Smart City Prince: A Prince with a Mission, a Vision

[caption id="attachment_15961" align="alignright" width="300"] Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum[/caption]

For anyone familiar with the dashing Crown Prince of Dubai, it would have come as no surprise to find him on stage, in front of an international audience, delivering his vision of the future… as a hologram.

Like an Arabic Captain Kirk, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum “beamed down” to dispense a space-age visualisation of technological endeavour and opportunity.

The VR presentation at the Seventh Annual World Government Summit in 2019 demonstrated just how far Dubai has come in half a century. The Crown Prince, like his father and grandfather before him, is aware that Dubai’s future will depend on throwing off the national dependence on oil.

At 37, he is not only the heir to the rulership of Dubai, he is the embodiment of the city’s ambition, and the man trusted to take his people into the future.

Politicians and business leaders in Dubai for the summit were left in no doubt as to the city’s aspirations.
Dubai, the prince said, was a place of limitless inspiration and inventiveness. Every effort was being made to ensure that the city was at the cutting-edge of technical modernism, and determined to stay 10 years ahead of the global competition.

Outlining his hi-tech topic, Seven Shifts Shaping Future Cities, he said: “We need to harness the power of innovation and creativity to set standards for smart cities.”

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum is the appointed heir of his father, the 70-year-old Sheikh Mohammed bin Rashid Al Maktoum, vice-president of the United Arab Emirates and ruler of Dubai. He is also a role model for a generation of young Emiratis.

He is trying to position his city in the vanguard of the fourth industrial revolution – a future of artificial intelligence and the Internet of Things (IoT), which promises to change the way the world works.

Hamdan is the second son of Sheikh Mohammed and Sheikha Hind bint Maktoum bin Juma Al Maktoum. Their eldest son, Rashid, died of a heart attack at the age of 33. It was Hamdan, Sandhurst graduate and all-action man, who was officially named Crown Prince in 2008.

He also attended the London School of Economics, and says his time at Sandhurst taught him “the importance of self-discipline, commitment, virtue, responsibility, endurance, understanding, teamwork, friendship and the benefits of hard work”.

He was appointed to the chairmanship of the Dubai Executive Council (DEC) at 24, having demonstrated a thorough understanding of his father’s vision for Dubai – that the key to its prosperity lay in economic and social variety.

Sheikh Hamdan is taking that vision and giving it a 21st-Century twist. At the recent launch of one of his initiatives to promote entrepreneurship, he said that his father had told him from an early age that ambition was everything, and that “second place was the first place of losers”. He is known to the people of the UAE simply as “Fazza”, the Arabic word for victory.

His drive to ensure that Dubai maintains its status as a futuristic, global city is supported by major government involvement in the creation of an appropriate environment for business. Government cash — plenty of it — is directed to ensure that the seeds of invention and creativity are successfully sown and nurtured.

In his role of chairman of the DEC, Sheikh Hamdan supervises public expenditure and development strategies. He also has oversight of all Dubai’s government entities. In 2015, the Dubai Strategic Plan was launched, with Sheikh Hamdan’s insistence on the idea of a “barrier-free society” written into its fabric.

His energy and range show throughout Emirati society. Noting that Dubai’s highway network was often populated by some of the world’s worst drivers, he personally forced through a points-based traffic-control system, penalising errant motorists by confiscating their licences and their (frequently very expensive) cars.

His adventurous personality provides plenty of photo opportunities for the country’s media. In 2013, after leading a delegation to win the bid for the 2020 World Expo, he was pictured waving the UAE flag from the top of the world’s tallest building, the Burj Khalifa, during the national celebrations that followed.

Speaking at a government conference in 2019, Sheikh Hamdan gave an upbeat report on Dubai’s progress towards a diverse economy. He insisted that a policy of openness, together with government initiatives supporting entrepreneurship, was making Dubai an “ideal investment destination”. He added that Expo 2020, taking place in Dubai in October, would promote growth and support greater productivity and investor confidence in the economy.

These are not just words. At the same conference, the director general of Dubai’s Department for Economic Development, Sami Al Qamzi, praised the Crown Prince’s vision, reporting that “decisive government action” had accelerated the rate of economic growth, and that GDP had increased, in 2018, by 1.9 percent.

Maintaining a healthy link with the rest of the Islamic world is another of Sheikh Hamdan’s key aspirations. The wider Islamic economy is responsible for as much as 10 percent of Dubai’s GDP. The Crown Prince has made a point of publicly praising Saudi Arabia, saying that Saudis and Emiratis were “the same people”.
Sheikh Hamdan’s role as a driving force in Dubai has been recognised on the international stage. In 2017, LinkedIn named him an influencer, joining a select club of 500 of the world’s foremost thinkers, leaders and innovators.

The citation included references to Sheikh Hamdan’s belief that the development of young people in Dubai was an essential focus, and not just for the economy. He is aware economic goals should not outweigh environmental concerns. He recently led a volunteer force of young Emiratis in a marine environment clean-up along Dubai’s coast. Thousands responded to his social media appeal for help.

He said of the event’s attendance: “This is a testament to our children's awareness of the importance of preserving the environment. Our city is our home. We are all responsible for its cleanliness and for sustaining its resources.”

This focus on young people is powering Sheikh Hamdan’s vision of the future. One of his first acts as Crown Prince was to found the Hamdan Bin Mohammed e-university in Dubai. He believes that only by improving educational standards and opportunities can the country benefit from what he calls “the index of human capital”.

He created a Centre for Giftedness and Creativity, whose aims include identifying young and talented students, coupled with the provision of quality learning environments. The project is designed to develop leadership skills and encourage young people to disseminate new thinking into the wider society.

In line with global thinking on the fourth industrial revolution, the focus is on a search for talent in the fields of science, maths, technology, languages and leadership. The studying is relentless, with “hot house” programmes for students outside of regular term times.
Another Sheikh Hamdan initiative is the Innovation Incubator; a business development tool which aims to identify and support emerging entrepreneurs. Most tend to be aged 30 and above, he observed; he wants to change that statistic to foster younger achievers.

Dubai has witnessed a rapid growth in start-ups and SME development in the past 10 years. The Innovation Incubator aims to further that, concentrating on services, IT, health, media and design sectors.

It helps that the energetic and adventurous Sheikh Hamdan is seen as a role model among Dubai’s younger generation. Every year he presents prestigious awards to Dubai’s young businesspeople, and wants every tool to be made available to this youthful powerhouse.

At the launch of a major technology competition, the First Global Challenge, held in Dubai in 2019, he said: “We are steadfast in our journey of equipping talent with vital skills and tools and supporting creative minds in developing solutions.”

The event, the equivalent of a hi-tech Olympics, focused on robotics and AI. It attracted competitors from throughout the world to Dubai last October to form the nucleus of the scientific community of the future.

Sheikh Hamdan saw the event in terms of Dubai’s ambition to become one of the world’s leading cities in shaping the future and developing innovation in key sectors.

He is eager to establish an environment where entrepreneurs are given financial support and business advice, mentoring, and a solid network of care. Government cash is available to ensure start-ups are given adequate opportunity to thrive. The Government Procurement Programme (GPP) puts an emphasis on supporting SMEs.

In 2018, the value of government contracts to Emirati businesses topped AED (Arab Emirate Dirham) 1 billion ($272m) for the first time. While most of these funds go to construction and engineering businesses, some is earmarked for less conventional projects.

Sheikh Hamdan is keen to promote green initiatives. As patron of the Dubai Electricity and Water Authority, he is a major supporter of alternative energy sources.
He has been instrumental in encouraging Dubai homeowners to install solar panels on their properties, and he is involved in a push to provide charging stations for electric vehicles. The city’s target is to produce 75 percent of its energy from clean sources by 2050.

As if to illustrate the extent of his space-age ambition, in January 2020, Sheikh Hamdan signed off on the final piece of the UAE’s plans to launch a probe to the planet Mars this year.

The Hope Probe mission is the start of a dream by the UAE, which has already invested $5.4bn in space technology to establish a colony on Mars early in the 22nd Century. The spacecraft will collect scientific data on the planet’s upper and lower atmospheres.

The Crown Prince is the chairman of the Mohammed bin Rashid Space Centre, on the eastern outskirts of Dubai. He has been working tirelessly to ensure that the UAE will become the first Islamic country to launch a space probe.

The eventual aim is to establish a space city of 600,000 people on the Red Planet. The Crown Prince may not be on board when the envisaged manned mission blasts off, but his epitaph may be that he prepared the way for his people “to boldly go where no man has gone before”.

Heartthrob, Action Man, Photographer, Royal… But Plain ‘Fazza’ to His People

[caption id="attachment_15963" align="alignright" width="300"] 'Fazza'[/caption]

Dubai’s Crown Prince Hamdan bin Mohammed bin Rashid Al Maktoum has it all: good looks, a personal fortune of some $5bn, an all-action lifestyle, and millions of adoring followers.

Some guys, as Robert Palmer once sang, have all the luck. When the 37-year-old royal married in 2019 he doubtless broke a few hearts. He had been one of the world’s most eligible bachelors, a man could have stepped from the pages of a febrile Jilly Cooper novel.

“Fazza” — as he is known to Dubai citizens and his global Instagram following — is heir to the throne of one of the richest states on earth. He travels the globe, hobnobbing with the world’s most interesting people; he rides horses (and camels), skydives, scuba-dives, and plays polo and tennis. He fits all this activity into a hectic schedule — which includes directing the affairs of state — and sails his own superyacht, writes poetry… and rescues injured animals.

The keen amateur photographer rescued an Arabian oryx, which had become trapped in plastic netting, in 2018. He posted video footage of the rescue on his Instagram account. He did the same when he saved a stranded turtle, pushing it seaward with one hand while filming with the other.

