Omar Rifi
Pharmacoeconomics in the Gulf.
HIGHLIGHTS:
Our last formal lecture of the trip! This lecture was rescheduled from earlier in the trip due to a negotiation in which Omar was involved. In our discussion, Omar shared some of the issues that arise in dealings with government entities in the Middle East, from an economic and cultural perspective.
We began with a conversation about differences in the way drug therapies are viewed in the Middle East. In part due to geographical location, many locals still rely on old time, herbal remedies or Eastern medicine. Since a drug's value is seen differently by various stakeholders, it is important for drug companies to partner with various entities to create efficient solutions which consider treatment efficacy, effectiveness, and efficiency. Companies must research consumer needs in any given area to provide value added services beyond product formulary, such as adherence programs.
From an economic perspective, one challenge is that each country in the Middle East and North Africa region has specific price certificates. Countries/health ministries often select the least expensive drugs which are then marked up to consumers. Reimportation remains a challenge; some people will buy drugs in Europe and import them here for resale. With regard to drugs manufactured in the region, quality controls within a country may not apply to products for export. The UAE is among the most progressive countries vis a vis product registration.
There are two main types of economic/demographic country compositions in the region: 1) large population, lower income, lower health care spending; 2) small population, higher income, higher health care spending. Generally, there is a binary outcome with drug coverage in the region: either a drug is fully covered or the customer pays full price. Brand names are still favored over generics and in places where a name brand drug is not covered, many individuals would prefer to pay for it out of pocket, rather than risk taking a potentially less effective generic.
Finally, we went through some of the mathematics of pharmaceuticals, especially drug development. It costs more to develop a new drug now than it ever has. Drug development is also taking longer than it did. Out of 5,000-10,000 compounds developed or discovered, only 5 make it to the first phase of human testing. Getting to that stage can take 10-15 yrs and can bring the cost of drug development to almost $2 billion. Fortunately, there are still markets that prefer branded drugs over generics and there are markets, like Lebanon or Iraq where the spending on health care is disproportionately small compared to population size or GDP per capita, leaving room for growth. Emerging markets as a whole represent the area of greatest growth for pharmaceutical companies worldwide.
--Don Walker
Our last formal lecture of the trip! This lecture was rescheduled from earlier in the trip due to a negotiation in which Omar was involved. In our discussion, Omar shared some of the issues that arise in dealings with government entities in the Middle East, from an economic and cultural perspective.
We began with a conversation about differences in the way drug therapies are viewed in the Middle East. In part due to geographical location, many locals still rely on old time, herbal remedies or Eastern medicine. Since a drug's value is seen differently by various stakeholders, it is important for drug companies to partner with various entities to create efficient solutions which consider treatment efficacy, effectiveness, and efficiency. Companies must research consumer needs in any given area to provide value added services beyond product formulary, such as adherence programs.
From an economic perspective, one challenge is that each country in the Middle East and North Africa region has specific price certificates. Countries/health ministries often select the least expensive drugs which are then marked up to consumers. Reimportation remains a challenge; some people will buy drugs in Europe and import them here for resale. With regard to drugs manufactured in the region, quality controls within a country may not apply to products for export. The UAE is among the most progressive countries vis a vis product registration.
There are two main types of economic/demographic country compositions in the region: 1) large population, lower income, lower health care spending; 2) small population, higher income, higher health care spending. Generally, there is a binary outcome with drug coverage in the region: either a drug is fully covered or the customer pays full price. Brand names are still favored over generics and in places where a name brand drug is not covered, many individuals would prefer to pay for it out of pocket, rather than risk taking a potentially less effective generic.
Finally, we went through some of the mathematics of pharmaceuticals, especially drug development. It costs more to develop a new drug now than it ever has. Drug development is also taking longer than it did. Out of 5,000-10,000 compounds developed or discovered, only 5 make it to the first phase of human testing. Getting to that stage can take 10-15 yrs and can bring the cost of drug development to almost $2 billion. Fortunately, there are still markets that prefer branded drugs over generics and there are markets, like Lebanon or Iraq where the spending on health care is disproportionately small compared to population size or GDP per capita, leaving room for growth. Emerging markets as a whole represent the area of greatest growth for pharmaceutical companies worldwide.
--Don Walker
drug_health_economics.pdf | |
File Size: | 2231 kb |
File Type: |
Mohamed Al Geziry
Growth of Hospitality Industry in the UAE
Highlights
The hospitality industry has experienced intense growth in Dubai. For clarity, here we define hospitality as travel for leisure, recreation and business with stays limited to one year. In 1990, hotel and cruise visitors numbered 0.6 million; the forecast for 2011 is 9.3 million. Hotel establishments grew from 70 to 578 in the same period. However, most of the hotel rooms are four and five star rated. The direct impact of global tourism in Dubai is approximately $1.85 trillion. The majority of visitors to Dubai come from the Middle East/Arab countries.
Despite the economic downturn, there is growth in the room supply pipeline to meet demand from the leisure travel segment. In Dubai, the current focus is on gaining share of the meetings, incentives, conventions and events market. Promotion of these events has increased building around the convention/downtown area.
Currently, there are no local awards for hotels. A new rating system will be launched in May 2012 to classify hotels with star ratings and different requirements for beach, city, and desert hotels Meanwhile the beach remains a focal point for investors. Destination weddings have become popular, especially with Indian tourists. Because trade and tourism are so important, cultural issues are often overlooked (e.g. Western dress and alcohol service are tolerated) in some places.
--Don Walker
Despite the economic downturn, there is growth in the room supply pipeline to meet demand from the leisure travel segment. In Dubai, the current focus is on gaining share of the meetings, incentives, conventions and events market. Promotion of these events has increased building around the convention/downtown area.
