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Vol. VI. No. 47 May 2010
Editor’s note
Editor
K Raveendran ravi@sterlingp.ae
consulting Editor
Matein Khalid matein@sterlingp.ae
T
Sankaranarayanan sankar@sterlingp.ae
K Raveendran
CM
MY
CY
CMY
K
CONTENTS
6 RETAIL
Opportunities mixed with
challenges
SPECIAL
8 Small is very big
Federal law coming for
development of SME sector
14 Credit guarantees critical
Higher risk premiums caused
by information gaps
20 SME - BANKS
SMEs go international
Monetary discipline and support are key
Opportunities abound
Risk-reward balance crucial
Unified national policy required 46 REAL ESTATE
SME index a useful tool Passion for breakthrough
Handholding to tide over crisis technologies
Refinancing for lenders helps
50 WEALTH
Private banking after
38 SME - COMPANIES
perfect storm
European heritage adapted to GCC
A well-brewed success 54 CREDIT RATING
Benefiting from oil boom S&P’s Gulf Region Series
T
he relatively low consumer fi- are key underlying reasons for
nance availability, high credit this demand growth, it points
card interest rate compared out.
to the global average due to “Moreover, we expect ro-
higher default risk and lack of credit bust growth in retail demand
bureau data, and increasing competi- from travellers in transit (air-
tion are posing a threat to the retailing port retail) and tourists. Phar-
industry in the GCC. macy and electronic sales, al-
This is further complicated by the ex- though minuscule in terms of
pansion of international retailers within contribution to the total retail
the GCC to sustain their global business scale, are also posting signs of
growth, a new report on the regional re- healthy progression,”, the re-
tailing industry reveals. port says.
But along side there exists a plethora Retailers with focus on
of opportunities as well, the report by non-discretionary goods will
Alpen Capital points out. continue to outperform in the
The retail sector is leading from the short term while those pro-
front in the GCC’s ambition to move cal participants; many foreign retailers moting discretionary products,
away from oil dependency towards a have initiated their retail operation in large ticket items in particular, may face
diversified economy. The region is en- the region to leverage on its substantial challenging market conditions for a
hancing its footprint in the global retail growth prospects. while. The view is further supported by
map buoyed by factors such as healthy The rising GLA in the retail space the 1Q 2010 financials posted by GCC
population growth, rising per capita in- is expected to be matched by demand retailers wherein nondiscretionary re-
come, growing middle class, improving growth in the sector. Alpen Capital es- tailers posted healthy top-line progres-
service sector and burgeoning travel and timates GCC retail demand growth at sion while discretionary retailers pre-
tourism sectors. Moreover, the modern a CAGR of 9.5 per cent in 2010-12. For sented subdued performance.
shopping malls anchoring state-of-the- 2010, the industry growth is projected However, over a medium-to-long
art hypermarkets, highly developed free at around 8.3 per cent. Growing popula- term horizon, Alpen Capital foresees
trade zones, various shopping festivals/ tion and rising per capital expenditure investment merit also in more cyclical
events and relaxed tax provision for in-
dividuals provide further growth impe-
tus to the sector, the report says. The GCC is enhancing its footprint in the global
According to Alpen, currently, re-
tail projects of around 6 million sq m of
retail map buoyed by factors such as healthy
Gross Leasable Area (GLA) are under- population growth, rising per capita income,
way, which will constitute the region’s
retail space supply by 2012. This reflects growing middle class, improving service sector
optimism amongst mall developers and and burgeoning travel and tourism sectors
retailers in general. Race for more retail
space in the GCC is not restricted to lo-
Small is very
BIG
Federal law coming for the
development of SME sector
8 BANKING AND BUSINESS REVIEW May 2010
A
series of legislative and ad-
ministrative initiatives at The Ministry of Economy has prepared a
the federal governmental comprehensive proposal to develop the role of
and institutional levels is on
the cards to help the small and medium SMEs, after a detailed analysis on the current
enterprise units in making access to fi-
nancial resources easier and promote
status of SMEs and the challenges faced by the
the SME sector as a vital growth engine sector
of the local economy.
A most significant step in this direc-
tion is a new federal law, expected to be
issued in the next couple of
months, which will outline cial institutions
a new definition of SMEs, to provide finance
procedures of establishing and other support
SMEs and meet the capital systems for the
requirements of the sector. development of
The new law envisages that the sector.
the Ministry of Economy The ministry
will be the nodal agency has prepared a
responsible for coordinat- c ompre h e n s i ve
ing various activities for the proposal to de-
growth and development of velop the role of
the SME sector. SMEs, after a de-
The move for a com- tailed analysis on
mon definition of the role the current status
and size of the SME unit at of SMEs and the
the federal level follows a challenges faced
similar exercise launched by the sector. The
by Dubai, which redefined plan also includes
the SME unit in a more ap- the proposed new
propriate way so that these definition of an
units become eligible for bank finance these units meet their various require- SME unit at the national level and the
and other administrative support. The ments. draft law on the sector’s development.
Dubai initiative, spearheaded by the A number of studies on the sector According to Sultan Bin Saeed Al
Mohammed Bin Rashid Establishment had highlighted the absence of a uni- Mansouri, UAE Minister of Economy,
for Small and Medium Enterprises De- form definition of the role and identity the ministry has studied and evaluated
velopment, is expected to create a new of the SME sector as the biggest stum- the status of SMEs in the country so as
platform and culture that will help bling block for banks and other finan- to identify the challenges and opportu-
B
ankers feel that some sort SME sector, they remain cautiously constitute the majority of the sector
of a credit guarantee by the optimistic when it comes to funding and it is quite difficult to predict their
government or its designated them. One of the reasons for their long term cash flows or assets that can
agencies will go a long way concern is that there is no standard- serve as useful collaterals.
in ensuring adequate bank financing ized recovery mechanism to seize the The biggest problem, of course, is
for the SME units as lending to the assets of defaulters. Although some that there is a fundamental informa-
sector otherwise presents a relatively legal framework for this may be in tion gap between the lenders and the
higher risk proposition. place, the results and speed of the borrowers with the result that banks
While the banks are doubtless process can sometimes lack consist- are unable to accurately ascertain the
looking at SMEs as a distinct market ency and involve long delays. Another creditworthiness of their borrowers,
segment and registering 20-30 per cent reason for the uncertainty is that so they add hefty risk premiums to
year on year growth in lending to the small trading and services companies their interest rates. This in turn makes
State Bank of India’s DIFC Branch is regulated by DFSA. In terms of its license it can offer Non-Dirham credit to any Corporate.
Deposits can be sourced in any Non-Dirham currency from Professional Clients in Non-state markets.