"Sheikh Mohammed is a giant of the horseracing world, having invested many millions in Godolphin, which operates state-of-the-art stables in England, Australia, Ireland, Japan and the US as well as Dubai."

All this has made the dashing sheikh a particular favourite of Emirates Woman, a glossy fashion and lifestyle magazine which tracks his every move, writing about his exploits — whether rubbing shoulders with Prince Charles at Royal Ascot or nuzzling gazelle.

The publication is particularly fond of Sheikh Hamdan’s poetry, written in the Nabati style, an ancient form unique to the Arabian peninsula and used by Bedouin tribes. The verses are passed orally from generation to generation. Nabati went out of fashion as oil brought prosperity and literacy to the region, but Sheikh Hamdan is keen to preserve it for future generations. He publishes his poems (in Arabic) on his Instagram account, covering themes including chivalry, wisdom, patriotism and love.

Paradoxically — for a young man passionate about all things modern, from robots to rockets to space travel — Sheikh Hamdan is committed to preserving Emirati heritage, whether it’s poetry, his love of camel racing or falconry.
Falconry was once the sport of Arab royalty, though in recent years its popularity has waned. Hamdan would like to see the sport restored to its former glory. He owns many birds of prey and is frequently pictured with his favourites.

His fascination for the history of his people led him to establish the Hamdan Bin Mohammed Heritage Centre in Dubai, which promotes and fosters Emirati culture. In a country with an obsession for all things modern, Sheikh Hamdan is eager to remind Dubai of its Bedouin past. He holds an annual camel trek into the desert, but his greatest passion is equestrianism. “I love horses,” he says, “they are my life. When I ride my cars I feel bored. With horses it’s different. I love to be with them.”

Sheikh Hamdan could be seen taking part in (and winning) a 120km endurance horse race in neighbouring Saudi Arabia in February this year. He won individual gold at the 2014 World Equestrian Games, held in Normandy, and led the UAE team to gold in 2012.

His passion for horses means he’s a frequent visitor to his father’s Godolphin stables in Newmarket. The prince’s love of horses stems directly from his 70-year-old father, Sheikh Mohammed bin Rashid Al Maktoum, UAE vice-president and ruler of Dubai, also a talented rider in his day. Sheikh Mohammed is a giant of the horseracing world, having invested many millions in Godophin, which operates state-of-the-art stables in England, Australia, Ireland, Japan and the US as well as Dubai.

Sheikh Mohammed’s influence on the sport has been transformative. Launching Godophin in the early 1990s, he injected cash and modern training techniques into a flagging sport. Sheikh Hamdan is actively continuing his father’s legacy.

The Crown Prince, who regularly attends elite racing events across the globe, is heavily involved in the care and development of Godophin’s horses. The animals are not so much trained as royally pampered. Englishman Charlie Appleby, who has worked for Godolphin as a trainer since 2013, recently joked: “The horses want for nothing. If I was ever to come back as an animal, I’ll be a Godophin racehorse, please.”

Sheikh Hamdan’s enthusiasm for photography is clear from his Instagram account, which has 9.4m followers. He takes pictures of almost everything he does, and everywhere he goes. A recent photograph of the Burj Khalifa, the world’s tallest building, with its topmost spire spearing the clouds, went viral.

Many of his photographs and videos are taken as he plunges through the skies over Dubai in another of his roles — that of semi-professional skydiver. And when a new and dizzyingly high zip wire was installed in Dubai’s forest of skyscrapers, the prince was one of the first to try it out… filming his breath-taking descent as he went.

Sheikh Hamdan founded the Hamdan International Photography Awards in 2012. The awards, which offer prize money of $400,000 — the world’s largest photography prize — attract entrants from around the world. He follows dozens of other photographers on Instagram, but he also tracks innovators such as Tesla founder Elon Musk. Tesla is currently involved in converting Dubai’s taxi fleet to all-electric vehicles.

The Sheikh is known to keep an eye on Los Angeles-based Zach King, a YouTuber famous for his “magic vines” — video clips digitally edited to give the impression of magical tricks. Arabian folk tales are filled with references to enchantment, and perhaps the Crown Prince’s interest in conjuring is yet another allusion to his country’s antiquity.

Or perhaps, together with all his other passions, he just enjoys a joke.

Dubai has Tall Buildings, Stratospheric Ambition and a Grasp of Future Success

[caption id="attachment_15965" align="alignright" width="482"] Dubai[/caption]

"My grandfather rode a camel, my father rode a camel, I drive a Mercedes, my son drives a Land Rover, his son will drive a Land Rover, but his son will ride a camel." These were the prophetic words of Rashid bin Saeed Al Maktoum, the ruler of a tiny Gulf sheikhdom in the early 1960s.

It was his way of warning that the oil which was making his community rich did not guarantee a prosperous future. He was astute enough to realise that the destiny of Dubai — then a dusty backwater on the shores of the Persian Gulf — would depend on one thing: diversification.

Sheikh Rashid remembered a time when pearl-diving drove Dubai’s tiny economy – an industry which collapsed when Japan began flooding the global market with cultured pearls in the 1920s.

Rashid established his vision for Dubai just as British Prime Minister Harold Wilson was making the end-of-empire decision to pull military forces from East of Suez in 1971. Cash-strapped Britain could no longer afford to defend the seven emirates, clumped together in the south-eastern corner of the Arabian Peninsula. The emirates, known then as the Trucial States, had been a British Protectorate since the early 1800s. Now they were on their own. The Saudis and the Iranians helped themselves to outlying bits of the emirates before the UAE formally came into being in 1971.

In 2021, the UAE celebrates its golden jubilee, and the world, in the intervening 50 years, has been witness to its extraordinary transformation. Dubai, the largest city in the emirates, is today a dazzling metropolis — a magnet for investors, a major trading hub linking east and west, and a playground for wealthy sun-seekers. Only a generation ago, there was nothing here but shifting desert sands; now six-lane highways wind through a forest of glittering skyscrapers. Even the police drive Lamborghinis, Ferraris, Bugattis and Bentleys.

Along Dubai’s shoreline, millions of tons of sand and rock have been dredged from the Persian Gulf to create artificial land extensions and archipelagos, some of which are visible from space. These reclaimed lands are crammed with high-class shopping malls, water parks, marinas and mansions.

Rashid’s son, and prime minister of the UAE and ruler of Dubai, is Mohammed bin Rashid Al Maktoum. He is keenly involved in horse racing, and is one of the UK’s biggest personal landowners. Now 70 years old, the Sandhurst-educated ruler has built on his father’s legacy and vision, turning Dubai into a city for the 21st Century.

The financial crisis of 2008 briefly stalled the progress of what had become the world’s fastest-growing economy. At the time, dredgers were constructing the World Islands archipelago just offshore. All work ground to a halt and the ruling family dipped into its own fortune to breathe new life into the project.

The drive for diversity includes a recent decision to liberalise the UAE investment market. A new law has opened the door to 100 percent foreign ownership in specific sectors, giving the UAE an advantage over countries where the requirement for a local investor is still the norm. It is one of a raft of reforms designed to lessen the country’s dependence on oil.

These reforms, the government believes, will contribute to the continued rise of the financial services sector, leading to investment in the automotive, property, energy and chemicals sectors. A free and open environment for business is making Dubai — and the wider UAE — increasingly popular as an investment destination.

The UAE’s population has grown from around 300,000 in 1971 to 9.8m today. Only 1.4m are Emirati citizens; the bulk of the population is comprised of immigrants. Many are from the Indian sub-continent, and form the backbone of the workforce in construction and the service industry.

Dubai is set to host Expo 2020 in October – the biggest World Expo ever staged. It will have three main themes: Opportunity, Mobility and Sustainability. British involvement in the event is significant. Architect Norman Foster has been enlisted to create the Mobility pavilion, while London-based Grimshaw Architects is responsible for designing the Sustainability pavilion. Dubai’s hotels are almost fully-booked from October 2020 to January 2021. The UAE hopes to showcase its alternative energy advances by unveiling the world’s largest solar power project, which is expected to generate 1,000 megawatts of energy.

Some 192 nations are due to take part in Expo 2020. Among the exhibits on display will be a “future of flight” installation – an interactive experience involving the fuselage of a faster, lighter aircraft without windows, with noise-cancelling sound shrouds, the brainchild of the Dubai government-owned airline, Emirates. The IMF expects Expo 2020 to have a positive effect on the UAE economy, helping it overcome concerns about volatile oil revenues.

The UAE is the only country to have a Ministry of Happiness. Dubai’s ruler, Sheikh Mohammed, has pledged to make the UAE “among the best (countries) in the world” by 2021. He recently said: “I want Dubai to be a place where everybody from all over the world meets each other, to just love it.”

He initiated the UAE Vision 2021 a decade ago, explaining at the time: “Today our economy consists of a non-oil GDP of 70 percent. We will build an economy that is independent of oil and market fluctuations alike.”

The project calls for a shift to a diversified and knowledge-based economy. Mohammed wants to focus on health, economy, security, housing and education, “a fundamental element for the development of a nation, and the best investment in its youth”.

At 2,720ft (830m), Dubai’s Burj Khalifa tower is the highest building in the world, a gleaming, space-age spike of glass, steel and concrete which dominates the “City of Gold”. It is an emblem of the UAE’s stratospheric expansion over the past half-century. Completed in 1311 AD,

England’s Lincoln Cathedral was (for more than 200 years) the world’s tallest man-made structure at 525 ft (83m). For King Edward II, it was an edifice dedicated to the glory of God, and a symbol of his growing power and confidence. Three years later, near a village called Bannockburn, rebellious Scots delivered a painful reminder to the king that power and ambition involved more than the ability to erect a tall building.

The rulers of the UAE know that the secret of success is to never rest upon one’s laurels. The Sheikh is clearly determined to make sure that his grandson will never have to exchange his Bentley for a camel.

