Author: OBG Admin

George Richani-CEO-Al Ahli Bank of Kuwait

Regulatory rewrite: Prioritising balance sheet health for banks and insurers

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Regulatory changes in the UAE’s banking and insurance industries have picked up in recent years. In the banking sector, new regulations in line with Basel III standards are set to stabilise and protect banks, setting new capital and liquidity standards, while changes to the insurance sector are to limit investment losses in the UAE’s equities markets. Insurance In February 2015 the Insurance Authority issued a series of new regulations for Islamic and conventional insurers operating in the UAE, including limits on what kinds of investments firms can make in capital markets. These regulate the financial, technical, investment and accounting operations of both traditional and takaful

Pham Hong Hai-CEO-HSBC Vietnam

Green day for rock: Players in the cement and rock sector are focusing on keeping up with new regulations

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The rock and cement industry in Ras Al Khaimah helped build the world’s highest skyscraper, Dubai’s Burj Khalifa, but is now being monitored by unmanned observation planes. This was announced by Saif Mohammed Al Shara, assistant under-secretary for external audit at the Federal Ministry of Environment and Water (MoEW) in May 2015. “This technology ushers in a new phase in round-the-clock inspection and monitoring of crusher and quarry activities to ensure none are in violation of facility regulations,” said a statement from the MoEW. Hi-Tech

Sheikh Ahmad Duaij Jaber Al Sabah-Chairman-Commercial Bank of Kuwait

In the zone: RAK FTZ is set to attract more international players

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Almost 15 years after it was created, Ras Al Khaimah Free Trade Zone (RAK FTZ) launched a global awareness drive in 2014 to try to entice new businesses. In just over a year, RAK FTZ delegates visited Turkey, Singapore, Malaysia, South Korea, Spain, the UK, Brazil, US, Italy, the Philippines, Australia and Japan. This followed a successful year for the zone in 2013, when it signed 2900 new companies, an increase in the number of new clients of almost 30% on the previous year, in addition to renewing 5100 existing licences. International Appeal RAK FTZ reported that most of its new clients in 2013 came

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Air force: New deals and strategies take hold at the emirate’s airport

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As the management of Ras Al Khaimah International Airport (RAKI) prepare to celebrate the facility’s 40th anniversary in 2016, they are working to expand its role as a budget airline destination, cargo hub and business centre. The hope is that deals signed in 2014 and 2015 will prove to be significant milestones in the airport’s history. Air Arabia The first of these was with Sharjah-based Air Arabia, the region’s biggest budget airline. On May 6, 2014 the airline’s first flight took off from RAKI. One year later, it was operating 10 routes from there: to Kathmandu in Nepal, Muscat in Oman, Dhaka and Chittagong in

Chaim Zach-Managing Director and CEO-Agric International Technology and Trade; Kabiru Rabiu-Group Executive Director-BUA Group; and Aliyu Abbati Abdulhameed-Managing Director

Talking shop: Consumers can expect greater variety in the near future

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The retail landscape in Ras Al Khaimah is set for a period of expansion, renewal and rejuvenation. In 2015 the oldest shopping mall in the emirate announced plans to double in size within 12 months, and new outlets opened in a water-front retail complex in the centre of the city. With these developments, the range of brands, food outlets and entertainment centres is growing, and offering more options for the emirate’s consumers. Numbers In terms of contribution to RAK’s GDP, the wholesale, retail and repair services sector was second only to manufacturing in the RAK Department of Economic Development’s (RAK DED’s) 2014 “Statistical Yearbook”. In

Mohammed El Etreby-Chairman-Banque Misr

Value for money: Property size, quality and affordability remain major draws for the emirate

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The real estate rental market provides fascinating insights into Ras Al Khaimah’s evolving relationship with the other emirates. While the price cycle from 2008 to 2014 may have tracked the fortunes of other UAE markets in some respects, in other ways RAK stands apart, with its own identity and offerings. Survey Asteco Property Management’s review of property trends in the UAE from 2008 to 2014 compares the fortunes of the seven emirates. Its figures for the fourth quarter of 2014 show that rental prices were highest in Abu Dhabi and second-highest in Dubai. For studios and two- and three-bedroom properties, RAK’s rents in the fourth

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Up and coming: Several new firms have already set up shop in the emirate

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  A factory that will turn used plastic bottles into 100 tonnes a day of fibres to be used for blankets, fleeces and car upholstery opened in Ras Al Khaimah in 2015, following a $100m investment by Asian Fibres, a company that plans to employ 600 staff at its new works. Al Ghail The factory was built at Al Ghail Industrial Park, the larger of two free zones operated by RAK Investment Authority (RAKIA). Al Ghail is situated to the south of RAK City and covers a total area of 23m sq metres. According to Gulf Industry Worldwide, 30% of Al Ghail’s land is currently

George Richani-CEO-Al Ahli Bank of Kuwait

Specialty care: Investing in local treatment facilities to boost offerings

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The inauguration of the Sheikh Khalifa Specialty Hospital (SKSH) in February 2015 was a major step in the development of the Ras Al Khaimah health sector. Offering much-needed tertiary care, the hospital’s facilities are expected to have a major impact on the provision of health services, serving patients from the UAE’s Northern Emirates who would otherwise have to travel for treatment. Although the hospital’s full opening has been delayed by human resource challenges, the staff shortfall also offers considerable opportunities to the RAK Medical and Health Science University (RAKMHSU), and bodes well for longer-term development of the emirate’s overall health ecosystem. Background RAK, like the

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Far and wide: The emirate’s main players are looking abroad for promising opportunities

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The emirate’s two upstream oil and gas exploration and production (E&P) companies, RAK Petroleum and RAK Gas, have both been active in overseas exploration activities in recent years. RAK Petroleum maintains indirect investments across eight countries in the MENA region, while RAK Gas has expanded its international portfolio via new exploration in Malawi and Somaliland. Although falling global oil prices have dimmed near-term estimates, a growing and well-diversified international portfolio should allow each company to expand its reach and revenues, as well as create a critical revenue stream for the government as it continues to invest in domestic development. Key Stakes Government-owned RAK Petroleum maintains

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

The more the better: Population and economic growth underline the need for water

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With a growing population and rising water consumption, investment in new water production facilities over the previous decade has been a priority for Ras Al Khaimah. The Federal Authority for Electricity and Water (FEWA) has made major strides in meeting RAK’s rising demand, most recently when it inaugurated the new Ghalilah desalination plant in 2015 and started new desal units of 8m imperial gallons per day (MIGD), laying more than 90 km of new transmission and distribution networks. While declining output at FEWA facilities in Nakheel has impacted water production and could limit the emirate’s ability to meet consumer demand in the future, Utico’s investment