C OV ER
SME SPECIAL
STORY - BANK S
M
ashreq firmly believes of the small and
that growth of the medium busi-
SME sector provides ness units so that
an important boost to any undesirable
an economy – SME sector constitutes tendency is kept
90 per cent of the financial system in out of the sys-
our region. Mashreq has succeeded tem. Hemant is a
in becoming a leading name associ- seasoned banker
ated with small and medium sized with expertise in a
enterprises sector in the UAE through number of various
several initiatives and business devel- areas in the bank-
opment activities undertaken to boost ing industry.
this sector, according to Hemant Lali- Hemant cites
thraj, Head of SME Business. the cases of ir-
In this respect, he hailed the ini- responsible be-
tiatives of the Mohammed Bin Rashid havior by owners
Establishment for SME Develop- of small and me-
ment in promoting the cause of the dium enterprises
small and medium businesses. Also, during the spec-
a number of new and active measures Hemant Lalithraj, Head of SME Business ulative run on
are expected to be put in place by the the stock market and later during the
UAE top leadership and government, policies and programmes to facilitate property boom in the country. “When
which will strengthen the Emarati en- the growth of the SME sector, he said. they found that the stock market was
trepreneurs’ participation in the self- Hemant Lalithraj, who has a pas- yielding returns in multiples of what
employed segment, thus help the SME sionate association with SME banking they could hope to make from their
units, he noted. Mashreq works closely in the UAE from its early days, under- regular business, these business own-
with these institutions in formulating lined the need for close monitoring ers invested all their resources into the
A
unified commercial licens- industry. For instance, the
ing policy for the small and common definition can be
medium enterprises along used to support the SME
with a common definition sector with suitable fiscal
for the units together can provide very or monetary measures and
powerful support to the SME sector, to incentivize banks to in-
according to Nilanjan Ray, Senior Vice crease lending to small and
–President and, Head of SME Banking, medium enterprises”.
Abu Dhabi Commercial Bank. The Head of ADCB’s
“And we believe the Governments SME Banking points out
are taking concrete steps towards es- that there has been a dis-
tablishing this unification to help sup- tinct preference to cash flow
port SMEs,” he said. based lending over collater-
At this point in time, commercial al based lending in the sec-
licensing is done separately by each tor. At the same time, there
Emirate. But a unified commercial li- has been an increased focus
censing and unification of definition on designing niche products
for the segment can together be very which cater to specialised
powerful to support the sector, Nilan- clusters within SME sector.
jan emphasized. There has also been more
According to him, while the recent focus on trade finance facil-
policy initiatives will be helpful to the ities, which are essentially
SME segment in the long run, current- self liquidating in nature.
ly the impact of the policy initiatives Nilanjan notes that there
has not been felt across the businesses Nilanjan Ray are a number of banks that
and one has to see support fro this are now focussing heavily on
from all the Emirates. “Support from long way in order to establish the wide- the SME sector. However, credit appe-
appropriate authorities would also go a spread use of the definition in banking tite across the banking sector has affect-
SMEs go international
HSBC Middle East positive about small and medium
enterprises growth
S
mall and medium enterprises Nicholas points out. “We have
are increasingly international- seen substantial liquidity injec-
izing their operations to add tion, government stimulus and
and diversify their revenue aid, as well as deposit guaran-
streams and this new trend is driv- tees, all of which will have a
ing local and regional SME banking positive impact on the SME sec-
growth in 2010 to new levels. tor,” he adds.
“There is a two-way internation- The extent of international
alization taking place. On the one side, business varies greatly from
local companies are looking for inter- market to market, but overall,
national opportunities for growth and the level of SME internation-
diversification of their operations as alisation is set to grow by 13
they realize that they need to expand per cent by 2011, the survey
the scope of their businesses to replace showed.
reduced revenues in their domestic Top reasons for doing busi-
markets. In the same way, interna- ness internationally are the
tional companies are coming and set- sales and revenue opportunities
ting up presences in the region, as it is as well as access to international
identified as an increasingly significant markets as SMEs seek to diver-
global emerging market” says Nicho- sify their risk beyond domestic
las Levitt, Regional Head of Business markets.
Banking HSBC. The most preferred inter-
According to him, the confidence national business locations for
levels within the SME sector appear Nicholas Levitt, Regional Head of Business Banking SMEs in the region are Greater
to be back to pre-financial crisis levels. China, South-East Asia and
He cites the results of an HSBC survey for future growth. Europe. The top barriers for the SMEs
of the regional SMEs, which showed In fact, government support for turning to international markets are
that the Middle East outlook correlates SMEs is increasing throughout the unstable financial conditions, such as
strongly to the global emerging market Gulf and not just in the UAE, with fluctuating exchange rates and interest
outlook, and as a major international nearly every country highlighting the rates, costs of essential services such as
trading hub, the region is well-placed business segment as a priority sector, shipping, logistics and storage as well as
I
t must be made mandatory for all medium business sector. that this initiative will definitely help
banks to participate in the Credit “Access to reliable financial state- the banking community to address the
Bureau, Citibank spokesmen told ments is a concern not just for Citi but needs of SME’s in a structured way”.
BBR in response to a question on all banks. There should be mandatory According to Citibank, the post-fi-
the issues that needed to be addressed filing of financial statements for com- nancial crisis environment has seen the
to enhance credit flow to the SME sec- panies and this could be started with bank adopt a cautious approach to the
tor. Such a move will strengthen the companies where lending is more than SME/MME businesses and the lend-
overall financial services industry, they Dh250,000. This data is any way re-
pointed out. ported by banks to Central Bank and
Even before we went to the press this will help banks make better risk
with the bank’s response came the decisions,” said Sanjoy Sen, Consumer
announcement from the Media Of- Bank Head – Middle East.
fice of the Dubai Ruler’s Court that “There is a dearth of data on the
HH Sheikh Mohammed bin Rashid Al commercial sector overall - if an in-
Maktoum, Vice-President and Prime dependent body can provide credible
Minister of the UAE, in his capacity information, banks will be well posi-
as Ruler of Dubai, has issued a decree tioned to cater to their requirements,”
designating Emirates Credit Infor- he said.
mation Company (Emcredit) as the Asked about how the moves to rede-
official credit information agency of fine the small and medium enterprise
Dubai and making it mandatory for have helped in creating favourable
all Dubai-based banks and financial conditions for the SME units, Satyajeet
institutions to join its database. Roy, Local Commercial Bank Head,
The development shows how keenly said Citi globally has a well-defined
are the authorities tuned in to sug- SME and MME (Mid-market enter- Sanjoy Sen
gestions from the banking industry prises) target market definition. “The
for improving the conditions for the SME definition falls broadly within the ing business overall. “ Increasingly, we
growth of credit flow to the small and recent announcement and we believe are witnessing banks offering lending
T
he biggest challenge for the double-negative effect
SME banking sector in the for SMEs with the de-
UAE is to strike a balance crease in bank credit.