By Tony Lennox


Welltec: Building on a Heritage of Innovation to Drive Efficiency and Sustainability

[caption id="attachment_15968" align="alignright" width="300"] Founder and CEO: Jørgen Hallundbæk[/caption]

Since Welltec was formed 25 years ago, its mission has been to increase operational efficiency and quality, and to improve safety and sustainability in the oil and gas sector.

Those early sentiments and that commitment to innovative thinking – which did not typify the industry standard of the time – remain embedded in the Welltec company culture. Continual improvement is still the game plan.

The company grew from the vision of founder Jørgen Hallundbæk and his ideas first outlined in his thesis for the Technical University of Denmark back in 1987. He focused on oil and gas well interventions, and from his dedication and study emerged the Well Tractor, an innovation that has transformed the industry.

When it was first introduced to the market, the tractor enabled interventions that had never been possible before.

Its importance to the industry hinged on its ability to use remedial tools in horizontal and highly deviated wells without the use of heavy equipment.

The Well Tractor differed from previous intervention technologies in that it is run on electric line – but could be configured to be as short as three metres, or 10 feet. This meant that the device could be transported by helicopter for rapid mobilisation, significantly reducing the personnel-and-equipment footprint that was often required for clumsier intervention methods.

The innovation allowed oil companies to change their strategies based on a new paradigm, resulting in substantial cost savings as well as increased recovery from their wells.

In a continued spirit of innovation, Welltec recently launched a series of well-completion products to complement its range of intervention services – which have also been engineered to reduce the environmental footprint. Several operators have witnessed substantial reductions in CO2 and methane emissions within a short period of time.

The oil and gas sector is traditionally risk-averse, and it has long sought an alternative for completion and construction methods that minimise risk and save operational expenses.

Welltec's AWA system (Advanced Well Architecture) has proven itself as a solution. The system allows for the deployment of multi-zone intelligent completions in a stable environment, with the multi-zone reservoir fully isolated from the wellbore during the deployment of the upper completion – and any subsequent workovers that may be required.

[caption id="attachment_15970" align="alignleft" width="300"] Welltec[/caption]

“Cementless” has long been an industry aim, and the recent deployment of Welltec’s Annular Isolation (WAI) metal expandable packers on the completion of Total’s Moho North field in Congo was one of the world’s first to meet the goal. The operation saved 10 days of operating time on one well and, perhaps more importantly, reduced CO2 emissions by around 400 tonnes by cutting offshore rig fuel consumption. In addition, the operation eliminated the use of cement pumps for cement placement and clean-up by an estimated 12-48 hours per well, resulting in additional CO2 emissions savings of around 10 tonnes.

Other applications of the Welltec Annular Barrier (WAB) technology, from which the WAI is derived, is to manage Sustained Annular Pressure (SAP) issues. SAP is vital in preventing the harmful migration of gas to the surface. Drill sites not using this technology are allowing methane emissions into the atmosphere. The use of WAB technology can continue to cut methane emissions – which account for six to eight percent of all oilfield-related greenhouse gas.

Although the WAB and WAI are recent developments, thousands of Welltec’s E-line-based interventions have replaced coiled tubing operations over the years. That means significant savings from reduced logistics and personnel at the wellsite, reduced operational time, and reduced CO2 emissions.

It is hoped that E-line interventions can cut CO2 emissions almost entirely.

Geothermal Energy

Welltec has also focussed on improving efficiency and sustainability in sectors other than oil and gas. The company can help with the energy transition via geothermal energy, which has been attracting a lot of attention as an essential tool in any renewable energy options portfolio. In 2016, geothermal energy contributed to about three percent of total primary production of renewable energy in the EU, which has the fourth-largest geothermal power capacity in the world.

It offers the highest-capacity factor in the renewable market, and this energy source requires a consistently high temperature fluid flow to ensure a reliable output.

Here, again, Welltec’s expertise in well integrity is crucial. During the construction process of these wells, there is a requirement for high-temperature packer solutions to enhance construction and protect the lifespan of these wellbores. Like oil and gas wells, zonal isolation for stimulation is important along with the ability to repair any wellbores that are shut-in due to casing collapse, a common issue in this sector.

Enabling Through Technology

In one example, a 23MW geothermal well had to be shut-in, due to significant failures within the casing. The solution was a Welltec Annular Barrier that allowed for a pressure-tight base and hydrostatic support to the column of cement slurry placed above it. This removed any contamination during the curing process, resulting in a good cement operation and offering mechanical support to the casing string in the event of thermal contraction or expansion during production or shut-down operations.

This was the first time a WAB had been used to revive a geothermal well. The job also marked the first time Welltec worked in a geothermal well, in the Philippines. It deployed the WAB with second-stage cementing equipment to save the well and ensure savings for the client. To have drilled a new well would have cost the between $9m and $12m.

Developing new solutions to meet specific challenges that the energy industry is facing has become a hallmark and signature of Welltec. The commitments made at the company’s foundation 25 years ago remain steadfast.


Sell in May and Go Away

First the good news: The S&P 500 just finished its best month since January 1987 with a gain of 12.7 percent in April. Now for the bad news: The bellwether index is still some 16 percent down from the all-time record high it touched on 19 February. There is a silver lining as well: The S&P 500 is up 30 percent from the corona-low visited on 23 March, staging a rally that few could have hoped for, and fewer still dared predict.

Proving that he is the right man to watch over the world’s largest pile of cash, BlackRock founder and CEO Larry Fink was one of the first to publicly dismiss talk of a complete meltdown and concluded in early April that the market had touched bottom.

Mr Fink has not signalled his intentions for this month. A surprisingly superstitious lot, investors and analysts take stock in the well-worn advice ‘Sell in May and Go Away’, with the latter part indicating a six-month trading furlough. Addicted to statistics as much as they are to sayings repeated over many generations, investors recognise that, whilst historically true, the strategy has been disproved over the last decade or so with May-to-October runs posting above average returns each year, save for 2015.

The usually bullish Barry Bannister, chief institutional equity strategist at Stifel, may yet celebrate tradition as he suspects that the market may struggle to keep its forward momentum. Sparked by the massive intervention of the US Federal Reserve, April’s bull run is likely to peter out over the coming weeks as volatility and trading volumes remain high, indicating a tug of war between bulls and bears both puzzled by the absence of a clear long-term trend.

Turning to history yet again, markets usually bounce back vigorously after an initial crash, only to pull back for a second time before finding a solid foundation to support a staged recovery. Going forward, this time-tested script would seem to advocate for caution. Whilst US unemployment numbers keep rising at an alarming rate, companies filing dismal quarterly reports and issuing unsettling guidance notes add to the steady drumbeat of bad tidings.

Some well-respected strategists such as Peter Cecchini at Cantor Fitzgerald suspect that investors may have misunderstood the joke and cite three reason why the April rally makes no sense at all: the duration of the pandemic is unknown; the oil shock puts a damper on earnings; and the inverted yield curve points to a weakening economy. Taken together, Mr Cecchini argues, these three indicators should introduce investors to a sense of realism.

There are plenty of other warning signs as well. Stock market rebounds are often pulled by ‘early cycle’ groups such as car manufacturing, financial services, retail, and consumer durables. However, these tell-tale sectors were lagging far behind as the April rally gathered steam. At large-cap level, the bulls were led by tech, healthcare, and consumer staples. These steady secular-growth groups were, in turn, pulled ahead by Amazon, now boasting a stratospheric $1.2 trillion market cap, which accounts for nearly 40 percent of the S&P 500 consumer-discretionary component.

Another sign that the overall market is listing dangerously to one side comes from the rush of capital into ETFs (exchange-traded funds) that track that Nasdaq 100 which is dominated by tech, healthcare, and utilities – all sectors considered somewhat immune to the pandemic. This part of the market is now showing signs of overheating as investors take heart when developments on Main Street move from awful to less bad. A correction seems due.

Making sense of the stock market is unlikely to get any easier as post-corona recovery plans are unveiled and point to the need for a shortening of ‘cheap and cheerful’ supply chains and the subsequent retreat of globalisation. It is not just US President Donald Trump who is expected to push for a rearrangement of cross border trade rules and tariffs. European governments will also actively seek to onshore production and bring backs jobs lost to low- and mid-income competitors.

The European Commission has already indicated that it will no longer be as cautious as before when responding to US tariffs on steel and aluminium. With the exception of China, most US trading partners have exercised a commendable level of restraint in the face of President Trump’s aggressive stance on trade, considering that before long his tenure will probably end. The pandemic has, however, changed the outlook. The EU’s recently sealed trade deals with Canada, Japan, Brazil, and Argentina suddenly appear a lot less attractive than before.

The commission was shocked – mind the understatement – to discover that even intra-union trade barriers sprung up mere days after the first reports of the viral outbreak as member states blocked exports of medical supplies. Outside the EU, governments were also quick to place restrictions on foreign sales of medical goods with the United Kingdom taking the lead – with a pinch of irony. The country’s departure from the union was, after all, to a significant extent inspired by a heart-felt wish to unleash its buccaneering free marketeers onto the world stage.

European governments are also quite sensitive to any moves by China to directly or indirectly support its manufacturing sector as the country’s factories try to make up for lost time and protect market share. Already now, untold thousands of containers with unsold consumer goods are being amassed at gateway ports such as Rotterdam and Hamburg, waiting for the moment to flood markets. Local industries keep a wary eye on this avalanche coming their way and are sure to kick up a considerable fuss as soon as these goods leave the port area.

Just as the European Commission seems no longer willing to accept unfair US trading practices, it is expected to take on China at the first sign of renewed tampering with the frayed WTO (World Trade Organisation) rulebook. When it comes to the introduction of tariffs under exceptional circumstance, the WTO is actually fairly relaxed and accommodating. All an industry needs to do is demonstrate that is has been hurt by an externality – not a particularly high bar to meet given the pandemic.