Currently, there are no local awards for hotels. A new rating system will be launched in May 2012 to classify hotels with star ratings and different requirements for beach, city, and desert hotels Meanwhile the beach remains a focal point for investors. Destination weddings have become popular, especially with Indian tourists. Because trade and tourism are so important, cultural issues are often overlooked (e.g. Western dress and alcohol service are tolerated) in some places.
--Don Walker
the_growth_of_the_hospitality_industry_in_dubai.pdf | |
File Size: | 2106 kb |
File Type: |
Upendra Balchandani
Real Estate Sector- Challenges and Opportunities in the UAE
HIGHLIGHTS:
If you don't look at any other slide on this website, PLEASE look at the fourth slide to get a sense of how fast downtown Dubai went from a desert track to a Manhattan-like skyline. In 1991, Sheikh Zayed Road was a desert strip with three high rises. In 2003, it would rival many midtown Manhattan avenues. Real estate has been Dubai's story so far. In 2001, 99 year leaseholds became available and in 2002, foreginers were allowed to own property (only in the free zones). The goal has been to attract foreign direct investment to develop the desert area surrounding downtown Dubai.
Why did the real estate market develop in Dubai, essentially a desert city? Its leadership recognized the unsustainability of dependence on oil from the region. While Dubai's workforce has been largely expatriate for many years, the funds earned in Dubai often left for foreign lands. The leadership wanted to change the dynaamic, creating opportunities for foreign investment which would require housing stock. In theory, if foreigners would invest and live in Dubai, they would also spend their earnings in Dubai, stimulating the local economy.
Following the credit crunch, there is a huge supply of housing in a construction holding pattern, awaiting completion. Dubai has a large number of "showcased" developments, such as the Palm and World Island developments which are in various states of development. In addition to housing stock, incomplete commercial and high-end hotel properties are also in evidence.
Key challenges now are the high cost of funding, lack of a federal mortgage law, lack of a federal bankruptcy law and lack of a fully implemented ownership law. Dubai is leading the other emirates in addressing these issues, but there is still little to no securitization in the UAE and expatriates have limited rights to stay in the UAE. Expatriates may now own property, but cannot stay without a job. There can't be any expatriate retirees in Dubai.
The good news: prices of real estate are bottoming out. Residential property is stabilizing and mortgage availability is improving. The UAE is seen as a safer haven in the region and it has strategic global importance. Well-developed transportation infrastructure makes Dubai attractive to many companies who need a logistics hub with easy access to the Far East, Northern Africa and Indian sub-continent.
While recovery will be slow in many parts of the world, Dubai (and more generally, the UAE) is closer to hgh growth economies. If anticipated positive changes to the legal structure materialize, more companies will locate here.
--Don Walker
If you don't look at any other slide on this website, PLEASE look at the fourth slide to get a sense of how fast downtown Dubai went from a desert track to a Manhattan-like skyline. In 1991, Sheikh Zayed Road was a desert strip with three high rises. In 2003, it would rival many midtown Manhattan avenues. Real estate has been Dubai's story so far. In 2001, 99 year leaseholds became available and in 2002, foreginers were allowed to own property (only in the free zones). The goal has been to attract foreign direct investment to develop the desert area surrounding downtown Dubai.
Why did the real estate market develop in Dubai, essentially a desert city? Its leadership recognized the unsustainability of dependence on oil from the region. While Dubai's workforce has been largely expatriate for many years, the funds earned in Dubai often left for foreign lands. The leadership wanted to change the dynaamic, creating opportunities for foreign investment which would require housing stock. In theory, if foreigners would invest and live in Dubai, they would also spend their earnings in Dubai, stimulating the local economy.
Following the credit crunch, there is a huge supply of housing in a construction holding pattern, awaiting completion. Dubai has a large number of "showcased" developments, such as the Palm and World Island developments which are in various states of development. In addition to housing stock, incomplete commercial and high-end hotel properties are also in evidence.
Key challenges now are the high cost of funding, lack of a federal mortgage law, lack of a federal bankruptcy law and lack of a fully implemented ownership law. Dubai is leading the other emirates in addressing these issues, but there is still little to no securitization in the UAE and expatriates have limited rights to stay in the UAE. Expatriates may now own property, but cannot stay without a job. There can't be any expatriate retirees in Dubai.
The good news: prices of real estate are bottoming out. Residential property is stabilizing and mortgage availability is improving. The UAE is seen as a safer haven in the region and it has strategic global importance. Well-developed transportation infrastructure makes Dubai attractive to many companies who need a logistics hub with easy access to the Far East, Northern Africa and Indian sub-continent.
While recovery will be slow in many parts of the world, Dubai (and more generally, the UAE) is closer to hgh growth economies. If anticipated positive changes to the legal structure materialize, more companies will locate here.
--Don Walker
uae_real_estate.pdf | |
File Size: | 1891 kb |
File Type: |
P. J. Matthews
Overview of Logistics and Supply Chain Management
OUTLINE:
Has more than fifteen years’ experience in Corporate Training and in Consultancy activities. Currently, works as an Adjunct Faculty in Dubai with several reputed Universities and institutions such as London School of Economics, University of Wollongong in Dubai, IMT, Academic City, University of Bolton, RAK, teaching subjects such as Supply Chain & Logistics Management, Corporate Strategy, Strategic Operations & Service Operations Management, Total Quality Management and Human Resources Management and other related Management subjects. Has been a Faculty Member and accredited Trainer in National Association of Freight Logistics (NAFL), Dubai since 2003.
Is an MBA in Human Resources Management from XLRI, Jamshedpur, India. Has under gone professional training in Shipping, Chartering and Freight Forwarding in Canada and with Sea Trade Academy, Cambridge, U.K. Certified in International Quality Systems Auditing By water PLC, London. Has been a member of the International Toastmasters Club dedicated for Public Speaking and Leadership activities.
http://www.ciltuae.org/index.html
Highlights:
Dubai was established as a free port in 1901 along the Dubai Creek. Back then, traders and merchants were imported from Iran to help establish its trading prominence. Today, the trading continues...
