CulturalCapitaloftheArabWorld’in1998.SharjahDesert Park outside the city is oneof the emirate’s developments cel-ebratinglocalnaturalbeauty.

Ajman, just northeast of SharjahCity, is the smallest of the sevenemirates.Itisknownforitsnaturalharbour on the Arabian Gulf, andfishing and dhow-building are stillimportant activities. Visitors canrelax on beautiful beaches, tourAjmanMuseuminan18thcenturyfort, shop for designer brands atCity Centre Mall or bargain formoretraditionalwareattheIranianSouk.

Small, quiet Umm al-Qaiwain,around20minutesbycarnorthofAjman, surrounds a large creek,Khor Umm al-Qaiwain, and isknownforitsmixoftraditionalandmodernbuildings.Ummal-Qaiwainhassevenforts,anexpansivebeachand thriving traditional activities,from dhow-building to date-palmcultivation.

Unspoilednature,traditionalatmosphere

RasAlKhaimah,themostnortherlyemirate on the UAE’s west coast,lies on a fertile palm-filled plainwiththeruggedHajarMountainsinthe background. Ras Al Khaimah’sattractions for visitors include RasAl Khaimah National Museum,housed in an ancient fort. Ras AlKhaimahiswellknownthroughoutthe Arab world for its spectacularnaturalbeautyandforitspeaceful,traditional atmosphere. Now theemirate is developing high-endtourism facilities and services andaimstobecomeafavoureddestina-tion for visitors from throughouttheGulfregionandbeyond.

FujairahissetontheUAE’sbreath-taking east coast, which bordersthe Gulf of Oman and the IndianOcean. Fujairah offers stunningbeaches and good diving locationsalong the coast along with manycultural and historic sites inland,includingAlHaylPalace,once the

Burj Al Arab

POBox1946RasAlKhaimah


www.binmajid.com

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pantone 872 C

ruling family’s summer retreat.Agriculture and fishing, two tradi-tional mainstays of the economy,stillflourishthere.

Thanks to attractions like these,the UAE is expected to welcomenine million visitors this year, a9% increase over 2011. The UAEis ready to take its place amongthe world’s fastest-growing tourismdestinations.

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experience dubai’s hospitality with Auris HotelsDubai has become one of the world’s top tourism destinations, thanks to its exceptional infrastructure and high-quality hotels along with its extensive shopping, entertainment, cultural and sports attractions.

Auris Hotels is a Dubai-basedhotelgroupthatstepsupthecom-petition by redefining hospital-ity standards and committing tomakeourguestsfeelthewarmthofDubai’shospitality.

With six operational hotels and atotal of 1,313 rooms and suites, aswellasfivenewprojectsunderdevel-opment in Sharjah, Kingdom ofSaudiArabia,TunisiaandOmanourhotelsrangefromluxuriousfive-starhotels,toclassyhotelapartmentsandsuitesandathree-starbudgethotel.

Wegiveourguestswidechoices.

Allourpropertiesfeaturespaciousrooms, comfortable beds andshowers, distinctive architecture,ideal locations, and personalisedservicesatcompetitiveprices.

Hatem Gasmi, General Manager

Widechoiceofproperties

We also offer generously scaled andlavishly furnished hotel apartmentsideal for families and long-stayingguests,allofthemcentrallylocated.

AurisFirstCentralandAurisMetroCentral is located in the TECOMdistrict, AurisDeira in the heart ofthecityandAurisBoutiquenext totheMalloftheEmirates.

Finally, our budget hotel, AurisLodge, is unbeatable because of itslocation, room sizes and value formoney.

Oninnovationandexpansion

We, at Auris Hotels, attach greatimportance to our digital reputa-tion, online presence and bookingsystem. That is why we continue tobe innovative through our websiteandvariousonlinesocialplatforms.

Currently,wearelookingtoconsoli-date our expansion, specifically inthe Middle East, North Africa andTurkey. To reach these goals, AurisHotelswelcomesproductivepartner-ships.AurisHotelsisanidealpartnerforinvestorsintheHotelindustry.

Being a Dubai-based company,we have a great exposure and bigpotential togrowintheregionandworldwide.