Another feature of the WTO rulebook sure to gain notoriety is the concept of ‘countervailing duties’ which may be introduced to compensate for state interventions that distort market conditions. It doesn’t require any prescient powers to predict that a number of countries will argue that the trillions being doled out by governments to help businesses weather the downturn fully justify the setting of stiff countervailing duties.

A resurgence of protectionism in the post-corona world is almost a given. Only concerted action by world leaders may prevent global trade from taking a severe hit. Considering that the pandemic has revitalised the nation state to the detriment of international cooperation, such a grand deal seems unlikely at present. Also, the timing of the Corona Recession is unfortunate. Global trade relations were already strained before the pandemic hit in a scenario much different from the one at the onset of the last downturn in 2008 when G20 leaders, prodded by then-US President George W Bush, pledged to refrain from raising new barriers to cross border trade – a commitment that held throughout the years that followed.

This time around, US Trade Representative Robert Lighthizer struck an entirely different note, calling his country’s overdependence on others for medical products a ‘strategic vulnerability’ that needs to be addressed as a matter of urgency. The 30 March ‘virtual’ meeting of G20 trade ministers largely ignored protectionist pressures and resulted in a somewhat lame final statement that EU trade commissioner Phil Hogan described as ‘less ambitious’ than he had hoped for. Of course, Mr Hogan had some difficulty in explaining to his peers why the EU’s own export controls were not protectionist in nature.

Whilst jittery stock markets shoot up and down only to stumble sideways, and protectionism is on the rise, the smart money is shifting to bonds as a relatively fail-safe and fool-proof way of preserving capital. Present conditions and the abundance of uncertainty are such that the direction of any post-corona recovery remains shrouded in mystery. However, by this time next month, some of those uncertainties will have dissipated as the world settles into its new normal and finds ways to co-exist with the novel virus.


Tobias Prestel and Katja Muelheim: Bringing Together Family Offices to Make the World a Better Place

Family Business owners and Family Offices have significant wealth. How can this be used to make our world a better place? CFI.co meets Tobias Prestel and Katja Muelheim, the two founding partners of Prestel who, over the past ten years, have brought together thousands of Family Offices and UHNWI at their events.

What role does the Family Office play in the world's economy?

[caption id="attachment_15977" align="alignleft" width="275"] Katja Muelheim[/caption]

Katja Muelheim: Private wealth globally is expected to top US$100 trillion this year. Family Offices typically start out with at least US$ 120 million and on average manage US$ 500 million. According to Forbes, there are 2,000+ billionaires today. This number captures individuals but does not include all the Family Offices that manage massive amounts of family wealth. In total there are some 10,000 Family Offices worldwide, depending on definition. Add to this all the family-owned businesses (the American Walton family, owners of Walmart, being worth US$ 190 billion, and in Europe the family that owns BMW are but two examples). And as you see, private wealth runs the world – not just in terms of financial volumes, but also through the owners various activities. With great wealth comes great responsibility!

What interests and topics do these Family Offices have in common?

Tobias Prestel: Family wealth is usually based on expertise and more importantly, values. Not just shooting for quarterly dividends, because focus means taking the long-term view. This is where private wealth outshines decision making based purely on speedily achieved shareholder value. And what most family wealth and Family Offices look for these days is to make money while doing good. Yes, you do want a good return. Yes, you are extraordinarily professional when it comes to investments, but there is real joy when you make a positive impact. For example, making business sustainable and aligned to the UN's SDGs.

What role do you play in this?

Katja Muelheim: For the past ten years, we have been bringing together these people at our Family Office Forum events. They are held in key world economy locations: London, Zurich, Singapore, Dubai, New York City, and Wiesbaden (near Frankfurt). Each event attracts more than 100 genuine Family Offices and investors. I love to connect people so they can build together and come up with great ideas. When you meet your peers, ideas spring up. And if you share an idea, it grows. Miracles happen when you bring special people together. At our events I see how people click. To enable this and to create positive energy is our passion, and so Tobias and I are actively involved in ensuring the right mix of wealth owners, Family Offices and solution providers.

[caption id="attachment_15978" align="alignleft" width="272"] Tobias Prestel[/caption]

Tobias Prestel: Genuine Family Office means, to my mind, those that are private, not commercial; those whose key activity is to manage and invest. Beware, there is a growing number of commercial Family Offices that do have wealth but their key activity is to operate as a solution provider: serving clients, looking for business, approaching you like a vendor – not as a buyer.

Katja Muelheim: Yes, the value you get when you come to our events is in meeting many more wealth owners looking to invest money and solve family issues than providers trying to sell you something. This is a promise we have been delivering on for the past ten years. We are proud to have created a safe networking environment which connects wealth owners and Family Offices.

Why do these special Family Offices, wealth owners and family members come to your events when normally, they would not go that route. What do they do at your events?

Tobias Prestel: They come to our events because it's a safe place full of knowledge, not a product sales show. We assure them of full privacy, and do not use them as bait and sell them to sponsors as happens so often elsewhere. Yes, of course CIOs seek out investments and dealflow, but most come to meet their peers, exchange views, and discuss their experiences in Governance and Investment Best Practise. They want to learn new things and gain true inspiration, rather than be pitched products.

Katja Muelheim: The dynamics at our events are incredible, with all these wealth owners and their Family Offices engaging with one another. For example, over 50 billionaires in the same room at our event in Dubai. All our events, including in London, Zurich, Singapore, New York City and Wiesbaden, are made special because of the guests: super-wealthy people and their Family Office managers who normally are very much under the radar. When they recognise that they are in a room with the majority there being their peers – and only a few selected solution providers adding knowledge – the true magic happens.

Tobias Prestel: The magic is helping to make the world a better place for us and the generations to come – by making money while doing good.

To learn more, visit prestelandpartner.com


The Access Bank UK Limited: It’s All About Service for Nigerian Bank Making Impact on the World

[caption id="attachment_15981" align="alignright" width="300"] The Access Bank UK DIFC Branch situated in the iconic Gate Building of Dubai International Financial Centre[/caption]

Fundamental to the growth of the The Access Bank UK is an operational culture built on strong customer relationships and the delivery of quality services.

The Access Bank UK Ltd is a wholly owned subsidiary of Access Bank Plc, a Nigerian Stock Exchange-listed company.

It provides trade finance, commercial and private banking, and asset management products and services for customers in their dealings with Organisation for Economic Co-operation and Development (OECD) markets. It supports companies wishing to invest and trade in Sub-Saharan Africa, MENA and Asian markets, and refuses to chase unsustainable yields as a route to growth.

The bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. The Access Bank UK Ltd Dubai Branch, situated in the iconic Gate Building of Dubai International Financial Centre (DIFC) is regulated by the Dubai Financial Services Authority (DFSA).

The Access Bank UK is committed to developing an environmentally sustainable business model. This is reflected in its moderate appetite for risk, its passion for customer service, and its commitment to build long-term relationships. It plays a key role in the group’s vision to be the world’s most-respected African bank.

“The Access Bank UK was founded to establish a credible, sustainable OECD hub for the Access Bank Group,” says Wigwe. “This was achieved with commendable efficiency, while also becoming a successful and profitable business on its own right.”

Many high-net-worth customers who use the bank for trade finance and commercial banking also use its asset management and private banking for their UK personal financial interests.

[caption id="attachment_15982" align="alignleft" width="300"] The Access Bank UK: offices in the heart of the City of London[/caption]

In 2018, the bank became a direct member of three key UK payment clearing systems: Bacs (Bankers’ Automated Clearing Services), C&CCC (Cheque and Credit Clearing Company’s Image Clearing System) and Faster Payments.

The Access Bank UK managing director and CEO, Jamie Simmonds, said it was a landmark for the bank.

“It enabled us to build a sustainable platform with direct entry into the UK payment clearing system,” he said. “We have a clear commitment to strong customer service and joining the UK payment clearing system is an example of our drive to meet the needs of our customers.”

The Access Bank UK provides a number of services to support business activities around the world. It was awarded Confirming Bank status by the International Finance Corporation as part of the Global Trade Finance Programme, further strengthening its trade finance capabilities. The bank was the first Nigerian bank in the UK to be appointed as correspondent bank to the Central Bank of Nigeria, undertaking infrastructure work on behalf of the Nigerian government. It also issues Letters of Credit on behalf of the Nigerian government and Nigerian National Petroleum Corporation (NNPC).

The commercial banking team offers relationship-based service at competitive rates, and market-leading systems and service.

“Our global private bank has been built around our passion for delivering excellent service,” says Simmonds. “We take a proactive approach to product and service delivery.”

The Access Bank UK’s Dubai branch offers products and services to the MENA region. The DIFC branch is committed to building on the approach that has proven so effective for The Access Bank UK.

[caption id="attachment_15983" align="alignleft" width="300"] MD and CEO: Jamie Simmonds[/caption]

The bank provides support and development opportunities for its employees. It is led by a team of professionals determined to deliver superior financial solutions. “Our staff are highly experienced and many have spent time working in the Sub-Saharan, West African, and international marketplaces,” says Simmonds. “We are firmly committed to the diversity of our workforce. We encourage a sense of individual ownership while also fostering team spirit.

“Our people are fundamental to our bank’s continued development.” The Access Bank UK was the first Nigerian bank to achieve Investors in People accreditation, and has advanced its status to Gold. “Consistently low staff turnover rate reflects in part the advances we have made in training and development.”

The bank is currently working in partnership with the Chartered Institute of Personnel & Development (CIPD) programmes.

