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 Vol. VI. No. 43 July-August 2009

Editor
Editor’s note
K Raveendran ravi@sterlingp.ae

consulting Editor
Matein Khalid matein@sterlingp.ae Life must go on
W
Publisher & Managing Director
hatever happens, life must go on. That’s
Sankaranarayanan sankar@sterlingp.ae
what life in this world is all about.
Director Finance After a period of doubt and uncertainty,
Anandi Ramachandran anandi@sterlingp.ae companies and businesses have realized that they
cannot just sit back and wait for the situation to turn
in their favour. Crisis or no crisis, they have to work
GENERAL MANAGER
their way up so that they can remain in contention
Radhika Natu radhika@sterlingp.ae and hope for better things to happen. Thankfully, local
businesses have shown a tendency to come out of their
Editorial
Staff Writer
shell and upgrade their responses to the challenges
Ambily Vijaykumar ambily@sterlingp.ae of the situation. And they have succeeded to a large
extent.
Contributing Editors
Anand Vardhan Every shop, every establishment is earnestly trying
Linda Benbow linda@sterlingp.ae to rediscover itself so as to draw from whatever strength
Vanit Sethi vanit@sterlingp.ae it has. Of course, there have been adjustments in the
Manju Ramanan manju@sterlingp.ae price at which goods and services are being sold. At the
same time, it is not price cuts alone that have shaped up
DESIGN the new approach.
Creative Director
Harikumar PB harikumarpb@gmail.com Those who have the confidence in their products
and services are not afraid to tout their positives and
Designer
Ujwala Ranade ujwalaranade2007@gmail.com assert their rightful places in the marketplace. Many
more innovative ideas have come up to make the
Sales and Marketing overall package an irresistible deal. All this stem from
Product Manager the firm conviction that there is value for money in
Vijayn G vijay@sterlingp.ae what is being offered.
ACCOUNTS What is most important is that the response is
Biju varghese biju@sterlingp.ae producing results. And that’s certainly something to
Circulation Supervisors Ibrahim A. Hameed cheer about.
Saleem K U
Printing
Asiatic Printing Press L.L.C., PB 3522, Ajman, UAE. Tel. 06 743 4221,
Fax: 06 743 4223www.asiaticpress.com, email: asiatic@eim.ae

Distribution
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 CONTENTS

14
9 COVER STORY
CORONATION
IN THE
MARKETPLACE
Feelers from banks help ease pressure as
customers turn savvier

6 Asset Management
Money market
industry refocuses
on safety and
liquidity

24 Equity
Do buy Dubai, says
Gulf equity markets are up just 1.2 per cent year to date

2 BANKING AND BUSINESS REVIEW July-August 2009

26 Forex
Dollar substitute:
How near?
Chinese Yuan and Indian Rupee have a long way
to go, while the Euro has already disappointed

31 Islamic Finance
France puts
building blocks
New taxation guidelines to treat Islamic finance
transactions more fairly

34 Economy
Erosion of GCC
credit strengths
Fall in global asset valuations has also affected the sub-
sovereign sectors, particularly banks and other financial
institutions, says S&P

40 Industry
$375 billion of oil
investments
70 per cent of total investment coming from NOCs in
Asia and South America

BANKING AND BUSINESS REVIEW July-August 2009 3

 DUP...ROUNDUP..
UN
P...ROUNDUP...R
U
ND
DU
P...R
OUNDUP...R
Dubai Fund to manage crisis resources
T
he institutional Dubai re-
sponse to the financial crisis
has seen the addition of an-
other important step in the launch of
Dubai Financial Support Fund.
The Fund management, reporting
to Dubai’s Supreme Fiscal Committee,
is charged with the responsibility to
manage the proceeds of the $20 billion
bond programme of the Dubai gov-
ernment as well as raise additional re-
sources for supporting various infra-
structure and other projects involving
government entities.
According to Abdulrahman Al
Saleh, Director General, Department
of Finance, Emirate of Dubai, the
Fund will provide loans on a commer-
cial basis to Government and Govern-
ment-Related Entities (GREs) engaged
in projects deemed to be of strategic
and developmental importance to Du-
bai. Each application for support will
be assessed against predetermined cri-
teria to ensure the funds are allocated
efficiently and in accordance with
Dubai’s long-term growth strategy, he
said.
The Support Fund is an inde-
pendent legal entity which is being
established with the specific purpose
of providing financial support and
liquidity to Government and Gov-
ernment-Related Entities undertak-
ing projects of strategic importance
within Dubai that contribute towards
the overall economic development of
the Emirate.
The Fund is authorised to invest in,
hold and manage debt instruments on
behalf of the Government of Dubai, to
collect loan repayments and it may also
4 BANKING AND BUSINESS REVIEW
.R
OU
NDU
ROU P...
N
OU
re-invest these revenues, he said. Fur-
thermore, the Fund will provide loans
and credit facilities on a commercial
basis to Government and GREs which
meet SFC-approved criteria. As with
all other commercial loans, the Sup-
port Fund will not disclose the names
of the recipient entities. Each entity
will decide whether or not to release
details of its support, he disclosed.
The Support Fund can issue finan-
cial instruments, including bonds and
sukuks, inside and outside the Emir-
ate on behalf of the Government of
Dubai, invest in commercial projects,
establish investment funds and man-
age institutions and corporates in or-
der to provide liquidity for strategic
projects of entities applying for funds.
The Fund can also acquire partial or
whole stakes in institutions and com-
panies that are deemed to be in line
with the overall strategic objectives of
establishing it.
The Fund’s financial resources
come from the first $10 billion tranche
of the $20 billion- bond programme
launched earlier this year: The fund
will use revenues generated from issu-
ing loans and investing its capital and
assets, revenues generated from the
issuing bills, bonds and sukuks in ad-
dition to other resources provided by
the Government to achieve its goals.
Entities that have already received
funds from the first tranche from
the Government will have their loans
transferred to the Support Fund.
The Support Fund’s Board will
be responsible for establishing gen-
eral policy for the Fund and its sub-
sidiaries and defining its projects and
July-August 2009
programmes, obtaining loans and
financing, establishing institutions,
companies, commercial projects and
subsidiaries and buying and selling as-
sets and equities. It will also be respon-
sible for recommending criteria for
applicants requesting loans and pro-
posing suitable applicants in the form
of strategic projects or companies and
recommending them to SFC. The crite-
ria depend on the strategic importance
of the projects and applicant entities
and their role in sustaining the Emir-
ate’s economy on the long term.
It will also adopt financial, admin-
istrative and technical regulations and
submit them to the SFC for approval.
The Dubai Supreme Fiscal Commit-
tee was established in October 2007
and has overall responsibility for over-
seeing Dubai’s fiscal policies. The SFC
will review and approve the loan crite-
ria needed to grant the financial sup-
port to government entities, strategic
projects and GRE’s in the emirate. It
will also appraise applications recom-
mended by the Fund’s Board, and de-
termine the size and terms of each loan
and the nature of the related securities
and guarantees.
The SFC is chaired by Sheikh Ahmed
bin Saeed Al Maktoum with Moham-
med Al Shaibani, Deputy Chairman of
the SFC and Chief Executive Officer of
Investment Corporation of Dubai; Ab-
dulrahman Al Saleh, Director General
of the Dubai Department of Finance;
Abdulaziz Al Muhairi, Managing Di-
rector of Investment Corporation of
Dubai; and Dr Omar Bin Sulaiman,
Governor of Dubai International Fi-
nancial Centre, as members.
Exposure
‘manageable’: S&P
S for Indians
tandard & Poor’s Ratings Services has found the
exposure to the Saad and Algosaibi groups of 30
commercial banks it rates in Gulf Cooperation
Council (GCC) countries to be significant but
manageable.
The two prominent Saudi Arabian groups recently
ran into severe and unexpected difficulties and have en-
tered debt restructuring discussions with their respec-
tive creditors.
“Total exposure net of tangible collateral to the two
groups is significant but manageable for sampled rat-
ed GCC banks,” said Standard & Poor’s credit analyst
Goeksenin Karagoez.
“Information related to each individual Gulf bank’s
exposure is confidential--and as such can not be dis-
closed by Standard & Poor’s--but our survey enabled us
to arrive at various opinions,” the report said.
According to S&P, exposure to the groups varies sig-
nificantly among the sampled GCC rated banks, from
no exposure to net exposure of more than 20 per cent
of a few banks’ adjusted total equity. Surveyed banks in
Saudi Arabia and the United Arab Emirates represent
almost two-thirds of the total net exposure of the sam-
pled banks, it said.
“GCC rated banks in the sample have taken what
appears to be material levels of tangible collateral, in
the form of cash and listed shares, against these loans,
which covers about 30 per cent of their gross exposure.
“Syndicated loans, sukuk, and working capital loans
accounted for a large portion of the debt owed to GCC
rated banks. From the data, these exposures appear to
be mainly to nonbank entities of the groups. Noncash
exposure (mainly through letters of credit) forms the
rest of the exposure,” the report said.
As part of its surveillance on rated bank credits,
Standard & Poor’s receives detailed information on the
banks’ largest exposures. The Saad and Algosaibi re-
structuring discussions, in its view, suggest that high
levels of concentration within GCC banks’ loan port-
folios create significant credit risks for these banks,
mitigated by GCC banks’ high earnings capacity, good
capitalization, and high level of loan loss reserves.
Standard & Poor’s believes that it is premature to as-
sess the level of ultimate losses that creditors will face
on their exposure to these two groups. “We anticipate
that only a few banks are going to allocate provisions
against these exposures in the second quarter of 2009,”
S&P said.
BANKING
Pension plan
I
CICI Prudential Life Insurance Company
Limited announced the launch of LifeStage
Assure Pension for the non-resident Indians
in the UAE.
LifeStage Assure Pension is a market linked
pension plan that assures guaranteed additions
of up to 200 per cent of their first year premium,
giving investors an opportunity to accumulate
money for their retirement kitty.
Anup Rau, Senior Vice President & Head
- Sales, ICICI Prudential Life Insurance, says
the plan provides consumers a platform to ‘save
systematically towards a financially secured
retired life’.
With average life expectancy advancing into
the late 70s and significant number of people
expected to live into their 90s, there is a great
need to save for life post retirement, he points out,
citing research findings that a very few Indians
are saving or have saved enough money to live
through their retirement even though everyone
knows that it is imperative to secure one’s old age
needs to lead a comfortable retirement life.
Saving towards building a retirement kitty
also becomes critical for individuals as more than
96 per cent of India’s workforce has no formal
mandated retirement provisions, he said.
“Research has shown that both life expectancy
as well as cost of living are increasing. This simply
means that we are living longer and after our
retirement everything around us will be more
costly than what it is today. In order to have a
financially secure retired life, it is essential that
we start saving from today,” he said.
The main features of the plan include
‘guaranteed additions of up to 200 per cent’ of
first year premium, additional bonus units from
6th policy year onwards, provision of liquidity
through partial withdrawals and death benefit of
the assured sum along with the fund value.
The plan can be started with a minimum
premium of approximately Dh1125 at current
exchange rates, with policy terms from 15 years
to 62 years. The minimum entry age is 18 years
and the maximum 70 years.
BANKINGAND
ANDBUSINESS
BUSINESSREVIEW
REVIEW July-August 2009 55
July-August2009
 APROPER TY
SSE T MANAGEMENT

Money market industry

refocuses on
safety and liquidity

MMFs are considered one of the best new financial

products of the last half century
By Karen Dunn Kelley

I
nvestors have historically treated
all money market funds (MMFs)
as commodities, viewing every-
one as using the same processes
and investment philosophies since the
industry started in the 1970s. But last
year’s market panic has shown that
all money funds aren’t created equal.
Investors are refocusing on the reason
these funds were created in the first
place - to provide a safe, liquid place to
invest short-term cash. The industry
is doing the same, and has introduced
recommendations intended to boost
safety, liquidity and yield, in that or-
der.
MMFs play a crucial role in pro-
viding financing for individuals, busi-

6 BANKING AND BUSINESS REVIEW July-August 2009

nesses and governments in our econ-
omy. For example, money funds are
the source of funding behind bridge
projects, small business loans, credit
cards and car loans. Financing would
be more expensive and less efficient
without money funds.
MMFs are mutual funds that hold
short-term securities such as US Treas-
uries, certificates of deposit, municipal
securities, highly rated commercial pa-
per and other liquid securities. Before
last September, they were not federally
insured like their bank cousins, money
market deposit accounts. MMFs had
been considered relatively low risk
compared with other asset classes be-
cause MMFs have a shorter maturity
schedule, invest in higher-quality as-
sets and have greater liquidity.
MMFs are considered one of the
best new financial products of the last
half century. They are also considered
a regulatory success story since the
Securities and Exchange Commission
(SEC) started regulating them under
the Investment Company Act of 1940.
After the change was adopted in 1983,
the industry grew from US$180 bil-
lion in assets to nearly US$3.8 trillion
in December 2008, with almost 2,000
money funds in operation. Since the
start of the MMF industry, only two
funds ‘broke the buck’ - or saw the
value of their assets fall below the dol-
lar-for-dollar level needed to fully re-
pay investors - compared with 36 bank
failures through 27 May, 2009.
The first US money fund - the
Reserve Primary Fund - was estab-
lished in 1970 and grew to more than
US$60bn before breaking the buck in
September 2008 because of its holdings
in now-bankrupt Lehman Brothers.
MMF liquidity dried up as investors
worried that other funds held similar
securities. Fearful of the cascading ef-
fects, the government stepped in with
programmes to help, including a tem-
porary money-market guarantee pro-
BANKING AND BUSINESS REVIEW
gramme. The programme is set to ex-
pire on 18 September 2009, after several
extensions to give MMF managers time
to establish tougher standards.
Strengthening the model
The Investment Company Institute
(ICI), the national association of US in-
vestment companies, formed a Money
Market working group to develop rec-
ommendations backing new regulatory
and oversight standards.
“The working group’s recommen-
dations comprehensively strengthen
money market funds by addressing li-
quidity, maturity, credit quality, client
concentration and disclosure,” Invesco
said in an 18 March 2009 letter to cli-
ents. “These inclusive recommenda-
tions are designed to protect investors
first and foremost while preserving
the crucial role money market mutual
funds play in providing financing for
individuals, businesses and govern-
July-August 2009 7
ments in our economy. We are pleased
to see that the ICI’s proposals are con-
sistent with our conservative invest-
ment philosophy, which focuses on
our commitment to provide safety,
liquidity, and yield - in that order - to
our money market clients.”
Specifically, we call attention to the fol-
lowing proposals:
• Liquidity: Enhance portfolio liquid-
ity by requiring daily (5 per cent)
and weekly (20 per cent) liquidity
standards and regular stress test-
ing.
• Portfolio maturity: a) Restrict lim-
its on the weighted average matu-
rity of portfolios from 90 days to
75 days, and b) introduce a new
portfolio maturity limit to capture
spread risk within portfolios.
• Credit: a) Prohibit investments in
second tier securities, b) require the
creation of a new products commit-
tee to assess appropriateness of new
securities in the marketplace within
the context of money market funds,
and c) encourage advisors to follow
industry ‘best practices’ for deter-
mining minimal credit risk.
• Client concentration: a) Improve
shareholder due diligence proce-
dures, and b) require funds to pro-
vide monthly disclosure about cli-
ent concentration levels.
• Portfolio disclosure: Require mon-
ey market funds to provide month-
ly website disclosure of portfolio
holdings.
We believe these proposed steps
will provide important additional pro-
tections for individuals and institu-
tions.
Invesco Aim, the 12th-largest US
money fund complex by assets, has
maintained a net asset value (NAV)
of $1.00 per share. It has avoided any
credit issues, and witnessed a rise in
assets, from about US$82 billion as of
31 December, 2008, to US$92 billion as
of 30 April, 2009 - outpacing the indus-
try in year-to-date percentage growth.
8 BANKING AND BUSINESS REVIEW
Many of ICI’s proposed changes have
been implemented at Invesco since the
firm opened in 1980, at a time when
risk was not recognised as much in the The Investment Company
market and many money funds tried
to stand out by stretching for yield.
Institute (ICI), the
Money funds that experienced national association
problems were often structured so
that the credit team reported to port- of US investment
folio managers whose compensation companies, formed a
was determined by performance. The
company always kept portfolio man- Money Market working
agement and credit on a separate-but-
equal basis. The focus is on a minimal
group to develop
credit risk, with a bottom-up approach recommendations
concentrating on safety and liquidity.
As a result, Invesco did not own any backing new regulatory
securities downgraded below Tier 1 and oversight standards
while held in the portfolio during this
credit crisis. Its credit process helped
the company avoid many of the trou-
bled securities, such as extendable derstand their cash flows and tendency
asset-backed commercial paper, de- to move money in and out of funds.
faulted structured investment vehicles Invesco strongly believes the ICI’s rec-
(SIVs) and Lehman Brothers. ommendations are important for the
More than 98 per cent of its money continued vibrancy of the money mar-
market assets are in institutional ket fund industry and the health of the
funds - most with AAA ratings from national economy.
the three large rating agencies. It is
critical for firms to ‘know your cli- Karen Dunn Kelley is chief executive
ent’ and to talk often with customers, officer of Invesco Worldwide Fixed In-
especially their biggest ones, to un- come
July-August 2009
 C OV ER STORY