"Whether you are a deer or a lion you have to run fast to survive" -- Sheikh Mohammed Bin Rasheed Al Maktoum
For the last twenty years, His Highness the Sheikh has been the driving force in positioning Dubai as a hub of international business in the Middle East.
What is Dubai famous for? It used to be pearls, but today it's LOGISTICS. As a hub for the trading and transport of goods, Dubai is middleman to the world. The Free Zones have well established infrastructure which allows international companies to use Dubai as a warehousing point for just in time inventory delivery to fast gronwing markets in Africa, the Middle East and Asia.
Thus far, cultural differences have kept other countries from challenging Dubai's first mover advantage. More conservative and/or security minded neighbors such as Saudi Arabia and Oman cannot match the commercial advantages provided to international companies with a presence in the free zones of Dubai. Zero taxes, low import/export duties and multimodal transport facilities (sea-air corridor and land routes to the rest of the Middle East) help keep costs competitive with, but not necessarily lower than, the competition. Dubai has achieved its competitive advantage using a differentiated strategy and is strategically positioned to be able to respond quickly to market changes. -- Don Walker
OUTLINE:
- Introduction
- Evolution of Dubai Ports
- Initiatives taken by Dubai Government
- Performance Metrics of Dubai’s Transport & Storage Industry
- Future Challenges for Logistics & Port Operations
Has more than fifteen years’ experience in Corporate Training and in Consultancy activities. Currently, works as an Adjunct Faculty in Dubai with several reputed Universities and institutions such as London School of Economics, University of Wollongong in Dubai, IMT, Academic City, University of Bolton, RAK, teaching subjects such as Supply Chain & Logistics Management, Corporate Strategy, Strategic Operations & Service Operations Management, Total Quality Management and Human Resources Management and other related Management subjects. Has been a Faculty Member and accredited Trainer in National Association of Freight Logistics (NAFL), Dubai since 2003.
Is an MBA in Human Resources Management from XLRI, Jamshedpur, India. Has under gone professional training in Shipping, Chartering and Freight Forwarding in Canada and with Sea Trade Academy, Cambridge, U.K. Certified in International Quality Systems Auditing By water PLC, London. Has been a member of the International Toastmasters Club dedicated for Public Speaking and Leadership activities.
http://www.ciltuae.org/index.html
Highlights:
Dubai was established as a free port in 1901 along the Dubai Creek. Back then, traders and merchants were imported from Iran to help establish its trading prominence. Today, the trading continues...
"Whether you are a deer or a lion you have to run fast to survive" -- Sheikh Mohammed Bin Rasheed Al Maktoum
For the last twenty years, His Highness the Sheikh has been the driving force in positioning Dubai as a hub of international business in the Middle East.
What is Dubai famous for? It used to be pearls, but today it's LOGISTICS. As a hub for the trading and transport of goods, Dubai is middleman to the world. The Free Zones have well established infrastructure which allows international companies to use Dubai as a warehousing point for just in time inventory delivery to fast gronwing markets in Africa, the Middle East and Asia.
Thus far, cultural differences have kept other countries from challenging Dubai's first mover advantage. More conservative and/or security minded neighbors such as Saudi Arabia and Oman cannot match the commercial advantages provided to international companies with a presence in the free zones of Dubai. Zero taxes, low import/export duties and multimodal transport facilities (sea-air corridor and land routes to the rest of the Middle East) help keep costs competitive with, but not necessarily lower than, the competition. Dubai has achieved its competitive advantage using a differentiated strategy and is strategically positioned to be able to respond quickly to market changes. -- Don Walker
Dr. Eric Van Genderen
Negotiation and the Gulf
OUTLINE:
SPEAKER PROFILE:Dr. Eric Van Genderen is Professor of International Business and Strategic Management at IMT - Dubai. Dr. Van Genderen holds a DBA from Henley Business School in the UK, with further studies completed through Thunderbird, and the Universities of Cambridge and Oxford. He is a lifetime 'fellow' of the Royal Society for the Encouragement of Arts, Manufactures, and Commerce (FRSA). Dr. Van Genderen has taught at universities in Europe and the Middle East. He has consulted MNEs including American Express, Citibank, ABN Amro Bank, Mars, Caterpillar, and the World Bank. He was hired as a content expert by the Education Testing Service (ETS; Princeton, NJ, USA) to assist in developing a 'soft skills' exam to compliment the GMAT for business education. Dr. Van Genderen has published internationally in books and peer reviewed journals. He has also acted as a reviewer for A- and B- ranked business journals.Email: [email protected]
HIGHLIGHTS:
Our lecture on negotiating in the Gulf began with a brief review of key points from Breakthrough Negotiation by Fisher and Ury. Barriers to negotiation are similar everywhere, but require some cultural translation. In the GCC, a couple of barriers are especially important to keep in mind: distrust and power. In the Gulf, many people don't trust outsiders. Family is paramount. The culture is also very hierarchical and people know where they fit into the societal structure. If you are from the U.S., you generally have a slight advantage over other Westerners. If you are not Muslim, you are of lesser importance.
While Fisher and Ury advocate cooperative negotiation, negotiation in the Gulf commonly begins as a competition. As a result, it is important to change the game. Patience is key. Relationship building takes time; preparation is key to successful negotiation in the Gulf. Time is used to advantage in the GCC and punctuality is not as important as nurturing relationships. Sometimes people will just get up and walk out of a negotiation, remaining out for extended periods of time and testing the patience of the other side. It's critical to know your reasons, not just your positions, as well as your BATNA (Best Alternative To No Agreement). Here in the GCC, it's important to allow the other side to save face.and "help them write their victory speech."