between risk and reward in Rajesh Gupta is
order to achieve a situation that is mu- responsible for the
tually beneficial to the banks as well overall strategy and
as small and medium businesses, says governance of Stand-
Rajesh Gupta, Acting Head of SME ard Chartered’s SME
Banking, Standard Chartered UAE. business. His unit
Banks have been extremely cau- develops structured
tious in their approach to SME bank- solutions to further
ing. While the SME segment provides build on Standard
opportunities for banks to earn higher Chartered’s strong
margins as compared to traditional SME market pres-
corporate banking, it also poses poten- ence and increase
tially greater credit risk due to lack of market share. Having
credible credit information and quality returned to Standard
of financials for SMEs. In such a sce- Chartered in the UAE
nario, while some banks have scaled in 2006, Rajesh cur-
back SME lending, others have looked rently oversees a team
to mitigate risks arising out of the giv- of more than 100 em-
en challenges. ployees in addition
“SMEs today are struggling to get Rajesh Gupta to a third party sales
the right kind of financial support force of more than
from the banking industry. The major out. SMEs have faced pressure on their 200. He has significantly contributed
challenge is to get affordable financing working capital lines due to piling up to the growth of SME Banking unit as
with low collateral requirement, which of inventories and the slow recovery a market leader in the UAE and contin-
is different to banks’ motives to provide of trade receivables. There has been a ues to build its profile externally.
low risk financing at better spread. The
challenge in this scenario is to strike
a balance between risk and reward in Anything that the Government can do to
order to achieve a mutually beneficial
situation,” Rajesh told BBR.
improve the banks’ ability to make sound credit
It has been challenging for the SMEs decisions would be helpful in increasing the
to obtain finance since the global re-
cession has resulted in tighter liquidity appetite for SME risk
and lower credit appetite, he pointed
D
ubai Islamic Bank has
called for a sector-wise
SME index to strengthen
the growth of the small
and medium businesses. The index The
SME index can be calculated as the
number of SMEs in a particular indus-
try as a proportion to the total number
of enterprises, says Mohammed Ahmed
Wajdi, SVP- Head Of Business Bank-
ing, Dubai Islamic Bank.
According to him, there is a need
to establish the ideal size of establish-
ments within a range and their charac-
teristics such as labour and capital in-
tensity. The index could also be based
on different
Mohammed agrees that arriving at
a common definition for the SME unit Mohammed Ahmed Wajdi
has helped create further awareness
among the banking and financial insti-
tutions about the critical importance of There is a need to establish the ideal size
the SME as the backbone of the UAE
economy. There are 260,000 compa-
of establishments within a range and their
nies in the UAE and 208,000 of them characteristics such as labour and capital
are SMEs, roughly accounting for 80
per cent of the economy, he said quot- intensity
ing sources.
T
he working capital require- other services to SMEs at very
ment of SME borrowers has competitive rates,” he said.
increased due to slowdown He said that the bank is
in the market while their continuously introducing
business volumes have gone down, ne- new products and services for
cessitating handholding facilities for SMEs to suit their require-
them to tide over the crisis, according ments. “SME units certainly
to Ashok Gupta, Chief Executive, Bank will have the feeling of work-
of Baroda, UAE. ing with the right banking
“The SME sector is one of the most partner, once they are in the
adversely affected by the financial cri- company of Bank of Baroda,”
sis. The working capital requirement Ashok Gupta he said.
of SME borrowers has increased due to With a view to providing
delay in sales realization owing to slow with less than 20 or 24 small and those the SMEs specialized services, Bank
down in the market. This has resulted with less than 100 medium-size, pro- of Baroda recently established a spe-
in an increase in demand for working vided turnover is less than Dh100 mil- cialized outfit named SME Loan Fac-
capital finance from SME borrowers. lion, he pointed out. The UAE banks tory. This outfit works exactly on the
On the other hand, their business vol- usually consider companies small if principles of assembly line in the fac-
umes have gone down and what they their turnover is below $10 million tory, where there is a fixed time limit
need are proper hand holding facilities a year and medium-size if it is under to carry out each and every activity. All
to tide them over the crisis. This is be- $25 million, but for Bank of Baroda, the credit decisions are taken in a time
ing effectively done at Bank of Baroda companies with an annual turnover bound manner, he said.
as there is flexibility within the broader of Dh100 million are classified as SME Apart from providing regular re-
framework,” Ashok Gupta said. borrowers, he said. quirements such as Working Capital
The post-financial crisis situation Ashok Gupta said Bank of Baroda limits, Term Loans, Demand Loans
has also increased the need for better has always been active in support- etc, SME Loan Factory also offers in-
monitoring of credit portfolio by the ing and financing SMEs. The fact that novative products, keeping in view the
banks to avoid deterioration in the other banks have also started looking specific requirements of SMEs such as:
health of credit folio, he pointed out. at this segment is a healthy sign as line of credit, equipment finance, trad-
Gupta said policy initiatives such as SMEs will have more access to funds ers loan, overdraft against property for
arriving at a common definition for the at more competitive rates, he said. This business purposes, project finance and
SME unit will ensure proper identifica- will help them to grow faster. “Bank of express foan for traders, professionals
tion of SMEs and facilitate easy credit Baroda is offering financing as well as and business units.
flow to the SMEs.
In late 2009, the Dubai Govern-
ment set a general definition for SMEs,
which is differentiated by sector and
With a view to providing the SMEs specialized
takes both turnover and workforce size services, Bank of Baroda recently established a
into account. The Dubai Chamber of
Commerce considers companies with specialized outfit named SME Loan Factory
less than 10 employees micro, those
I
nstitutional arrangements to re- end, financial institu-
finance will greatly strengthen tions too would adopt a
the hands of lenders to the small more liberal approach
and medium businesses, accord- to lending, he said.
ing to AJ Vidyasagar, Chief Executive Vidyasagar pointed
Officer of State Bank of India (SBI) at out that when it comes
DIFC. to lenders based at the
“In India we have institutions like DIFC, there is a con-
SIDBI, which among other things straint that no charge
provides refinancing facilities to insti- can be created on the
tutions. A similar arrangement here immovable assets of the
could further strengthen the hands of units. A change to the
the lenders who are willing to lend to law putting the DIFC
this segment,” Vidyasagar said. entities on the same
The UAE is home to a large number level as the entities reg-
of SME units, which have played a ulated by Central Bank
significant part in the growth of the of UAE for this purpose
country and so it is gratifying to note would further enhance
that the Government has refocused credit to this segment,
on this segment and taken a lot of he suggested.
initiatives in further strengthening The Indian bank
this activity, he pointed out. With CEO pointed out that
the recession gradually coming to an AJ Vidyasagar the bank started op-
E
uropean heritage, adapted to
the Middle East to create a
“Mashreq has been with us from the first step of
unique version of local soul entering the Dubai market and we are extremely
food. That’s how Baker &
Spice describe themselves. “We know pleased with this partnership”
and love our food”.