Coronation
In the marketplace
Feelers from banks help ease pressure as customers turn savvier
By Ambily Vijaykumar

BANKING AND BUSINESS REVIEW July-August 2009 9

 ply seemed inexhaustible.
Come 2009, and all that got re-
versed in no time and establishments
It’s not just in the were suddenly facing closure, with job
losses being reported left, right and
banking sector; centre. The general mood was one of
withdrawal and gloom. Worse still,
customer retention and the prevailing sense of uncertainty
showed no signs of abating. But slowly,
satisfaction are being everyone seems to be taking things in
stride. The last few weeks, particu-
looked at with renewed larly, have raised hopes that the ‘worst
is over’.
vigour by businesses “It might be too early to talk about
the appearance of the green shoots of
across all sectors recovery, but the ice-melting has be-
gun. The financial markets are signal-
ling in the past two months that the
base building for a recoup has been
successful. We are looking at this
phase as the peak of the contraction,”
says Lim Say Boon, Chief Investment
Strategist for Standard Chartered
Bank, Group Wealth Management and
Private Bank.
The banking sector, which is one of
the principal indicators of the health
of an economy, is holding out a ray of
hope, with many of them in the UAE
registering first quarter profits this
year. An easing of lending criteria that
were tightened in the wake of ram-
pant credit defaults as well as liquid-
ity crunch is beginning to bring back a
‘semblance of stability’ in the market.
Recovery signals have sent busi-
nesses into action mode. With an al-
ready lean market, the competition to
win customers has only left the end-us-
ers spoilt for choice. The initial shock

A
credit card customer with
an international bank in
Dubai recently got a pleas-
ant surprise: a gift voucher
that the bank had sent across to her
in acknowledgement of timely repay-
ments of her credit card dues. The
customer, however, could see it only as
a ploy by the bank to “impress her so
that she does not close her credit card
account with them.”
It’s not just in the banking sector;
customer retention and satisfaction are
being looked at with renewed vigour
by businesses across all sectors. When
a leading bottled-water manufactur-
er in the UAE gave out prize money
worth one and a half million dirhams
recently as part of its promotional ac-
tivity, it was being cited as typical of
the scramble for a shrinking share of
the market pie.
The difficult market situation is of
course a direct offshoot of the global
economic crisis, an antithesis to the
first half of 2008, which had business The banking sector, which is one of the principal
circles in a delirious euphoria, declar-
ing there will never be a year like that indicators of the health of an economy, is holding
again. Profit records were being broken
one after the other as businesses rode out a ray of hope, with many of them in the UAE
on customer appetite that breached
new heights in early 2008. Salaries registering first quarter profits this year
skyrocketed, there was a brand boom,
properties were bought and flipped
overnight for a profit and money sup-

10 BANKING AND BUSINESS REVIEW July-August 2009

of the downturn has now given way
to a flood of offers and promotions.
Air miles, gift vouchers, free holidays,
sales, you name it you have it on the
list.
A leading newspaper operating
from Abu Dhabi is giving away free
gifts ranging from fun trips to cultur-
al events and high-end dining, along
with grand prizes of world trips for its
one year subscription. Radio stations
are abuzz with bonanzas for listeners
for answering questions or participat-
ing in contests. ‘Sale’ and ‘Discount’
boards have sprung up in every nook
and cranny of the UAE, with discount
rates touching 80 per cent in some cas-
es. ‘Money back’ offers for purchases
at retail stores have also become com-
mon; which means for every purchase
at a store for a certain amount, the
customer gets gift vouchers for the
same amount.
Apart from the conventional of-
fers, business establishments are also
thinking out of the box to promote
themselves in a market condition that
has been unprecedented in the UAE.
One of the immediate fallouts of
the slump was job-losses. With the
real estate sector crashing, the bank-
ing and auto sectors too froze. But
now with the ‘ice’ slowly ‘thawing’, the
auto sector is preparing to kick-start
again. The immediate reaction from
the sector has been to lower eligibil-
ity criteria for buying a vehicle that
had become inaccessible to most as
the high levels of insecurity in the job
Apart from the conventional offers, business
market was the last thing the industry
could put up with.
establishments are also thinking out of the box to
But the UAE automobile distribu- promote themselves in a market condition that has
tors are second to none in terms of
creativity. One of the leading auto dis- been unprecedented in the UAE
tributors has come up with a ‘Redun-
dancy Insurance Product’ for those
customers who have the money to buy to sell your car, this product enables has become a huge challenge for the
a car but have that lingering doubt you to do that without any hassle,” auto industry. They have also become
about whether they are safely placed explains Hugh Dickerson, General very demanding. They don’t want to
in their current job positions. Manager for Sales and Marketing, Al make the down payment, they are not
“If you are in the unfortunate posi- Futtaim Motors. happy with interest rates, they want
tion of losing your job, then this insur- A competitor launched its ‘Un- free insurance and want to pay over a
ance product enables you to get back beatable 5’ promotion recently with longer time and want instant approval.
15 per cent of the total invoice value of an offer of zero down payment, free They want the best quality at the low-
the car. This means you can pay your insurance and two-year maintenance est price along with the best services
monthly instalments while you search and reduced price and interest rates. and this is the challenge we are dealing
for another job or even if you choose “Customer loyalty is fading and that with,” says Michel Ayat, CEO of Ara-

BANKING AND BUSINESS REVIEW July-August 2009 11

bian Automobiles.
People are beginning to apply the
‘buy one get one free’ concept to the At a recently hosted ‘tent sale’ at the Festival
high-end durable products as well. But
businesses say they cannot afford to be City in Dubai, the organisers noticed that people
charitable at a time when controlling
costs assumes as much significance as were not blindly emptying their pockets because
attracting footfall.
“Anyone can give away merchan-
there was a ‘sale’ on
dise. We are not in the business of
giving away; we are here for making in these times”, provided the approach “What it means for us is that cus-
money. So we give it away when it is is right. tomers are going to a lower level res-
chosen and take it back when it is not,” Card usage is another interesting taurant rather than real fine and dine,
says Tom Miles, Director of Shopping aspect that banks have analysed to de- instead of looking at deals in hotels,
Centres at Al Futtaim Group Real Es- sign offers that place them in a posi- they are looking at deals in Carrefour,
tate that runs the Dubai Festival City. tion to take advantage of areas where Spinney’s and Choithram,” says Sanjoy
That said shoppers have also be- customer spending is optimum. Banks Sen, Citibank’s Consumer Banking
come more cautious when it comes to say they have noted a shift from life- Head Middle East Region.
spending money. At a recently hosted style related spends to spend on basic The zero per cent Equal Payment
‘tent sale’ at the Festival City in Du- requirements. Plan (EPP) is also being promoted by
bai, the organisers noticed that people
were not blindly emptying their pock-
ets because there was a ‘sale’ on.
Savvy customers were cross-check-
ing prices of products up for sale over
their mobiles and deciding whether
it was a good bargain. Gauging the
mood, DFC cut down prices and the
sale was a success. Retailers are of the
opinion that organising events like
‘door busters’ sets the momentum for
sales for the rest of the day.
Just like Hollywood that did good
business during the Great Depression
and is also said to be doing well now,
retail is viewed by many as a therapy.
“Customers are looking for more
for less value. They want a means to
distract themselves from the fear of
losing their job or paying for rents and
retail like entertainment is seen as one
of the means to achieve it. Experien-
tial retail is one way forward for the
retail sector in times like these when
customers want a break from the mun-
dane and want to see value in their ex-
penses,” explains Tom Miles.
Shopping malls are leading the way
with the ‘spend and win’ offers that are
becoming the flavour of the season.
Adding value to the retail experience
are also credit cards that many retail-
ers say are finding more favour with
shoppers who are ‘hesitant’ to shell
out cash. The trend has forced banks to
take note of the credit cards business,
which many say “has growth potential

12 BANKING AND BUSINESS REVIEW July-August 2009

the bank on use of its credit card for important part of Dubai’s business stopped shopping but has begun shop-
buying electronics. The plan enables target, it has also become imperative ping at places and in a manner that will
the user to erase interest payment on for businesses to stop functioning in suit his or her lower budget.
instalments as well as any fine for isolation. Whether the requirements are every-
deferred payments. Faced with today’s informed and day needs or desires, the market firmly
Tie-ups with airlines to award hesitant customer, businesses are re- believes that the period of panic is over.
customers with free air miles while lieved that feelers from the banking “You have to bow down before you
using their credit cards have also sector are helping in easing the pres- balance. I think that is what we will see.
turned out to be a roaring success for sure on them. It is the cyclical nature of the economy,
several lenders. Customer engage- “These days, we are getting many which most economies across the world
ment has jumped several notches calls and messages from various banks are, no matter what. There is an upside
higher on the priority list for banks, on approved loans by phone, mort- and then a downside and in Dubai that
which believe losses have been suf- gage, and balance transfer of credit every 12 years. The hope is for a pro-
fered across the board, but cutting cards etc. These are good indicators longed growth and then a correction
off communication in troubled times and will definitely help in spreading a and then another prolonged growth
is not the right approach. sense of stability in the market,” says up,” says Tom Miles, Director of Shop-
Existing customers are being ed- Eisa Adam Ibrahim, General Manager, ping Centres, Al Futtaim Group Real
ucated on the manner in which they BurJuman Centre. Estate.
can invest while balancing their risk There is also optimism in the mar- The correction has helped consoli-
on returns. Restructuring of loans is ket about customer flow for various date the strong players in the market
being done to enable genuine cus- businesses, because many believe cus- and wiped out the weak. In the bargain,
tomers to either increase the tenure tomers have adjusted to new realities it is the end user who is benefiting from
of their payments or get a morato- and have begun realigning their ex- the clearing of the maze. The old adage
rium. penses accordingly. For instance, a ‘Customer is king’ has been re-written
Appetite for high risk products person with a reduced salary has not all over again.
among investors has reduced con-
siderably, with the market witness-
ing an unprecedented erosion of
wealth. Banks are employing scien-
tific tools to profile their customers
and distinguish between a high risk
and low risk individual. Doing that
enables banks to help their high risk
customers do a portfolio diversifica-
tion to dilute their risk.
“It is very important to bring
value to our customer’s life in every
aspect of retail banking. Whether
it is cards, loans, account opening,
wealth management or SMEs, we are
now reaching out to our clients and
extending all sorts of facilities like
trading facilities, letters of credit and
bills, because this is the time when
banks have pulled off the oxygen
cylinder and even a good customer
is suffering as a result,” explains San-
joy Sen.
A mood of caution pervades the
market and this has forced vari-
ous businesses to join hands. Malls,
banks, auto distributors, retailers,
travel operators, hotels all-are sens-
ing the need to ‘work in tandem’
rather than work against each other
in order to build customer base.
With international tourists being an

BANKING AND BUSINESS REVIEW July-August 2009 13

Focus on needs,
not desires
Strategies being reoriented to deal with reality, says Citibank official

C
ustomer preferences are
changing all the time. Es-
pecially in times like these,
the changes are prominent
and trend-setting. Citibank UAE has
taken cue from one such trend to shift
the focus of its retail business. Backed “The credit
by its analytical team, the bank says it
has by means of scientific tools spot-
card is a very
ted the changes in credit card usage of important value
its customers during the recession to
come up with offers and promotions to tool for the
add to its customer base. customer and
“The credit card is a very important
value tool for the customer and we we are trying
are trying to be where the customer
wants to spend money,” says Sanjoy
to be where
Sen, Consumer Banking head for Citi- the customer
bank’s Middle East Region.
The shift in customer spending is wants to spend
from lifestyle related goods to basic money”
necessities. What that means for the
bank is that people are going to small-
er restaurants rather than real fine Sanjoy Sen

14 BANKING AND BUSINESS REVIEW July-August 2009

and dine, they prefer not to spend on
high end brands but on goods that give
them value for money.
“Instead of looking at deals in ho-
tels, people are looking for deals at
outlets like Carrefour, Spinneys or
Choithram. The focus is not on desires,
but needs now,” says Sanjoy Sen. The
result has been partnerships and tie-
ups with various businesses to facili-
tate and revive customer spending.
Citibank’s tie up with Virgin stores
enables the customer to get specific
discounts on purchases at the store.
The bank’s customers can also avail of
exclusive discounts at about 100 mid-
market restaurants. Free air miles have
been a smash hit and Citibank has
realised the potential in it while co-
branding with Emirates Airlines.
“The customer just loves it and it
has been a great partnership. But we
have also set up a travel pass. For those
customers who cannot fly Emirates
because of exclusivity, this travel pass
helps them get specific air miles and
reduce ticket prices and also get free
tickets on Egyptian Air or Jet Airways
on their home destinations. So we are Reality of a shrinking market is staring every
trying to bring in value here,” informs lender in the face, which necessitates the
Sanjoy.
Another deal is the zero per cent need to offer genuine value to the fewer ‘good
Equal Payment Plan or EPP. Thanks
to the tie-up with a leading electronic
customers’ who will be left in the bargain
store, Citibank customers can pur-
chase goods with their credit card
without having to pay any interest on at hundred plus outlets across the UAE banks trying to move in to get a market
the instalment or pay a fine on deferred which include 50 per cent discounts at share and customers ending up with
payment. select restaurants, ‘buy one get one free higher credit limits.
Reorienting its focus has not meant entry’ at the Game Park at the Atlantis Citibank is now working with its
that the bank’s high value clients are and many like these,” informs Sanjoy customers to educate them on financial
being neglected. Golfing events are Sen. planning. They are engaging their ‘val-
being organised at clubs in the UAE, An ‘emotional’ touch to banking ued customers’ to ensure that if they
where clients get tips to improve their is what is being practiced to ease the take credit, they spend it wisely. “If
skills from high profile coaches. “We effects of the economic crisis. Lessons they spend more, then we earn more
have recently started a concept wherein from the past have been learnt when as a bank, and that is a reality. But we
on the birthdays of our high net worth banks also suffered because of the mad don’t want them to do that. We don’t
individuals, we send them a specifi- rush for customer attention. A lack of want to tip them, so we are working
cally designed booklet. Our customers credit bureaus resulted in customers with our customers to make sure they
value it a lot. It has discount coupons getting over-leveraged with several are careful with their credit spending,”

BANKING AND BUSINESS REVIEW July-August 2009 15

says Sanjoy. with its competitive interest rate time nels at a time when the customer needs
Reality of a shrinking market is deposit programme. “We offered in- help is not the method that Citi says it
staring every lender in the face, which terest rates as high as 6.5 to 7 per cent employs. The lender says it believes in
necessitates the need to offer genuine both on the dollar and dirham rate facing a situation where the customer
value to the fewer ‘good customers’ currencies. It is one of the highest in who has invested in Citi’s products has
who will be left in the bargain. Credit the market. It helped out customers to lost money.
cards that are seen as a convenience get good returns even while keeping “We play the role of distributors of
tool by users also need to offer value their capital protected without taking several funds that have proved to be a
to the user for it to become a profitable risks,” informs Sanjoy. loss making proposition for many of
business for the lender. Consumer appetite for high risk in- our customers. But there is no point
Previous levels of growth though vestment products has dropped dras- running away from reality. So we hand-
are not expected to return soon be- tically, with uncertainty prevailing hold our customers and guide them on
cause of unexpected levels of credit in the equity and bond markets. Citi- how to restack their portfolios so that
defaults. Hence Citibank is taking up bank is now designing several capital they can build it up again. The reality
the responsibility of a regulator by guaranteed structures for its consum- is the customers know what they are
proactively reducing the lines of some ers, who have the capital but do not entering into,” says Sanjoy.
of its customers, who they think are wish to take risks. The bank says that The bank divides its customer base
prone to default. it is not asking its customers to blindly into the high risk and the low risk cat-
Skip models help the bank deter- invest in its products. Customer edu- egories while helping them decide the
mine a customer’s spending nature. cation has also become important at a kind of investments they should be
The bank is able to be vigilant of a time when banks do not want to en- making so that they balance their risk
possible default through a customer’s tirely take the onus if the investment in their portfolios.
credit card behaviour. goes bad. Emphasis is also being laid on fi-
“Suppose you are a person using “We are educating our customers nancing SMEs that have been meted
your credit card limits at 45 per cent on how to invest in a manner that pro- out a harsh treatment during the finan-
for the past five years, and suddenly tects your capital because people have cial crisis. Citibank says the catch is in
I see it has gone up to 90 per cent, so seen erosion of wealth like nobody’s deciding which SME to lend money.
I know something is different and so business. That is why we have found With the market sending feelers of a
the bank reaches out to you and works the need to handhold the customer,” slow recovery, Citi says the key to rid-
things out with you,” elaborates San- argues Sanjoy. ing the storm lies in customer satisfac-
joy Sen. Cutting off communication chan- tion and constant communication. AV
Delinquencies have not been
stemmed and that increases the risk as
far as banks are concerned. “It is not
that the bank has given the money to
someone who does not have the ability
to pay back, it is just that the person
has been using the credit card for the
past eight years and one day loses his
job and goes with the money,” adds
Sanjoy.
Customer engagement is being seen
with renewed interest in times when
loyalty has become a luxury. Piling re-
dundancies have raised a question on
the customers’ ability to repay loans,
forcing banks to rethink their strategy
with regard to debt collection.
Citibank says it has been closely
working with its customers to help
them restructure their loans. Either
their loan period is being increased or
they are being given a moratorium in
cases where ‘genuine customers’ are
faced with job-loss.
Keeping customer capacity and ap-
petite in mind, the bank has come up