--Don Walker
OUTLINE:
SPEAKER PROFILE:Dr. Eric Van Genderen is Professor of International Business and Strategic Management at IMT - Dubai. Dr. Van Genderen holds a DBA from Henley Business School in the UK, with further studies completed through Thunderbird, and the Universities of Cambridge and Oxford. He is a lifetime 'fellow' of the Royal Society for the Encouragement of Arts, Manufactures, and Commerce (FRSA). Dr. Van Genderen has taught at universities in Europe and the Middle East. He has consulted MNEs including American Express, Citibank, ABN Amro Bank, Mars, Caterpillar, and the World Bank. He was hired as a content expert by the Education Testing Service (ETS; Princeton, NJ, USA) to assist in developing a 'soft skills' exam to compliment the GMAT for business education. Dr. Van Genderen has published internationally in books and peer reviewed journals. He has also acted as a reviewer for A- and B- ranked business journals.Email: [email protected]
HIGHLIGHTS:
Our lecture on negotiating in the Gulf began with a brief review of key points from Breakthrough Negotiation by Fisher and Ury. Barriers to negotiation are similar everywhere, but require some cultural translation. In the GCC, a couple of barriers are especially important to keep in mind: distrust and power. In the Gulf, many people don't trust outsiders. Family is paramount. The culture is also very hierarchical and people know where they fit into the societal structure. If you are from the U.S., you generally have a slight advantage over other Westerners. If you are not Muslim, you are of lesser importance.
While Fisher and Ury advocate cooperative negotiation, negotiation in the Gulf commonly begins as a competition. As a result, it is important to change the game. Patience is key. Relationship building takes time; preparation is key to successful negotiation in the Gulf. Time is used to advantage in the GCC and punctuality is not as important as nurturing relationships. Sometimes people will just get up and walk out of a negotiation, remaining out for extended periods of time and testing the patience of the other side. It's critical to know your reasons, not just your positions, as well as your BATNA (Best Alternative To No Agreement). Here in the GCC, it's important to allow the other side to save face.and "help them write their victory speech."
--Don Walker
negotiation_and_the_gulf.pptx | |
File Size: | 145 kb |
File Type: | pptx |
Mr. Gary Dugan
Asset Management Business in Dubai and the Sovereign Wealth Fund
OUTLINE:
SPEAKER PROFILE:Gary brought his considerable experience in the wealth industry to Emirates NBD Private Banking in July 2009 as Chief Investment Officer. Gary is responsible for all the investment products and portfolios in the CIO office. Gary joined Merrill Lynch in August 2007 as Managing Director and Chief Investment Officer for Global Wealth Management in EMEA. Building on his 25-year career in the City in the newly created role of Chief
Investment Officer, Gary provided investment leadership to both the discretionary and advisory businesses. In 2008 Gary was highlighted by Wealth Briefing as one of the ‘faces to watch’ in the Wealth Industry. In 2009 Gary came second in an EMEA wide poll of the wealth industry for investor of the year.
Gary joined Merrill Lynch from Barclays Wealth where he was Managing Director and Head of Research and Investment Strategy. During his time with Barclays, Gary was responsible for restructuring a variety of investment products and businesses including the multi-manager product which has become the largest in the UK and second largest in Europe. From 1993 to 2004, Gary worked for JPMorgan. He was a Managing Director and Global Markets strategist for JPMorgan Institutional Investment Management and the Private Bank. He was responsible in the private banking business for presenting the firm’s macro market views to clients as well as views on sectors and individual stocks. He also served the clients of JPMorgan Asset Management as Global equity market strategist and head of the Equity and Global Balanced investment teams. Gary and his team won an award from S&P in 2003 for the best Global Balanced Group in Europe. In 1998 Gary was asked by
the European Parliament to present his views on the impact of the Euro on the investment portfolios. He has a degree in Economics from Salford University. He is an associate of the UK Society of Investment Professionals, a member of the CFA Institute. His views are widely quoted in the financial media. He has spoken at investment conferences throughout Europe, the Middle East and Asia.
HIGHLIGHTS:
Gary spoke at length about the wealth management landscape in the GCC. While corporate and family investment offices are an important part of the environment in the GCC, they are dwarfed by sovereign wealth funds. Investors in the GCC have widely divergent return expectations (from approximately 7-17% annually). Individuals are less likely than Westerners to seek investment advice. Investment advisors in the GCC face challenging clientele -- they can be quick to swing from one investment to another, return expectations are often considered unrealistically high, and investment time horizons are shorter than average (2.2 years for individuals vs. 6.7 years or sovereign wealth funds). Private clients also tend to be close to the government and the ruling elite, so investment advisors, especially expatriates need to tread carefully.
Currently the wealth of the region is stuck in real estate. The banking sector has no spare cash. While the West generally has been a fair weather banker in the region, the UK has lent a fair sum to Dubai. Qatar and Saudi Arabia are the regions with cash due to gas and oil respectively.
While there are many companies which would like to locate in the GCC, until the business environment becomes friendlier (i.e. property law set in stone), most Western companies will tread warily.
--Don Walker
OUTLINE:
SPEAKER PROFILE:Gary brought his considerable experience in the wealth industry to Emirates NBD Private Banking in July 2009 as Chief Investment Officer. Gary is responsible for all the investment products and portfolios in the CIO office. Gary joined Merrill Lynch in August 2007 as Managing Director and Chief Investment Officer for Global Wealth Management in EMEA. Building on his 25-year career in the City in the newly created role of Chief
Investment Officer, Gary provided investment leadership to both the discretionary and advisory businesses. In 2008 Gary was highlighted by Wealth Briefing as one of the ‘faces to watch’ in the Wealth Industry. In 2009 Gary came second in an EMEA wide poll of the wealth industry for investor of the year.