At Baker & Spice, they not only
know and love the food; they also know
how to grow the food, cook it and of “I have to say it’s very challenging dle East. The market is big and full of
course serve. and at the same time encouraging to promising opportunities and our line of
The menu represents an exciting see what exactly can B&S add to the business is booming. “Once we are done
daily journey through the farms and market here. The food industry is mas- with Dubai expansion, we will further
markets of the UAE and the region, sive here with international brands that expand in the region”.
constantly changing with the seasons have been around for a very long time. “We are planning to open our cen-
and availability of fresh locally grown But we believe that B&S with its unique tral kitchen and at least two more units.
and mainly organic ingredients. What combination in its offering can add so Our expansion plans are huge in this
diners get there is an ‘experience with much to the diversity in the market market and we look forward to grow
food in its purest and freshest form’. here, build a reputation for its own and further and further,” he said. But the
Baker & Spice started as a concept stand out,” says Mohamad El Chehimi, priority for the time being is to establish
in London in 1995 by Yael Mejia. It was Dubai General Manager . a strong brand presence in Dubai and
set up as an artisan food shop mak- “Baker & Spice is considered one of expand in the region. “We look forward
ing everything in their kitchens. The the best restaurants serving fresh and to tap in various markets, when the op-
London’s iconic food shop has been quality food in town. The concept the- portunity arises”.
brought to the UAE by Kharafi Glo- ory is unique; hence it’s difficult to lo- Asked about the brand’s experience
bal, a Kuwait-based F&B company cate a restaurant business with similar with their bankers, the general man-
owned by Kuwaiti nationals Waleed Al standards. The first priority is to look at ager said they are “pleased with the
Kharafi and Haidar Al Naqeeb. what is in season locally and within the level of service and products offered by
The B&S spirit arrived in the emir- region, and in peak condition. Sourc- Mashreq. This greatly assists in stream-
ates when Baker & Spice Dubai opened ing food this way means that we are lining our business, hence its growth.
in January 2009. Located in the Souk minimizing our food miles and carbon Mashreq has been with us from the first
Al Bahar, it is a large dining and retail footprint, and the journey from field to step of entering the Dubai market and
space, including a terrace overlook- plate is significantly shorter,” he points we are extremely pleased with this part-
ing the Dubai Fountain at the base of out. nership. I am certain that Mashreq’s
the Burj Khalifa. The restaurant can Mohammed says that the aim is to continuous support will result in fur-
seat 150 diners and offers a breakfast, establish a strong food retail brand in ther growth and success of B&S,” he
lunch, dinner and retail menu. Dubai, before taking it across the Mid- said.
S
tarting with a 12-sqft shop, do-
ing repair of motor vehicles in ESMA, which banks with HSBC, is constantly
1973, the ESMA group today is adding new dimensions to the business
a prominent player in the busi-
ness of supplying and servicing various
industrial and engineering products were looking to partner with com- dition of several locations to the busi-
for the oil and gas industry, marine on- panies that excelled with knowledge ness.
shore and offshore, process industries about the oil and gas industry,” recalls In 1995, the company moved its
and the petrochemical sector. Yogesh. headquarters to Dubai’s Al Quoz area
The company was founded by Within two years, the operations and in 2001, the first overseas branch
Narenda (Nari) Odhrani and his broth- shifted to a premises five times larger was established in Azerbaijan, which
er. Odhrani came to Dubai after com- and an even larger stocking location was followed by another expansion of
pleting training as mechanical engi- was hired for holding the inventory. the Abu Dhabi operations into a facil-
neer to pursue a career in maintenance As the business further grew, the loca- ity four times larger. Three years later,
and repair of vehicles. In those days, tion was again shifted to a facility three the company opened its second over-
4-wheel drives were the main mode of times higher and incorporated a ware- seas branch in Kazakhstan and moved
commuting between oil installations house, workshop and offices. By the the corporate office to Jebel Ali Free
and the rest of the country, so the busi- early eighties, the operations expanded Zone. Also added was a new location in
ness did make sense. But according to to Abu Dhabi, with the addition of sev- Deira.
Yogesh Odhrani, the son who joined eral other locations. According to Yogesh, the business
the business in 2002, within one year, “We kept reinvesting back into our has gained reputation thanks to the
the repair business got stuck in a rough business and initiated direct imports support from its loyal customers all
patch and it was around this time that from the manufacturers and building over the region. “With excellent cus-
the oil boom was happening. So, the inventory of the products. Our first tomers and the growing number of pro-
Odhrani brothers sensed a great op- customer, Weatherford, an American fessionals in this industry, our company
portunity there and plunged into the company involved in drilling oil wells, has achieved a leading position in our
oil fields supply business. That proved encouraged us to develop our business industry, and this has received great ap-
to be the all-important break. to provide services on site rather than preciation from out clients.”
The main activity of the new venture continuing with trading. Working with Yogesh says ESMA, which banks
was trading of goods, buying llocally Weatherford and several other local with HSBC, is constantly adding new
from regional companies and selling to and international companies, e.g. AD- dimensions to the business. “We are
major American companies that were NOC, Dowell Schlumberger etc was an considering several options for expan-
involved in the drilling of oil wells all enjoyable experience,” he said. sion, one of which is the establishment
over the country Initially the business was estab- of a manufacturing company for Sys-
“Soon after, we established relation- lished in Dubai followed by expansion tems & Equipment related to the oil and
ships directly with manufacturers who towards Abu Dhabi in 1981 and the ad- gas industry,” he disclosed.
D
awit Gebreegziabher, East or for that matter in any other
founder of Medica Phar- developed market. The opportunity
ma Enterpises, has always in healthcare is unlimited,” he ex-
been fascinated by the plains.
power of medicine in prevention of According to Gebreegziabher,
diseases. He has been in the UAE for the company is looking at two more
the past two decades. countries in Africa where it wants
Coming from Ethiopia, a country to explore similar business oppor-
which aspires for improved Human tunities. However, this is at an early
Development Indicators, he works stage yet, he says.
with Ministry of Health in Ethiopia The Medica Pharma founder
as part of the ministry’s initiative to says Citibank understands the com-
provide safe and low-cost healthcare pany’s need in terms of the specific
services for the people. Gebreegziabher requirement for Trade Finance fa-
was keen to give something back to so- cilities. Citibank’s global profile has
ciety and do something for the people ensured that the company is able to
of Ethiopia. seamlessly link the various points
The origin of Medica Pharma Enter- involved for such trade transactions
prises can be traced to this thought. The end-to-end, he said.
Dawit Gebreegziabher
company has since established itself as “Our relationship with the bank
a leading supplier to the Ministry of He attributes the success of the com- is based on credible trust, mutual re-
Health in Ethiopia. Having had long- pany to its unique business model. “The spect and enthusiasm. Also, I would
lasting successful relationships with company chose to do business in areas like to specifically mention the round-
leading suppliers around the world, the which offered huge latent opportunity. the-clock service that the company
company is now looking at geographic The competitive landscape is very dif- has received from Citibank staff,” Ge-
expansion within Africa. ferent to what you see in the Middle breegziabher said.
The company has been growing at
a rate of 50 per cent year-on-year for
the last few years. “Even in 2009, when
there was serious recession all around,
our business grew at the same pace.
The Medica Pharma Enterprises founder says
The trend is expected to continue well Citibank understands the company’s need in
into the next decade,” says Gebreegzia-
bher, who is immensely pleased with terms of the specific requirements
the achievements of his small venture.