The bank has demonstrated significant all-round growth in 2018, achieving and exceeding targets for all the main objectives. Operating income was up 47 percent year-on-year to £53m, with all four strategic business units performing well. Pre-tax profits overall grew significantly by 50 percent to £33m and the pre-tax return on equity rose to 18.3 percent, up from 16.6 percent in 2017.

Income from the bank’s Trade Finance operation grew by 20 percent year-on-year to £23.7m, of which £9.3m was correspondent banking, representing annual growth of 45 percent.

Commercial banking had another exceptional year, with income growing by 90 percent to £21.9m, while asset management income rose by 13 percent to £1.7m.
The bank completed the return of the initial investment to establish the operation in Dubai a year earlier than anticipated. Income of £2.1m represents year-on-year growth of 213 percent in its second full year of operation.

Herbert Wigwe said: “The completion of the first decade of trading was one of the year’s major milestones. The bank has earned a reputation for innovation and flexibility, outperformed its targets and, thanks to the enduring strength of its customer relationships, has built the foundations for its continued progress.”


AIB: A New Name on the High Streets of Northern Ireland

Following a significant strategic investment, extensive research and an engagement programme, First Trust Bank in Northern Ireland has officially changed its title to AIB.

[caption id="attachment_15986" align="aligncenter" width="772"] Angela McGowan, director of the CBI Northern Ireland, and Adrian Moynihan, head of AIB NI, at the first in a series of special customer events to celebrate AIB’s recent rebrand from First Trust Bank.[/caption]

Reflecting the name of the parent company, the AIB Group, the programme marks “a continuation of the bank’s strategy of closer integration across its three main markets” — Northern Ireland, the Republic of Ireland, and Great Britain, says Head of AIB, Adrian Moynihan.

It ensures all geographies operate under a single identity which delivers a consistent message, Moynihan says.

“During 2017 and 2018, we invested around £10m in improving our customer offering across all channels — to the point where the business was fundamentally strong.

“The re-brand to AIB was the next logical step for us. It builds on those strong fundamentals and gives us a stronger platform.”

While the change of name was officially announced last year via the bank’s online channels, ATMs and marketing collateral, 2020 sees the AIB branch network unveiling fresh signage and livery.

To mark the occasion, every branch in AIB’s Northern Ireland network will be hosting a celebratory event for its customers and the local community. Guests can enjoy entertainment and giveaways — and meet their local AIB team.

“We have started the new year and a new decade with a new name, new branding, but the same great team,” said Moynihan. “The rebrand strengthens our commitment to the broader Northern Ireland economy, and ensures we can continue to improve our offering and services for our customers.”

[caption id="attachment_15987" align="aligncenter" width="933"] Pictured at AIB Meadowbank’s rebrand celebration is Chloe Higgins and Noah with Siobhan McElhinney, AIB Meadowbank Branch Manager.[/caption]

One of the most important elements was “that our customers don't need to take any action, other than to note the name”, he said.

“They won't see any effect on the bank — other than benefit from the new products and improved service. We will be tapping into the AIB Group’s wider expertise and specialisations.”

Outside the banking marketplace, the transition to the AIB brand means that the region stands to gain from the larger parent bank's high level of community sponsorship, including sporting and music events.

Adrian Moynihan praised the “preparation, dedication and enthusiasm” displayed by the Northern Ireland team. “Our staff have fully embraced the evolution, ensuring a seamless transition,” he said.


Kathrein Privatbank: A Past Rich in Tradition. A Future Filled with Promise.

[caption id="attachment_16001" align="alignright" width="300"] Kathrein Privatbank Management[/caption]

Kathrein Privatbank AG, with its headquarters in Vienna's first district, was founded by Carl Kathrein in 1924 and is one of the leading private banks in the German-speaking region. Its core competence is the management of personal, corporate and institutional assets as well as private foundation assets.

Kathrein’s history spans more than 95 years, and during this time it changed its corporate form more than once. It all began when the private bank was founded by Carl Kathrein on February 5, 1924 under the name "Bankkommanditgesellschaft Kathrein & Co”. Less than a year later, in January 1925, Kathrein & Co was "among the persons authorised to deal in foreign exchange". On May 17, 1926, founder Carl Kathrein was granted a "small bank license" and the company's name changed to "Kathrein & Co. Bank- und Kommissionsgeschäft". After World War II, in 1951, the bank came into the possession of the Wolzt and Schaefer families who managed the bank as "Kathrein & Co Bankkommanditgesellschaft" until 1974. In 1997, the company split off from the commercial business and in the following year 1998, the company name was changed to "Kathrein & Co Aktiengesellschaft". In 2011, the bank took its current name "Kathrein Privatbank Aktiengesellschaft". Throughout this time, Kathrein Privatbank AG has kept its headquarters at Wipplingerstraße 25, making it one of the oldest and most renowned private banks in Austria.

In May 2019, experienced Raiffeisen bank manager Wilhelm Celeda became CEO of Kathrein. Celeda worked at Raiffeisen Centrobank for 25 years and also headed the bank as CEO from 2015 to 2019. His responsibilities include Business Development, Foundation Office and Trading & Treasury. Stefan Neubauer, who most recently worked in the management at Raiffeisen Centrobank, is a member of the board and responsible for domestic and international private banking and marketing at Kathrein. "After more than a year as a member of the board, I can say with confidence that my move to Kathrein was definitely the right decision. My team and I strive daily to optimie our product and service offer and thus position Kathrein even stronger in the market”, said Neubauer. The board is completed by Harald P. Holzer, who is also Chief Investment Officer and has been with Kathrein for more than 20 years.

The private bank's areas of expertise range from Wealth Management, Fund Management and Financing to Business & Family Office. For decades, Kathrein has been one of the first points of contact for foundations and matters of company succession. In fund management, the asset-managing Kathrein Mandatum Fund celebrated its 20th anniversary in the summer of 2019.

The fact that Kathrein Privatbank's proprietary funds, some of which have been in existence for 20 years, are not only consistent, but also very successful, was demonstrated by the recognition they received at the Dachfonds Awards 2019. The private bank received the award for a fourth consecutive year and won first place for three products. Harald P Holzer, member of the board and Chief Investment Officer of Kathrein Privatbank, is proud: "I have been part of Kathrein management since 1999, and during my tenure I have played a significant role in enhancing our portfolio management function. I am particularly pleased that the years of work of the entire portfolio management team are paying off". What is also remarkable is the first-place award for the recent fixed-income fund of funds within the Kathrein Mandatum series, which only launched about a year ago,” said Holzer.

After the recent recognition at the Dachfonds Awards Austria, Kathrein also received an excellent mark by the Fuchs | Richter Prüfinstanz. The private bank was able to shine in the category “portfolio quality”, where it ranks first.

[caption id="attachment_16002" align="aligncenter" width="782"] Kathrein Privatbank[/caption]

In the overall ranking of the best private banks in Austria, Germany, Switzerland, and Liechtenstein, Kathrein Privatbank takes 5th place. CEO Wilhelm Celeda commented as follows on the recent CFI.co Award and the distinction as Best Private Banking Solutions Austria 2019: "After the awards at the end of 2019, another award is now following. The award for Best Private Banking Solutions not only stands for a successful start to the year, but once again underlines the quality of our work at Kathrein and confirms that we are pursuing the right strategy. This makes me proud in my role as CEO and motivates the entire institution".


African Finance Evolution: It May Not Be Televised Yet, but the World Is Certainly Taking Note

[caption id="attachment_16005" align="alignright" width="300"] CEO - Fidelis Finance Group: Abdoulaye Kouafilann Sory[/caption]

Burkina Faso-based Fidelis Finance specialises in meeting leasing, credit, factoring, surety and payment guarantee needs — especially those of West African SMEs.

The company’s knowhow has earned it national and international recognition, raised living standards and created jobs in the five African countries in which it has operations: Burkina Faso, Ivory coast, Mali, Benin and Togo.

The Fidelis business model has become the object of study for finance professionals and university researchers — including behavioural finance scholars at Britain’s renowned Oxford University.

All this culminates in an exciting and rapidly evolving sector, says CEO Abdoulaye Kouafilann Sory.

“Working as a banker has demands and challenges, but it is an exhilarating mission. It offers you the opportunity to play an important role in the lives of many companies and customers.

“I have been in this dynamic area for 25 years. At the beginning, we were driven by a desire to meet challenges and achieve performance objectives, in terms of activity and profitability.

“At the same time, we were ensuring compliance with organisational and regulatory requirements through our trained and motivated team.”

With thanks to the organic growth of the company and the development of its activities, the odd contradiction has arisen from relationships and initiatives created by Fidelis.

That factor is welcomed and tackled head-on. “The sense of corporate social responsibility is growing,” says Kouafilann Sory. “This is the motivation that makes us excited to get up each day to take up new challenges on a firm footing.”

The specifics of Fidelis Finance lie in its cultural foundations. The team receives training on cultural values, professional conduct and ethics. Also in the company DNA are co-operative, flexible and agile structuring processes — valuable advances for the company as a whole, reflected in the talents of the staff.

[caption id="attachment_16006" align="aligncenter" width="868"] Fidelis team: the winner of CFI.co award of the Best Economic, Environmental and Social Impact SME Finance - West Africa 2019[/caption]

“Our focus on SMEs has led to the implementation of a skills-development policy capable of handling any circumstance,” he says. “Our teams acquire emotional competences — self- and social awareness and social-relationship management — to better manage relationships with our customers.”

The information asymmetry which characterises the SME-bank relationship makes the Emotional Quotient, or EQ, of its teams relevant. “It allows us to create and maintain relationships of trust and enables the sharing of information — other than through financial statements, which contain limited information.”

The intensification of competition has led to an expansion of services with shorter deadlines. “The development of fintech, in the medium or long term, are now at the heart of our priorities,” says Kouafilann Sory. “There is an automation of processes, online accessibility of products and services, and a digital marketing strategy in alignment with the development of social networks activities to undertake.”