Gary joined Merrill Lynch from Barclays Wealth where he was Managing Director and Head of Research and Investment Strategy. During his time with Barclays, Gary was responsible for restructuring a variety of investment products and businesses including the multi-manager product which has become the largest in the UK and second largest in Europe. From 1993 to 2004, Gary worked for JPMorgan. He was a Managing Director and Global Markets strategist for JPMorgan Institutional Investment Management and the Private Bank. He was responsible in the private banking business for presenting the firm’s macro market views to clients as well as views on sectors and individual stocks. He also served the clients of JPMorgan Asset Management as Global equity market strategist and head of the Equity and Global Balanced investment teams. Gary and his team won an award from S&P in 2003 for the best Global Balanced Group in Europe. In 1998 Gary was asked by
the European Parliament to present his views on the impact of the Euro on the investment portfolios. He has a degree in Economics from Salford University. He is an associate of the UK Society of Investment Professionals, a member of the CFA Institute. His views are widely quoted in the financial media. He has spoken at investment conferences throughout Europe, the Middle East and Asia.
HIGHLIGHTS:
Gary spoke at length about the wealth management landscape in the GCC. While corporate and family investment offices are an important part of the environment in the GCC, they are dwarfed by sovereign wealth funds. Investors in the GCC have widely divergent return expectations (from approximately 7-17% annually). Individuals are less likely than Westerners to seek investment advice. Investment advisors in the GCC face challenging clientele -- they can be quick to swing from one investment to another, return expectations are often considered unrealistically high, and investment time horizons are shorter than average (2.2 years for individuals vs. 6.7 years or sovereign wealth funds). Private clients also tend to be close to the government and the ruling elite, so investment advisors, especially expatriates need to tread carefully.
Currently the wealth of the region is stuck in real estate. The banking sector has no spare cash. While the West generally has been a fair weather banker in the region, the UK has lent a fair sum to Dubai. Qatar and Saudi Arabia are the regions with cash due to gas and oil respectively.
While there are many companies which would like to locate in the GCC, until the business environment becomes friendlier (i.e. property law set in stone), most Western companies will tread warily.
--Don Walker
asset_management_business.pptx | |
File Size: | 458 kb |
File Type: | pptx |
Sachin
The Growth of Islamic Banking
OUTLINE:
--International Overview
--History of Islamic Banking
--Islamic Economics
--Islamic Banking Defined
--Important Concepts in Islamic Economics
--Islamic Banking Standards
SPEAKER PROFILE:
Sachin is currently with Mashreq as Head - Retail Products for over 4+ years. He handles the Conventional as well as Islamic products and has launched the Islamic Personal Finance product in the Bank under Mashreq Al Islami umbrella. He is also Ethica certified Islamic Finance executive.
Sachain is a management graduate with more than 12 years of experience in Retail Banking across Product development, Marketing& sales and has extensive experience across Retail and SME in with multinational organisations like GE, Citi and ICICI Bank.
HIGHLIGHTS:
Contrary to what many Westerners believe, Islamic banking is not the only form of banking practiced in the Middle East. Islamic banking is defined as a “banking system which is in consonance with the spirit, ethos and value system of Islam and governed by the principles laid down by Islamic Shariah”. Islamic banking theory developed in the 1940s and '50s, about the same time as the rise of nationalism in the Middle East. Islamic Banking was first practiced institutionally in the '60s and became a more integrated part of commercial banking in the '70s and '80s.
Interest in Islamic banking has grown in the last two decades. Concentrations of Islamic banks have grown and several leading foreign banks have opened Islamic Banking windows, including Standard Chartered, Citibank, HSBC and ABN Amro. The Islamic Financial Industry has reached approximately $700 billion and is growing at approximately 15% per annum. Twenty-seven Muslim and 15 non-Muslim countries (including the US, UK, Canada, Switzerland, and Australia) currently have Islamic banking institutions. In 1999, the Dow Jones launched the Dow Jones Islamic Market Index of 600 companies whose business complies with Islamic Shariah laws.
Islamic Banking follows Islamic principles which guide actions in all areas of life: faith and beliefs; religious worship; morals, character and ethics; dealings with one's fellow man. It is an interest free, asset backed system, which forces risk sharing and seeks to avoid unethical and unsocial practices. In some respects, Islamic Banking is akin to a Middle Eastern version of socially responsible investing, seeking to share the risks among stakeholders and avoid unethical and unsavory practices. Due to the recent surge in interest in this area of finance, Islamic Banking is now recognized by the IMF, World Bank and Basel Comittee.
--Don Walker
OUTLINE:
--International Overview
--History of Islamic Banking
--Islamic Economics
--Islamic Banking Defined
--Important Concepts in Islamic Economics
--Islamic Banking Standards
SPEAKER PROFILE:
Sachin is currently with Mashreq as Head - Retail Products for over 4+ years. He handles the Conventional as well as Islamic products and has launched the Islamic Personal Finance product in the Bank under Mashreq Al Islami umbrella. He is also Ethica certified Islamic Finance executive.
Sachain is a management graduate with more than 12 years of experience in Retail Banking across Product development, Marketing& sales and has extensive experience across Retail and SME in with multinational organisations like GE, Citi and ICICI Bank.
HIGHLIGHTS:
Contrary to what many Westerners believe, Islamic banking is not the only form of banking practiced in the Middle East. Islamic banking is defined as a “banking system which is in consonance with the spirit, ethos and value system of Islam and governed by the principles laid down by Islamic Shariah”. Islamic banking theory developed in the 1940s and '50s, about the same time as the rise of nationalism in the Middle East. Islamic Banking was first practiced institutionally in the '60s and became a more integrated part of commercial banking in the '70s and '80s.