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AurisHotelsTel:+97144554800

[email protected]@auris-hotels.com

www.auris-hotels.com

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THEEUROPEANTIMES

ras Al Khaimah’s top 10 to seeBeautiful Ras Al Khaimah, with its unspoiled coastline and rugged mountains, is positioning itself as an upscale travel destination with unique attractions. Here are 10 top things to do:

Takeanadventuretour

Whether you explore the desert, mountains orwadis,RasAlKhaimahoffersmanyopportunitiesforunforgettableadventures.

NationalMuseum

Housedinanancientfort,themuseumdisplaysanintriguing collection of artefacts that will give youa sense of the emirate’s past as a centre for pearl-diving,date-farming,fishingandtrade.

Goshopping

RasAlKhaimah’sOldTownisfilledwithtraditionalsouks,andRAKMallandManarMallofferallkindsof boutiques as well as a wealth of entertainmentanddiningoptions.

DhayahFort

This reconstructed fort around 15 km from thecity centreoverlooks the villageofShimal,with itsremarkablearchaeologicalsite.

Relaxinhotsprings

FollowthelocalstothehotspringsofthelushKhattoasis,inanagriculturalareawhereroadsidestallsselllocalproduce.

HajarMountains

The Hajar Mountains slope into the sea and offerunforgettable vistas of one of the most picturesqueareasintheMiddleEast.

SaqrPark

Take the family to thispopulargetaway,where therearemanyridesandotherfacilitiesforchildrenaswellasboutiquesandrestaurants.

Strollalongabeach

RasAlKhaimahhas65kmofcoastlinedwithpristinebeachesalongtheaquamarineGulf.

Watchacamelrace

VisitAlSawanCamelTrackwhenracesarescheduledtogetaclose-uplookatthistraditionalsport.

Dive,water-skiorplayaroundofgolf

Sports-lovingvisitorshaveallkindsofoptions,includingdiving at the Emirates Maritime Sports and DivingCentre,water-skiingatRasAlKhaimahWaterSkiClub,orplayingaroundofgolfatTowerLinksGolfCourse.

City Hotel

boutique Hotel specialises in Five-star services City Hotel serves as the ideal base for visitors to RAK. General Manager Ahmed Soliman says, “This is a small hotel but we offer five-star services.”

CityHotelisideallylocatednearRAK’stopbusiness,entertainment, shopping and cultural attractions.Thehotelcontainsasushiandseafoodrestaurant,amassagecentre,aladies’salon,barsandanightclub.CityHotelisbuildingitsownbeachfacilityandresortwithtwoswimmingpools,arestaurant,anightclubandabar. AhmedSolimansays,“WemainlyserveexecutivetravellersnowbutweaimtoattractmoreleisuretravellerstoCityHotelandtobeautifulRasAlKhaimah.”

MuntaserRoad,RasAlKhaimahTel:+97172274000

[email protected]

Tourism

44


Hilton

benchmark in rAK’s tourism sectorHilton Worldwide is helping to position Ras Al Khaimah as one of the Middle East’s leading travel destinations. In 2001, Hilton became the first international hotel group to enter RAK when it opened the 227-room Hilton Ras Al Khaimah in the city centre overlooking the creek. Now Hilton has six hotels in the emirate and has carved out a niche for itself as the emirate’s leading hotel group.

Hilton’scurrentflagshippropertyinRAK is theHiltonRasAlKhaimahResort & Spa, set on a spectacu-lar 1.5-km private beach just fiveminutes from thecity centre.With324 rooms and suites and 151beachvillas,theresortoffersvisitorsa wealth of luxurious amenities,including 13 restaurants andbars, six temperature-controlledswimming pools, a wide range offacilities for children, a Precorfitnesscentre,anda2,000-sq-mspawithninetreatmentrooms.

WaldorfAstoriaopeningin2013

Inthefirstquarterof2013,theHiltongroup will open a stunning newproperty that will set new standardsintheUAE’shotelsector:theiconicWaldorfAstoriaRasAlKhaimah.TheWaldorfAstoriabrandissynonymouswith timeless luxury and sophistica-tion,andguestsattheWaldorfAstoriaRas Al Khaimah can expect a trulymemorableexperiencethankstothehighest level of service and comfortprovidedinspectacularandtranquil

surroundings. The Waldorf AstoriaRas Al Khaimah will draw discerningvisitors from throughout the UAE,including thesizeable localexpatriatecommunity,aswellas top-levelexecu-tives and leisure travellers from theGulfregion,Europeandbeyond.