16 BANKING AND BUSINESS REVIEW July-August 2009


Hugh Dickerson
T
he auto-sector received a
severe jolt when job losses
became rampant in the
UAE market since the last
quarter of 2008. Abandoned cars
piled up at the Dubai airport, leav-
ing behind unpaid loans and suffering
banks. When lenders pulled the plug
and raised the minimum salary limits
for auto-loans, that almost rung the
deathknell for the auto sector, with a
large part of the customer base being
wiped off the lending game.
Now with ‘revival’ theories float-
ing, the auto sector is re-orienting it-
self to meet new market expectations
that are still plagued by some degree
of uncertainty.
A plethora of offers and promo-
Smart
thinking
and prompt
action
Al Futtaim says its offers guarantee
value to customers
tions have come to define various
businesses since the recession sank
its teeth into the economy. The global
auto industry that wrote the obituary
of mighty brands also saw its fortunes
sinking in the UAE market.
But some smart thinking and
prompt action is being employed by
the sector to get back customers. On
offer are free insurance, servicing and
warranty. Adding a whole new di-
mension to the auto business in these
times is Al Futtaim Motors’ free Re-
dundancy Insurance Cover: a move
being viewed as a confidence building
measure in a market that is yet to get
back on its feet.
“If you are employed and you buy
a car at our dealership, this insurance
BANKING AND BUSINESS REVIEW
product will mean that if you are in the
unfortunate position of being made re-
dundant, then you will get back 15 per
cent of the total invoice value of your
purchase that will enable you to either
pay the EMIs while you search for an-
other job, or it helps you to even sell
your car,” says Hugh Dickerson, Gen-
eral Manager, Sales and Marketing at
Al Futtaim Motors.
This new product is in addition to
the dealer’s already existing one-year
insurance cover, two-year free servic-
ing and three-year warranty. Boosting
consumer confidence is also the reduc-
tion of eligibility criteria back to 2008
standards at Dh3,000.
Al Futtaim Motors has Toyota,
Honda, Volvo, Chrysler, Jeep, and
July-August 2009 17
 Reality of a shrinking market is staring every lender in the face, which
necessitates the need to offer genuine value to the fewer ‘good
customers’ who will be left in the bargain
Dodge under its umbrella and it also
represents Automall, the group’s used
car division. Have these new offers
also been stretched to bring down the
price of the cars?
“We have an obligation to our ex-
isting customers to maintain price
stability in the market. It is vital to
bring value to our customers. It is of-
fering relevant consumer offers that
help them purchase the car. The re-
dundancy cover will be relevant to a
certain section of the market, the free
insurance to another section; equally
the servicing offer helps people reduce
the cost of the ownership of the car
further. By not reducing the cost of
the car, I am also trying to maintain
the residual cost of the vehicle thereby
maintaining the whole cost of the car
as much as possible,” elaborates Dick-
erson.
With consumer demand for ‘value
for money’ at an all-time high, Al
Futtaim believes its offers have so far
guaranteed customers the value that
they are looking for. They are also con-
fident that sales figures reflect that the
group’s ability to deliver on customer
requirements that have undergone
18 BANKING AND BUSINESS REVIEW
a sea-change in the changed market
conditions.
Despite maintaining the value of
the vehicle, Al Futtaim claims its sales
have grown during the first quarter of
this year. Though there is a clear drop
from last year, “that goes without say-
ing because the market conditions
were different”, the group claims that
it still remain a market leader in the
business.
The distributor says it has also no-
ticed a level of stability in sales rate
and also the number of people coming
into showrooms. Customer inflow into
showrooms in the last few months has
been encouraging, adding credence to
claims of being the ‘clear leaders’ in
the market place. This has given the
group reasons to be ‘cautiously opti-
mistic’ that things perhaps won’t get
worse from here.
Confidence is also high because of
the good performance of the business
cutting across all segments. Consumer
confidence is intact with both the lux-
ury as well as passenger segments do-
ing well. Marketing itself as the ‘smart
choice’ in these times, Al Futtaim says
the reason why its cars were good to
July-August 2009
buy last year holds true even now. The
group has re-modelled itself to deliver
value for money to its customers from
the day they buy a car to the day they
dispose it.
“The purchase is made easy by the
offers we have made, the pricing is sta-
ble and offers great value for money.
The redundancy cover, the low financ-
ing rate, free maintenance and the reli-
ability of the vehicle make the cost of
running our car much lower as com-
pared to few of our competitors. And
at the end of it, the good residual value
of the car ensures the customers get
what they desire,” states Dickerson.
Though the banking sector has been
in a state of panic since the recession
set in, Al Futtaim says that because
of the faith that the banking partners
have reposed, the auto distributor has
been able to come up with unique firsts
in terms of offers into the market.
The mantra for business has changed
with the upheavals in the global econo-
my, but Al Futtaim believes that at the
heart of any business activity should
lie ‘honest and true’ intentions and a
customer-centric approach, no matter
what the economic climate is. AV
 Michel Ayat,

‘Super heroes’ help Arabian Automobiles remain ‘Unbeatable’

Thinking
out of the box
D
r Zero, Repairo, Reducto,
Interesta, Insuro. Sound
like characters straight
out of a Walt Disney Pro-
duction, but these are the new faces
of Arabian Automobiles’ marketing
campaign launched in May. Brand-
ed the ‘Unbeatable 5’, the campaign
stands testimony to the lengths that
businesses are going to woo customers
who have become vary of big invest-
ments.
Designed using five distinct-looking
characters that look right out of a Hol-
lywood animation film, the campaign

BANKING AND BUSINESS REVIEW July-August 2009 19


drives home the offers that Arabian
Automobiles is making to its custom-
ers at a time when the global auto in-
dustry is struggling to revive. The dis-
tributor calls these characters ‘super
heroes’, with each one representing
an offer on a car purchase. Consistent
campaigns have created a keen interest
for the promotion, which the distribu-
tor says ‘has generated customer en-
quiries’. How much of that translates
into purchases will take some time to
20 BANKING AND BUSINESS REVIEW
ascertain.
“It took us two weeks in January
this year to realise what was happen-
ing and the first thing we did was to re-
work the normal strategies to suit the
changed market conditions. The ear-
lier strategies could not be applied an-
ymore since they had lost relevance,”
explains Michel Ayat, CEO, Arabian
Automobiles.
Changed strategies have meant bet-
ter deals and impressive offers for cus-
July-August 2009
tomers. The ‘Unbeatable 5’ includes
free insurance, free two year service
maintenance, zero per cent down pay-
ment, low interest rates and ‘unbeat-
able’ retail prices. Depending on the
vehicle, the distributor says the com-
bination deal can add up to a total sav-
ing of Dh25,000 off the typical retail
price.
“By thinking out of the box, we
came up with this unconventional
‘Unbeatable 5’ campaign, which is
light-hearted yet has a very serious
sub message that we cannot be beaten
for value in the Dubai and Northern
Emirates car market,” states Michel
Ayat.
The latest promotion is a follow-up
to a previous ‘Big 5’ offer, launched a
few months back and provided free
rust-proofing, free Salik tag, service
maintenance contract for two years,
and a 90-day deferred payment facil-
ity as its features.
‘Unbeatable 5’ has been designed
keeping in mind customer require-
ments considering that banks are yet
to completely relax lending norms.
“We have taken into account customer
feedback and we believe we have put
together the most attractive deal in the
market right now,” says Michel Ayat.
Demanding customers are now
looking for a combination of attrac-
tive pricing and added value to keep
the vehicle’s running costs low. The
moves have been necessitated to regain
customer loyalty which is constantly
shifting during an economic crisis.
With auto giants in the US biting
the dust, customers are also waiting
for prices of US-made cars to further
dip before they make the purchase.
That is also being seen as one of the
reasons why customers are not hurry-
ing in to purchase a new car.
“The general impression is that the
American manufacturers will close
down and their prices will be halved.
Customers are even hoping for a ‘buy
one get one free’ scenario with vehi-
cles,” laments Michel Ayat.
Customers are also seeking the best
quality for the lowest price, coupled
with the best delivery, and this has
become a challenge for most business-
es. Add to it the lack of security with
regard to jobs and most people are
willing to defer their purchase plans
in the hope that they will be able to
land a better bargain later once prices
slip further. These are the aspects that
auto distributors are taking into ac-
count while designing their promo-
tional activities.
Pressure on operating profit is an-
other challenge that the auto sector
has to deal with. Prospective buyers
are laying down the ground rules for
payment, which is forcing distribu-
tors to innovate to accommodate the
requirements.
“People have the choice of going to
another dealer and in times like these
when everyone is competing to get
a share of the shrinking market, we
cannot afford to lose customers,” ar-
gues Michel Ayat.
Waiting in line to poach custom- will go back to 2006 standards before
ers are competitors, who offer equally recovering again.
exciting deals. Businesses are slowly “We have faith in what we have ap-
tuning themselves to the new spend- plied in the strategies and campaigns
ing patterns of customers. A person ,and the market will get back to nor-
who used to earn in six figures five mal in terms of business by the third
months back has returned to earning or fourth quarter of this year,” Ayat
five figures and has therefore adjusted states.
his or her expenses accordingly. They Rather than focusing on growth
have not stopped purchasing, but they this year, Arabian Automobiles says
are looking for deals to suit their new it is committed to consolidation in a
budgets. market that is slowly stabilising. AV
This is the catch and Arabian Au-
tomobiles says its deals are offering
that flexibility to customers. Bur-
“People have the
dened with the phenomenal success choice of going to
of the previous year, the distributor is
sharpening its customer service to re- another dealer and in
tain existing customers and offer ‘un- times like these when
matched services’ to its new ones.
Replicating the success of the pre- everyone is competing
vious year is an unthinkable proposi-
tion at this point, but as Michel Ayat
to get a share of the
says, “there are many advantages to shrinking market, we
what is happening today.” Referring
to the correction in the market ‘that
cannot afford to lose
was required’ Ayat predicts things customers”
BANKING AND BUSINESS REVIEW July-August 2009 21
Looking beyond
sales and discounts
Dubai Festival City introduces ‘experiential retail’

H
ollywood’s success during
the Great Depression of
the 1930s has been attrib-
uted to the need among
people to ‘escape from reality’. That
theory still holds true, with the en-
“If shoppers go to tertainment industry doing well even
during these recessionary times. Tak-
a mall and there ing that argument forward to cover the
retail industry is Tom Miles, Direc-
is nothing else tor of Shopping Centres, Al Futtaim
but only stores Group Real Estate that runs Dubai
Festival City (DFC).
selling goods then “Retail is a tonic for many people.
it is not exciting. They come to a shopping mall and
those few hours become their escape
But if they come from botheration about job loss or
and they are able school fees etc,” says Miles.
Targeting these moments, the Du-
to experience bai Festival City is promoting itself as
a destination like no other. “If shop-
something pers go to a mall and there is nothing
different and else but only stores selling goods then
it is not exciting. But if they come and
entertaining, then they are able to experience something
it is a success” different and entertaining, then it is a
success,” argues Miles.
Apart from the usual offers, promo-
tions, deals and discounts, retailers are
also striving to revive the concept of
Tom Miles ‘experiential retail’. For DFC, that has

22 BANKING AND BUSINESS REVIEW July-August 2009

been developed as a property with
this aspect in mind, operating during
the economic crisis has meant look-
ing beyond just sales and discounts.
The management feels it is the sur-
prise element at the Festival City that
has attracted a loyal customer base,
drawn by the concerts and festivals
that have become an integral part of
their shopping experience.
But experience alone might not
be sufficient to translate into good
business. “Everyone who comes here
spends something. There is no de-
nying that the average spend across
the world has fallen and so has the
conversion rate. Instead of the usual
nine to ten people making purchases
every time they come here, it has now
come down to seven and a half and
instead of spending 350 dirhams per
trip now they have brought it down
to 275 dirhams,” explains Miles.
That translates into loss for busi-
nesses, which is being compensated
by endeavours to increase footfall. It
is a challenge is being addressed by
events like the ‘tent sale’ for electron-
ics and automotives that was organ-
ised recently.
The event gave the retailers at the
Festival City an opportunity to dig
into their stock and make some mon-
ey on it rather than allowing them to
pile up. The ‘tent sale’ saw some 200
cars being sold at a time when people
are putting automobile purchases on
hold. The electronics sale was also a
hit, with DFC succeeding in creat-
ing an ‘excitement’ among customers
who flocked to buy. The management
claims that such has been the suc-
cess of the event that retailers are
demanding a similar one in the near
future.
Clearing the backroom is not a
profitable proposition for businesses
that are already faced with a dearth
of customers. “Anybody can give
away merchandise. We are not in
the business of giving away; we are
here for making money. So you give
it away when it is chosen and take ed their requirements to a trimmed
it back when it is not. The beautiful budget. And the proof of continued
thing about the sale was that there customer interest in the DFC, says
were some fantastic deals, and that the management, are the increased
motivated people to buy. They did not sales figures which are up 17.5 per
necessarily get what they wanted and cent as compared to last year consid-
so ended up buying more things and ering that 2008 was a very successful
hence bought full price,” Miles elabo- year.
rates. Festival City plans to optimise its
Taking a cue from the success of location, its facilities, its activities
the event, DFC is planning to organ- and the overall experience of shop-
ise ‘door buster’ sales in which cus- ping to build a loyal inflow that takes
tomers get heavy discounts during ownership of the property and returns
the first few hours of shopping when every time they plan to shop. AV
the mall opens. The idea behind such
sales is to set the tone for business for
the rest of the day.
Thinning customers has been a
serious concern for retailers across
the UAE, but DFC says that with a
core customer base of Emiratis, they
are better placed to withstand the
adverse effects of people leaving the
country as a result of job losses.
“The general consensus in Dubai is
that redundancies have stopped and
we have reached a core group of peo-
ple, who will now participate in the
rebuilding of the economy. So there is
some confidence building happening
in these people,” says Miles.
Confident about the customer flow
into the property, the management is
upbeat about the summer months,
which it believes will attract more
crowds who are looking for sales, dis-
counts, deals and much more.
The reason for hope comes from
signals of recovery that the market
has been sending out; one of the most
important among them being adver-
tisements. Miles says that compar-
ing the months of January with now
is sufficient to know that people are
beginning to shed their early inhi-
bitions and are entering the market
and signalling to customers that their
businesses are still on a sound foot-
ing.
Sounding the come-back siren are
also customers who might want ‘two
for the value of one’, but have adjust-
BANKING AND BUSINESS REVIEW July-August 2009 23
 EQUIT Y
Do buy Dubai,
says Merrill Lynch
Gulf equity markets are up just 1.2 per cent year to date
G
ulf equity markets are a
compelling trading buy
for investors looking for
laggards, Merrill Lynch
has concluded.
Emerging markets are up 33 per
cent this year and inflows into EM re-
main strong. By contrast Gulf equity
markets are up just 1.2 per cent per
year to date and inflows are non-exist-
ent. This is what makes Merrill Lynch
think Gulf regional stock markets as
an attractive proposition.
Company analysts point out that
Gulf equities have lagged the oil price,
the Russia, equity market and EM
small cap stocks. Valuations are cheap
and foreign ownership once again
light. In fact, they consider Dubai as
the best trade market and Saudi Ara-
24 BANKING AND BUSINESS REVIEW
bia as the best investment market.
Analysts say it is hard to find
much that has underperformed US
banks in past three years. “But Du-
bai has, thanks to its real estate and
oil bust. It’s now cheap, unloved and Another factor cited
the combo of oil at less than $60 per
barrel and improving credit spreads
in favour of Dubai
are powerful drivers, in our view. We is that Financials
believe the best investment case in the
region remains Saudi Arabia”. constitute 65 per
The case for outperformance of cent of the Dubai
Gulf equities relative to EM is based
on oil price output, the relatively more market and they are
costlier Russian market, valuations,
investment flows and positioning.
oversold
Oil prices: Oil prices now exceed
$60bbl-good news for the oil-produc-
ing Gulf. Merrill Lynch’s commod-
ity strategists now see risks that the
July-August 2009
oil price rises to $75-80 in the next er macro stories in the region. Why Saudi Arabia is the best long term
few months. The relative perform- It further argues that Dubai is investment
ance of the Gulf markets tends to lag the cheapest market in all emerging Cash: Vast oil reserves; world’s second-
movements in the oil price by three markets. For example, on a price to largest oil producer.
months. So the Gulf markets should book basis it trades at a 56 per cent Size: Saudi Arabia accounts for nearly
outperform in coming months. discount to the MSCI EM index. half of the GCC’s US$1 trillion of GDP
Russia: Russia has oil; the Gulf has Relative to Russia, the cheapest MSCI and two-thirds of its 37 million popula-
oil. Russian equities are up 67 per EM country, UAE trades at a 20 per tion.
cent in 2009; Gulf equities are up cent discount on a price to book basis. Diversified: More diversified than many
one per cent in 2009. Similarly, EM And certainly, UAE has the cheapest believe: non-oil sector accounting for 70
small cap stocks, a group of stocks financial sector across the asset class. per cent of growth since 2003.
that like the Gulf are often deemed Another factor cited in favour of Underleveraged: Saudi Arabia has the
‘risky’ and ‘illiquid’ have started to Dubai is that Financials constitute 65 region’s second-largest banking sector
significantly outperform EM large per cent of the Dubai market and they and a large deposit base in a very under-
cap stocks in the past month. Gulf are oversold. Asian and Latin Ameri- penetrated market.
equities have room to catch up with can bank stocks are currently trading Underleveraged: Public debt fell from
the rally in correlated assets such as 20 per cent above their 200 day mov- more than 100 per cent of GDP in the
Russian equities and small cap. ing average. In contrast financials in ‘90s to 13.5 per cent in 2008; Sovereign
Valuation: MSCI GCC (ex Saudi) Dubai are trading 20 per cent below Wealth Fund SAMA holds $456 billion
index trades at a 13 per cent dis- their 200mda. The catalyst to boost of assets.
count to the MSCI EM index on a 12 the Dubai financial sector will be The catalyst: Opening of Saudi equity
month trailing basis, and trades at a further compression in CDS spreads market to non-GCC investors and even-
discount of 26 per cent on a price to which have narrowed from 700 to 500 tual inclusion in the MSCI Frontier or
book basis. Gulf markets are cheaper basis points in recent months. CDS in Emerging markets index.
than emerging markets. Dubai has narrowed far less than in As access improves, further gains may
Flows: The Gulf region has experi- Russia, another reason why Russia be expected in the Saudi market, so long
enced significant outflows in recent has significantly outperformed. as oil prices remain reasonably strong.
months as chart 4 shows. But this
period of outflows seems to have
come to an end. Indeed, outflows in
the past four weeks have been the
smallest of the year.
Positioning: Gulf markets are an
out-of-benchmark investment for
EM investors. For long only EM
funds have been estimated to have
a current allocation of 0.3 per cent
of assets under management in the
Middle East, well below the allo-
cation of 0.8 per cent last October
when oil prices were about the same
price as today.
Explaining its strong case of
Dubai, Merrill Lynch argues that
it is hard to find much that has un-
derperformed US banks in the past
3 years. But Dubai represents such
a scenario. In addition, Dubai has
been a big underperformer relative
to regional Gulf markets. Dubai eq-
uities close to a three year low versus
Qatar, admittedly one of the strong-