Interest in Islamic banking has grown in the last two decades. Concentrations of Islamic banks have grown and several leading foreign banks have opened Islamic Banking windows, including Standard Chartered, Citibank, HSBC and ABN Amro. The Islamic Financial Industry has reached approximately $700 billion and is growing at approximately 15% per annum. Twenty-seven Muslim and 15 non-Muslim countries (including the US, UK, Canada, Switzerland, and Australia) currently have Islamic banking institutions. In 1999, the Dow Jones launched the Dow Jones Islamic Market Index of 600 companies whose business complies with Islamic Shariah laws.
Islamic Banking follows Islamic principles which guide actions in all areas of life: faith and beliefs; religious worship; morals, character and ethics; dealings with one's fellow man. It is an interest free, asset backed system, which forces risk sharing and seeks to avoid unethical and unsocial practices. In some respects, Islamic Banking is akin to a Middle Eastern version of socially responsible investing, seeking to share the risks among stakeholders and avoid unethical and unsavory practices. Due to the recent surge in interest in this area of finance, Islamic Banking is now recognized by the IMF, World Bank and Basel Comittee.
--Don Walker
islamic_banking_and_finance.ppt | |
File Size: | 782 kb |
File Type: | ppt |
Prof. Mohan Agarwal
Marketing Strategies in the Gulf Region
OUTLINE:
The interactive session highlights the emerging consumer profiles and marketing challenges and opportunities in the Middle East. Focusing tightly on the Gulf Cooperation Council (GCC) counties namely Bahrain, Qatar, Kuwait, Oman, Kingdom of Saudi Arabia, United Arab Emirates (UAE), the region has an estimated GDP of US$ 1400 billion. The Kingdom of Saudi Arabia and UAE are the two largest markets of the region with other four countries also growing significantly. For instance, Qatar has toppled Luxembourg as the world’s highest per capita income country and has taken the top spot. The GCC common market was launched on January 1, 2008 and grants national treatment to all GCC firms and citizens in each GCC country and removes all barriers to cross country investment and services trade, creating new challenges and opportunities for global marketers. The session outlines key demographics and psychographics of consumers in the evolving context of marketing in the Gulf; analyses trends and forms key take aways for marketing practitioners. Part of the session also opens for discussion a case study of Saudi Males and challenges and opportunities in marketing to them.
SPEAKER PROFILE:
Prof. Mohan Agarwal - Ph.D (Kurukshetra, India), FDP(California, USA); CIM(London, UK); M.Phil. (Strathclyde, UK); M.Com (Gold Medal, Allahabad, India); US Fulbright (Bentley, USA); British Council (Leicester, UK) and Euro-India distinguished Fellow (Essec Business School, Paris).
Prof. Mohan Lal Agarwal is a Professor, Marketing; IMT Dubai. Earlier, he was Escotel Chair Professor of CRM at IIM Lukcnow; Professor of Marketing at XLRI Jamshedpur and visiting faculty to a number of leading business schools in the USA, UK, Canada, France, Australia and IIMs in India. Prof. Agarwal is an active corporate consultant & trainer in sales, marketing and customer relations and has published several award winning teaching cases and research papers in leading journals around the world.
HIGHLIGHTS:
While consumption has been rising in the Middle East, the region is a segmented marketplace, not uniform as many Westerners might believe. It follows that a successful marketing plan will focus on each segment. Regional advertising spend per capita is among the lowest in the world. Print media/advertising is still important here, but media is only a door opener.
People in the region prefer well-respected brands and time-tested technologies (not particularly surprising in a region where long-term relationships are highly valued). Quality and service matter. If the selling company doesn't provide good service after the sale, the product is unlikely to be personally recommended by respected promoters.
Many purchases are made based on the recommendations of these respected leaders. The gravitas of the person recommending the product is almost as important as the ability of the product to satisfy the consumer's need. To have a chance at success, identify the local needs and create quality products, then find key spokespersons to recommend your product.
--Don Walker
OUTLINE:
The interactive session highlights the emerging consumer profiles and marketing challenges and opportunities in the Middle East. Focusing tightly on the Gulf Cooperation Council (GCC) counties namely Bahrain, Qatar, Kuwait, Oman, Kingdom of Saudi Arabia, United Arab Emirates (UAE), the region has an estimated GDP of US$ 1400 billion. The Kingdom of Saudi Arabia and UAE are the two largest markets of the region with other four countries also growing significantly. For instance, Qatar has toppled Luxembourg as the world’s highest per capita income country and has taken the top spot. The GCC common market was launched on January 1, 2008 and grants national treatment to all GCC firms and citizens in each GCC country and removes all barriers to cross country investment and services trade, creating new challenges and opportunities for global marketers. The session outlines key demographics and psychographics of consumers in the evolving context of marketing in the Gulf; analyses trends and forms key take aways for marketing practitioners. Part of the session also opens for discussion a case study of Saudi Males and challenges and opportunities in marketing to them.
SPEAKER PROFILE:
Prof. Mohan Agarwal - Ph.D (Kurukshetra, India), FDP(California, USA); CIM(London, UK); M.Phil. (Strathclyde, UK); M.Com (Gold Medal, Allahabad, India); US Fulbright (Bentley, USA); British Council (Leicester, UK) and Euro-India distinguished Fellow (Essec Business School, Paris).
Prof. Mohan Lal Agarwal is a Professor, Marketing; IMT Dubai. Earlier, he was Escotel Chair Professor of CRM at IIM Lukcnow; Professor of Marketing at XLRI Jamshedpur and visiting faculty to a number of leading business schools in the USA, UK, Canada, France, Australia and IIMs in India. Prof. Agarwal is an active corporate consultant & trainer in sales, marketing and customer relations and has published several award winning teaching cases and research papers in leading journals around the world.
HIGHLIGHTS:
While consumption has been rising in the Middle East, the region is a segmented marketplace, not uniform as many Westerners might believe. It follows that a successful marketing plan will focus on each segment. Regional advertising spend per capita is among the lowest in the world. Print media/advertising is still important here, but media is only a door opener.