HiltonalsochoseRAKasthelocationof its first DoubleTree property inthe UAE. The DoubleTree Ras Al

Khaimah opened last year and hasalreadyearnedareputationasatopchoice for families and long-stayguests.Thehoteloffersspaciousone-,two-andthree-bedroomapartments,some with kitchenettes, as well as arooftop swimming pool next to theconvivial TreeTop bar and a Fitnessfloor housing a 24-hour PrecorFitnessCentre.

NewDoubleTreeonidyllicMarjanIsland

Hiltonwillalsoopena secondDou-bleTreebyHiltonpropertyonRAK’sidyllic Marjan Island, a 2.7-million-sq-m offshore development set toinclude luxury waterfront homes,floatingvillas,resorts,sportsfacilitiesandnumerousbeaches. Inaddition,

Rob Palleschi, global head, DoubleTree by Hilton brand and Mohamed Ahmed Ali Hassan Ruqait Al Ali from Mohamed Ruquait Real Estate at the official signing of the new DoubleTree by Hilton Resort, Marjan Island, Ras Al Khaimah. The signing took place at the location on Marjan Island where the new hotel will be built.

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THEEUROPEANTIMES

Tourism

POBox12298UnitedArabEmiratesTel:+97172044109

[email protected]

by the end of 2012,Hiltonwill addtheAlHamraFortHotelandBeachResorttoitsRAKpropertiesaftertheresorthasbeencompletelyupgradedtomeetHilton’sstandards.

RAK has long been a preferred des-tination for European travellers whochoose the emirate for its naturalbeauty, tranquillity, beautiful white-sand beaches and unique culturalattractions. RAK’s number of visitorsfromSweden,DenmarkandFinlandgrewespeciallystronglylastyear,whileEastern Europe also emerged as animportant source market in 2011.This year, Hilton hotels in RAK arereportingsignificantgrowthinvisitorsfromGermanyandRussiaaswellasanoticeableincreaseinweekendtravel-lersfromelsewhereintheUAE.

Hilton Worldwide, with the mostsolidlyestablishedinternationalhotelpresence in RAK, has positioneditselfasthepreferredchoiceforthemeetings, incentives, conferencesand events (MICE) travel segment,and now Hilton hotels and resorts

in RAK have expanded their facili-ties to handle larger groups. EachHilton property inRAKhas its ownuniquecharacterandmeetingfacili-ties, andall canbebooked throughthe Hilton.com website. Those whobook such events can earn pointsthrough Hilton’s Honours EventBonusprogramme.

RAKtopchoiceforMICEvisitors

Thankstoitsuniqueattractions,RAKis strengthening its reputation as apreferreddestinationforMICEtravelintheUAE,particularlyforcompanies

in Dubai and Abu Dhabi which cantake advantage of the fact that theirexecutives can drive to RAK insteadof fly. More and more internationalcompaniesfromthroughouttheGulfregion,particularlyinthepharmaceu-ticalssector,arechoosingRAKasthelocation for their annual meetings,incentives, staff outings and more,andHiltonistheleaderinservingthisexpandingtravelsegment.

Morechoicesforairconnections

New air connections to RAK areexpected to boost tourism to theemirate even more. RAK Airways,the national airline, now offersflights between Ras Al KhaimahInternational Airport and Jeddah,Kozhikode,Bangladesh,Cairo,Dohaand Bangkok, in addition to dailycharter flights between RAK andGermany.

RAK’stotalvisitornumbersaresteadilyincreasing as the local hospitalityindustry and the government joinforcestopromotetheemirate’stourismattractions internationally. RAK haseverythingittakestobecomealeadingdestinationforfamilytravel,adventuretourism,culturalvisits,weekendbreaksand the MICE travel segment, andHiltonisreadytooffervisitorstoRAKawinningcombinationofaddedvalue,luxury, unique charm and top-qualitypersonalised service.Hilton isplayinga key role in developing RAK’s high-potentialtourismindustry.

