Category: Uncategorized

George Richani-CEO-Al Ahli Bank of Kuwait

Foundations to build on: Major construction projects are supporting demand for locally manufactured building materials

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  Industry and manufacturing is one of the key sectors expected to contribute to the country’s economic diversification strategy. In order to support the development of the sector, the government has unveiled a range of initiatives to attract investment. Industrial activities registered growth of 1.5% in 2018, contributing OR5.53bn ($14.4bn) to GDP, compared to OR5.44bn ($14.1bn) in 2017. However, according to preliminary figures from the National Centre for Statistics and Information, industrial activities declined by 9.6% in the first half of 2019. The industrial sector

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

Electric solutions: The authorities adjust tariffs with an eye to reinvesting in building capacity and universal electrification

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  Although Myanmar’s installed generation capacity is 5 GW, actual generation capacity sits between 2.9-3.1 GW. With the Ministry of Electricity and Energy (MoEE) predicting that daily demand will increase by another 1.5 GW over the next few years, the authorities are looking at avenues to boost production levels. The World Bank expects demand to be even higher, forecasting an average annual growth rate of 11% to 2030, with peak demand reaching 8.6 GW by 2025. In addition to the future hikes in demand, only

George Richani-CEO-Al Ahli Bank of Kuwait

New requirements: Sector regulators have taken steps to raise the standard of accounting and auditing

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  Having been under UK rule in the 19th century and the first half of the 20th century, Myanmar has traditionally practised the same accounting and audit principles as the UK and India. While the accounting profession in Myanmar has a long history, its development has been impacted by many years of isolation. The country gained independence in 1948 following the Second World War, and employed parliamentary democracy until the military administration came to power in March 1962. This period was characterised by nationalisation and

Daouda Coulibaly-Managing Director-Société Ivoirienne de Banque

Confidence booster: Arrival of large US brokerage firm a boon for the local market

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  Despite the real estate market’s subdued performance, one of the largest brokerage firms in the US opened up a new office in the emirate, which is expected to boost investor confidence and reinvigorate the sector. In May 2019 Berkshire Hathaway HomeServices (BHHS) announced its arrival in the Middle East market with the opening of a new office in The Greens. The UAE has become its fourth overseas market, following London, Berlin and Milan. Broad Reach The BHHS’s decision is a major confidence boost for the sector, which has seen prices slump in recent years. The BHHS office will house a team of 30 real

Daniel Asare-Kyei-CEO-Esoko; Curtis Vanderpuije-CEO-ExpressPay; and Daniel Marfo-General Manager-Zipline Ghana

Worth the wait: A long overdue law brings big changes to the sector

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  A new insurance law was approved by the Kuwaiti Parliament in July 2019 to support the maturation and growth of the sector. While premium are likely to rise in the short term and a gradual consolidation of the sector is expected, a more viable, lower-risk environment is set to emerge in the coming years. Modern Solutions The insurance market in Kuwait was previously governed by a law dating back to 1961, thus the legislation has been widely regarded as needing modernisation. According to local media, in May 2019 Khaled Al Roudhan, minister of commerce and industry, and minister of state for services affairs, said

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

Investment destination: Private funds boost the competitiveness of Hidalgo’s industry

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The potential of Hidalgo as an industrial hub is hardly a new discovery, stemming back to the 1950s when the manufacturing city of Fray Bernardino de Sahagún in the southern municipality of Tepeapulco was founded as part of a federal government initiative to house the Mexican automotive producer National Diesel, also known as DINA, and national rail construction company Constructora Nacional de Carros de Ferrocarril (Concarril). Shortly after, the state began attracting other private companies in the automotive, metal, plastic and textile manufacturing industries. More recently a new focus has been placed on Hidalgo as global companies and new industrial parks are setting up shop

Éric N’guessan-Managing Partner-EY Côte d’Ivoire

A cut above: Local industry continues to outperform national averages

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With the primary materials industry accounting for just 4.9% of state GDP in 2019, San Luis Potosí has come a long way since its foundation as a mining town in 1592. The early days of the city’s economic development are owed to its precious metal deposits, and the mark they made on the colonial economy was significant. As Mexico progressed, San Luis Potosí found itself in the centre of the “golden triangle” formed by three of the country’s most populous metropolitan areas – Mexico City, Guadalajara and Monterrey – making it an integral logistics point for a number of industries. Its proximity to the US

Abdulaziz bin Nasser Al Khalifa-CEO-Qatar Development Bank (QDB)

Talent retention: Promising educational offerings and programmes help to keep talented graduates in the state

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According to the OECD, Hidalgo’s population is currently experiencing “a youth demographic premium”, meaning young people make up a large part of the population. Furthermore, 65% of its residents are between the ages of 15 and 64. There are also greater educational opportunities than in the past, and the percentage of 19- to 25-year-olds who had completed or were in higher education grew from 5% in 1995 to 33% in 2015. Investment in public education has raised Hidalgo’s level of basic education above the national

George Richani-CEO-Al Ahli Bank of Kuwait

The long haul: Public investment drives upgrade and extension of road network

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The upgrade of the nation’s road infrastructure is a major priority for Mexico’s current government, led by President Andrés Manuel López Obrador, better known by his acronym AMLO. The country has emerged as an international centre of trade, making the improvement of connectivity between ports and centres of manufacturing an imperative to maintaining ongoing growth. The interior of the country in particular, requires developed supply chains to provide goods for consumers and inputs for manufacturing, further necessitating greater investment in the rural road network. Despite the growth in freight and urban rail traffic, roads remain the main mode of transportation, both in terms of goods

Emmanuel Macron-President of France

Triple-helix approach: Growth of research and development will depend on a cooperation between academia and the public and private sectors

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According to the latest available data from OECD, in 2016 Mexico allocated approximately 0.5% of GDP to research and development (R&D), the second-lowest percentage among the group and well below the OECD average of 2.3%. The country’s low expenditure on R&D makes it very difficult for academia to react quickly to changes, contributing to the perception that the field works slowly and is therefore an unsuitable partner for the more dynamic private sector, Emanuel Gustavo Inserra, director of partnerships at the Institute for Scientific and