A well-brewed success
D
eliver exceptional coffee in Abu Dhabi for the next 5 years.
every cup…from cart to ki- “We have taken more control over our
osk to café…again and again supply chain and reduced our cost base by
and again: this is what Coffee linking up directly with coffee growers in
Planet founder Richard Jones set out to different regions of the world to supply us
do about five years ago. Today, his com- with the green coffee beans for us to roast.
pany sells 10,000 cups of coffee every day We are also developing cashless vending
through its outlets and has extended its options for office and residential tower lo-
presence into the hotel, office, foodservice cations,” he says.
and catering sectors. “We believe the Coffee Planet brand
With a turnover of Dh25 million, has great potential for expansion into the
which is projected to increase to 45 mil- rest of the Middle East and Asia. We have
lion in the next couple of years, Coffee always emphasised that we are proud this
Planet is today the most widely distribut- is a brand that was born in the UAE and
ed coffee brand in the UAE. And ADCB, can be exported to others countries in the
which financed much of this growth, can region. Consumers know it well and trust it
take pride in helping Richard Jones create to deliver a great coffee all of the time. So,
a great success story. provided we find the right partners and the
Before he came to the UAE, Richard Richard Jones right levels of investment and funding we
was a founding member of a healthcare limited investment. We had limited pri- have a great chance to grow our sales and
start up business, Ludlow Street Health- vate funds to start the business and had brand awareness abroad,” Richard asserts.
care Group, in the UK in 2004 which cur- to run trials for 6 months to prove the The company already has a franchise
rently has 700 employees. According to model. It took three years to get any third business, although it is in the early stages.
his bio, he worked in some of the world’s party funding for our business”. Coffee Planet now operates in Oman and
leading blue chip companies such as “Coffee Planet operates in many mar- is currently running trials in Malaysia,
Mars, Danone and Price Waterhouse and ket segments in order that the consumer Pakistan, Jordan and Syria. “We are even
has a wealth of knowledge and experience can drink our coffee at any time of the day investigating a joint venture in the USA.
gained from his 15 years of financial, mar- in any place where they are. We remain We believe choosing the right partner is
keting and commercial corporate roles. the most innovative and best quality cof- critical for success in new markets and so
Richard explains the idea behind Cof- fee provider in the Middle East and our to become a member of the Coffee Planet
fee Planet: “We had a sense that coffee awareness among consumers is growing family takes the right attitude as well as
drinkers deserved better than they were rapidly. We are the most geographically money and desire for success. The response
getting and that as we were not con- widespread coffee brand in the UAE as we in Oman has been fantastic and we expect
strained in our thinking, we could bring are available in every corner of the coun- the roll out to continue into more conven-
something new to the market by only us- try. We are starting to open up cafes in ience store locations and a cafe site in the
ing the best Arabica coffee beans and the traditional locations like shopping malls next 6 months,” he says.
most advanced technology. The UAE with and office towers but with a very unique Richard says ADCB responded to the
its ambitions and growth potential was a interior design feel – we call it a ‘coffee company’s request for banking and finance
perfect match for our coffee idea.” bar’. It is a coffee shop revolution!” claims facilities nearly two years ago and since
He says the beginning was very diffi- Richard. then the two sides have developed a very
cult as Coffee Planet was a new concept. Two years ago, the company built its good relationship. “It is important that a
“A gourmet fresh bean, fresh milk coffee own roastery facility in the UAE, which banking partner understands and has faith
in a convenience store environment on according to Richards, was ‘to guarantee in the business and that it provides all the
petrol forecourts had never been done in the freshness of our coffee for all our cus- necessary facilities to allow the business to
Middle East and nobody gave us much tomers’. Today, it is the largest roaster of flourish. We believe ADCB is such a bank.
chance to succeed. But we knew that once specialty coffee in the Middle East. The By being responsive to our needs, by pro-
people tried our coffee, they would love company says it is continuously seeking viding solutions that work for us at a cost
it. All we had to do was make it available new market channels and has a develop- we can afford, the ADCB bank is helping to
in as many locations as we could for our ment plan for retail; cafes in Dubai and project our business forward,” he said.
“R
elationships with downs of the economy, the Emirates this will enable the company to diver-
banks are like chil- has prospered under the wise leader- sify successfully in areas that will offer
dren, once they are ship of their highnesses the rulers,” growth opportunities in the early stag-
born you must nur- Ara Pierre said. es of the lifecycle of that new business,”
ture them,” says Ara Pierre Keusseyan, But the beginning seems to have he pointed out.
Managing Director, Polimar Group, been tough, he said. “From the stories The managing director said that the
while describing the role banks play in I have heard from my father and from company operates in various automo-
helping businesses grow. situations I have lived as a child, it was tive specialty fields: technical trading
“Dubai Islamic Bank has contrib- as tough as one should expect from any for refinish; business to business and
uted to our growth and shown us it un- new venture, especially when the econ- retail services for coachwork, body and
derstands our vision and stands ready omy is on the fast forward mode”. paint; precision mould and collectible
to support us,” he points out. Asked about the growth of the com- manufacturing as well as retailing for
Polimar is a technical trading, spe- pany, Ara said there is growth in size motorsport enthusiasts.
cialty manufacturing and consulting and know-how and there is growth in “In the fields we operate in, the com-
group of companies headquartered qualification. “The short and medium pany’s standing is at the forefront”.
in Sharjah. Founded in 1963, Polimar term outlook should focus on the first On possible expansion plans, he
was initially involved in the design and type of growth which is related to the said it depended on favourable mar-
fabrication of specialty metallic struc- size of the market, the share the com- ket conditions. “Every good company
tures, and the supply and service of pany can have of that market and the should have plans to expand. However,
equipment and machinery. enablers to acquire a competitive edge we believe that this should happen
The company was founded by Ara’s over similar or competing businesses. only when the right opportunity and
father, the late Pierre Keusseya, in “The longer term outlook should conducive market conditions present
1963. “After finishing a temporary con- focus on the second type of growth as themselves”.
tract with the company that employed
him to support with the completion of
a project for the British Army in Shar-
jah, my father went to say good bye to
his friend the late Sheikh Khalid Bin
“Dubai Islamic Bank has contributed to our
Mohammad Al Qassimi, who suggest- growth and shown us it understands our vision
ed to him to stay on in the country as
the future was looking very promising. and stands ready to support us”
Indeed despite the proverbial ups and
B
eginning operations as a
trading store for electronic
products and home appli- “We have grown with Bank of Baroda and our
ances in 1970s, the Sabah relationship of 33 years is a reflection of a
Group of companies today encom-
passes a number of activities, such mutually satisfying business relationship”
as manufacturing, construction and
steel fabrication, trading in automo-
bile spare parts and real estate.