BANKING AND BUSINESS REVIEW July-August 2009 25

 PROPER
FORE X TY

Dollar
substitute:
How near?

Chinese yuan and Indian

rupee have a long way to go,
while the euro has already
disappointed

26 BANKING AND BUSINESS REVIEW July-August 2009

C
urrency markets are veer-
ing round to the view that
although the flight away
from dollar in forex reserve
portfolios is continuing apace, the
prospects of the Chinese yuan or the
Indian rupee emerging as dollar rivals
have diminished over the short to me-
dium term.
Reserve portfolios are surely less
concentrated in US dollar than they
have been in the past while cracks have
recently emerged in the case for the
euro to supplant the USD. Also, confi-
dence in the USD has been shaken by
the pursuit of expansionary policies,
which are reflected in the recent dollar
depreciation. This shows that the out-
look for stock diversification out of dol-
lar is delicately balanced, according to
Merrill Lynch.
Analysts say that lessons from the
recent crisis appear to suggest an end
to the erosion in the dollar’s share but
the responses to the crisis risk another
wave of stock diversification dollar sell-
ing. “Given the lack of viable alterna-
Analysts say that
lessons from the
recent crisis appear
to suggest an end
to the erosion in the
dollar’s share but the
responses to the crisis
risk another wave of
stock diversification
dollar selling
tives, our central assumption is that the by the weights of currencies held in FX
USD’s weight in FX reserves remains reserves, making holding SDR instead
stable. This assumption would be at risk of USD a somewhat circular transla-
should policy credibility erode still fur- tion. “Therefore, the only likely substi-
ther,” a report on the US dollar’s future tute for the USD at the current juncture
as reserve currency points out. is, in our view, the euro”.
The report asserts that the possibili- The report notes that the Eurozone
ties of a substitute currency are yet not now comes close to rivalling the US in
in sight in the short to medium term terms of economic size. At the current
and points out that to attain reserve market exchange rate, Eurozone nomi-
currency status a currency must not nal annual GDP is $12 trillion versus
only have a wide area of indigenous us- $14 trillion in the US. The US advantage
age, but capital and money markets in
the home country should be open and
free of controls, deep and well devel-
oped. Other important determinants
cited are confidence in the internal and
external value of the currency and the
presence of network externalities/iner-
tia.
The criteria on capital markets ef-
fectively rule out the Chinese yuan and
the Indian rupee for now, although
this could certainly change on a 20-
year view, the analysts point out. “The
Japanese yen has never ‘achieved’ wide-
spread international use and this looks
unlikely in the future as demographics
suggest Japan’s economy will shrink
in relative and possibly even absolute
terms over the decades ahead”.
There have been suggestions for
comprehensive reform of the interna-
tional monetary system based on the
replacement of credit-based national
currencies in FX reserves with a super-
sovereign reserve currency managed
by a global institution. The suggested
solution is to expand significantly the
use of IMF Special Drawing Rights. It in terms of size is, however, buttressed
is argued that such a currency would by the existence of USD pegs, most ob-
make it possible to better ‘manage glo- viously in China and GCC, which boost
bal liquidity’. the area of indigenous usage by another
According to Merrill Lynch ana-
lysts, while this is an interesting sug-
$4 trillion. Additionally, the Eurozone
remains politically fragmented and thus
gestion, the SDR in reality lacks all of lacks a unitary fiscal authority. As such,
the key characteristics of an interna- its government bond market, arguably
tional reserve currency and is unlikely the most important market for reserve
to develop them quickly even given the managers, while rivalling that of the US
IMF’s now expanded role. They also in terms of size is much less homoge-
note that the composition of the SDR nous, and therefore, less liquid. Market
currency basket is in part determined microstructure issues such as different
BANKING AND BUSINESS REVIEW July-August 2009 27
trading platforms, different repo mar-
kets, only German bunds eligible for
bond futures and options settlement,
different supply methods and issuance
calendars all contribute to this.
According to the report, the recent
crisis highlighted the fragmentation
of the Eurozone’s bond market. Intra-
EMU government debt spreads wid-
ened substantially as risk-averse inves-
tors questioned the sustainability of
public finances in many of the smaller
member states. “Interestingly, while
there has been much recent discussion
of the USD’s role, there has been little
suggestion – in contrast to 2002-04 –
that the euro is an appropriate substi-
tute,” they note.
Two main scenarios have been iden-
tified whereby the euro could overtake
the USD as the main reserve currency
by 2020. One is that the UK joins the
Eurozone, bringing a much enlarged
GDP and, even more importantly,
much expanded financial markets.
The second is that the ongoing USD There have been suggestions for comprehensive
depreciation erodes confidence in the
USD as a store of value. UK member-
reform of the international monetary system
ship of the Eurozone now looks a very based on the replacement of credit-based national
remote prospect given the UK political
backdrop and the contrasting mon- currencies in FX reserves with a super-sovereign
etary policy approaches of the BoE and reserve currency managed by a global institution
ECB to the crisis. The second argument
that USD declines themselves actually
prompt stock diversification selling
links directly to the debate around the look for stock diversification out of
credibility of US fiscal and monetary USD as delicately balanced. While speculation that major foreign holders
policy, the report points out. confidence in US economic policies of USD assets are set to liquidate ap-
“Based on assessment of potential has been rattled, they feel this is argu- pears overdone. They feel that a much
capital and trade flows and a consid- ably a G10-wide phenomenon. Moreo- greater erosion in policy credibility
eration of likely FX intervention strat- ver, FX reserve portfolios do not ap- would be required to jeopardise the role
egies, we believe EM50 FX reserve ac- pear excessively concentrated in USD of the USD in the financial system.
cumulation will recover this year. Our and the availability of a close substi- The USD-denominated proportion
forecast for the year of $360 billion tute is limited. “In particular, the high of the fresh FX reserves accumulated by
implies reserve diversification sell- correlation between EUR and EM FX EM central banks has been consistently
ing of the USD for other G10 curren- displayed at the height of the crisis and higher than the USD’s target weight
cies of around $120bn. This is around disaggregation of the Eurozone bond in reserve portfolios. This arises as the
one-third of the pre-crisis pace but is market amid high risk aversion have, bulk of FX intervention takes place via
a significant EUR-USD support in the in our view, somewhat reduced the the USD. Consequently, when FX re-
context of what are much lower overall probability that the euro usurps the serves are being accumulated, EM cen-
FX volumes,” the analysts say. USD’s role”. tral bank reserve managers are forced
At the same time, they see the out- According to them, overall, recent to sell USD for other, mainly G10, cur-

28 BANKING AND BUSINESS REVIEW July-August 2009

rencies held in the reserve portfolio
to prevent the USD’s weight in the re-
serve portfolio from rising. This can be
termed ‘flow’ diversification selling of
the USD.
The report points out that addi-
tional G10 FX order flow can arise
due to decisions to reduce the USD’s
targeted weight in portfolios, which
they describe as ‘stock’ diversification.
The bulk of this stock diversification
flow appears to have taken place from
2002 to 2004. More recently, however,
concerns expressed by senior politi-
cal figures from China and other large
reserve-holding nations over the poten-
tially inflationary impact of recent US
policy responses have raised questions
over whether EM central banks will
seek to further reduce the USD’s weight
in reserve portfolios.
The report says that the rebalancing
of the global economy has two impor-
tant implications for reserve accumula-
tion in the emerging world. First, the
much-reduced US external deficit will
result, other things being equal, in a
slower pace of reserve accumulation.
Merrill Lynch’s US economics group
currently projects a US current account
deficit of just two per cent of GDP in
2009 and 2010. This is, making some
assumptions with regard to net income
flows and transfer payments, broadly
equivalent to a trade deficit in the re-
gion of $20 billion per calendar month.
This is a third of the peak levels record-
ed in 2006 to 2008.
BANKING AND BUSINESS REVIEW
Recent speculation that
major foreign holders
of USD assets are set
to liquidate appears
overdone as a much
greater erosion in policy
credibility would be
required to jeopardize
the role of the USD in the
financial system
Second, the breakdown of US ex-
ternal trade reveals the US deficit is
roughly evenly split between China and
the oil-producing nations. This suggests
that steady state reserve accumulation
will be dominated by these nations. It
also leaves reserve accumulation poten-
tially strongly linked to oil price move-
ments.
Flow diversification selling
The recent rally in EM FX has prompt-
ed sporadic intervention to buy USD
versus local currency from a relatively
broad range of central banks. As a con-
sequence, reserve accumulation appears
to be picking up from previously very
low levels. Merrill Lynch’s Tracking Re-
serve Accumulation and Diversification
(TRADE) metric suggests EM50 FX
reserve growth of around $140 billion
during May. Of this increase, around
$50 billion is estimated to have arisen
due to the accrual of fresh reserves,
with the rest attributable to FX revalua-
tion effects and interest accrual.
The report says this would imply
diversification selling of USD for other
G10 currencies in the region of $17 bil-
lion. This is roughly half of the average
level of USD selling that prevailed dur-
ing 2007 and H1 2008. One factor to
bear in mind, however, is that with FX
volumes from other customer segments
July-August 2009 29
sharply down, this scale of order flow
could now have a larger influence than The recent rally in EM FX has prompted sporadic
it has done historically, it says. intervention to buy USD versus local currency from
Nevertheless, there are reasons to
be skeptical that this rate of reserve ac- a relatively broad range of central banks and as a
cumulation – which is effectively at the
upper bound of what we think can be
result, reserve accumulation appears to be picking
sustained this year – and subsequent up from previously very low levels
diversification selling of USD for other
G10 currencies will continue.
Large reserve manager holdings of decade. As such, for EM50 as a whole a QE may come too late to avoid a serious
US government debt have long been USD weight of between 60 per cent and bout of inflation. On the fiscal side, the
viewed by many commentators as a 65 per cent is assumed as comfortable. Obama administration has yet to pro-
‘Sword of Damocles’ hanging over both The USD’s weight is therefore over vide a credible plan to bring the budget
the USD and the US economy. More twice that of the EUR in FX reserves. into balance over the long run. Markets
recently, the perception that the US au- According to the analysts, the key are starting to react to these twin chal-
thorities are taking excessive risk with judgment is whether this level of con- lenges by pushing break-even inflation
both the public finances and the out- centration is justified. Notably, the rates derived from TIPS and credit de-
look for inflation has encouraged the USD’s weight in FX reserve portfolios fault swaps on US debt higher.
view that foreign investors may now is down from levels probably in excess Thus far, however, the escalation of
seek to reduce – as opposed simply of 70 per cent in early 2001. Indeed, it these concerns has been moderate. The
to slow the rate of increase in – their appears there was a material stock di- BRIC nations are convening to discuss
holdings of USD-denominated assets. versification episode during the 2002 ways to lessen dependence on the USD.
The probability that this occurs is, in to 2004 period that coincided with According to the report, this does not
the analysts’ view, a function of the euro appreciation. Since that point the necessarily mean they want to hold a
degree of portfolio concentration in USD’s weighting appears to have stabi- lower proportion of their FX reserves in
US assets, the availability of close sub- lised. USD. The high-profile nature of this dis-
stitutes, the perceived credibility of US Recent pressure on the USD has cussion in the context of market pres-
policy and the lessons that are drawn been at least in part related to con- sure on the USD should not obscure the
from the recent financial crisis. cerns regarding the credibility of US fact that the lesson of the most recent
monetary and fiscal policy. On the crisis is that the most effective reserves
Portfolio concentration monetary policy side, some investors to hold were cash-like USD denominat-
Data from the BIS covering the cross- appear to fear that the Fed’s exit from ed instruments, the analysts argue.
border positions of reporting banks
with official monetary institutions
suggest the currency composition of
international banking sector liabilities
to central banks was relatively evenly
split between USD and other curren-
cies at the end of 2008. Of course, these
data will only cover the cash and near
cash element of reserve manager port-
folios.
The total EM FX reserves are esti-
mated at $4.2 trillion, of which around
50 per cent are ‘allocated’ in the sense
that their currency composition is re-
vealed to the IMF. The USD’s share
in allocated FX reserves at the end of
December 2008 was 59.8 per cent, sig-
nificantly down from the 70 per cent
plus share observed at the start of this

30 BANKING AND BUSINESS REVIEW July-August 2009

 ISL AMIC FINANCE

New taxation
guidelines to treat
Islamic finance
transactions more
fairly

France puts
building blocks
By Philippe Yvergniaux

F
rance has overhauled some of
its domestic tax law in a move
designed to establish the
country’s place as one of the
world’s centres for Islamic finance.
At the very end of last year, France
issued new taxation guidelines to make
it possible for Islamic finance transac-
tions to be treated more fairly from a
revenue perspective. The two most
common Shariah-compliant financial
instruments - the sukuk and muraba-
ha - which hitherto attracted tax pen-
alties because of the structuring that
sought to avoid riba, or ‘usury’, were
now recognised differently, in order to
secure the growth of Islamic financing
in France.
The international market itself is
growing at a phenomenal rate. Before
the present worldwide financial down-
turn, estimates were that Islamic fi-
nance offerings of all types totalled be-
tween $700 billion and $900 billion last
year - and one analyst predicted invest-
ment was set to top $2 trillion in 2010
(although that figure is now likely to be