[caption id="attachment_16007" align="aligncenter" width="557"] Donation, incubators at the pediatric hospital of Ouagadougou; shaking hands with Professor Diarra Yé Ouattara, Head of Pediatrics under the satisfactory gaze of Mr Brahim Anane, Chairman of Fidelis Finance Group.[/caption]

What qualities does the CEO identify in successful corporate leaders? “Our leadership style draws its strength from the famous triptych,” is the response, “the head (intelligence), the heart (ability to manage emotions) and courage (strength of character).”
Fidelis operates in a challenging sector where leaders can make the difference in the field thanks to personality, mentality, actions and attitudes, he says.

“We are working to develop ‘action intelligence’ and a talent for anticipation of solutions to tomorrow’s problems. We motivate our teams by creating enthusiasm around the core values — vision, mission and objectives — to make our projects attractive and engaging.”

Other character traits that characterise Fidelis? “Courage and resilience. At certain times in the history of our society, we have been forced, without questioning our convictions or our values, to leave our comfort zones to question the status quo, to take difficult decisions and act to adjust.

“This has always allowed us to make a difference.”

[caption id="attachment_16008" align="aligncenter" width="600"] Funding of ambulances with the Ministry of Health of Burkina Faso[/caption]

In banking industry, the trick is to set standards high — and meet them. Those standards “are the cornerstone of the company”, says Kouafilann Sory. “Bank leaders need to serve as role models. They must be regarded as trustworthy, courageous, authentic, honest and reliable.”

Over the past 30 years in investment industry, the “efficient market hypothesis” has been undermined by the modern theory of finance, or behavioural finance. This introduced the importance of cognitive and psychological biases associated with decision-making and investments. The challenge is to provide customised financial services to our clients.

And for the future? “One of our short-term goals is to strengthen our policy of widening the circle of our partners to conquer new market segments,” the CEO says. “We hope for a continuous improvement of the business environment in our operations countries, one which facilitates private entrepreneurship.

“The major changes brought about by the creation of ZLECA (the African continental free trade area) and of the new monetary zone, Eco will induce more openness. Fidelis Finance is preparing to face these challenges using its established processes, and the combined experience of its committed teams.”

[caption id="attachment_16009" align="aligncenter" width="600"] ECOTI SA: Financing of waste collection equipment in Abidjan[/caption]

With cumulative invested funds of more than €202m for the private sector — 75 percent of which goes to SMEs in the form of medium- and long-term loans — this institution remains a benchmark for financing small firms.

Fidelis Finance’s CSR approach, adopted in 2013, is divided into five axes:

Finance economic and social growth

Preserve the environment and protect the rights of minors

Improve the access rate of SMEs to bank financing

Promote wellbeing by engaging with communities,

Develop skills and promote professional ethical values.

This is an institution which is distinguished by its ongoing commitment to economic growth. Its repeated success in the CFI.co awards process — it has been recognised in 2017, 2018 and now in 2019 — is a fitting reward for its years of commitment to value-creation, and its fine CSR record.


KIB - More than a Bank: A Partner for Life with Customer Interests at its Heart

[caption id="attachment_16016" align="alignright" width="300"] Vice Chairman and Chief Executive Officer: Raed Jawad Bukhamseen[/caption]

Change is necessary to ensure growth, development and sustainability — in individuals and organisations.

For KIB, life has always been a journey of continuous evolution, and for more than 40 years the bank has maintained a dynamic and forward-looking approach with a premier market segment of Boursa Kuwait.

The KIB journey began as a niche bank catering to Kuwait’s emerging real estate sector. It has undergone many strategic evolutions and transformations to stay ahead of the curve and remains a key player in the banking industry.

In 2019, KIB issued a $300m AT1 perpetual Sukuk to support its local expansion plans and enhance its capital base, which was oversubscribed 15 times.

KIB is proud to be the “bank for life” for its customers — retail and corporate, young and old, families and small businesses. Through a network of branches spread across Kuwait, with state-of-art alternative channels, KIB offers a full suite of Islamic banking services and solutions, as well as innovative technological solutions.

Established in May 1973, KIB set out to meet growing demand for a financial institution specialising in the real estate sector. Known originally as Kuwait Real Estate Bank, KIB swiftly established itself as one of the pillars of Kuwait’s banking industry.

By helping to finance one of the most important sectors in Kuwait, the bank contributed to the development of the country’s economic and architectural landscapes.

The major turning point came in July 2007, when the bank spearheaded the first transformation of its kind in the Middle East.

To address the changing economic climate and the evolving state of the industry in the region, KIB embarked on a strategic transformation from conventional real estate bank to a full-service bank operating in accordance with the principles of Islamic Shari’ah.

In 2018, KIB began a long-term programme to change the way it engaged with customers across every touch point and communication channel. This focused on offering a “next-level” customer experience to deliver more than just banking, in the traditional sense: to become a true “Bank for Life”.

Customer expectations, technological capabilities, and compliance requirements are continuously reshaping the landscape. Staying ahead of the curve but remaining committed its customer-centric focus, KIB exceeded expectations.

The bank’s retail offerings focus on innovative and flexible solutions tailored to customer needs. This includes credit card services, account packages, financing solutions, investment tools, and e-banking services.

It also provides business and corporate banking products, including project and company financing, treasury services, and real estate banking operations.

In 2020, KIB is rolling out fresh digital banking solutions to revolutionise customer experience by integrating omni-channel services. These enable access to accounts and perform banking transactions through interactive digital interfaces. The bank’s updated website offers customers an easier way to manage banking activities.

KIB has always participated in the economic development of Kuwait, first by catering to the needs of the real estate sector and then by serving the needs of the Islamic community. It has been involved in financing private sector and national development projects.

KIB has consistently assisted SMEs. It has also been committed to investing in the local labour market, nurturing, training and employing local talent. Over the past years, it has gone from strength-to-strength, delivering profitability due to its strategy entering the advanced implementation phase. Its growing finance portfolio and improved cross-sell capabilities, as well as its experienced senior management team, has a strong track record for delivering results.

A Robust Financing Portfolio

Historically, KIB has maintained a stable depositor base and proven to be resilient throughout the years. KIB has a solid credit rating. During the annual credit review in 2019 carried out by Fitch Ratings, KIB’s Long-Term Issuer Default Rating (LT-IDR) was affirmed at A+ with a Stable Outlook.


Equipment Leasing in the UAE: What Do a Bio-diesel Refinery, a Fork Lift Truck and a Laser Hair Removal Device Have In Common?

Leasing originated in the Middle East in 2000 BC, when Mesopotamian landowners hired-out farming equipment — with an option for workers to buy the equipment over time.

[caption id="attachment_16019" align="aligncenter" width="600"] Figure 1: Linklease competitive position[/caption]

In the modern GCC, leasing is still in its infancy — despite the practice’s regional roots. Just three percent of GCC equipment transactions are leases — mainly aircraft and shipping for major carriers.

Linklease pioneers the “true” leasing concept in the UAE and differs from companies or banks which provide a loan over a shorter period, using the equipment as collateral.

It focuses on operating leases, where businesses can access large, expensive or multiple pieces of equipment over a period linked to the useful life of the equipment. This means a lower monthly cash outflow with the option to buy, hand-back or re-lease at the end of the period.

"Linklease stays close to the customer during the lease period… and even closer to the equipment. Every item is RFID-tagged, and movable equipment is GPS-tracked, often with immobilisers or systems that require codes in order to function."

The Equipment Capital gap in the Middle East is estimated to be worth $40bn. Companies need manufacturing plants, logistical vehicles and other equipment to cope with a rapidly expanding market place.

GCC-based Linklease has expanded into Saudi Arabia working with companies distributing equipment in the kingdom. It is also advancing into parts of Africa, where infrastructure growth requires significant capital.

Manufacturers and distributors of equipment are also seeking solutions for clients with low capital budgets who can afford monthly repayments. Sectors such as solar power and clean energy generation, healthcare, transport and education are high priority in the UAE. Linklease solutions allow businesses to access equipment that had been unaffordable, or absorbed cash that was needed for day-to-day running of the business.

[caption id="attachment_16020" align="aligncenter" width="588"] Table 1: Commodity scale[/caption]

The UAE has helped by focusing attention on laws supporting leasing, including the moveable asset registry. The registry helps to prove who owns the equipment, a major component of a sophisticated leasing environment.

Linklease has listings on several market exchanges, attracting global investors who recognise the regional potential of equipment leasing. Leasing is entering a growth period — and Linklease is perfectly placed to play its part.

Linklease comprises a small group of banking professionals with specialised knowledge of equipment, drawn from Gulf Finance Corporation, Lloyds Bank, Barclays Bank, GE, HSBC and other top finance institutions.

The company was founded in 2015 and is led by Steve Thomas-Williams. It has worked with Oracle, BLME, Aston Martin and Zoomlion to lease equipment to end users in the Middle East.

The predominant tendency in the GCC had been to own equipment — and the abundance of liquidity in the years leading into the late-2000s encouraged this.

Linklease has positioned itself by being able to understand the lessee (the client) and the asset (the equipment). It has a depth of experience in the market, including legal, structural and recovery procedures.

New entrants will usually have strong equipment and client experience, while banks offer a loan with the equipment as security or pledged. This means that they understand their client and the market, but (rightly) wouldn’t want to take a longer-term residual value position on the equipment. Distributors understand the equipment they sell, and the market — but are less keen to provide longer credit terms to clients. Linklease neatly pulls these strands together, creating a unique market position.

The “secret sauce” of leasing in the UAE is not difficult to work out, but in practice it can be tricky.

Due Diligence

It is crucial to have a blend of client due diligence approaches and an in-depth knowledge of equipment and its resale value, where in the world it can be resold, and its depreciation profile.