The company was founded to-
gether by UAE national Mohammed Dh60 million,” says Joseph Kuttum- support we received from the bank
Ramadan Moosa Sajwani and Joseph mel, managing director. and their products are suited to their
Kuttummel from India. “Our growth is multidimensional, customers’ financial needs,” Joseph
Now the group has a portfolio of both in the number of units as well as pointed out.
nine companies under it. Beginning sales and today we are leaders in car Referring to the future plans of
with trading activities, the company radiator sales and in a commanding the company, Joseph said the com-
started a manufacturing line with an position,” Joseph said. pany has now started manufacture
initial investment of Dh3 million for According to Joseph, the group of copper and brass car radiators
the production of car radiators in the has been dealing with Bank of Bar- and the demand of the products is
year 2000, with initial sales of Dh3.5 oda for the past 33 years. “Bank of increasing. The company has also es-
million a year. Baroda has contributed significantly tablished a new aluminium radiator
“Being a manufacturing company, to the growth of the company. We project in SAIF Zone, Sharjah named
we faced a lot of problems during the have a total exposure of Dh70 mil- Sabah Radiator Industries.
initial periods, particularly in the dis- lion and also a deposit relationship of “We have grown with Bank of Bar-
tribution of the product. But gradu- Dh30 million with the bank. Timely oda and our relationship of 33 years
ally, we started grabbing market share approvals and proper financing as is a reflection of a mutually satisfying
and today the company’s sales exceed per our requirements were the major business relationship,” Joseph said.
Dr JR Gangaramani
Private banking
after the perfect
storm
Wealth management industry loses 25 to 30% of
revenue since the outbreak of financial crisis
By Peter Vayanos & Dr Daniel Diemers
P
rivate banks have spent the 1. Fundamentally geared for growth 3. Profitable even in difficult times
last 18 months dealing with While world wealth generally expands Since the beginning of this financial
one of the most difficult pe- at the rate of GDP growth, the number crisis, the wealth management industry
riods in modern financial of high-net-worth individuals (HNWIs), has lost 25 to 30 per cent of its revenue
history. A ‘perfect storm’ of asset-price defined as people with more than US$1 because of a lower asset base, cautious
declines and the near or actual col- million in investable assets, has been market behaviour, and a shift toward
lapse of some of the best-known wealth growing at anywhere from 1.5 to three low-margin financial products. Yet
management firms has altered the be- times the rate of GDP. The increase in more than 95 per cent of private banks
haviour of clients, prompting them to HNWIs is creating substantial wealth. analysed worldwide were able to deliver
move into less risky financial instru- The financial crisis of 2008 took its toll positive pretax profits during this peri-
ments that are much less profitable for on HNWIs as massive devaluations hit od. Private banks’ persistent profitabil-
the banks. All of this has pushed rev- all major asset categories and geogra- ity is a reflection of the speed at which
enue levels down by 25 to 30 per cent. phies. they can adjust their operating models
As an added challenge, governments to align them with current business
are cracking down on their wealthy 2. Cyclical in nature conditions.
citizens’ untaxed offshore accounts, There is no question that the revenue of
forcing many private banks to find new private banks is highly correlated with
value propositions. the performance of equity markets. This Change levers
cyclicality is no surprise; revenue in pri- While the underlying dynamics are
An industry in transition vate banking depends heavily on trans- fundamentally promising for private
Over the last few months, Booz & action volumes and asset-based fees. As banks, the industry must navigate
Company has taken a closer look at the a change appears unlikely for the in- through a number of significant chang-
world’s leading wealth management dustry’s revenue-generating model, this es going forward:
markets by conducting in-depth in- correlation likely will hold. For the near
terviews with more than 140 bankers, term, that means the industry’s revenues 1. Tectonic shift in global wealth dis-
advisors, and regulators in 15 markets will depend on the extent to which the tribution
around the world, to understand the markets can continue the rally they While the majority of industrialised
core drivers of private banking, while started in March 2009. countries are just beginning to recover
forming a perspective on the new rules
of the industry and what it means for
private bankers to adapt to the new re-
Private banks have continued to deliver profits
alities ‘after the storm’ and many banks are starting to move strongly
While the financial crisis has jolted
the private banking industry, three
into emerging markets, especially in places like
fundamental characteristics of the in- Asia and India
dustry remain intact:
from the financial crisis, most emerg- North America: North America transparent, liquidity-oriented prod-
ing markets have already returned to continues to hold a significant share of ucts with lower margins. Structured
pre-crisis growth rates. We believe that the world’s HNWIs and UHNWIs (ul- products in particular fell from favour,
these varying rates of recovery will tra-high-net-worth individuals). Slow and clients largely retreated from risky
persist for the next few years, shifting growth in productivity and in North and complex asset classes. A main cause
the global wealth concentration to the America’s economies is expected over of this behaviour was the reduced trust
East. the short to medium term, limiting the that clients had in banks, products,
Latin America: Prior to the cri- overall growth in asset markets and in and relationship managers—a problem
sis, private banking in Latin America the number of wealthy households. worsened by the fact that relationship
was experiencing double-digit annual Many emerging-market countries managers, in turn, did not trust their
growth, with clients increasingly de- are also expected to become more po- own product providers anymore. The
manding onshore/offshore conver- litically stable and thus offer good in- result is that clients have become more
gence and open architectures, which vestment opportunities. This will cre- hesitant to delegate and have shifted as-
provide clients with access to best-of- ate another disincentive to bring the sets from managed portfolios to nondis-
breed products from top suppliers in new wealth offshore. cretionary and self-directed mandates.
each asset class. Though 2009 was chal-
lenging in the region, Latin America’s 2. The end of the tax-induced offshore 4. Pressure on costs will endure
immediate future looks brighter as its business model Most private banks have responded to
equity markets pick up, creating wealth While the offshore business has tra- diminishing revenue pools by remov-
through IPOs and M&A transactions. ditionally been an essential part of ing costs from their operations in a va-
Middle East and Africa: Countries private banking, it has recently come riety of ways. Although the rebound in
rich in natural resources will likely under increasing scrutiny, especially financial markets since March 2009 has
return to accelerated wealth creation due to widespread perceptions that it helped private banks to stabilise their
even before the global economy fully enables tax evasion. In tandem with the top lines, profitability will remain un-
recovers. Large government-led infra- recent G20 decision to crack down on der pressure for several reasons:
structure projects will further boost tax havens, offshore locations are in- • Transaction volumes during the re-
the regional economies and many creasingly implementing standards of cent market recovery have stayed
HNW and UHNW clients will benefit cooperation on tax evasion and soften- quite low, and asset allocation re-
either directly or indirectly from these ing their strict banking secrecy rules.. mains biased toward low risk asset
projects. This change will presumably accelerate classes.
Asia/Pacific: Led by China and the crisis-induced fundamental chang- • Clients have become wary of com-
India, the Asia/Pacific region will be es in the competitive landscape and plex, non transparent or expensive
where most new HNWIs will be creat- will affect especially private banking in products.
ed, driven by the strength of the under- traditional offshore locations. • Many clients have shifted assets from
lying economies and a strong entrepre- managed accounts to self directed
neurial spirit. By the end of 2011, nearly 3. More pragmatism in client behav- mandates, lowering the profitability
3.6 million HNWIs are expected to live iour of their accounts.
in the Asia/Pacific region, up from 2.57 Client behaviour changed during the • The relatively high-margin offshore
million in 2008. crisis. The changes have come in phases assets will gradually transform into
Europe: GDP growth rates for key and have created significant challenges local onshore assets, at far lower
European markets are expected to re- for private banks. The first phase came price points.
main flat for the next few years. A sig- after the market collapsed and clients • Compliance requirements and the
nificant shift of assets among European lost money in late 2008 and early 2009. need to cope with operational and
countries is likely, due to the new regu- In the wake of this implosion, clients reputational risks will increase the
latory regimes. shifted their assets toward simple, cost of doing business.