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THEEUROPEANTIMES

Abu dhabi’s top 10 to seeAbu Dhabi’s diverse attractions are helping to put the UAE on the global tourism map. Here are 10 not-to-be missed sites:

TheCorniche

StrollalongthewaterfronttogetasenseofAbuDhabi’spastandpresent.Skyscrapersborderawell-maintainedpublicbeachalongtheaquamarinewatersoftheGulf.TheCornicheislinedwithcafésandboutiques.

AbuDhabiHeritageVillage

Takea trip to theemirate’spastasapearlingcentrewherediversandboatmentendedtheirgardensinthelocaloasis.

FerrariWorldthemeparkandYasIsland

Anideal familydestination, theFerrariWorldthemeparkonYas Island isfilledwithgiant roller-coasters.YasIslanditself isoneofthemostambitioustourismdevelopmentsintheworld,withallkindsofattractionsfromawaterparktoAbuDhabi’sFormulaOnetrack,along with luxurious hotels, boutiques, restaurantsandentertainment.

SaadiyatIsland

Stroll through the upscale development and visitan exhibit at Manarat Al Saadiyat, where you cansample delicious dishes in the restaurant and viewthespectacularUAEPavilionintheshapeofasanddune.SaadiyatCulturalDistrict is thehomeof theZayedNationalMuseum,GuggenheimAbuDhabi,Louvre Abu Dhabi, a performing-arts centre andmuchmore.

Dhowcruise

TakeasunsetordinnercruiseonatraditionalwoodendhowalongAbuDhabi’spicturesquecoastline.

Goshopping

Abu Dhabi has many malls filled with high-endboutiques,andtheMadinatZayedGoldSoukandSoukAlMina(forcarpets)arefilledwithtemptations.

Experiencethepeaceofthedesert

Enjoytheremotetranquillityofthedesert,takingatourofthedunesbycamelorfour-wheel-driveandrelaxingin lush oases. Qasr Al Sarab Desert Resort, built toresembleanancientfort,hasultra-luxuriousamenities.

Exploreanisland

AbuDhabi’smanyislandsofferachancetosnorkel,dive,kayak through mangroves, tour ancient architecturalmonuments,sailorjuststrollalongunspoiledbeaches.

AlAin,UNESCOWorldHeritagesite

TheUAE’sfirstUNESCOsiteisalushoasiswithmanyancient forts andarchaeological sites.Visit theAlAinNationalMuseumforan insight intothehistory,bothancientandmodern,oftheUAEandseetheartefactsinHiliArchaeologicalGardens.

SheikhZayedMosque

Themagnificentmosque surroundedby lushgardenshonoursHHSheikhZayedbinSultanAlNahyan, the‘fatherof thenation’, andgives visitors a senseofhisvisionforAbuDhabi.

Tourism

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City seasons Group

Ambitious expansion Plans City Seasons Group operates a portfolio of luxury hotels in Abu Dhabi, Dubai, Al Ain and Muscat, Oman. HE Sheikh Ahmad Bin Musalam Bin Ham, Vice-Presi-dent City Seasons Group, says, “It all began with Bin Ham Group’s ambition to establish hotels that are relevant, cosy and stylish, in key des-tinations, with a focus on quality, luxury and value. This year marks a significant milestone in the history of the group. Our next hotel opening will be the five-star, 355-room Royal Rose, followed by two more new hotels in Abu Dhabi and Dubai.”

TheRoyalRosefeatures17th-centuryEuropean design, baroque-inspiredinterior décor, individually craftedroomsandsuites,agourmetEuropeanrestaurant,aMediterranean-styleres-taurantfeaturinghealthyspecialities,a French brasserie, and a brandedspa and health club with rooftoppoolsandaJacuzzi.Otheramenitiesinclude state-of-the-art board rooms,banquetandmeetingfacilitiesforupto400delegates,andfullyautomatedunderground parking. The RoyalRose is set to be oneofAbuDhabilandmarks,aligningtheCitySeasonsGroup with elite international hotelchains. City Seasons combines thelegacy of Western architecture withtraditionalArabianhospitality.

CitySeasonsAlHamraHotel

Recently City Seasons celebratedthe opening of the four-star City

SeasonsAlHamraHotelAbuDhabi.Located in the heart of the capital’sbusinessandentertainmenthub, thehotelhas310roomsandsuites,ClubFloorswithaprivateVIPlounge,con-ferencefacilitiesforupto300guests,a well-equippedfitness club, a saunaandsteamroom,massageserviceandfacialtreatments.

