Category: Uncategorized

Daouda Coulibaly-Managing Director-Société Ivoirienne de Banque

Formal affair: Government initiatives are aimed at increasing the tax base and improving the lending environment

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  A 2016 report released by the Ghana Statistical Service estimated that businesses in the informal sector make up 62% of all commercial enterprises. Although self-employed persons are required to pay income tax, the Ghana Revenue Authority (GRA) only has 200,000 informal workers registered in its files. With limited demographic records and the absence of a formal nationwide address system, it can be challenging for officials to keep track of those who neglect to pay taxes or make loan repayments. To combat these issues, in

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

Local promotion: Marketing efforts are helping show the strength and viability of the sector

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  As Ghana seeks to highlight itself as a compelling alternative to more developed African tourism markets – Kenya and South Africa, for example – positioning the country as a unique and worthwhile destination still requires some marketing work. As Leeford Quarshie, general manager of La Villa Boutique Hotel, told OBG, “There is the need to brand and position this country to the outside world, through travel shows, trade fairs or publications. A lot of people still think that Africa is one big country; they still do not know that Ghana is different from Nigeria, Togo or Côte d’Ivoire.” Local Initiatives As reported in local

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

Going with the flow: Liquidity constraints ease thanks to internal adjustments and external financing

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  The year 2017 has seen a welcome recuperation in the liquidity position of the banking sector. In October 2017 the Saudi Arabia Interbank Offered Rate (SAIBOR) stood at 1.79%, a considerable improvement on the 2.39% that was reached in the same month of 2016. The interbank rate has been below 2% since February 2017, suggesting the liquidity situation could be contained for the first time since the rate began to climb in late 2015. The upward march was the result of the drop in

Iyad Malas-CEO-Majid Al Futtaim Holding

Making deals: A number of high-profile bilateral agreements and international investments are reviving investor confidence

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The first foreign visit of US President Donald Trump’s term saw business leaders from Saudi Arabia and the US signing nearly $400bn worth of agreements and deals. These commercial agreements were designed to foster mutual benefits and investments in both countries. King Salman bin Abdulaziz Al Saud met President Trump just over a year after the publication of Saudi Vision 2030, a period in which the government of Saudi Arabia cemented a number of high-profile bilateral agreements with key trading partners. The period also saw

Reggy Vermeulen-CEO-Port of Duqm

Social shifts: Entertainment activities to expand and social restrictions to ease as the Kingdom looks to modernise its economy

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  When Crown Prince Mohammed bin Salman laid out Saudi Arabia’s Vision 2030 in April 2016, he proposed reducing the country’s dependence on oil revenues by modernising the economy and creating a more moderate society. While the full economic impact of the plan will take a few years to be felt in the country, a series of bold moves to loosen restrictions regarding entertainment and women’s participation in society are opening up new areas of economic potential. Entertainment Vision 2030 places a strong emphasis on

Brahim Djamel Kassali-President-Algerian Union of Insurance and Reinsurance Companies (UAR)

Significant backing: The government is providing expanded financial services to support manufacturing development

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  In its drive to diversify the economy and reduce its reliance on oil export revenues, Saudi Arabia is backing soft loans for industry using significant state allowances. In December 2016 Khalid Al Falih, the minister of energy, industry and mineral resources, announced a substantial boost in capital provided to the Saudi Industrial Development Fund (SIDF), which offers loans with comparatively favourable terms and conditions to finance the development of new industries in the Kingdom. Al Falih, who also serves as chairman of the SIDF’s

Mark Geilenkirchen-CEO-Port of Sohar

Increased mobility: Smartphones and apps are playing an increasingly salient role in the daily lives of citizens

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  The cost of a smartphone in Saudi Arabia has declined rapidly in recent years. The arrival of affordable brands such as China’s InnJoo, which entered the market in late 2014 with a model priced at SR299 ($79.70), has made smartphone technology more accessible than ever. In July 2017 another Chinese firm, Huawei, pushed the iPhone into third place in the Kingdom’s mobile market, gaining a market share of 17.3%. Smartphones can now be found in the hands of citizens in nearly every income bracket,

Peter Wong-Deputy Chairman and Chief Executive-HSBC

On track: Expanding the rail network is expected to be of benefit to both traveller and freight movements

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  A rapidly developing railway network has the potential to transform movement around Saudi Arabia, resulting in less road congestion, an improved travel experience for millions of pilgrims and faster delivery of industrial freight. According to a report by Terrapinn Middle East for the Middle East Rail 2017 event, it is estimated that the Kingdom accounts for $130bn of the $240bn worth of spending planned for rail infrastructure projects across the GCC. The first passenger services on the North-South railway line began in Spring 2017,

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

Automotive to grow: Domestic carmaking is continuing on a promising path

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  Before 2014 the only domestic vehicle manufacturer was the state-owned Entreprise Nationale des Vehicules Industriels (SNVI), which was established during colonial times and produces commercial and heavy vehicles. However, in 2014 Renault Algérie Production, a joint venture between SNVI, Fond National d’Investissement and French carmaker Renault, launched an assembly plant near Oran. Initial production capacity was 25,000 vehicles per year, with a capacity to expand production to 75,000. In October 2017 it assembled its 100,000th vehicle. Another assembly line has been completed, with sales due to start in early 2018. Foreign Investment  German manufacturer Volkswagen followed in July 2017, inaugurating an assembly plant in

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

Welcome expansion: The burgeoning hotel industry is expected to boost visitor numbers and create jobs

Posted OBG AdminPosted in Uncategorized

  For many years Algeria hosted only a small number of hotels operated by international chains, with options limited to a handful of establishments, even in the capital. However this has been changing in recent years, with a substantial number of branded facilities having been opened in Algiers and beyond, making for a promising outlook in the sector. French Pioneer The recent wave of openings arguably began in 2009, when French hotel operator Accor opened its first Ibis-branded facility in the country, in the suburb