BANKING AND BUSINESS REVIEW July-August 2009 31

revised downward as the Gulf invest-
ment market has slowed somewhat - of
course nowhere near as much as other
western markets).
France began its identification and
implementation of ways to attract Is-
lamic finance institutions to the coun-
try in 2007 and the pace accelerated last
year. France recognised that the UK
had been for some years developing a
financial and regulatory climate which
assisted Islamic finance to flourish. In
February 2007, the first building block
was put in place. A law was enacted
creating fiduciaries and was intended
to bring into French law the Common
Law concept of a Trust. In August 2008,
the framework was made even more
flexible in the law of the modernisation
of the economy. Now, both natural per-
sons and legal entities will be allowed
to constitute a fiducie. Lawyers will also
be allowed to act as fiduciaries.
The Sénat, the upper house of the
French legislature, held a series of
roundtable discussions with key inter-
national players in May 2008 about the
ways that France could become inte-
grated into the global network of Sha-
France began its identification and
riah-compliant finance. They looked implementation of ways to attract Islamic finance
at the ways that French companies can
work with Islamic funds and, most cru- institutions to the country in 2007 and the pace
cially, the ways that tax laws and regu- accelerated last year
lation would need to be altered in order
to arrive at a fair taxation policy that
did not penalise Islamic financial in- and the potential banking and other garde, made a ministerial statement
struments. The Financial Times quoted Islamic finance products for French- that France was indeed serious about
Arnaud de Bresson, managing director based Islamic finance operations is stimulating Islamic finance. In July, she
of Paris Europlace, who said: “The sen- huge. Around the Mediterranean are publicly briefed Gulf investors that they
ate’s initiative to organise a high-profile key French speaking countries, such as should expect changes to the French tax
event on Islamic finance is a sign that Morocco with 34 million, Algeria with system that would make their activities
the authorities are paying increased at- 33 million, Tunisia with 10 million and as welcome as they are in London or
tention to this market.” Lebanon with two million. In franco- elsewhere.
The market statistics are impres- phone Africa, countries such as Sen- The Autorité des Marchés Financiers
sive. France’s Muslim population is egal and Mali alone add more than 21 (AMF) is France’s financial regulator.
conservatively estimated at six mil- million to a total francophone Muslim It also played its part in recognising
lion. A survey carried out in 2007 by population of more than 44 million. Islamic instruments. In July 2008, the
the French Institute of Public Opinion The country’s politicians moved fast body outlined its rules for admission
(IFOP) said that half a million Muslims to implement Islamic finance, draw- of two main types of the sukuk Islamic
in the country would be interested in ing on the conclusions reached by the bond onto the French regulated mar-
Islamic finance. Add to this the Muslim Sénat report and other sources. The ket:
populations in francophone countries, French finance minister, Christine La- Sukuk for which the periodic distri-

32 BANKING AND BUSINESS REVIEW July-August 2009

butions and reimbursement rely pri-
marily on underlying assets and which
therefore, by virtue of their construc-
tion, are equivalent to securitisation
(i.e. an asset backed securities issue).
Sukuk for which the periodic distri-
butions and reimbursement are based
on underlying assets, but for which in-
vestors rely primarily on the undertak-
ing of one or more entities for part of
or all payments in respect of the sukuk.
The AMF also set out some further
rules - for example, sukuk that are is-
sued in the context of a private and/or
international placement will be admit-
ted to the professional segment of the
French regulated market, due to the in-
herent nature of the investors.
The compliance of the issue with
Shariah rules does not fall within the
remit of the AMF. It is the responsibility
of the issuers, with assistance from their
advisers, to incorporate into the pro-
spectus the relevant elements, including
appropriate details of the Shariah board
involved in the transaction, which pro-
vide the necessary information to en-
able investors to make an informed
decision.
The AMF’s objective is to ensure
that the prospectus has been prepared
in accordance with European laws and
regulations. As the European regula-
tion does not include any specific an-
nexes for Islamic bonds, article 23.2 of
this Regulation stipulates that, where a
prospectus for a security which is not
the same as, but is comparable to, the
various types of securities mentioned
in the European Regulation, the issuer
shall add the relevant information items
from another securities note schedule
provided for in the annexes of the Euro-
pean Regulation.
This addition shall be done in ac-
cordance with the main characteristics
of the securities being offered to the
public or admitted to trading on a regu-
lated market. It is therefore the issuer’s
responsibility to define the precise con-
tents of the prospectus in accordance
with article 23.2 of the European Regu-
lation, taking into consideration the
financial characteristics of the sukuk
which it plans to list.
The issuer will inform the AMF
when filing the draft prospectus with
the authority of the type of sukuk being
listed and the relevant annexes of the
regulation with which it is complying.
As an example, the AMF will con-
sider that in the first case mentioned
above, where the periodic distributions
and reimbursement rely primarily on
the underlying assets, the prospectus
is prepared on the basis of the annex
XIII with regards to the terms and con-
ditions of the issue (in so much as the
nominal amount of the bond is equal to,
or greater than, €50,000), and the an-
BANKING AND BUSINESS REVIEW
nexes related to ‘asset backed securities’,
with regards to the issuer and the assets
(annexes VII and VIII of the European
Regulation).
In the second case, where investors
rely primarily on the undertaking of
one or more entities for the payments in
respect of the sukuk, the description of
the securities follows annex XIII of the
Regulation (in so much as the nominal
amount of the bond is equal to, or great-
er than, €50,000).
In addition, the principle stated in ar-
ticle 5 of the Prospectus directive, which
requires the disclosure of any material
information which enables an investor
to make an informed decision, can be
generally satisfied with the structure
being described: Either on the basis of
annexes VI and IX, with the appropriate
disclosure of the underlying contracts.
By late December 2008, the French
government was ready to publish firm
tax guidelines to cover both the sukuk
and murabaha contracts.
For the murabaha contract, in which
a party necessarily acquires and resells
an asset including in the latter transac-
tion the cost of financing, taxation on
the sale is recognised not just in one year
but over a number of years (subject to
certain other conditions). If the asset is
real property then normal taxation rules
on such a disposal are suspended and
the gain is treated in murabaha as inter-
est with VAT therefore not applied to the
sale transaction.
In the sukuk, the new taxation guide-
lines address the issue of whether the
remuneration of the sukuk is a tax-de-
ductible item for the issuer. The position
of the French tax authorities is that the
sukuk is a debt instrument and that the
remuneration of the sukuk becomes in-
terest expenses for the issuer. Therefore,
French tax rules on the limitation of in-
terest deduction may apply.
Philippe Yvergniaux is the CEO of Invest
in France Agency (IFA) in the UK. (Cred-
it: gtnews.com)
July-August 2009 33
 EC
PROPER
ONOMT YY

Sovereign funds setbacks

lead to erosion of GCC
credit strengths
Fall in global asset valuations has also affected the
sub-sovereign sectors, particularly banks and other
financial institutions, says S&P

34 BANKING AND BUSINESS REVIEW July-August 2009

S
overeign wealth funds (SWFs)
across the region, particularly
in Qatar, Abu Dhabi, and Ku-
wait, have seen significantly
negative returns on their sizeable for-
eign asset holdings over the past 18
months.
According to Standard & Poor’s, the
implied reduction in government net
asset positions is an erosion of one of
the key credit strengths for these sover-
eigns. The fall in global asset valuations
has also affected the sub-sovereign sec-
tors, particularly banks and other fi-
nancial institutions, whose exposures
to real estate and equity have caused
them to make significant write-downs
on their investment portfolios in recent
months, it said.
A notable exception to this has been
Saudi Arabia, whose foreign assets have
been managed relatively conservatively
by the Saudi Arabian Monetary Agency
(SAMA). The value of Saudi Arabia’s
net foreign assets has risen to almost
$440 billion by end-2008, from $300
billion the previous year.
S&P notes that different countries
have taken different approaches to
shore up the capital positions of their
financial sectors. In Kuwait, a recent-
ly passed financial stabilisation plan
puts in place government guarantees
on banks’ provisioning for investment The reduction in global liquidity has reduced
losses. Some measures in the plan are
also intended to ease funding pressures the ability of GCC entities to raise financing in
at ailing investment companies, whose
exposure to global asset markets and
international capital markets, particularly for
reliance on short-term wholesale fi- GCC-based corporates and banks
nancing have put significant pressures
on this important pillar of the Kuwaiti
financial system. banks, while in Qatar, a mix of equity from any possible fallout. S&P sees the
In Abu Dhabi, the government an- injection and a government buyout of net result of these developments as a
nounced earlier this year an injection banks’ investment portfolios was car- significant rise in the contingent liabili-
of Dh16 billion into its domestic-owned ried out to shield the banking sector ties of the government with respect to

BANKING AND BUSINESS REVIEW July-August 2009 35

the banking sector. increasing by a factor of around nine markets and risk appetite will remain
The rating agency said that the re- since 2005, peaking at almost $85 bil- subdued relative to the past few years,
duction in global liquidity has reduced lion in September 2008. A similar pat- notwithstanding recent successful glo-
the ability of GCC entities to raise fi- tern is evident with respect to borrow- bal bond issues by the governments of
nancing in international capital mar- ing by GCC entities from international Abu Dhabi and Qatar.
kets, particularly for GCC-based cor- banks, which is on a greater order of Almost three-quarters of the issu-
porates and banks. The GCC entities magnitude than their debt issuance. ance and one-half of the bank borrow-
had become increasingly reliant on in- S&P feels that the dip in both forms ing were done by UAE-based entities.
ternational financing, with the amount of financing seen in December 2008 According to the rating agency, of all
of debt issued in international markets would continue this year, as global the countries in the GCC, the UAE,
particularly the emirate of Dubai, has
experienced the most severe reversal
The fall in global asset valuations, including in in domestic liquidity conditions since
mid-2008, prompting the Central Bank
domestic GCC capital and real estate markets, of the UAE to take offsetting measures.
Other GCC countries have also taken
has had a significant and detrimental effect on measures to provide for liquidity in
the value of their assets, resulting in lower net their banking sectors and the economy
more widely.
asset positions and higher contingent liabilities The deterioration in financ-
ing conditions has meant that a large
for GCC sovereigns amount of private investment has been

36 BANKING AND BUSINESS REVIEW July-August 2009

delayed due to lack of funding, putting
greater onus on sovereigns to help in
financing or indeed to take a more ac-
tive role in implementing investment
programme, particularly in infrastruc-
ture, in order to inject stimulus in the
Overshooting of housing supply in certain
economy. GCC countries is already resulting in a
S&P notes that while the credit
crunch has hit the liabilities side of reduction of rents on property, a key driver
GCC countries’ balance sheets, the fall of inflation in many GCC countries over
in global asset valuations, including
in domestic GCC capital and real es- the past few years
tate markets, has had a significant and
detrimental effect on the value of their
assets, resulting in lower net asset posi-
tions and higher contingent liabilities frastructure are evident in Abu Dhabi, therefore stands out as containing the
for GCC sovereigns. Qatar, Oman, and Bahrain. least stimulus for the non-oil economy,
The rating agency believes that a One exception to this has been Ku- although at the same time the fiscal bal-
combination of low oil prices and a wait, whose budget for 2009/2010 envis- ance is expected to be in surplus in 2009
decline in oil production will have a ages a substantial 36 per cent decline in as a result.
significant impact on fiscal outturns expenditure. While the majority of this Further supporting GCC sovereign
across the GCC. The average GCC gov- decline is related to the exclusion of a creditworthiness in the face of a dete-
ernment balance will be barely posi- one-off payment on social security that rioration in fiscal outturns is the view
tive in 2009, compared with surpluses occurred in the previous year, it is no- that GCC governments have excep-
in the order of 23 per cent of GDP in table that the budget still calls for a 27 tional fiscal space to implement such a
the previous three years, it says. Saudi per cent decline in capital expenditure. policy. According to S&P calculations,
Arabia is expected to fare the worst, as a S&P believes that Kuwait’s fiscal policy Bahrain and Oman are in the least com-
combination of increased expenditure.
At the same time, S&P does not con-
sider a weakening in fiscal outturns to
be necessarily a harbinger of deterio-
rating creditworthiness. In most cases,
GCC countries have opted for a delib-
erately expansionary fiscal policy in
order to counter the impact of the glo-
bal economic downturn on the non-oil
economy. Unlike in previous oil prices
cycles in the 1970s and 1980s, GCC
policy makers have by and large chosen
to smooth government expenditure,
which is a critical driver of the non-oil
economy, opting to increase expendi-
ture mainly in infrastructure projects.
Saudi Arabia, for example, has opted
to increase government expenditure
by 16 per cent, focusing on infrastruc-
ture spending, which will rise in 2009
by some 36 per cent, the largest ever
increase in infrastructure spending in
that country. Similarly aggressive ex-
pansionary policies with a focus on in-

BANKING AND BUSINESS REVIEW July-August 2009 37

fortable positions, as their oil resources
are more limited than other GCC states
and they have therefore benefited rela-
tively less from the windfall in high oil
prices in terms of accumulation of as-
sets.
This relative weakness is reflected in
the ratings for both countries, the low-
est among GCC sovereigns. S&P esti-
mates that Qatar has closer to seven
years worth of 10 per cent deficits that
can be absorbed by its net assets, a fig-
ure which belies the fiscal strength of
the sovereign, as a large share of previ-
ous surpluses have been re-invested in
productive infrastructure, particularly
into the expansion of LNG produc-
tion capacity. Consequently, S&P feels
that revenues in Qatar will continue to
rise strongly on the back of increased
LNG production (which is not subject
to OPEC quotas), and that future sur-
pluses will significantly strengthen the
net asset position of the government in
years to come.
Saudi Arabia, Abu Dhabi, and
Kuwait are seen having the greatest
amount of fiscal space to pursue coun-
ter-cyclical expansionary fiscal policy,
and S&P forecasts that each could sus-
tain a 10 per cent deficit without resort-
ing to debt finance for at least 25 years.
This is considered a key credit strength,
one that is reflected in these sovereigns’
38 BANKING AND BUSINESS REVIEW
The recent
strengthening of the
dollar, to which all
GCC countries are
pegged (with the
exception of Kuwait,
which is partially
pegged to the dollar)
will reverse some of
the ‘imported inflation’
pressures that have
been evident across
the GCC
position within ‘AA’ ratings category.
S&P believes a number of factors
will contribute to significant down-
ward pressures on inflation across the
GCC throughout 2009. First, the fall in
commodity prices, including food, will
reduce domestic price inflation on sta-
ples. Second, the recent strengthening
of the dollar, to which all GCC coun-
tries are pegged (with the exception of
July-August 2009
Kuwait, which is partially pegged to the
dollar) will reverse some of the ‘import-
ed inflation’ pressures that have been
evident across the GCC.
Finally, the catching up, and in some
instances, overshooting of housing
supply in certain GCC countries is al-
ready resulting in a reduction of rents
on property, a key driver of inflation in
many GCC countries over the past few
years. As a result, S&P expects inflation
rates across the GCC to come down
from an average of over 10 per cent in
2008, to around five per cent in the me-
dium term.
S&P believes that the GCC region
has not been immune to the impact of
the global economic downturn, with the
fall in global liquidity and in oil prices
posing significant challenges to all sov-
ereigns in the region to a greater or less-
er extent. That said, the agency believes
that GCC countries are well placed to
ride out the turbulence, thanks prima-
rily to their exceptional fiscal capacity
to pursue counter-cyclical expansion-
ary policy. The non-oil economy, an im-
portant engine for future employment
growth and diversification, remains
a key priority in most GCC countries,
and according to S&P, robust govern-
ment expenditure will ensure that it is
in large part, shielded from the global
economic downturn.
 HOUSE AD
REAL TIMES Repeat page 37
from May BBR 2009
 PROPER T Y
INDUSTRY

$375 billion of
oil investment
despite
demand
concerns
70 per cent of total investment
coming from NOCs in Asia and
South America

T
he world’s largest National opment of their
Oil Companies (NOCs) Some NOCs are businesses at home
and supermajors are plan- and abroad in 2009 –
ning on delivering in excess
looking at cost- with almost 70 per cent of
of $375bn of ambitious investments cutting measures, total investment coming from NOCs in
through the down cycle, despite ongo- Asia and South America. Based on cur-
ing concerns around oil demand, ac- while countries such rent estimates by 2015 the largest NOCs
cording to new analysis from Ernst & as Indonesia are will have invested around $600 billion
Young. in their hydrocarbon sectors. The su-
The report, Investing for the upturn, introducing stimulus permajors have also committed to sub-
which was launched at the NOC Con- stantial investment in oil and gas activi-
gress in Abu Dhabi recently, calculates
packages to aid the ties this year – around $100 billion.
that the largest NOCs are on course to sector Andy Brogan, global oil and gas
invest over $275 billion in the devel- transaction advisory services leader at