People in the region prefer well-respected brands and time-tested technologies (not particularly surprising in a region where long-term relationships are highly valued). Quality and service matter. If the selling company doesn't provide good service after the sale, the product is unlikely to be personally recommended by respected promoters.
Many purchases are made based on the recommendations of these respected leaders. The gravitas of the person recommending the product is almost as important as the ability of the product to satisfy the consumer's need. To have a chance at success, identify the local needs and create quality products, then find key spokespersons to recommend your product.
--Don Walker
marketing_in_the_middle_east.pdf | |
File Size: | 1602 kb |
File Type: |
Prof. Alaa K Alshawa
Economies of the GCC Countries
Highlights:
Oil has been the dominant force in GCC economies for many years. Today, most of the money in the region is controlled by Saudi Arabia and the money is derived from its vast oil reserves. The GCC governments use shared revenue as a release valve to combat public unrest. The GCC recognizes that it cannot sustain itself on oil alone. Many governments are trying to move from limited, temporary inherited prosperity (government driven) to created prosperity (private sector driven with the government acting as enabler) thus shifting responsibilities to the citizens.
Social Issues:
The GCC has a younger population than many developed countries and at the same time it has been importing labor (especially in the UAE). As a result, there are fewer jobs for GCC nationals. Until recently, GCC nationals have not been encouraged to educate themselves for the highly skilled jobs which are filled by many of these imported workers. That is changing, but will take some time. Expatriates not only provide key skill sets needed in the GCC, they also bring enhanced trade with their home countries and, to the consternation of some locals, bring their own set of tastes and values to the local culture.
Economy/Fiscal Issues:
There is a need for common fiscal policy here in the GCC. In the UAE, the dollar peg led to inflationary issues during the high growth period of 2004-2008 and the subsequent bursting of the real estate bubble was very painful. There is a move toward inflation targets and the possibility of removing the peg to the dollar, instead using either a basket of currencies or allowing the currency to float freely. There has been talk of a unified currency in the GCC, but the recent events in Europe have led to a very cautious consideration of any such move.
There are no money markets here in the GCC because the governments generally run surpluses - there is no overriding need to borrow money. As a result, there is no credit history, no local yield curve and when a country needs to borrow money, it usually turns to a bank, not the capital markets, to borrow. If banks cannot lend due to their own balance sheet issues, as happened during the credit crisis, some of these countries will have liquidity issues. There is at least a limited recognition that this must change, but the timing is unclear.
-- Don Walker
Highlights:
Oil has been the dominant force in GCC economies for many years. Today, most of the money in the region is controlled by Saudi Arabia and the money is derived from its vast oil reserves. The GCC governments use shared revenue as a release valve to combat public unrest. The GCC recognizes that it cannot sustain itself on oil alone. Many governments are trying to move from limited, temporary inherited prosperity (government driven) to created prosperity (private sector driven with the government acting as enabler) thus shifting responsibilities to the citizens.
Social Issues:
The GCC has a younger population than many developed countries and at the same time it has been importing labor (especially in the UAE). As a result, there are fewer jobs for GCC nationals. Until recently, GCC nationals have not been encouraged to educate themselves for the highly skilled jobs which are filled by many of these imported workers. That is changing, but will take some time. Expatriates not only provide key skill sets needed in the GCC, they also bring enhanced trade with their home countries and, to the consternation of some locals, bring their own set of tastes and values to the local culture.
Economy/Fiscal Issues:
There is a need for common fiscal policy here in the GCC. In the UAE, the dollar peg led to inflationary issues during the high growth period of 2004-2008 and the subsequent bursting of the real estate bubble was very painful. There is a move toward inflation targets and the possibility of removing the peg to the dollar, instead using either a basket of currencies or allowing the currency to float freely. There has been talk of a unified currency in the GCC, but the recent events in Europe have led to a very cautious consideration of any such move.
There are no money markets here in the GCC because the governments generally run surpluses - there is no overriding need to borrow money. As a result, there is no credit history, no local yield curve and when a country needs to borrow money, it usually turns to a bank, not the capital markets, to borrow. If banks cannot lend due to their own balance sheet issues, as happened during the credit crisis, some of these countries will have liquidity issues. There is at least a limited recognition that this must change, but the timing is unclear.
-- Don Walker
Prof. Abu Taslim Mohammad Amin
Culture in the Gulf
OUTLINE:
> Introduction
> Social, Religious and political background of Arabian peninsula
> Development and growth of GCC> Economic and Social Norms in GCC
> Culture in GCC
>Developments and GCC Progress
SPEAKER PROFILE:
Prof. Abu Taslim Mohammad Amin is born on March 31, 1959. He is a career military officer later turned scholar. Amin retired as a Major General from the Bangladesh Armed Forces after a prolong career of 30 years and concurrently works as an academician with the American University in the Emirates. He also oversees responsibilities of Institutional Effectiveness. Amin also served as the Head of Counter Terrorism Bureau in Bangladesh outlining the strategic policy of the country. A specialist in the field of security affairs, counter terrorism, war and defense studies, Prof Amin had his graduations, fellowship and Ph D from National University Bangladesh, Turkish Armed Forces College, National Defense University, USA and National University, Bangladesh respectively. Amin has a number of books and articles published on civil-military relations, counter terrorism, security and good governance. Prof Amin is married to Prof Armeena Tabassum and has two lovely daughters. He has regular interest in Golf and surfing"
HIGHLIGHTS:
Our first seminar here in Dubai!