The City Seasons Al Hamra’s diningoptions include New Season Res-taurant, serving a daily buffet and àla carte dishes, and Keway-Mai, anauthentic Thai restaurant. Keway-MaiinauguratedauniquecookingstyleinAbu Dhabi – traditional cooking onhotvolcanicrocks–whichhasprovedverypopular.Thehotel’sThaichefsarepassionate about high-quality, fresh,healthy and value-added food andbeverage options. George Demitry,GeneralManager,says,“Ournewfacili-ties,servicesandamenitiesareareflec-tionofourtruecommitmenttoafford-ableluxuryandvalueformoney.”

International travellers, mainly fromEuropeandAsia,makeuparound60%oftheCitySeasonsAlHamra’sguests.George Demitry says, “As Abu Dhabiintroduces new family-friendly facili-ties like Yas water park, we anticipateincreased family travel from theGCCcountries. To serve our visitors, thehotelprovidesafreeshuttletonearbybeaches and entertainment attrac-tions aswell as access to sisterhotels’recreation facilities.” Mohamed AlAamri,ManagingDirectorCitySeasonsGroup,believesAbuDhabihasaverybright future as a tourism destina-tion.Heexplains, “AbuDhabi is verysafeandfamily-oriented,andhasalotto offer in terms of pristine beachesand outdoor entertainment. It is also

a very business-friendly emirate. TheCitySeasonswelcomesallvisitors.Ourslogan is ‘hospitality for all seasons,’andprovidingvalue formoney isourcorefocus.”

CitySeasonsGroupPOBox4706,AbuDhabiTel:+97124176500

[email protected]

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THEEUROPEANTIMES

sands Hotel

service, Comfort and style in the Heart of Abu dhabiThe four-star Sands Hotel offers best-in-class facilities

and services in the heart of Abu Dhabi’s business and

cultural district. Sands Hotel has 257 well-appointed

rooms and suites, including non-smoking rooms

and special units designed for long-term stay. Every

room and suite is equipped with high-speed Wi-Fi

Internet access, a minibar, satellite LCD TV, direct

dial telephone, an in-room safe, and individually-

controlled airconditioning.

SandsHotel is ideally located just a shortdrive fromtheinternationalairport,AbuDhabiGolfClubandtheMarinaMall.SandsHotelguestshaveaccesstopublicBeachClubfacilitiesalongwithconvenientfreeshuttletransferstothepublicbeach.

SandsHotel offers a selection of food and beverageoutlets serving a wide variety of cuisines, and roomserviceisavailablearoundtheclock.GuestscanchooseLaPiazzaforinternationalspecialties;ChequersBar&Restaurant for drinks,meals and live entertainment;thecosyCappuccinoRoyaleCafé;ortheconvivialnewHarvestersPub.

Other amenities at Sands Hotel include a tempera-ture-controlledrooftopswimmingpoolwithspectacu-larviewsof thecity,a fully-equippedhealthclubandfitnesscentrewithasauna,agiftshop,complementarylaundryanddrycleaningservice,andastate-of-the-artbusinesscentre.

Focusonpersonalisedservice

SandsHotelpridesitselfonitsmulti-lingualstaffthatprovidespersonalisedservicewhichmakeseveryguestfeelathome.Thehoteloffersairportpickupanddropoff on request, valet parking, amorning shuttle busto the public beach and toMarinaMall, an eveningshuttlebustoAlWahdaMall,andmuchmore.

Forbusinessmeetings andother special events, SandsHotelhas139.3sqmofeventspaceincludingbanquetfacilities. Al Bateen Hall can seat 80 guests and isequippedwiththelatestaudiovisualtechnologies,whileadaptablesmallerroomsareidealforboardmeetingsorothereventsforgroupsof20to40.

SandsHotel: a successful blendof contemporary styleand charm with traditional Arab hospitality. SandsHotelistheidealhomeawayfromhomeforleisureandbusinessvisitorsinAbuDhabi.