40 BANKING AND BUSINESS REVIEW July-August 2009

Ernst & Young and author of the re-
port, says, “NOCs and the supermajors
continue to show a real determination
to push ahead with their major capital
expenditure plans this year, at least for
now. 2008 was a record year for capi-
tal investment by the sector and 2009
is shaping up
to be another record year. Compa-
nies are wary of finding themselves
in a position where they have to play
catch-up on investment when the up-
turn materialises.”
He adds that despite the Interna-
tional Energy Agency’s (IEA) current
estimates for oil demand, investment
is still required in production capacity
enhancement projects to offset falling
output due to natural field depletion.
“Most oil and gas companies have
indicated they will spend more than
half of their capital investment on up-
stream operations.”
China and Brazil emerging
as powerhouses
The economic slowdown, a dramatic
fall in oil prices and investors’ flight
from risk have left many reserve rich
state-owned oil and gas companies less
able to finance projects with surplus
cash flows. Some NOCs are looking at
cost-cutting measures, while countries
such as Indonesia are introducing stim-
ulus packages to aid the sector. Many
reserve holders’ ambitions to expand
overseas are also being scaled
back in order to prioritise do-
mestic projects. However,
substantial financial
commitments are still
being made for oil
and gas projects in
China and Brazil.
Brazil is set to
become a major
producer follow-
ing pre-salt dis-
coveries by Petro-
bras, which plans
to invest $28 billion
in pre-salt areas as
part of its $174 billion
business plan to 2013
– around 90 per cent of
its total investment will be
targeted at projects in Brazil.
The investment allocated by
Petrobras for 2009 represents 38% of
the planned $91 billion expenditure
by South American NOCs this year,
according to the Ernst & Young, with
Asian NOCs collectively to invest more
than $98 billion, almost half ($42 bil-
lion) of which has been allocated by
China’s CNPC.
By comparison the combined capi-
tal expenditure of NOCs in Africa, CIS
and the Middle East is a fraction of that
of their Asian and South American
counterparts put together. The report
calculated that the NOCs of Africa an-
nounced $21 billion of investment this
year compared to $36 billion for the CIS
and $29 billion for the Middle East.
Don Painter, Leader of Ernst &
Young’s Middle East Oil & Gas Prac-
tice, says, “While public figures sug-
BANKING AND BUSINESS REVIEW
gest that the investment Middle East
NOCs have committed to this year is
below the levels of NOCs in Asia and
South America, there is still plenty of
cash available in the Middle East for
the right type of investment. Cash rich
GCC producers are currently evaluat-
ing investment options that match their
ROI aspirations. They are still seeking
appropriate investment opportunities
in the region and elsewhere. The slow-
down in their capital expenditure does
not reflect their appetite for major in-
vestments.’’
“When the NOCs had easy access to
capital they were in a position to dictate
terms with their IOC partners, but the
volatility in financial markets means
that IOCs with sufficient liquidity will
be able to offer potential partners not
only technological and operational ex-
pertise but also access to much needed
capital,” says Brogan.
He concludes, “In the long-term, the
overall structural issues surrounding lo-
cation of reserves and achievable levels
of production have not changed. When
the global economy recovers the same
pressures evident last year will resume.
Any renewed appetite from NOCs for
IOC participation will be short-lived –
and therefore opportunities available
now should not be wasted.”
July-August 2009 41
 PROPER
C A REER T Y
Employer Branding
30 per cent of employers worldwide are finding it difficult
to fill certain roles
By Patrick Luby
U
nemployment has reached
new heights in recent
months, yet vacancies for
talented candidates re-
main. Although hiring in general has
slowed, employers are still looking to
fill jobs in their core business areas
and in some cases, are searching for
people with a new set of skills. Man-
power’s 2009 Talent Shortage Survey
found that 30 per cent of employers
42 BANKING AND BUSINESS REVIEW
worldwide are finding it difficult to
fill certain roles. This number has not
changed in the past year, in spite of the
current economic environment and
higher unemployment rates.
These findings show that the down-
turn is masking underlying talent
shortages and as the economy recov-
ers this problem is likely to worsen.
To illustrate, accounting and finance
professionals are certainly not in
July-August 2009
short supply, but many employers are
now demanding accounting special-
ists with expertise in debt restructur-
ing or international accounting.1 These
specialty areas were not in as high de-
mand prior to the global downturn.2
Today, employers are not just looking
for the baseline skills, but they are also
looking for individuals with other ad-
ditional key skills – such as industry
specific knowledge or management
skills – that can help them meet their
business objectives.
Globally, skilled trades, sales rep-
resentatives and technicians are the
three top jobs employers are finding
difficult to fill, which indicates a mis-
match between the candidates avail-
able and those with the relevant skills,
knowledge and experience to do the
needed jobs. As the economic land-
scape changes, so do business needs.
It is becoming increasingly apparent
that many companies have not fully
thought through their talent man-
agement strategies.3 In the current
climate, companies need to find a bal-
ance to reduce short-term costs with-
out compromising longer term talent
attraction and retention programs. In
this highly competitive market, em-
ployers need to be sure they are retain-
ing and attracting the right candidates.
Building a strong employer brand is
one way to make sure organizations
gain competitive advantage, both now
and in the future, when economic
growth resumes.
Employers need to forge strong re-
lationships with current employees
and position themselves as attractive
to candidates with in-demand skills.
Both of these objectives can be achieved
through a strong employer brand. An
employer brand can be used as a tool to
communicate consistent values, char-
acter and the style of an organization
to current and potential employees. In
doing so, employers can develop the
qualities that bring fulfilment to peo-
ple’s roles, better understand the moti-
vating factors in their own workforce,
and better target candidates who are
likely to have a good fit with the organ-
ization. Engaged and happy employees
will add more value to a company and
help advance the company’s mission –
a must in a highly competitive market.
Each touch point between employer
and employee, from recruitment to the
time when an employee needs to move
on, is an opportunity to reinforce the
employer brand. Branding should ef-
fectively communicate company values
and culture – through leadership pro-
grams, corporate social responsibility
initiatives and HR processes – driving
employee engagement and making for
Skilled
trades, sales
representatives
and technicians
are the three top
jobs employers
are finding
difficult to fill
a valuable proposition to both current
and potential talent. It is important
that employers maintain this connec-
tion and pay attention when employees
highlight disappointments, as they usu-
ally point to areas where the company
may be falling down on its promises
to employees and customers. Research
from Gallup has found that employee
engagement rapidly decreases after the
first six months. This is when employ-
ees begin to realize there is a discrep-
ancy between what was promised and
the reality of the job in which they are
now working.
Few companies have comprehensive
talent management strategies and are
able to address the question: where will
the talent come from when the econo-
my starts to grow again? The answer
is multi-faceted and too complex to
be covered here; however, it is certain
that strong employer brands create or-
ganizations that are a magnet for tal-
ent. For example, the technology giant
Apple has a strong brand which exudes
a culture that attracts the best talent.
The language used to attract jobseek-
ers is closely aligned with the brand vi-
sion and tailored to attract those with
the necessary skills. From recruitment
to hire, Apple tweaks recruiting mes-
BANKING AND BUSINESS REVIEW
sages to attract different types of tal-
ent, so candidates for jobs in sales and
engineering may receive messages that
are different, yet align well within the
company’s mission, value and cul-
ture.5 This ensures those who do apply
are more likely to fit with the culture
and approach of the organization and
have the required skill set. Thus, the
recruitment process is easier, attrition
is reduced and the best possible talent
fills core business areas.
The global recession is a hurdle all
companies will need to overcome in
order to survive and to grow. A healthy
and well-managed talent pipeline, one
that quickly flows the right talent to
business-critical areas, is absolutely
key to this success. When the inevi-
table recovery occurs, existing skills
shortages are likely to worsen, and
employers cannot afford to be caught
off-guard. By thinking about their
employer brand, and implementing
a strong talent management strategy
now, employers can begin to tackle the
talent issues, and put themselves in a
winning position when the economic
woes subside.
The writer is the Managing Director of
Manpower ME
July-August 2009 43
 PROPER
TELEC OM
TY

Telecom sector ripe for

regulatory initiatives
Sector can create multiplier effect that helps rejuvenate economy, says study

C
urrent uncertainty presents
an opportunity to policy-
makers and regulators to
broaden the boundaries of
telecom’s domain and bolster other
parts of the economy, a new study by
Booz & Company has concluded.
Policymakers who take a broader
look at the telecom sector and take ac-
tion to release its catalytic potential
now can create a multiplier effect that
helps rejuvenate a nation’s entire econ-
omy, the study observed.
In fact, economic turmoil in inter-
national markets has left governments
across the globe scrabbling for an eco-
nomic recovery lifeline. In the Mena
region, governments may be able to
reach for telecom, which has tradition-
ally shown financial resilience.
Rethinking strategic perspectives is
essential, and through a targeted ap-
proach to regulatory change and cash
injection, telecom offers a strong hand
to lift economies back onto their feet,
the study concluded.
In the Mena region, telecom, a tra-

44 BANKING AND BUSINESS REVIEW July-August 2009

ditional pillar of financial resilience,
may offer a route to economic recovery.
It is therefore essential that policymak-
ers and regulators strengthen the sec-
tor, by adjusting their strategies accord-
ingly, the study recommended.
“Organisations rely on telecom for
their daily operations as do individuals,
and therefore operators may have an
opportunity to enter into new spheres
of activity,” says Bahjat El-Darwiche, a
Principal at Booz & Company.
Mena telecom operators are facing a
number of new challenges: approaching
market maturity, changing customer
needs and preferences, and continuous
transformation in technology, business,
and operating models. There is a dan-
ger that the economic downturn could
delay the industry’s ability to embrace
these imperatives.
The study suggests that policymak-
ers and regulators must readjust their the downturn may not now be viable. the timing of new facility-based licens-
focus where needed and align telecom While there is room for more competi- ing. Governments can potentially cre-
sector strategies with changing eco- tion, sustaining existing players’ resil- ate value by attracting qualified players
nomic objectives, while focusing on ience must be a higher priority. Caution to invest in service-based licences, and
creating long-term resilience and sus- is necessary to attract solid, long-term further liberalization should stay on the
tainable growth. Governments may investments, and rescheduling immi- agenda for when the economic climate
need to reverse old trends and consider nent privatisation or the issuing of new is more favorable.
re-intervening in areas in which they licences may be necessary. “The privatisation and liberalisation
have been disengaging. Cooperation Selling national assets now may not approach that regional telecom policy-
between sector stakeholders is essential, yield optimal returns and licensing makers and regulators have taken so
requiring regulators and policymakers
to address inefficiencies in sector gov-
ernance and regulation, and implement
elements that will create sustainable Economic turmoil in international markets has
value, it said. left governments across the globe scrabbling
The study has recommended six
strategies for the consideration of pol- for an economic recovery lifeline
icy planners and regulators of the tele-
com sector. These include review of the
schedules for privatisation and liberali- new facility-based operators could have far has paid off. More well-timed moves
sation, lessening of the operators’ direct a negative impact on existing players’ would contribute to restoring investors’
financial obligations, more investments incentive to invest. In this regard, the confidence and supporting economic
in national broadband infrastructure, study cites the case of the Omani gov- recovery,” Karim Sabbagh, Head of the
incentivisation of infrastructure shar- ernment’s postponement of the sale of Global Communication, Media, and
ing and traffic syndication, growth a 25 per cent stake in state telecom firm Technology Practice at Booz & Com-
of ICT literacy among users and the Omantel in December 2008, in light of pany, points out.
workforce and acceleration of sector the deteriorating global economy and Referring to the need to reduce the fi-
governance and regulatory reform. declining stock markets. nancial obligations of the operators, the
The study says that privatisation and The study suggests that policymak- study says that policymakers and regu-
liberalisation schedules outlined before ers and regulators should reconsider lators should ease financial pressure on

BANKING AND BUSINESS REVIEW July-August 2009 45

telecom operators. Reducing licence
fees, spectrum fees, taxes, royalties on
licensees, and high dividends on large-
ly government-owned operators would
help ensure the sustainability of com-
petition, investment, and employment
levels in the sector, as well as increased
government proceeds in the long term.
This could be an incentive for operators
to invest further in network rollout and
innovations in products and services,
with a multiplier effect on the broader
economy.
In previous crises, some regulators
adopted a supportive approach toward
licencees, easing financial obligations
and ensuring a smoother ride through
tough conditions. Telecom operators’
financial obligations must be robust
enough to finance sector policy-mak-
ing and regulation activities, as well
as research programme and universal
service funds. Financial obligations
should be modest enough to make the
sector attractive to increase reinvest-
46 BANKING AND BUSINESS REVIEW
ments.
Many Mena countries impose high-
er direct financial obligations on tel-
ecom operators than contemporaries
in more mature markets, which con-
stitute a primary source of revenue for
many Mena governments.
The regional trend has been to pri-
vatise telecom operators and let the pri-
vate sector drive the pace and scope of
investment in telecom infrastructure,
yet individual operators are having
difficulty securing investment in na-
tional broadband infrastructure, such
as high-speed fiber-to-the-premises
networks.
“Governments may want to step in
and consider playing a more active role
in contributing to these investments,
to expedite operators’ investment in
national broadband infrastructure and
improve the potential for value crea-
tion when the economy picks up,” says
Sabbagh.
The study points out that govern-
July-August 2009
ment investment should focus primari-
ly on passive infrastructure; and active
infrastructure, which can be a source
of competitive advantage for operators,
should remain under their jurisdiction.
Investment could come, as one al-
ternative, in the form of government-
backed utilities such as national net-
work companies. They may involve
existing operators, but would need to
make their infrastructure available to
all telecom operators and ICT serv-
ice providers. The potential benefits
are better access to customers, higher
bandwidth, economies of scale, and
new applications that would benefit the
economy.
Government investment could also
come in the form of grants to operators,
provided they offer incentives to en-
courage end-users to upgrade to next-
generation broadband access.
Stimulation of the sector could gen-
erate a comparable network effect and
jump-start the wider economy. These
initiatives are based on the assumption
that such investment leads to direct job
creation, and enables the development
of new businesses that create innova-
tive products and services using the im-
proved capabilities of the communica-
tions network, the study feels.
Governments are taking a progres-
Mena telecom
operators are facing
a number of new
challenges: approaching
market maturity,
changing customer
needs and preferences,
and continuous
transformation in
technology, business,
and operating models

sive view of infrastructure as an essen-
tial part of an economy, and the role
of government in the provision of it.
In doing so, governments will lay the
foundation for the sector to be stronger
after the downturn while stimulating
the economy now. National broadband
infrastructure is key for the sector’s
future development, as well as broader
national economic development, it is
pointed out.
As for incentivisation of infrastruc-
ture sharing, the study says that with
limited market liquidity, Mena policy-
makers and regulators should consider
incentivising operators to undertake
infrastructure-sharing projects togeth-
er to allow more effective management
of the financial resources available to
them, without giving up their competi-
tive advantage. Governments could
relax selected regulations in return for
operators’ commitment to infrastruc-
ture sharing.
Infrastructure sharing is often a
source of tension between regulators
and operators, as it is traditionally im-
posed as a regulatory obligation; it has
previously succeeded when done on a
market-driven basis. Regulatory inter-
vention could push for mandatory in-
frastructure sharing in cases of abuse
by dominant powers, or market failure.
The Mena region has already started
to see market-driven infrastructure-
sharing deals supported by some poli-
BANKING AND BUSINESS REVIEW
Reducing licence fees,
spectrum fees, taxes,
royalties on licencees,
and high dividends on
largely government-
owned operators
would help ensure
the sustainability of
competition, investment,
and employment levels
in the sector, as well as
increased government
proceeds in the long term
cymakers and regulators.
As competition matures in the Mena
region, market-driven infrastructure
sharing and traffic syndication ventures
have started to emerge. Thus far incum-
bent operators, who control a large
part of the infrastructure, have been
conservative in offering infrastructure-
sharing deals and have usually done so
in reaction to regulatory pressure.
The development of ICT literacy and
investment in national broadband in-
frastructure must be synchronised to
achieve value. Without the necessary
human capital, technological advances
in telecom networks and services can-
not be effectively employed to generate
innovation and drive economic growth,
the study said.
Public familiarity with ICT is essen-
tial for the widespread adoption of dig-
ital services. Governments in the region
could take advantage of the downturn
to broaden investments in ICT ini-
tiatives that enhance and develop ICT
knowledge and adoption throughout
the population.
“Mena governments should encour-
age their citizens to use online services
July-August 2009 47
with convenient, affordable access and
by emphasizing the time and money
savings by using e-government serv-
ices,” Sabbagh says.
Structuring an official education
framework and defining quality crite-
ria for courses would lend integrity to
ICT qualifications. Governments could
even facilitate interaction between aca-
demic programme and the ICT private
sector. This is especially the case with
the downturn intensifying the need
for a workforce that can meet private-
sector demands for talent, and given
that regional ICT literacy rates are still
relatively low compared to other coun-
tries.
Investing in ICT literacy would
accelerate ICT adoption, encourage
digitisation of the economy, promote
investment in ICT, increase individual
productivity, and create a more highly
skilled and competent workforce. ICT
investment would act as an economi-
cally stimulating venture in the short
term, and is essential for the long-term
development of the telecom sector.
The report points out that the tel-
ecom sector’s ability to act as a catalyst
48 BANKING AND BUSINESS REVIEW
for economic recovery is dependent
on three factors: the ability of regula-
tors and policymakers to effectively
fulfill their various functions, the level
of integration between governance of
the telecom sector and governance of
media and technology, and the level of
maturity of regulatory practices.
Telecom policy making and sector
development should be clearly distin-
guished from regulatory activities.
Long-term strategic planning should
be rapidly institutionalised to promote
the sector as an economic enabler.
“The capabilities for effectively driv-
ing high-impact sector development
initiatives also need to be swiftly built
to support government investment and
public-private partnership initiatives,”
explains Sabbagh.
In terms of regulatory reform,
improving sector resilience and lay-
ing the groundwork for sustainable
growth require transparency in regu-
latory practice. Publishing regulatory
development plans and gaining public
support for decisions should help build
investor confidence and enable growth.
Regulators should also rapidly step up
July-August 2009
their economic assessment capabilities
and base decisions on thorough analy-
ses that guarantee value creation and
efficiency for sector stakeholders: cus-
tomers, operators, investors, and the
government.
Finally, regulators need to exercise
increased vigilance and scrutiny when
it comes to anti-competitive behaviour
and market value destruction, else the
sector may be unable to attract invest-
ment, and operators may find it difficult
to adopt new business models after the
downturn. Concentrating on reform
now would focus resources on generat-
ing maximum returns from past initia-
tives and would create an encouraging
environment for new initiatives. When
previous growth avenues are less attrac-
tive, developing best practices in gov-
ernance and regulatory reform will set
the stage for world-class performance
when the economic winter passes, the
study concludes.
 ABN AMRO Bank Corniche
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P.O. Box: 2720, Abu Dhabi, United Arab Emirates Ottakath C Mohamed Kutty Manager 02 8723499
Al Ain Main Branch
Sharjah Tel: 06 5594900 Mohd. Al Darmaki Manager 03 7543413
Abdul Aziz Al Majid Building, King Faisal Street Fax: 06 5591009 Al Ain Khalifa Street
P.O. Box: 1971, Sharjah, United Arab Emirates Salim Al Darmaki 03 7511322
Sinaeyah (Indust. Area)
Abu Dhabi Commercial Bank Salem Ahmed Manager 03 7210064
Al Wagan
Head Office: Abu Dhabi Mall Nayla Al Ameri Manager 03 7352100
P.O. Box 939, Abu Dhabi Tel: 02 6962144 Fax: 02 6450384 Al Yahar
Khamis Sulum Abdun Khamis Manager 03 7815600
Branches Al Hayer
Al Salam Khalid Omar Eissa Manager 03 7322557
Omar S. Al Tamimi Manager 02 6962486, 02 6666311 Riggah
Khalidiya 02 6669910 Mudhi Al Haj Manager 04 2956969
Al Bayah Karama
Khaled Al Mannaei Manager 02 8721300 Omran Abbas Taimour Manager 04 4055135
Al Dhafra Mina
Yaqoob Al Dosari (Edgar Ruaya / GM in charge) 02 5851030 Hosam Al Refay Manager 04 3984444
Al Muroor Naif
Ramzi Al Rimawi Manager 02 4444216 Ms. Seema Mohd. Malk Manager 04 6024110
Al Shahama Al Ettihad
Hazim Al Suwadi Manager 02 5633424 Salem Ali Khammas Jammahi Manager 04 3615151 ext. (202)
GHQ Al Qusais
Essam Husain Al Habshi Manager 02 4415626 Fahd. M. Baroudi Manager Manager 04 2634244
Tourist Club Area Sharjah Main
Hadia Dalloul Manager 02 6725178 Ms. Wissam Moaded Manager 06 5737737
Hamdan Farah Al Ulama Manager 06 5566169
Abdalla Al Jaberi Manager 02 6335820 Abdulla Al Shamsi Manager 06 5433300
Sh. Rashed Road Abdullah Fayez Al Shamsi Manager 06 5432006
Mohamed Al Dosari Manager 02 6213237 Ajman