Today's seminar included discussions of Gulf history, culture and societal norms. The GCC, Gulf Cooperation Council, is a political and economic sharing arrangement among the states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE). Each of the Gulf States is an Islamic state, with varying degrees of openness and each with its own distinct culture. (Note: Here we use "Gulf" to refer to the Persian, also known as the Arabian, Gulf. On many local maps it is simply referred to as "The Gulf".) The population of the UAE is comprised of only 15% nationals (locals) and roughly 85% expatriates - many from the Indian subcontinent. This is important for a number of reasons, not least of which is the amount of money earned here by expatriates which is then sent out of the region to support families back home.
The GCC countries have political and social systems based on Shari'a, or Islamic, law. Islam is not just a religion, but an all encompassing way of life here. In accordance with Shari'a, men and women share similar styles of traditional dress in each of the GCC countries: a white dishdasha for men and a black ubayah for women. This dress code is followed to varying degrees in each country and can vary widely within countries. In general, all women are expected to cover their arms and legs completely, though this may be relaxed in certain circumstances and in areas with significant tourism (for example, Dubai's Jumeirah Beach area and Western hotel restaurants and bars). Alcohol consumption is forbidden by Islam, but it is served, and highly taxed, in many hotels and restaurants catering to tourists.
The GCC, especially parts of the UAE, are undergoing significant change as information moves more freely into the region. The paternalistic systems of government are at tipping points. In order to keep up with trading partners and competitors, higher education is becoming more important. Instead of simply receivig a check from the government, citizens are being encouraged to become better educated and take on more responsibility for themselves and the good of the country. Women are leading the charge, with the woman to man ratio in several universities in the UAE at more than 3:1.
The big takeaways: social change is more prevalent here than many Westerners think and it looks different in an Islamic (non-Western) social construct.
--Don Walker
OUTLINE:
> Introduction
> Social, Religious and political background of Arabian peninsula
> Development and growth of GCC> Economic and Social Norms in GCC
> Culture in GCC
>Developments and GCC Progress
SPEAKER PROFILE:
Prof. Abu Taslim Mohammad Amin is born on March 31, 1959. He is a career military officer later turned scholar. Amin retired as a Major General from the Bangladesh Armed Forces after a prolong career of 30 years and concurrently works as an academician with the American University in the Emirates. He also oversees responsibilities of Institutional Effectiveness. Amin also served as the Head of Counter Terrorism Bureau in Bangladesh outlining the strategic policy of the country. A specialist in the field of security affairs, counter terrorism, war and defense studies, Prof Amin had his graduations, fellowship and Ph D from National University Bangladesh, Turkish Armed Forces College, National Defense University, USA and National University, Bangladesh respectively. Amin has a number of books and articles published on civil-military relations, counter terrorism, security and good governance. Prof Amin is married to Prof Armeena Tabassum and has two lovely daughters. He has regular interest in Golf and surfing"
HIGHLIGHTS:
Our first seminar here in Dubai!
Today's seminar included discussions of Gulf history, culture and societal norms. The GCC, Gulf Cooperation Council, is a political and economic sharing arrangement among the states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE). Each of the Gulf States is an Islamic state, with varying degrees of openness and each with its own distinct culture. (Note: Here we use "Gulf" to refer to the Persian, also known as the Arabian, Gulf. On many local maps it is simply referred to as "The Gulf".) The population of the UAE is comprised of only 15% nationals (locals) and roughly 85% expatriates - many from the Indian subcontinent. This is important for a number of reasons, not least of which is the amount of money earned here by expatriates which is then sent out of the region to support families back home.
The GCC countries have political and social systems based on Shari'a, or Islamic, law. Islam is not just a religion, but an all encompassing way of life here. In accordance with Shari'a, men and women share similar styles of traditional dress in each of the GCC countries: a white dishdasha for men and a black ubayah for women. This dress code is followed to varying degrees in each country and can vary widely within countries. In general, all women are expected to cover their arms and legs completely, though this may be relaxed in certain circumstances and in areas with significant tourism (for example, Dubai's Jumeirah Beach area and Western hotel restaurants and bars). Alcohol consumption is forbidden by Islam, but it is served, and highly taxed, in many hotels and restaurants catering to tourists.
The GCC, especially parts of the UAE, are undergoing significant change as information moves more freely into the region. The paternalistic systems of government are at tipping points. In order to keep up with trading partners and competitors, higher education is becoming more important. Instead of simply receivig a check from the government, citizens are being encouraged to become better educated and take on more responsibility for themselves and the good of the country. Women are leading the charge, with the woman to man ratio in several universities in the UAE at more than 3:1.
The big takeaways: social change is more prevalent here than many Westerners think and it looks different in an Islamic (non-Western) social construct.
--Don Walker
gcc_culture_and_society.pdf | |
File Size: | 1272 kb |
File Type: |
Dr. Farhad Rad-Serecht - IMT Director
Welcome Address
Dr. Farhad Rad-Serercht welcomed a tired but excited group of Villanova MBA students to Dubai. He filled us in on some of the expectations of, and offerings available on and near, the campus. Most were covered in the U.S. orientation, but the notice that both a convenience store (Circle K) and a Starbucks (with square doughnuts!) are located within a 10 minute walk was most welcome.
--Don Walker
Dr. Rad-Serechtspoke very good English and portrayed an executive demeanor. His address focused on Dubai's evolution into a regional business hub – a strategy the ruling Sheik family, the Al-Maktoums, have planned and executed on for decades. I was impressed with the innovative thinking of the ruling family, especially in comparison to many other erratic and isolated Middle Eastern nations. It was very good grounding for what we would learn and experience in the days to come.
-- Terry
--Don Walker
Dr. Rad-Serechtspoke very good English and portrayed an executive demeanor. His address focused on Dubai's evolution into a regional business hub – a strategy the ruling Sheik family, the Al-Maktoums, have planned and executed on for decades. I was impressed with the innovative thinking of the ruling family, especially in comparison to many other erratic and isolated Middle Eastern nations. It was very good grounding for what we would learn and experience in the days to come.
-- Terry