I
nitial Public Offering (IPO) activ- ful, Amana for Cooperative Insurance opened up the sector to new entrants in
ity in the Middle East has risen and Wataniya Cooperative Insurance 2005, oblige newly licensed firms to of-
significantly in the first quarter of were the other three with offer sizes of fer a percentage of their shares to the
2010, recording a fivefold increase $59.2 million, $34.1 million and $8 mil- public within a set timeframe. This is
in the funds raised. lion respectively. Saudi Arabia also led why we see a disproportionate number
Ernst & Young’s Middle East IPO the IPO tally in the previous quarter of IPOs in the Kingdom’s insurance/
Update for the first quarter says over –three out of the 5 Middle East IPOs Takaful sector,” Phil explains.
$420.5 million was raised from six were in the Kingdom. The global IPO activity in the first
IPOs, compared to $83.6 million in the Phil says market appetite and inves- quarter of 2010 also showed substantial
same period last year. tor confidence are cautiously picking improvement over the same period last
According to Phil Gandier, Head up. The largest oversubscription in the year. Results were driven by an ongoing
of Transaction Advisory Services for first quarter was by Herfy Food Serv- robust Asian market and the revival of
Ernst & Young Middle East, the trend ices at 4.6 times offer size. This could be European listings. There were 267 deals
mirrors the performance of the global symptomatic of the caution with which globally in Q1 2010 worth $53.2 billion,
IPO markets in the first quarer. The re- new IPOs will be greeted in 2010, he compared to the 52 deals which raised
gional upturn in number and size was points out. “We may not see the hun- $1.4 billion in Q1’09 (which had the low-
largely based on the performance of the dreds or even tenfold oversubscription est IPO activity in the past decade). Asia
Saudi and Qatari markets. The regional that were witnessed during the boom continued to experience significant IPO
markets also performed better than years. Firms will need to invest more activity in the quarter, with 166 IPOs
the last quarter, by raising $91.6 mil- time and resources in preparing their raising $35.1 billion, 66 per cent of the
lion in the fourth quarter of last year institution for an IPO and ensuring quarter’s total IPO fund raising. Nine
from 5 IPOs. “While it is too early to they have a compelling equity story. of the 20 largest IPOs were from Asia
decree that markets have rebounded, While challenging markets will come (China, Japan and South Korea).
this could potentially signal the return and go, it’s the companies that are “Emerging market activity continues
of normalcy to the markets, which had fully prepared that will best be able to to be strong, but we also saw a revival of
a very difficult 2009,” he says. leverage IPO opportunities when they activity in Q1 2010 in key markets such
open.” as Tokyo, London, Paris and Frankfurt.
Out of the total 6 IPOs this quarter, Despite concerns about volatile mar-
Saudi Arabia three were in the insurance/Takaful
sectors. This trend was also observed in
ket conditions at the beginning of this
quarter, we expect that investors will
still robust the previous quarter, when the regional
markets went through a difficult phase.
continue to return to the European and
North American markets as the global
Five IPOs in Saudi Arabia and one in In Q4 2009, three out of 5 IPOs were economy improves,” said Gregory K.
Qatar made up the geographical com- for insurance firms. “Insurance licens- Ericksen, Global Vice Chair for Strate-
position of the regional IPO market for ing procedures in Saudi Arabia, which gic Growth Markets for Ernst & Young.
the first quarter. Mazaya Qatar Real Es-
tate Development
Company with an offer size of $144.2
While challenging markets will come and go, it’s
million was the Middle East’s largest the companies that are fully prepared that will
IPO, followed by Saudi Arabia’s Herfy
Food Services ($110.2 million and
best be able to leverage IPO opportunities when
Alsorayai Trading Industrial Group they open
($64.8 million). Solidarity Saudi Taka-
S
tandard & Poor’s Ratings for GCC-related issuers and issuances. tiation within the region, says Robert
Services has introduced a new The GCC regional rating scale is de- E Richards, criteria officer at Standard
credit ratings scale, known as signed for issuers based in the GCC & Poor’s.
the GCC regional ratings scale region and for capital markets debt, The GCC scale is the second re-
(GCC scale), for the assignment of bank loans, and shariah-compliant gional ratings scale that Standard &
credit ratings on issuers domiciled in obligations issued in GCC curren- Poor’s has offered, joining the ASEAN
GCC countries or that issue local cur- cies by entities within and beyond the regional rating scale, which was intro-
rency debt in the GCC. GCC, the rating agency says. duced in May 2009. Robert answers
The GCC scale serves issuers, coun- The GCC regional scale, while questions on the rating process.
terparties, intermediaries, investors, based on issuers and issuances in the Q: How will a GCC regional scale rat-
and insurers involved in GCC’s finan- GCC region, is designed to comple- ing appear and what are its charac-
cial markets by providing independent ment the existing global rating scale teristics?
