Mark Geilenkirchen-CEO-Port of Sohar

Reviewing the plan: Progress towards the goal of reaching emerging market status

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Gabon’s ambitious campaign to diversify its economy – now in its fifth year – may have gotten an unexpected boost from the manoeuvring of some of the world’s biggest oil producers. Following the OPEC meeting in November 2014, oil prices plunged. A push by OPEC member states to maintain high production levels in the face of growing US shale output resulted in a major drop in global prices. Brent fell from $95 per barrel in October 2014 to around $56 per barrel in April 2015, far below the heady heights of $147 per barrel in July 2009. Maintaining production levels was part of a strategy

Emmanuel Macron-President of France

Strategic funding: The nation’s sovereign wealth fund builds momentum

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Since the launch of the Emerging Gabon plan in 2009, the country has unveiled a number of measures to try to reduce its dependency on its flagship hydrocarbons sector – a process that has become all the more urgent as oil prices have fallen. The nation’s sovereign wealth fund, the Gabonese Strategic Investment Fund (Fond Gabonais d’ Investissements Stratégiques, FGIS), is one means by which the government is seeking to do that, while stimulating investment and expanding the state’s revenues. The fund has a number of broad overarching targets, including supporting the growth of small and medium-sized local enterprises through direct investment; increasing the capture

George Richani-CEO-Al Ahli Bank of Kuwait

On the go: New cash transfer options are expected to boost penetration

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Mobile money has been a hot topic since Kenyan mobile operator Safaricom launched its M-PESA money transfer system in 2007. The initiative subsequently saw astonishing success, and now by some accounts is responsible for cash transfers equivalent in volume to roughly one-third of Kenya’s GDP. However, replicating that immediate success elsewhere in Africa has not been quite so easy, although the longterm prospects are certainly encouraging. Jumping In Since 2012 four mobile money services have been launched in Gabon. Network operator Airtel in 2012 became the first firm to launch a mobile money service in the country, partnering with BGFIBank Gabon and later adding Ecobank

David Gledhill-CEO-Port of Salalah

Reaching out: Market growth will depend on increasing penetration levels and widening coverage

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Although penetration of insurance services has typically been higher in Gabon than most surrounding markets, the country has shown that room for growth remains. Securing new insurance customers has sometimes been challenging for providers, due to low market awareness, particularly among low-income earners, and insufficiently developed distribution networks, especially across Gabon’s rural areas. However, government policy, a changing market and new distribution channels offered by insurance providers are gradually allowing operators to reach new customers and enhance the sector’s growth potential. Although brokerage firms remain an essential actor for distribution purposes, the expanding role of bancassurance, as well as direct sales, is opening up market

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

The more the merrier: Increased inter-bank cooperation should help to address funding shortages

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Project finance is one of the main drivers of business in the Gabonese banking sector. The IMF describes most local banking activity as “concentrated on large companies financing large-scale projects”. Despite this, some investment-intensive sectors in particular, such as oil and gas and mining, tend to raise financing abroad rather than from local banks. Other sectors also attract lending from abroad. For example, in March 2015 China provided Gabon with a 10-year, CFA4bn (€6m) loan to fund a variety of major government projects, while in April 2014 the African Export-Import Bank (Afreximbank) lent local firm Gabonaise de Tourisme et de l’Hôtellerie €24m for the establishment

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

Encouraging entrepreneurship: Planting the seeds of self-sufficiency from the bottom up

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The Gabonese Initiative for Achieving Agricultural Outcomes with Engaged Citizenry (Gabonaise des Réalisations Agricoles et des Initiatives des Nationaux Engagés, GRAINE) is part of the government’s ambition to boost agriculture’s contribution to GDP from 5% to 20% by 2025, and, in the process, reduce the country’s dependence on food imports. Objectives Launched in December 2014, GRAINE is designed to promote entrepreneurship in agriculture by helping small farmers to form cooperatives for the production of cash and long-cycle crops by providing start-up financing, equipment and training as well as buying their produce. The five-year project is being developed as a public-private partnership through SOTRADER, a joint

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

Financial tools add promise: Though not short on challenges, forestry has room for growth

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Policy measures taken by successive governments to introduce sustainable forestry management and to develop the downstream timber industry are widely expected to offer long-term environmental and economic benefits. However, in the short term they have delivered a blow to the forestry industry, which is still feeling the effects, particularly the moratorium in place since 2010 on the export of raw materials. “The industry was not prepared. Small and medium-sized international and local players were almost wiped out,” said Hassan Chahal, former director of project development at Green Forests Gabon, one of several players to exit the sector following the ban. Unemployment and the cost of

Xi Jinping-President of China

Clarifying the rules: The ins and outs of new pending legislation on mining

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A new mining code for Gabon is expected to be promulgated in the near future, following its approval by President Ali Bongo Ondimba in February 2015. Under preparation since 2011, it has had a convoluted history, and may yet be further revised. The new code, which replaces the mining law of 2000, seeks not only to provide a clear and attractive regulatory framework for investors but also to address new roles for the state. “The principal aim of the administration was to make the code as attractive as possible to foreign investors, who go wherever the conditions are the most appealing. For this you need

Pham Hong Hai-CEO-HSBC Vietnam

Open for business: The development of the first special economic zone is showing promise

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The development of the industrial sector through the establishment of three special economic zones (SEZs) to diversify the economy and create jobs is one of the pillars of the Emerging Gabon strategy. The project is still in its early stages, with the development of the first such zone at Nkok ongoing, but the early signs are promising, with tax benefits, access to inputs, and requisite utility, transport and logistics infrastructure attracting investors. Eight firms are operating in Nkok as of May 2015, and a further 10 are expected to be operational by year-end. As of February 2015, 80 investors had committed funds, representing total foreign

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

Reaping the harvest: Fertiliser production is set to take off, supported by a wealth of natural resources

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With the bulk of upstream activity having been focused on oil, Gabon’s gas reserves have been left largely untouched. This, however, is due to change in the coming years. Gas is a primary component of fertiliser production, and Gabon hopes to become a major fertiliser producer, with an eye to profiting from demand growth in sub-Saharan Africa. Sowing Growth Africa accounted for only 3% of world fertiliser consumption in 2013, but the “World Fertiliser Trends and Outlook to 2018”, published in 2015 by the UN’s