SheikhZayedI,AbuDhabiTel:+97126156666

[email protected],www.danathotels.com

Tourism

50


the st. regis saadiyat island resort

iconic st. regis brings exemplary style and service to saadiyatThe St. Regis Saadiyat Island Resort, unveiled in December 2011, brings a new standard of exemplary luxury and bespoke services to Abu Dhabi. Part of the iconic St. Regis Hotels & Resorts, a Starwood Hotels brand group born in New York over a century ago, the St. Regis Saadiyat Island Resort is the first St. Regis property in the Middle East.

TheSt.RegisSaadiyatIslandResortis ideally located on Saadiyat, anunspoilednaturalisland500metresoff the coastofAbuDhabi.Whileit is only a 20-minute drive fromAbu Dhabi International Airportand only minutes from the city’sdowntown district, the St. RegisSaadiyatIslandResortoffersatrueescapetoanislandparadise.

Theresortissetonapristinewhitesand beach with panoramic viewsoftheArabianGulfandframedbythebeautifully landscaped18-holeSaadiyat Beach Golf Course.The resort’s architecture, mainlobby, guestrooms, and indoorand outdoor dining options areMediterranean in feel, while thesignature restaurant 55&5th, TheGrill is inspiredby the iconicstyleofSt.RegisNewYork.

With 377 guestrooms and suites,sevendistinctlydifferent foodandbeverage venues, the region’s firstIridium spa, the Sandcastle Clubfor children, stylish boutiques,theRegalBallroom–AbuDhabi’s

largesteventsfacility–andlegendaryservice,theSt.RegisSaadiyatIslandis certain to exceed its guests’expectations.

ButlerServicetakesservicetothenextlevel

In fact, as General Manager JohnPelling explains, “The St. RegisButler Service takes service to awholenew level.Webelieve luxuryis all about choices, and our team

ofbutlersisheretomakewhateverguests choose happen seamlesslyand perfectly. Our resort cel-ebrates a century-old legacy andvision. With our bespoke service,seductive venues, Arabian hospi-tality and our location on SaadiyatIsland, a visionary destination, Iam confident that guests will havememorable moments and experi-enceseverytimetheyvisitus.”

Elegantroomsandsuiteswithseaviews

TheSt.RegisSaadiyatIslandResortoffers 377 guestrooms and suites,eachwithanindividualterracewithviews of the Arabian Gulf. Guestshave a wide choice of accommoda-tions, from 55-sq-m guestrooms to

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THEEUROPEANTIMES

SaadiyatIslandPOBox54345AbuDhabi

Tel:+97124988888www.stregissaadiyatisland.com

themedspasuitesorthelavish2,000-sq-mRoyalSuitewithfivebedrooms,aprivatepoolandaspaciousterrace.

The resort’s 3,000-sq-m RegalBallroom,whichcanhostupto1,600guests,isidealasasettingforelegantevents of all kinds. Fitted with thelatest technologies and including aboardroom, four meeting rooms,a majlis and an event’s office, theRegal Ballroom also features anoutdoor terrace with seaside views,dedicated wedding facilities, and awell-equippedbusinesscentre.

Exceptionaldiningandbeverageoptions

Guestscanenjoyavarietyofcuisinesin the resort’s restaurants. The55&5th,TheGrill features sophisti-catedNew York style while SontayaspecialisesinSoutheastAsiandishes

served in a series of floating glasswalled pavilions set amidst inter-connected pools. Olea serves asumptuous buffet and à la cartemeals all day long while Turquoiz,whichwillopenlaterthisyear,istheresort’s beach restaurant and willspecialiseinseafoodandsnacks.TheManhattan Lounge is another tasteofNewYorkwhiletheDrawingRoominthelobbycelebratesthesignatureSt. Regis Tea Ritual and offers aunique selection of beverages andsnacks. Sucré is the resort’s irresist-iblepastryshop.

LikeeverySt.Regispropertyaroundthe world, the St. Regis SaadiyatIsland Resort combines iconic St.Regis style with authentic localtouches. John Pelling explains, “St.Regishasbrandritualsyouwillfindinallourhotels.Myfavouriteissur-rounding the Bloody Mary drink,originally called the ‘Red Snapper’

and created in the King Cole Barof the original St. Regis New York.Every St. Regis hotel has its ownversionoftheBloodyMary;inJapantheyincorporatewasabiandhereweadda localherb, za’atar,which isamixture of herbs including thyme.Our version of the Bloody Mary iscalledtheArabianSnapper.”