BANKING AND BUSINESS REVIEW July-August 2009 49

 Dubai
Yasmeen Alabid       Manager 06 7442111 Al Twar 04 2611116
RAK Ibrahim Alqasser Manager
Aisha Ahmed Ghareib      Manager 07 2335500 Opposite Deira City Center 04 3973333
Fujairah Hashim Al Zarooni Manager
MohdAli Hassan Mohd Al Bloushi Manager 09 2224324 Shk. Zayed Rd.
 Dibba Mohamed Hussein Zainal Manager 04 4033400
Rania Yousef Manager 09-2446700
Contact Centre Fujairah
Ahmed Abdo Manager 800-2030 Fujairah 09 2222711
Fahad Al Shaer Manager
Eissa Al Suwaidi Chairman Dibba 02 6100920
Eirvin Knox CEO Ali Mohammed Manager
Ala’a Eraiqat Deputy Chief Executive Officer Ras Al Khaimah 07 2284448
Thirry Bardury Head Operations & IT Saif Hamdan Alkeem Manager
Deepak Khullar Chief Financial Officer Sharjah 06 5075100
Seumas Gallacher Head - Investment Banking Ali Essa Alshaqoosh Manager
Zaki Hamadani Head - legal & Special Assets
Sultan Al Mahmoud Head - Human Resources Al Ahli Bank of Kuwait - Dubai
Abdirizak Ali Head - Internal Audit
Alok Kakar Head - Corporate Finance Division Head Office: Kuwait
Robert Price Head - Credit Regional Head Office: Dubai Tel 04 2681118
Walter Pompliano Head - Financial Institution & Intl. Division Opposite Hamarain Centre, Deira Fax 04 2684445
Howard Gaunt Head - Business Banking P.O.Box 1719, Dubai, E-mail: infodubai@ahlibank.ae
Jasim Al Darmaki Head - Government Relations Website: www.ahlibank.ae
Arup Mukhopadhyay Head - Retail Banking Management & Senior Personnel:
Ahmed Barakat Head - Wealth Management Vikram Pradhan General Manager, UAE
Yaser Mansour Head - Corporate Communications, Vijay Shah Head of Trade Finance & Operations
Director of Chairman’s Executive Office & Hiranand Motwani Manager Treasury
Senior Vice President Krishna Kumar Manager Retail Operations
Simon Copleston General Counsel & Board Secretary
American Express Bank Ltd
Abu Dhabi Islamic Bank
Representative Office, Suite 509 Tel: 04 3975000; Fax: 04 3976986
Head Office: Abu Dhabi The Business Centre, Khalid Bin Al Waleed Street, Bur Dubai
Najda Street, P.O. Box 313, Abu Dhabi UAE Tel 02 6343000 P.O. Box 3304, Dubai.
Email: customerservice@adib.ae Fax 02 6342222 Prabir A. Biswas Director & Chief Representative
Website : www.e-adib.com Sumit.K.Roy Director-financial institution group
John A. Smetanka Head-wealth management-subcontinent and
Established on 20th May 1997 as a Public Joint Stock Company through the global NRI
Amiri Decree No. 9 of 1997. The bank commenced commercial operations on 11th
November 1998, and was formally inaugurated by His Highness Sheikh Abdulla Bin
Zayed Ak Nahyan, UAE Minister of Information and Culture on 18th April 1999. All
Arab African International Bank
contracts, operations and transactions are carried out in accordance with Islamic
Head Office: Cairo, Egypt.
Shari’a principles.
Regional Head Office Dubai Tel: 04 3937773

ART Tower, Al Mina Street, Opp. Ports & Customs Bldg., Bur Dubai
Branches
P.O. Box 1049, Dubai Fax: 04 3937774
Abu Dhabi Main 02 6168118 Swift ARAIAEAD, E-mail: aaibdxb@emirates.net.ae
Aref Ismail Al Khouri Manager Web: www.aaib.com
Mushref 02 4455177 History: Established 1964 as the first Arab joint venture bank
Ezzeldin Nagdy Manager Hemant Jethwani General Manager UAE
Madinat Zayed 02 6100821 Dubai Branch: Key Executive
Mohamed Yousef Manager Alaa Sobhy Head of syndication and assert trade
Khalidiya Ladies Abu Dhabi Tel: 02 6323400; Fax: 02-6216009
Abu Baker Omar Manager Arab Monetary Fund Bldg, Corniche Street, P.O. Box 928, Abu Dhabi
Sheikha Al Suwaidi Manager Key Executive
Khalifa Street 02 6100590 Hani Hassan Branch Manager
Omar Aqel Manager
Al Ain Arab Bank
Sinaiya 03 7211777
Omar M. Basheer Manager Head Office Jordan – Amman Tel: 04 2950845; Fax: 04 2024369
Clock Tower Branch 03 7076444 P.O.Box 950544, 950545
Ali Abdullah Al Manager Amman 11195
Dhaheri Website: www.arabbank.ae
Al Jimi Mall Branch 03 7633500 History: The Arab Bank Group is one of the principal financial institutions in the
Ahmed Abdullah Manager Arab world and ranks among the leading international banks in terms of equity,
Al Boloshi earnings and assets. Established in 1930 in Jerusalem. The Arab Bank Group is

50 BANKING AND BUSINESS REVIEW July-August 2009

owned by about 4,000 shareholders from all over the world, mainly Arab countires.
The Group has a diversified network of over 350 branches worldwide.
Abdul Majeed Shoman Chairman
Abdel Hamid Shoman Deputy Chairman & Chief Executive Officer
U.A.E Area Management
Mohammad A . Azab Senior Vice President - Dubai
Saed Jarallah Senior Vice President – Abu Dhabi
Aladin Al-Khatib Treasury Head
Hatem Kurdieh Corporate Banking Head
Tareq HajHasan Retail Banking Head
Mohammad Mattar Central Operations Unit Manager
Hani Hirzallah Regional Manager Human Resources /Gulf Region
Tareq Ibrahim Head of Human Resources
Ammar Al Khayyat Financial Controllar
Ghassan Nimer IT Center Regional Manager
Jihad Ghoury Legal Counsel
Sanjay Malhotra Global Head of Marketing & Product Develeopment
Nasser Maghtheh Senior Auditor
Anan Al Khatib Premises & Pruchasing Officer (Engineer)
Suleiman Malhas U.A.E Branches Audit Centre Manager
Dubai Al Ittihad Street 04 2950845
Mohammed Azab Branch Manager Fatima Al Muani Manager 06 5747766
Deira 04 2221231
Mohammed Elayyan Branch Manager
Abu Dhabi Al Naser Street 02 6392225
Nasser Serries Branch Manager
Al Ain 03 7641328
Colock Tower roundabout, Al Ain Street
Maen Jarrar Branch Manager
Sharjah Al Arooba Street 06 5618999
Maher Al Debis Branch Manager
Ajman 06 7422431
Rashid Bin Humaid Street
Modhar Kherfan Branch Manager
Ras Al Khaimah 07 2288437
Oman Street, Al Nakheel
Ali Zatar Branch Manager
Fujairah Sheik Zayed Street 09 2222050
Abdel Hamid Qamhieyah Branch Manager Abu Dhabi Branch Tel: 02 6323400
Call Centre Within UAE 800 40 43
Outside UAE 009714 2953889
Arab Bank for Investment and Foreign Trade
Abu Dhabi Tel 02 6721900
Regional Head Office, Sh. Hamdan Street, Tourist Club Area Fax 02 6785271
P.O. Box 46733, Abu Dhabi Dubai Tel 04 2284655
Telex 22455 ARBIFT EM
Email: arbiftho@emirates.net.ae
Website: www.arbift.com
History: Established in 1976 in Abu Dhabi Registered as a Puvlic Joint Stock
Company
Management & Personnel
Ibrahim N. R. Lootah General Manager 02 6952286
Hassan S. Kishko Head of Finance 02 6721299
M.A. Majid Siddiqui Head of HR & Admin 02 6728785
Khalid Mohammed Bin Amir Head of Operations 02 6776109
Najib Taleb Nasser Head of Commercial Banking PO Box 5803, Al Buheira Tower, Al Buheira Corniche Tel 06 5736100
Ahmed Majid Lootah Head of Retail Banking 02 6743801
M. Santosh Babu Senior Manager IT 02 6722975
Izzeldin Al Siddiq Salem Mgr - Inspection & Internal Audit 02 6780592
Osman Hamid Suliman Mgr - Banking Relations Dept 02 6787380
Mir Asif Ali Mgr - Treasury Dept 02 6721600
Saidi Zoubir Head of Business Dev. Dept. 02 6723763
Tareq S’adi Al Darras Mgr - Credit Risk Management 02 6720886
Issam Abugisseisa Legal Advisor 02-6791642
Abu Dhabi Main, Sh. Hamdan Street 02 6721900
Noora Ebrahim Manager -Sales & Services 02 6780423
Souk Branch 02 6269500
Al Masaood Building - Khalifa Street, Abu Dhabi
Nasser Rashed Al Ali Manager 02 6275087
Al Ain 03 7655133
Mohd. Sultan Al-Darmaki Bldg., 1st Floor, Old Passport Office Road.
Hussain Marzouqul Manager 03 7656482
Dubai 04 2220151
Arbift Tower, Baniyas Street, Deira
Adel Mohd. Khalfan Manager 04 2282071
Al Bagh
Sharjah King Faisal Street 06 5744888
Arab Banking Corporation
Abu Dhabi Office 02 6447666
Office, 10th Floor, Abu Dhabi Trade Centre, Abu Dhabi Mall
P.O.Box 6689, Abu Dhabi Fax 02 6444429
Mohamed El Calamawy Chief Representative
Arab Emirates Investment Bank PJSC
Head Office: Cairo Egypt Tel: 04 3937773
Regional Office: Dubai Fax: 04 3937774
ART Tower, Al Mina Road, Opposite Maritime City, Bur Dubai
P.O Box 1049 Dubai
SWIFT: ARAIAEAD
E-mail: aaibdxb@eim.ae
Web: www.aaib.com
Management-UAE
Hemant Jethwani General Manager
Alaa Sobhy Head of Syndication and Asset Trade
Mahendran Raman Head of Operations and Liabilities
Fax: 02 6216009
Arab Monetary Fund Bldg., Corniche
P.O Box 928, Abu Dhabi
BLOM Bank France SA
Al Maktoum Street, Deira Dubai, P.O. Box 4370 Fax 04 2236260
email: info@blomfrance.ae
www: www.blombank.ae
Bassem Ariss Regional Manager 04 2222355
Samir Hobeika Branch Manager 04 2214648
Michel Germanof Manager Corporate Credit UAE 04 2242067
Mohammad M Ansari Treasurer 04 2224812
Sharjah
Fax 06 5736080
Mokhtar Kassem Branch Manager
BANKING AND BUSINESS REVIEW July-August 2009 51

Bank Muscat
Dubai Representative Office Mr. Saravana kumar
Dubai Creek Tower, Baniyas Road, Deira Tel 04 2222267
P.O. Box 29969, Dubai Fax 04 2210115
Lawrence P. Monteiro Chief Representative
BBK BSC
Dubai-Representative Office 04 2210560
Dubai Creek Tower Office 18A, Baniyas Road, Deira
PO Box 31115 Tel 04 2210560 / 70
Fax 04 2210260
Website www.bbkonline.com
History: Established on 16th March, 1971
Murad Ali Murad Chairman
Karim Bucheery CEO & GM
Sh. Rashed Al Khalifa Deputy General Manager
Dubai ReP-Office: CK Jaidev D. Guha Senior Manager (Operations) 06 5686232
Head of Representative Office
Rajiv Kapoor Relationship Manager & Loan Syndications Wafa
Al-Alwan Relationship Manager & Loan Syndications Representative office Tel 02 6263008
Bank of Baroda
Dubai
Zonal Office: Sheikh Rashid Bldg.
Ali Bin Abu Talib Street, Bur Dubai,
P.O.Box 3162, Dubai Tel: 04 3531628
E-mail: cc.gcc@bankofbaroda-uae.ae Fax: 04 3530839
UAE Website: www.bankofbarodauae.ae
History: Established in 1908, July 20
Nationalized on July 19, 1969
Senior Management & Personnel – Baroda Corporate Centre, Mumbai, India.
Dr. A.K. Khandelwal Chairman & Managing Director
Mr. V. Santhanavanam Executive Director
Mr. S.C. Gupta Executive Director
Zonal Office, Dubai:
Ashok K. Gupta Chief Executive,
(GCC operations) 04 3538093
L.J. Asthana Senior Manager (Credit) 04 3531628
J.K.Jais Senior Manager (Inspection) 04 3531628
P.M. Bondarde Senior Manager (Credit) 04 3531628
Sujeet Bhale Senior Manager (Syndication) 04 3531628
Rajesh Jain Senior Manager (Internal Auditor) 04 3531517
Abu Dhabi:
Al Halami Centre, Sheikh Hamdan Street 02 6330244/ 6322000
K. Venkateshwarlu Chief Manager 02 6344302
K.Shridhar Senior Manager (Credit)
R.G. Shanker Senior Manager (Operations)
Al Ain:
Clock Tower, Round about, Planning Street 03 7519880
Sarabjeet Singh Senior Branch Manager 03 7659554
Vijay Kumar Goel Senior Manager (Operations)
Dubai: Sheikh Rashid Bldg.Ali Bin Abu Talib Street,
52 BANKING AND BUSINESS REVIEW July-August 2009
Bur Dubai, 04 3531955
Vinod Malhotra Asst. General Manager 04 3534516
Shekhar Tripathi Senior Manager (Operations) 04 3530166
M.K. Patel Senior Manager (Credit) 04 3534080
Beena Desai Manager (India Desk) 04 3537586
Retail banking Shoppe, Dubai
04 3534390
Mr Ketan Dave 04 3540041
Mr Vinay Rathi 04 3540340
Deira
Kuwaiti Bldg., Al Rigga, Baniyas Street, Deira 042287949
Rajiv K. Garg Chief Manager 04 2286516
Yuvraj Singh Senior Manager (Operations) 04 2286216
P.K. Gambhir Senior Manager (Credit) 04 2292181
R.K. Madaan Manager 04 2292181
Ras Al Khaimah:
Al Qasimi Bldg, Oman Street, Al Nakheel 07 2229293
P.K.Bhargav Senior Branch Manager 07 2229293
Sharjah
Al Mina Road 06 5684231/ 5686232
M.S. Chouhan Asst. General Manager 06 5683273
D. Pathania Senior Manager (Credit) 06 5684231
Bank of New York
Suite 402, The Blue Tower, Sh. Khalifa Bin Zayed Street Fax 02 6263308
P.O.Box 727, Abu Dhabi
Hani Kablawi Managing Director
Bank of Sharjah
Sharjah
Head Office – Al Hosn Avenue Tel 06 5694411
P.O. Box 1394, Sharjah Fax 06 5694422
E-mail: bankshj@emirates.net.ae
History: Established on 22nd December 1973 with Banque Paribas, Paris
Ahmed Abdulla Al Noman Chairman
Varouj Nerguizian General Manager
Mario Tohme Deputy General Manager
Fadi Ghosn Deputy General Manager
Ali Burheimah Commercial Manager
Mohammed Asghar Senior Operations Manager
Fares Saade Senior Manager
Michel Germanos Risk Manager
Jayakumar Menon Finance Manager
Berj Tossounian Credit Manager - Sharjah
Wahide Assaad    IT Manager
Jihad Aoun    Investment Manager
Samer Hamed    Audit & Control Manager
Abu Dhabi Tel 02 6795555
Al Mina Street, P.O.Box 27391 Fax 02 6795843
Ramzi Saba Senior Manager
Mazen El Attar Operations Manager- Abu Dhab
Anni Barsoum Credit Manager - Abu Dhabi
Dubai Tel 04 2827278
Al Gharoud Street, PO Box 27141 Fax 04 2827270
Nadim Melki Senior Manager
Toufic Youakim Credit Manager - Dubai
Fadi Haddad Operations Manager - Dubai
Al Ain 03 7517171
Khalifa Street, PO Box 84287 Fax 03 75170770
George Dib Branch Manager
Rida Higazi Deputy Branch Manager