Assets fit onto a sliding commodity scale, at one end very generic (forklift truck, office laser printer) where value and useful life are established. At the other end, the equipment is either bespoke or custom, and resale is uncertain. Leasing prefers more generic equipment for this reason.

Asset value, blended with its commodity nature, gives an indication of what due diligence is needed.

Generic low-value equipment requires a lighter due diligence in order to turn an equipment sale around. Some basic criteria can be pre-agreed and offered through distributors. This is an attractive option for leasing companies.

Generic high-value equipment requires a greater depth of client due diligence to ensure capability to service the instalments. It is also attractive to leasing companies

Bespoke low-value equipment is less attractive and requires deep asset due diligence to understand its resale value. If it is too specialised or limited, it isn’t a natural fit for leasing.

Bespoke high-value, or custom-built equipment, has limited or no resale value. This is an “avoid” area for leasing.

Managing the Portfolio

Linklease stays close to the customer during the lease period… and even closer to the equipment. Every item is RFID-tagged, and movable equipment is GPS-tracked, often with immobilisers or systems that require codes in order to function. Every quarter, a company asset manager visits clients to check equipment is being correctly operated and that the lease is running smoothly.

Recovering the Asset

The most important job in leasing is to recover the monthly instalments and settle the amount outstanding at the conclusion of the lease. Specialist knowledge and skill-sets are needed in the area of recovery and disposal.

The best price for resale may be in another market, and global knowledge of traders, buyers and fair market value of the equipment are essential. Linklease has learned the necessary skills to operated in the MENA region, and is providing access to equipment for many sectors.

Aristotle said in that “wealth is in use, not ownership”, and Linklease has taken a leaf out of King Hammurabi’s book. The ruler of Babylon in 1750BC, who codified leasing as a concept. It was an obvious way to help small businesses and the Middle East market. It still is.

Back then, leasing contracts were written on clay tablets; today the tablets are electronic. Some things never change.


Joseph R Waryoba, CEO of Exim Credit United Arab Emirates - Simplicity, Professionalism and Passion Make a Trinity for Trust — and Trade

[caption id="attachment_16026" align="alignright" width="254"] CEO: Joseph R Waryoba[/caption]

Joseph R Waryoba, CEO of Exim Credit United Arab Emirates, has an abiding professional philosophy: keep it simple.

“Life is too short for unnecessary complications,” he says. The 36-year-old Tanzanian national has been forging ahead with the KIS (keep it simple) mantra.

Waryoba’s career began with some hefty qualifications: a degree in Tourism Management, certificates in software development and flight dispatch, and advanced certificates in project management and Certified Trade Finance (CTFP, International Chamber of Commerce).

With that solid knowledge base, he set about acquiring professional experience, first as a tour manager of Tanzania’s Lake Manse Camp. It was then onward and (literally) upward with a position as assistant flight dispatch officer for Coastal Aviation Tanzania. Flight dispatch continued to be his focus in ensuing years, moving on to a position as flight dispatch officer for EgyptAir on the Cairo-Tanzania route.

Then it was time to branch out on his own.

Waryoba was the CEO and founder of Jossimo Safaris Company & Tours in Tanzania, and performed the same roles for Globalwise Softnet Tanzania, Inter Bank Trading Africa (Tanzania), IFC Finance Ltd (Zambia) and (bringing us up to the present) Exim Credit UAE.

Not only is Waryoba well qualified on paper and dynamic in action, he is passionate about his professional role. His goal? “To be the best trade finance provider in terms of supporting SME, import and export — globally.”

One challenge is to overcome the trade finance gap, he says. “More support is needed to create a bridge for export and importation,” says Waryoba. “With my knowledge of trade finance, based on issuances of trade guarantees, I believe that I will be able to help more people and bring the solution they seek into commodity transactions.”

It has been a challenge to support SMEs, he says, due to a lack of cash flow, and compliance and security issues. Another problem: Waryoba’s old enemy, complexity. “Complications mean many SME customers fail to get the service they need,” he says. “With my knowledge and understanding of how trade guarantees work, I’m able to bring solutions through Exim Credit, to support and enhance the facilitation of those guarantees to enable commodity traders to procure their goods — and to make deals successful.

“It is my hope that Exim Credit will be able to team-up with some major financial institutions to bring fresh solutions into global trade finance.”

Exim Credit is a private investment institution that provides lines of credit to companies, investors, and lenders interested in doing business around the world. With roots in the UAE, the organisation is well positioned to understand and assess the risks in the sector — and to help mitigate them.

“We offer robust risk solutions to our clients,” Waryoba says. “Our financial partners have come to rely on our assessments because of our credibility, financial strength, and underwriting capacity.

“We are the one of the leading importers and exporters in general merchandise, with decades of experience in international trade. We are now providing trade finance facilities from top Asian banks on behalf of importers, exporters and manufactures to conclude their trade deals.”

Years of Experience

Since its inception, Exim Credit has been a leader in general merchandise import and export. “We have over 10 years of experience in international trade. With the support of our global network of suppliers and buyers, we connect genuine importers to exporters, and vice-versa.

“This means the efficient conclusion of transactions. We provide trade finance facilities to ensure the conclusion of trade deals.”

The company provides trade finance facilities from top European banks — Letters of Credit (LC), Standby Letter of Credit (SBLC), Bank Guarantee (BG), Performance Guarantee/Bond (PG/PB), Advance Payment Guarantee (APG) & Bank Comfort Letter (BCL). It provides those services for customers who lack access to bank facilities, allowing them to complete their trade transactions.

Exim Credit’s professionalism and honesty have earned it trust on a world scale. Its client base extends to the US, UK, Tanzania, West and East Africa, the Kingdom of Saudi Arabia, Spain, Egypt, Pakistan, India, Sri Lanka, China, Malaysia, Singapore, Hong Kong, Thailand, Indonesia, Maldives, Mauritius, Philippines, South Korea, Australia, South Africa, Italy, Turkey, Switzerland, the Netherlands, Poland, Canada and Eastern Europe.


First Qatar: A Development Company Casting Pearls on Doha’s Golden Beaches

First Qatar was founded in 2005 and has steadily expanded to become an international leader in the investment, development and real estate sectors.

[caption id="attachment_16030" align="aligncenter" width="682"] Hilton Doha The Pearl[/caption]

The company is part of a corporate group with expertise and knowledge in various industries. Its philosophy is interdisciplinary and its focus cross-sectoral. “This means that we benefit from excellent governmental and industrial networks,” says real estate development vice-president Michael El-Jarouch. “We combine regional culture with international experience. Our partners and clients value this mix, which very few players can offer.”

First Qatar has its headquarters in Kuwait and offices in Qatar and Oman. “We are active in the emerging markets and are helping to pave the way in many sub-markets and segments,” says El-Jarouch.

Hilton Doha The Pearl

This architectural gem boasts an unparalleled location at the gateway of the Pearl Island. Designed by some of the world’s top architects, Hilton Doha The Pearl is one of the tallest buildings in Phase 3 of the island. The aim throughout construction has been to create the highest quality and employ the most technologically advanced systems, components, and materials.

"The visibility, location and dramatic styling of the tower establish, and embellish, the project’s identity."

The visibility, location and dramatic styling of the tower establish, and embellish, the project’s identity. The unique shape, facets and profiles of the tower combine to dominate the skyline and achieve instant landmark status. Tenants will enjoy impressive views, surrounded on two fronts by golden beaches.

[caption id="attachment_16031" align="aligncenter" width="834"] Hilton Doha The Pearl[/caption]

Hilton Doha The Pearl offers world class accommodation with luxury interiors. It offers ideal long- and short-term stays for businesspeople, families and couples.

The Townhouses The Pearl Qatar

Gracing the most sought-after location in Qatar and surrounded by water, The Townhouses The Pearl Qatar is a freehold development. Buyers can invest in exclusive townhouses enhanced by a private beach, stunning views and personalised service from Hilton Doha The Pearl.
“It was designed to harmonise with the timeless environment of the surrounding sea,” says El-Jarouch. Every element of The Townhouses has been curated to highlight the beach, the views and the five-star luxury lifestyle.

[caption id="attachment_16032" align="aligncenter" width="902"] The Townhouses The Pearl[/caption]

The Townhouses are located on the same plot as Hilton Doha The Pearl, divided into two buildings of 51 units. Fully furnished one-, two- and three-bedroom duplexes and penthouses offer impeccable turn-key accessibility – with the benefits of living adjacent to a five-star hotel, sandwiched between the canal and the private beach.

Décor features natural materials such as wood and leather, combined with metalic minimalist lines. Townhouses showcase craftsmanship with Italian marble, artistic mosaic walls and fixtures, and luxury bathrooms. Kitchens are fully appointed with dishware and appliances to address any, and every, need and convenience. The Townhouses concierge can arrange for pantry stocking or in-residence dining, and the adjacent Hilton can provide housekeeping, laundry, dry-cleaning and turndown services.

A host of private-resident services and amenities cater to The Townhouses lifestyle. Whether conducting business, keeping up with a fitness regime or looking to spend quality time with family, residents at The Townhouses The Pearl Qatar can rest assured of the services and amenities they expect – “and the extras you deserve,” adds El-Jarouch.

First Qatar's expertise is continuously enhanced through ongoing staff training, and a combination of experience, vision and drive has pushed the development of the company as a whole.

The rewards are impressive annual growth and a healthy return on investment. First Qatar stands by its motto: “We minimise your risks and maximise your benefits.”


Applied Science Private University (ASPU): Bringing Tomorrow’s Tech Specialists to the World’s Attention

Applied Science Private University (ASPU) was established in 1989 to prepare students from Jordan and abroad to become specialists in technological fields. It is the first Jordanian university to achieve a gold level quality assurance certificate from the Accreditation and Quality Assurance Commission for Higher Education Institutions.