TheSt.RegisSaadiyatIslandResortis the gateway to the paradise ofSaadiyat Island, with its protecteddunes,turtleshatchingonthebeachfrom April to September, dolphinsin the water, and beaches wheremotorised sports are not allowed.John Pelling invites internationaltravellers to discover this magicalisland in the best possible way bypampering themselves at the St.Regis.Hesays,“OurresortoffersthebeautyofSaadiyat Islandandmanyoptions of things to do andnearbyplaces to visit, from the FerrariWorld Theme Park to AbuDhabi’sGrand Mosque. This is a destina-tion of quality, and at the St. RegisSaadiyatIslandResort,ourambitionistowoweveryguest.”

Tourism

52


Cristal Hotels and resorts Group

Premier Hotel and resort Group Opens new Luxury PropertyThe Cristal Hotels and Resorts Group serves as a benchmark for high standards in Abu Dhabi’s hotel sector. The group has two properties in Abu Dhabi: the four-star Cristal Hotel Abu Dhabi, in the heart of the city’s business district, and the luxurious new Cristal Salam Hotel in Abu Dhabi’s banking district. Both hotels offer the ultimate in deluxe facilities, accommoda-tions and services, including free Internet connections.

PeterBlackburn,PresidentandCEOofCristalHotelsandResorts,wasrecentlynamedoneofthetop50hoteliersintheMiddleEast.Heexplains,“Ourfocushasalwaysbeenonprovidingthebestpossibleservicestoexecutivetravellers, particularly European business travellers, asegmentwhichis increasingintheUAE.NowwiththeCristalSalamHotel,wecanofferadditionalguestrooms.OurmanagementisveryprofessionalandalwaysworkstoensurethatallpropertiesbearingtheCristalHotelbrandnotonlymeetbutexceedinternationalstandards.”

The Cristal Hotel Abu Dhabi has 192 beautifullyequipped rooms and suites, two food and beverageoutlets, seven spacious meeting rooms, a businesscentre, an executive lounge, undergroundparking, ahealthclub,anindoorswimmingpool,abeautysalon,a treatment room, and sauna and steam rooms. ThehotelisconvenientlylocatednearAbuDhabiMallandMadinatZayedShoppingCentre.

Qualityandsustainability

Theluxuriouspropertyisknownforprovidingexcep-tionalvalueformoneyandforitscommitmenttotheenvironment:CristalHotelsandResortswasAbuDhabi’sfirsthotelgrouptomeetthecriteriaofthegovernment’sambitious “green” initiative. It is steadily upgradingitsenergyconservationmeasuresandhasdevelopedastate-of-the-art recycling programme that recycles twotonnesofwastepermonth.PeterBlackburnsays,“WiththeCristalSalam,oursecondhotel inAbuDhabi,weconfirmourcommitmenttoqualityandsustainability.”

Peter Blackburn, President and CEO

ThenewCristalSalamfeatures112spaciousroomsandsuitesthatcombineintimacy,comfortandexclusivitywiththepersonalisedserviceandattentiontodetailthatarethehallmarksofCristalHotelsandResorts.Everyroomisequippedwitha32-inchLCDTV,complimentaryhighspeedInternetaccess,convenientcoffeeandteamakingfacilities,IPinteractivetelephones,aminibarandmore.

The Cristal Salam has four state-of-the-art meetingrooms and its food and beverage outlets include the2.35 restaurant, which offers sumptuous internationaland fusion cuisines, and Blendz Lounge, featuringtempting snacks. Guests can unwind in the hotel’soutdoorswimmingpool,keepinshapeinthe“Figure8”healthclub,wherepersonaltrainersareavailable,orpamper themselvesat theexclusiveCristalSpa,whichhassauna,steamandmassagerooms.TheCristalSalamalsohasabeautysalon.