opinions of relative creditworthiness and may offer finer credit risk differen- A: GCC scale ratings will feature the
Personnel Division
Ali Ghurair Al Romaithi Senior Manager
Clearstream Banking
Dubai Tel 04 3310644
Correspondent Banking Division
City Tower 2, Sheikh Zayed Road Fax 04 3316973
Sultan Rashed Al-Sakeb Senior Manager
Website: www.clearstream.com
Robert Tabet Vice President Middle East & North Africa
Public Relations Division
Abdul Raheem Abdullah Manager
Commercial Bank International
Information Technology Division/ UAE Switch Division
Khalifa Al Dhaheri Senior Manager Dubai Tel 04 2275265
Head Office
Dubai Tel: 04 3939777 Dubai Al Riqqa Street Deira , P.O Box 4449 Tel : 04 2275265
P.O. Box 448 Fax: 04 3937802 Website : www.cbiuae.com Fax : 04 2279038
Omar Al Qaizi Manager-in-Charge
Hamad Al Mutawaa Chairman
Sharjah Tel: 06 5592592 H.E. Humaid Al Qatami Deputy Chairman
Old Airport Road, Opp. Immigration Bldg., P.O. Box 645, Sharjah Fax: 06 5593977 Abdulla Rashid Omran Managing Director and Board Member 04 2242104
Zakaria Abdul Aziz Al Suwaidi Senior Manager
Mohammed Saadeh Head of GBG 04 2126500
Ras Al Khaimah Tel: 07 2284444 Abdulla Amer Jasem Head of HR & Admin 04 2126466
Al Nakheel, Oman Street, P.O. Box 5000 Fax: 07 2284646 Hesham Abdulla Head of Branches & Services 04 6020615
Salem Jasem Al Baker Asst. Executive Director Ahmed Mustafa Tahoun Head of Internal Audit &
compliance Division 04 2126603
Fujairah Tel: 09 2224040 Ramanthan Murgappan Senior Manpower planning &
P.O. Box 768, Fujairah Fax: 09 2226805 Recruitment Manager 04 2126444
Ali Mubarak Saeed Abbad Senior Manager Zainab Nour Aldin Employee Relations Manager 04 2126 442
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Al Ain Tel: 03 656656 Bashir Haji Mohd Chief Dealer 04 2126214
Ali Ibn Abee Taleb Street, Oud Al Touba Fax: 03 664777 A.D.Abooty Head Of Operations & Finance 04 2126291
P.O. Box 1414 K.E Mammoo Accounts Manager 04 2126215
Ajlan Ahmed Al Qubaisi Asst. Executive Director Faris Saddi Chief information Officer 04 2060700
Yousef Al Marshoudi Dubai Branch Manager 04-2275265
Tariq Selaij Bur Dubai Manager 04-3559577
Citibank N.A (UAE Branches) Ameena Bin Kaali Sheikh Zayed Branch Manager 04 3405555
Ahmed Al Junaibi Abu Dhabi Branch Manager 02-6913111
Date of Establishment 1964 Abdulla Ali Almadhani Al Ain Branch Manager 03 7669994
Nationality USA Mohammed Ishaq RAK Branch Manager (AL Manar Mall) 07 2274777
Legal Status Ahmed Darwish RAK Branch Manager (Nakhel Branch) 07 2227555
Commercial Banking Services (F) Alyia Al Mulla Sharjah Branch Manager 06 512100
Regional Head Office Oud Metha Towers Ahmed Bin Masood
P.O Box 749, Dubai – UAE Fujairah Branch Manager 09 2011777
Tel: 04- 3245000
Telex: 023 6738736 Dubai Main Branch (Al Riqqa Street)
Cable: CITIBAEM Yousef Al Marshaudi Branch manager 04 2126101
Swift: CITIAEAD Bur Dubai
Reuters: N/A Tariq Sulaij Branch manager 04 3555511
Email: karim.seifeddine@citi.com Sheikh Zayed Road
Website: www.citibank.ae Ameena Mhd. Bin Kaadi Branch manager 04 3405555
Auditors: KPMG Abu Dhabi
Domestic Branches: Ahmed Sulaim Al Junaibi Branch Manager 02 6264400
Al Wasl Road Branch (Main Branch) Tel: 04 3245000 AL AIN
Oud Metha Road, P.O Box 749 Abdulla Ali Branch manager 03 7669994
Dubai Branch (Next to Burjuman) Tel: Ras Al Khaimah
Abu Dhabi Branch Tel: 02 6982206 Khaled Al Mannai Branch Manager (Manar Mall) 07 2274777
Al Salam Street, Next to Lulu Center Fax: 02 6726381 Ahmed Yousef A. Darwish Branch Manager (Nakeel Branch) 07 2227555
P.O Box 999, Abu Dhabi Sharjah
Sharjah Branch Tel: 06 5072101 Aliya Al Mulla Branch manager 06 5687666
Beside Sharjah Emigration, Fax: 06 5723378
Opposite Civil Court. Sharjah
Al Ain Branch Tel: 03 7641090
Commercial Bank of Dubai
Sh. Zayed Street Fax: 03 7663887
COMMERCIAL BANK OF DUBAI,
Broad of Directors: N/A
P.O. BOX 2668, AL AITIHAD STREET, DUBAI
Dresdner Bank AG
Dubai Representative Office
Burjuman Business Towers, 10th Floor, Office 1011
Coutts & Co. Bur Dubai, P.O. Box: 25654 Tel 04 3596444
Fax 04 3596116
Representative Office - Dubai Tel 04 2217007 E-mail: RepDubai@Dresdner-Bank.com
Twin Towers, Baniyas Street, Deira
Fax 04 2217006 Bashar A. Barakat Chief Representative
P.O. Box 42220 Regional Head GCC & Yemen
Sarah Deaves CEO
Sandra Shaw General Manager
Martin Bond Private Banker Dubai Bank
Main Office
Calyon Corporate & Investment Bank Sheikh Zayed Road, Near Dubai World Trade Centre Tel 04 3328989
P.O. Box 65555, Dubai Fax 04 3290071
(Previously Crédit Agricole Indosuez & Crédit Lyonnais) E-mail: info@dubaibank.ae
Website: www.dubaibank.ae
Dubai
World Trade Centre, Level 32 Tel: 04 3314211 History: Established in September 2002
P.O.Box: 9256 Fax: 04 3313201
Simon Cooper Deputy Chairman & CEO, Middle East & N. Africa Janata Bank
Abdulfattah Sharaf CEO, UAE
Declan G Hegarty Head of Business, Abu Dhabi Abu Dhabi
Obied Sayah Al-Mansuri Building Tel No 02-6331400
Electra Road, Post Box No. 2630 Fax : 02-6348749
IndusInd Bank Email jbadas@emirates.net.ae
Mr. Md. Masuduzzaman Chief Executive 02-6344543
Dubai Representative Office Tel 04 3978803 Mr. Md. Chaynul Haque IT Manager/SPO 02-6340881
203, Safa Commercial Bldg. Fax 04 3978805 Mr. Md. Ramjan Bahar System Administrator/PO 02-6340881
Opp. Bur Juman Centre, P.O. Box: 111873, Dubai. Abu Dhabi
E-mail: ibldubai@indusind.ae Mr. Mohamudul Hoque Manager 0 2-6344542
Pradeep Gupta Vice President & Chief Representative 04 3978804 Dubai
Mr. Md. Abdul Awal Manager
ING Asia Private Bank Ltd Mohammad Saleh Al-Gurg Building 0 4-2281442
Al-Borj Street, P.O. Box 3342
Dubai Representative Office Mr. Md. Mizanur Rahman Manager
Tel 04 4277100 Sharjah
602, Level 6, Building 4 Saqer Bin Rashid Al Quassim Building
Fax 04 4257801 Al Suwaiheen Street, P.O. Box- 5303 0 6-5687032
Burj Dubai Square Mr. Md. Mizanur Rahman Manager
Sheikh Zayed Road Al Ain Branch
P.O Box 4296, Dubai – UAE Mr. Md Shahadat Hossain Manager
Suresh Nanda Managing Director & Head Sk. Khalifa Bin Mohd. Al-Nahyan Building,
Eric Lorentz Managing Director Main Market Centre, Main Street,
Varun Bukshi Executive Director P.O. Box- 1107 0 3-7513425
Dubai DIFC
Emirates Tower, Office-16 B Tel 04 3300011 Gate Village, Bldg. No. 6, 5th Floor Tel.: 04 3657150
P.O. Box 504904 Fax 04 3300169 Sheikh Zayed Road Fax: 04 3657191
Website: www.standardbank.com P.O Box 506542
Jeffrey Rhodes General Manager 04 3300164 Per Larsson Senior Representative
Kate Lunjevich Head of Compliance & Operations