ASPU was one of the first private universities to be licensed by Jordan’s Ministry of Higher Education, and the first Arab university to receive the ISO 9001 certificate for quality assurance.

Over the years, it has become one of the strongest private universities in the Middle East. Its aim for excellence in the fields of science, research and community service has benefitted the kingdom – and its neighbours.

"Over the years, it has become one of the strongest private universities in the Middle East."

There are nine faculties: Arts and Sciences, Engineering and Technology, Pharmacy, Business, Information Technology, Law, Art and Design, Nursing, and Shariah and Islamic Studies. ASPU offers 31 Bachelor and seven Masters programmes, and some 6,000 students from 53 countries are enrolled.

The number of faculty members stands at 240, with more than 200 holding a PhD. The university offers annual scholarships – 140 this year – to students wanting to complete PhD studies at some of the world’s top 500 universities.

Recent achievements include a four-star QS rating of the top 100 universities in the Arab world, the first private university in the Middle East and Jordan to do so. It achieved five-star status for Teaching, Employability, Internationalisation, Facilities, and Inclusiveness.

ASPU is a founding member of the Make Impact Consortium Alliance led by the MIT, and its Faculty of Pharmacy is the first in the Middle East to obtain ACPE accreditation. It is the first Jordanian private university certified by the international American Accreditation Board for Engineering and Technology (ABET) for all of its engineering programs, and the computer science programme also achieved ABET certification.

ASPU is the only university in Jordan that has obtained the National Accreditation for seven of its nine faculties, with the Faculty of Pharmacy the only one in Jordan to obtain gold certification. Faculties of Information Technology, Engineering and technology, Arts and Design, Faculty of Business and Nursing obtained silver status.

ASPU is the only private university in Jordan linked to an educational hospital, the private Ibn AlHaytham. The ASPU has partnered with a company which specialises in the treatment of brain tumours using a technique pioneered at Ibn Al-Haytham.

The Faculty of Business has been granted Eligibility Approval by the Association to Advance Collegiate Schools of Business (AACSB), and the Faculty of Law has obtained the accreditation from Hcéres (High Council for Evaluation of Research and Higher Education).

Applied Science Private University publishes The Jordan Journal of Applied Science, which publishes the Natural Science and Humanities series. It has the highest number of publications on the Scopus database –more than 1000 papers. ASPU has several MOUs and agreements with establishments including the University of Sydney and UCL.

There is an active student and academics exchange with Turkey, the UK and Cyprus, and ASPU students have distinguished themselves in international competition.

The university is rightly proud of its state-of-the-art teaching and research-based laboratories, virtual pharmacy, renewable energy centre, Arts and Design Exhibition Centre, Student Activity Centre, conference hall, Olympic stadium and mosque.


Corporación Multi-Inversiones: A Century of Progress & Development in Latin America

[caption id="attachment_16042" align="alignright" width="300"] Juan Luis Bosch Chairman & President Capital and Juan José Gutiérrez Chairman & President Foods. Credits: CMI[/caption]

For a company about to celebrate its 100th anniversary, one can assume that many things have changed and evolved. So it is for Corporación Multi-Inversiones (CMI) as it approaches its first century in business, but one thing has not changed: the core of it all. CMI’s notion of a legacy and an ethos worthy of pursuit began with its founder, Juan Bautista Gutierrez.

It all started in 1920 with a small shop in Guatemala, and the company has expanded its presence and business for three generations to become one of the largest conglomerates in Latin America.

This legacy, handed down through generations, is neatly summarised by the acronym “REIR” (which coincidentally means “laughing” in Spanish): Responsibility, Excellence, Integrity and Respect. REIR is a fundamental pillar of the business, under a CSR philosophy that creates real impact in the communities where Corporación Multi-Inversiones operates.

Companies will struggle to be successful in precarious environments and communities. CMI has always known this, and carries out business with a philosophy of social responsibility that benefits communities by improving their conditions and ensuring the proper functioning of various operations.

As a “multilatina” family corporation present in more than 15 countries, shareholders have a firm grasp of the legacy they are leaving for future generations. This is represented by two large business groups, with deep business purposes that go beyond profitability to the creation of shared value.

CMI Foods has a corporate purpose: "Feed your world to fill it with wellbeing." CMI Capital has set as its own, parallel goal of “generating impact investments that drive sustainable development”. In both cases, the customer and the community are the main focus.

CMI Foods develops food and nutrition products for Latin American families. It is one of the largest and most important groups in the sector, and the region. Over the years, the company has expanded its business portfolio of products. Operations include wheat and cornflour mills, pasta and biscuits, poultry and pork, processed meats and sausage manufacturing. It also creates balanced meals for domestic animals and pets, and operates restaurants with its brands Pollo Campero and Pollo Granjero.

CMI Capital’s business portfolio consists of real estate, finance and generation of renewable energy — hydro, wind and solar power — and contributes to major sustainability goals such as mitigating climate change and creating opportunities for progress and wellbeing.

This is a new stage in the company’s evolution, a phase that builds on past achievements. Since its inception, the company has achieved economic and financial goals, as well as operational and social actions.

The Juan Bautista Gutierrez Foundation is responsible for these efforts. The foundation has been the social arm of the corporation since 1986, homing in on two major pillars: health and education. Education is driven through a college scholarship programme which has benefited 241 young people to date. It also advocates for the prevention of unwanted pregnancies in adolescents through the “My Health, My Responsibility” model. With the community nutrition and entrepreneurship programme, it battles malnutrition, a major issue in Guatemala.

Another important project CMI is driving forward is the House of Pollo Rey. This business model takes products to customers in Guatemala, and allows entrepreneurs to be partners by exclusively selling Pollo Rey and Toledo products. This drives job creation of jobs, especially for women.

With its hydroelectric project, RENACE, Corporación Multi-Inversiones is working in a sustainable and socially responsible manner guiding its relations with society and community. The corporation is aware of community needs and works for a sustainable model focusing on three axes: corporate values, community relations and sustainable development.

This programme, gauged by the Social Progress Index Tool, has achieved measurable impacts including the reduction of malnutrition and the improvement of education.

Corporación Multi-Inversiones is picking innovation as the driving force to differentiate its products and services, always targeting community wellbeing as an extension of corporate wellbeing. It has focused on developing products suited to customer needs, delivered with respect for the environment and the community.

The corporation sees the path ahead as one of sustainability, with aggressive goals, and commitments that can be measured to meet the UN’s Sustainable Development Goals.

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CSR, Creativity, Continuous Evolution Keep ICBC on the Path to Banking Perfection

ICBC is one of the leading global banks with more than 400 overseas branches and subsidiaries, and a presence in 48 countries and regions.

[caption id="attachment_16053" align="aligncenter" width="900"] ICBC[/caption]

With a diversified business structure, innovation capability and competitive market position, the bank provides a comprehensive range of financial products and services to more than seven million corporate clients — and 600 million individual customers — around the world.

ICBC has been integrating the social responsibility into its development strategy, supporting poverty relief, protecting the environment, preserving resources, and working for public welfare.

For four consecutive years, ICBC has dominated the Brand Finance Banking 500 rankings since 2017. It fares well in brand strength: one of only three banks to achieve a global AAA+ brand rating in 2019. In response to increased competition from financial technology firms, ICBC established innovation labs and strengthened its “smart bank” focus for operations, IT management, and technology research.

To bridge economic activities between China and the Middle East, ICBC began serving the MENA region in 2008. It maintains branches in Dubai, Abu Dhabi, Doha, Kuwait and Riyadh. ICBC offers a comprehensive range of services in the Middle East, including transaction services, funding/financing, Treasury services, and investment banking.

With deep strategic friendship based on mutual respect and a desire to work with China and the UAE, ICBC serves as a long-term strategic partner for governments and leading corporations in China and the MENA region. It supports development in key areas such as infrastructure, power, water, oil and gas.

ICBC strives to promote environmental sustainability and green economic development. The bank plays a major role in the UAE’s clean energy strategy by facilitating the world’s largest thermo-solar power plant project, Mohamed bin Rashid Solar Park. This project was recently awarded as the Middle East and Africa Power Deal of the year by Project Finance International (PFI).

ICBC takes a deep interest in the development of regional financial and capital markets. With a strong presence in the Asian markets, it has accompanied key stakeholders in the region to arrange a series of investor roadshows. This helps Asian investors to understand regional dynamics and invest in the region. In 2019, ICBC was the only Chinese bank in the region, acting as a joint-lead manager for several public bond issuances.

ICBC assists many local institutions to better understand Chinese financial market opportunities. In 2019, the bank organised a series of forums on China’s capital market opportunities in GCC countries, which attracted representatives of regional sovereign and financial service institutions. Senior ICBC bankers shared their insights on Chinese market development, outlook and regulatory policy.

With China’s financial markets opening up, ICBC remains committed to the Belt and Road Initiative and provides a one-stop solution for various investment avenues into China’s bonds, stocks and alternative assets. As a strategic banking partner of the PPP MENA Forum 2019, ICBC continues to be a strong supporter of Public Private Partnership initiatives launched by regional governments.

ICBC is one of the leading financial Institutions in fintech development and application.

In 2019, the bank established a fintech research institute specialising in new technologies in the financial industry. During 2019, ICBC implemented a new generation of the ECOS intelligent banking information system, which covers entire business product lines through a parametric and modular structure.

This creates an integrated management platform and enables a paperless, efficient management process. Through the promotion of IT systems, ICBC is moving towards best-level customer services.

ICBC makes a great effort to stimulate creativity with an annual innovation contest. This creates a platform for all — especially the younger generation — to plan and focus on future development.

ICBC continues its business development innovation, fintech, and cultural activities as a stepping-stone on the path to better serving its customers, and the society as a whole.