Having achieved success in the UAE, Cristal Hotelsand Resorts will soon expand internationally. Peter

POBox72898,AbuDhabiTel:+97126520000

[email protected]

Blackburn says, “We are aiming to grow not only intheGulf region,butalso inEurope.Wearecurrentlylookingforjointventurestoopennewpropertiesandextend the Cristal Group’s presence. Thanks to ourconstantpush tomaintain international standards,wearealsothinkingofpositioningCristalHotelsthrough-outtheMiddleEastandAsia.”

Cristal Hotels andResorts is playing a keyrole in supporting thegrowth of Abu Dhabi’stourism sector. PeterBlackburn points out,“Tourism developmentis crucial for AbuDhabiand the Cristal group isdoing everything it canto support all of the ini-tiativesoftheAbuDhabiTourism Authority. WeviewAbuDhabi’stourismleaders as importantpartners. Cristal Hotelsand Resorts aim to bethepremierbusinessandleisurehoteloperator intheMENAregion.”

Interested? For more information & rental: Mrs. Christiane Vervaet

[email protected] Tel: +32 11 808 934

Feel aT HoMein Ras al Khaimah’s Al Hamra Village

The Royal Breeze residence is conveniently located in the prestigious al Hamra Village in Ras al Khaimah away from the busy city life. The residence gives you the most outstanding views of open sea and unspoiled beaches and its design is a combination between a traditional arabesque

theme and modern luxury.

Short-term Rental

l Very large 2-bedroom apartment in the Royal Breeze with 2.5 bathrooms, built-in wardrobe, modern and functional kitchen and a very large terrace. l Studio in the Royal Breeze with 1 bathroom, built-in wardrobe and modern and functional kitchen. l Tower facilities include swimming pool, gymnasium and health club facilities.

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Al manzel Hotel Apartments

Prestigious Hotel Apartment Features Five-star LuxuryThe five-star Al Manzel Hotel Apartments offers luxury accommoda-tions in the heart of Abu Dhabi. With a wide choice of accommodations from studios to large suites, Al Manzel Hotel Apartments have exceptional facilities to fit any guest’s needs. All rooms and suites are spacious, elegantly decorated and equipped with fully fitted kitchens, satellite TV, air conditioning, a washing machine and high-speed internet connections.

Theapartmenthotelalso featuresarooftoppool,asaunaandJacuzzi,abusiness centre, a fitness room, theconvivialMultaqaCaféwithaterrace,andAlIwanRestaurant,whichservesa breakfast buffet and lunch andhosts themed evenings. Guests cancounton24-hourroomservicefromahighlytrainedmultilingualstaff.

Duco De Vries, General Manger,explains that around 92% of thehotel apartment’s customers arecorporate clients who stay foraround three to four days onaverage, although many opt for alongerstayandsomeclientschoosetorenttheapartmentsbytheyear.Hesays,“Ourclientscomefromall

over the world as well as from theGulfregion.Ouraverageoccupancyrate is a high 85% and we aim tosurpass that levelbyenhancingourservices&offeringstodelightguestexperienceandcomfort.”

Focusonaddingvalue

Dedicated to maintaining andexpandingitsluxurystatus,AlManzelHotel Apartments stays ahead ofthe competition through continu-ing monitoring guests’ demands,andtotalqualitymanagementandtoadd value, including installing high

AlManzelHotelApartmentsZayedthe1stStreet,AbuDhabi

Tel:+97126448000info@almanzel-hotelapartments.comwww.almanzel-hotelapartments.com

speed internet connections and newfacilities,aswellasthroughprovidingpersonalised service. “Al ManzelHotel Apartments are profitableand a perfect example of an invest-mentmaximisingreturnsoverashortperiod.Ourphilosophyistocontinu-ously upgrade our facilities and addserviceswhilemaintainingourcurrentrates.Wedonotwanttodiminishourofferings just tobemorecompetitiveonprices,”DucoDeVriessays.

AlManzelHotelApartmentsaimtosupportAbuDhabi’sdrivetopositionitself as an upscale tourism desti-nation as well as a vibrant businesscentre.DucoDeVriesexplains,“Wedeliver a local, Arabian flair alongwithprovidingthekindofluxuriousfacilities and services discerninginternational travellers demand.Beinganon-brandedpropertydoesnot affect us. We are professionalsand implement our standards, staycompetitive and respond tomarkettrends.AlManzelHotelApartmentswillremainafive-starallsuitehotelwhichprovidesgenuineservice.”

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