Bank Saderat Iran
Dubai Tel 04-6035555
Regional Office, Al Maktoum Street, P.O. Box 4182 Fax 04 2229951
Dr.Hamid Borhani                 Regional Manager
Abdul Reza Shabahangi         Assistant Regional Manager
Mohammad Yousefi Peyhani       Assistant Regional Manager
Majid Tavasoli                            H.R. & Organization Dept. Manager
Gholamreza Joulaie               Credit Facility Dept. Manager
Rahim Erfan Moghaddam        Account Dept. Manager
Mehran Arzhang                        Letter of Credit Dept. Manager                Al Maidan Tower, Al Maktoum St. Tel 04 2222291
Majid Mirnasiri                          Recovery Dept. Manager
Hamdi Reza Khalajzadeh         Dealing Dept. Manager
Hojatollah Malek Mohammadi    IT Dept. Manager
Mansoor Sedaghat Motlagh        Service Dept. Manager
 Mohsen Hossein Hosseinpour   Manager of Al Maktoum Branch
Gholamreza Ebadi Fard          Manager of Murshid Bazar
Branch
Saeed Mirzaian Tafti         Manager of Sheikh Zayed Rd. Branch
Ferdos Zolfagharian            Manager of Bur Dubai Branch
Seifollah Farzan Mehr      Manager of Sharjah Branch
Jalil Vosooghi                            Manager of Ajman  Branch
Ali Abasteh                       Manager of Abu Dhabi Branch
Peyman Sabri                 Manager of Al Ain Branch
Banque Du Caire
Abu Dhabi Regional Head Office (02) 6225880
P.O. Box 533, Abu Dhabi Telefax 02-6225881
History: Established on 8th May, 1952 On July 1, 1960 the Amman Branch became
independent under the title of Cairo Amman Bank. In July, 1961 the Bank was na-
tionalized. On November 2, 1962 the Lebanese branches were absorbed by Banque
Misr-Liban S.A.L On October 1, 1979 fo3rmer branches in Saudi Arabia have been
saudized and a new bank was formed under the name of Saudi Cairo Bank.
Mohamed kamal Al Deen Barakat Chairman                   
 Ahmad Sherif Rehab Regional Manager   BNP Paribas
Abu Dhabi - UAE PO Box 533 Tel:        02-6272525
Abu Dhabi Branch  Mohamad Kamal Farid (Acting Manager) Tel:         02-6273000
Dubai Branch    Labib Abdul Ghaffar Tel:         04-2715175
Sharjah Branch      Tareq Hafez Tel:         06-5739379
Ras Al Khaima      Mohamad Abdul Ghani (Acting Manager) Tel:         07-2332245
Al Ain                          Abdul Hamid  Saeed Tel:         03-7511104
Barclays Bank PLC
Dubai Tel: 04 3626888
Emaar Business Park, Building No. 4, Sheikh Zayed Road Fax: 04 3663133
P.O. Box: 1891, Dubai
Website www.barclays.com
Saleem Sheikh Regional Managing Director, Middle East & North
Africa
Mark Petchell Group Country Managing Director
Amin Habib Director - Corporate Banking
Faizen Mitha Regional Treasurer
Farrukh Zain Head of Trade Sales
Florence Goodman Head of Corporate Afffairs & Public Relations
David Inglesfield Location Manager - International & Premier Bank-
ing
Callum Watts-Reham Director, Market Manager, Gulf - Barclays Private
Clients
Barclays Capital
Dubai International Financial Centre, Level 9,
West Wing, The Gate Building, Sheikh Zayed Road, Dubai
Nicholas Hegarthy Managing Director, Head of Middle East & North
Africa
BLC Bank (France) S.A.
Head Office
17-19 Avenue Montaigne Tel 33 1 56 52 11 00
75008 Paris, France Fax 33 1 56 52 11 11
Mr. Andre Tyan General Manager
Regional Office Dubai
P.O. Box 4207, Dubai Fax 04 2283935
E-mail: blcdxbrm@emirates.net.ae
Melhem Dagher Administration & Operations Manager
Dubai
Al Maidan Tower, Al Maktoum St. Tel 04 2222291
P.O. Box 4207, Dubai Fax 04 2279861
Hamze Abdul Sater Branch Manager
Abu Dhabi
Mohd. Joan Al Badi Bldg., Hamdan St. Tel 02 6220055
P.O. Box 3771 Fax 02 6222055
Ghassan Haddad Acting Regional Manager
Samir Rached Acting Branch Manager
Sharjah
Al Salam Bldg., Al Mina St. Tel 06 5724561
P.O. Box 854 Fax 06 5727843
Victor Khoriaty Branch Manager
Ras-Al-Khaimah
Sheikh Ahmad Bin Saker Al Quasimi Bldg., Al Montaser St. Tel 07 2286222
P.O. Box 771 Fax 07 2275067
Abd El Hajj Branch Manager
Abd Ahmad Al Hajj Branch Manager
Abu Dhabi Tel 02 6130400
Khalifa Street, P.O. Box, 2742, Abu Dhabi Fax 02 6268638
Marc Checri General Manager
Central Bank of the U.A.E
Abu Dhabi Tel 02 6652220/6915555
Head Office, Al Bateen Area, Bainoona Street Fax 02 6668483/6668621
P.O.Box: 854, Abu Dhabi, www.cbuae.gov.ae
E-mail: sultan_rashid@cbuae.gov.ae
Swift: CBAU AE AA
Reuters dealing code: CBEM
History Established in 1980 as a central bank of the United Arab Emirates by a
federal
decree. Central bank took over the activity of the United Arab Emirates currency
board
which was established in 1973.
Management & Personnel
H.E. Sultan Bin Nasser Al-Suwaidi Governor
H.E. Mohd. Ali Bin Zayed Al Falasi Deputy Governor
Board of Directors
H.E. Mohd. Eid M. Jasim Al-Meraikhi Chairman
H.E. Jumaa Al-Majid Vice Chairman
BANKING AND BUSINESS REVIEW July-August 2009 53

H.E. Sultan Bin Nasser Al-Suwaidi Governor
Members
Ali Al-Sayed Abdulla, Jamal Nasser Lootah,
Khalifa Nasser Bin Huwaileel, Saeed Rashid Al Yateem Al Muhairy
Executive Directors
Saeed Abdulla Al Hamiz Executive Director-Banking Supervision & Exami-
nation Dept.
Rashid Mohamed Al Fandi Executive Director - Banking Operations Dept.
Saif Hadef Al Shamesi Executive Director - Treasury Department
Salem Ahmed Al-Hammadi Executive Director - Research & Statistics Department
Abdulla Hamad Al-Zaabi Executive Director - Internal Audit Department
Jamal Ebrahim Al Mutawaa Executive Director - Administration Department
Economic Advisors
Abed Alla Osama Malki, Mohammed Zeitouni Bechri
Portfolio Managers
Mohammed Abdulla Mohammed, Brian Gardner
Anti-Money Laundering & Suspicious Cases Unit
Abdul Rahim Mohamed Al Awadi Asst. Executive Director
General Secretariat & Legal Affairs Division
Salem Said Al Kubaisi Senior Manager
Financial Control Department
Hassan Ibrahim Al Hamar Senior Manager
Personnel Division
Ali Ghurair Al Romaithi Senior Manager
Correspondent Banking Division
Sultan Rashed Al-Sakeb Senior Manager
Public Relations Division
Abdul Raheem Abdullah Manager
Information Technology Division/ UAE Switch Division
Khalifa Al Dhaheri Senior Manager
Dubai Tel: 04 3939777
P.O. Box 448 Fax: 04 3937802
Omar Al Qaizi Manager-in-Charge
Sharjah Tel: 06 5592592
Old Airport Road, Opp. Immigration Bldg., P.O. Box 645, Sharjah Fax: 06 5593977
Zakaria Abdul Aziz Al Suwaidi Senior Manager
Ras Al Khaimah Tel: 07 2284444
Al Nakheel, Oman Street, P.O. Box 5000 Fax: 07 2284646
Salem Jasem Al Baker Asst. Executive Director
Fujairah Tel: 09 2224040
P.O. Box 768, Fujairah Fax: 09 2226805
Ali Mubarak Saeed Abbad Senior Manager Zainab Nour Aldin Employee Relations Manager 04 2126 442
Al Ain Tel: 03 656656
Ali Ibn Abee Taleb Street, Oud Al Touba Fax: 03 664777
P.O. Box 1414
Ajlan Ahmed Al Qubaisi Asst. Executive Director Faris Saddi Chief information Officer 04 2060700
Citibank N.A (UAE Branches)
Date of Establishment 1964
Nationality USA
Legal Status Mohammed Ishaq RAK  Branch Manager (AL Manar Mall) 07 2274777
54 BANKING AND BUSINESS REVIEW July-August 2009
Commercial Banking Services (F)
Regional Head Office Oud Metha Towers
P.O Box 749, Dubai – UAE
Tel: 04- 3245000
Telex: 023 6738736
Cable: CITIBAEM
Swift: CITIAEAD
Reuters: N/A
Email: karim.seifeddine@citi.com
Website: www.citibank.ae
Auditors: KPMG
Domestic Branches:
Al Wasl Road Branch (Main Branch) Tel: 04 3245000
Oud Metha Road, P.O Box 749
Dubai Branch (Next to Burjuman) Tel:
Abu Dhabi Branch Tel: 02 6982206
Al Salam Street, Next to Lulu Center Fax: 02 6726381
P.O Box 999, Abu Dhabi
Sharjah Branch Tel: 06 5072101
Beside Sharjah Emigration, Fax: 06 5723378
Opposite Civil Court. Sharjah
Al Ain Branch Tel: 03 7641090
Sh. Zayed Street Fax: 03 7663887
Broad of Directors: N/A
General Management:
Mohammed E. Al- Shroogi, MD for the Middle East and Chief Executive Officer, UAE
Sanjoy Sen, Country Business Manager Global Consumer Group - U.A.E
Mohammed Azab, Chief Officer, UAE Offices, Citi Private Bank
Clearstream Banking
Dubai Tel 04 3310644
City Tower 2, Sheikh Zayed Road Fax 04 3316973
Website: www.clearstream.com
Robert Tabet Vice President Middle East & North Africa
Commercial Bank International
Dubai Tel 04 2275265
Head Office
Dubai  Al Riqqa Street Deira , P.O  Box 4449                       Tel : 04  2275265  
Website : www.cbiuae.com Fax : 04 2279038
 
Hamad Al Mutawaa Chairman  
H.E. Humaid Al Qatami Deputy Chairman  
Abdulla Rashid Omran Managing Director and Board Member 04  2242104
Mohammed Saadeh Head of GBG 04 2126500
Abdulla Amer Jasem Head of HR & Admin 04 2126466
Hesham Abdulla Head of Branches & Services 04 6020615
Ahmed Mustafa Tahoun Head of Internal Audit &
compliance Division 04  2126603
Ramanthan Murgappan Senior Manpower planning &
Recruitment Manager 04 2126444
Yousef Haddad Planning & Development Manager 04 2126190
Bashir Haji Mohd Chief Dealer 04 2126214
A.D.Abooty Head Of Operations & Finance 04 2126291
K.E Mammoo Accounts Manager 04 2126215
Yousef Al Marshoudi Dubai Branch Manager 04-2275265
Tariq Selaij Bur Dubai Manager 04-3559577
Ameena Bin Kaali Sheikh Zayed Branch Manager 04 3405555
Ahmed Al Junaibi Abu Dhabi Branch Manager 02-6913111
Abdulla Ali Almadhani Al Ain Branch Manager 03 7669994
Ahmed Darwish RAK  Branch Manager (Nakhel Branch) 07 2227555

Alyia Al Mulla Sharjah Branch Manager 06 512100 Mr. Abdul Wahed Al Rostamani Director
Ahmed Bin Masood Mr. Abdul Rehman Saif Al Ghurair Director
Fujairah Branch Manager 09 2011777 Mr. Saeed Mohd Al Mulla Director
Dubai Main Branch (Al Riqqa Street)
Yousef Al Marshaudi Branch manager 04 2126101
Bur Dubai
Tariq Sulaij Branch manager 04 3555511
Sheikh Zayed Road
Ameena Mhd. Bin Kaadi Branch manager 04 3405555
Abu Dhabi Mr. Ahmed Shaheen General Manager, Credit Group
Ahmed Sulaim Al Junaibi Branch Manager 02 6264400
AL AIN
Abdulla Ali Branch manager 03 7669994
Ras Al Khaimah
Khaled Al Mannai Branch Manager (Manar Mall) 07 2274777
Ahmed Yousef A. Darwish Branch Manager (Nakeel Branch) 07 2227555
Sharjah
Aliya Al Mulla Branch manager 06 5687666
Commercial Bank of Dubai
Main Branch , Al Ittihad Street, Port Saeed, Dubai
Ibrahim Salama Branch Manager 04 212 1000
Dubai Branch, Mankhool Street, Dubai
Amer Al Shamali Branch Manager 04 352 3355
AL Maktoum Branch, Abu Baker Al Siddique Street
Ahmed Al Aboodi Branch Manager 04 268 3555
Deira Branch, Baniyas Street
Mohammad Al-Sayed Al-Hashemi Branch Manager 04 225 3222
Baniyas Square Branch, Al Maktoum Hospital Street
Mohd. Al Lawati Branch Manager 04 228 9000
Jebel Ali Branch, Jebel Ali Free Zone
Mohammed Abdulla Mardood Branch Manager 04 881 8882
Jumeirah Branch, Jumeirah Beach Road
Areffa Al Hashimi Branch Manager 04 344 1438
Sheikh Zayed Road Branch, Ghaya Towers, Sheikh Zayed Road
Maher Marzouqi Branch Manager 04 334 777
Al Garhoud Branch, Al Haj Saleh Bin Lahej Building,
Al Garhoud Street-Deira
Ali Salman Branch Manager 04 282 6444
Al Qusais Branch ,Al Nahda Street
Abdullah Lootah Branch Manager 04 261 5000
Souq Al Wasl Branch, Souq Al Wasl Street
Taher Mohammed Branch Manager 04 227 6111
Al Aweer Branch, Central Fruit and Vegetable Market, Al Aweer
Ibrahim Al Ramsi Branch Manager 04 320 1222
Naturalization and Residence , Administration – Dubai Branch
Adel Abdul Aziz Branch Manager 04 398 5000
Mr. Jamal Saleh Assistant General Manager, Head of Risk Management
Abu Dhabi Branch, Corniche Street
Wael Ahmed Mahfouz Branch Manager 02 626 8400
Musaffah Branch , Al Firdoos Building, Mussaffah Area M/3
Zahir M. Suaiman Branch Manager 02 555 5510
Khalidiya Branch, Khalidiya street
Sultan Ali Al Assiry Branch Manager 02 667 9929
AL Ain Branch, Al Takhtit Street, Clock Tower
Khalid Abdel Hadi Branch Manager 03 766 7800
Sharjah Branch, Immigration Road
Abdul Aziz AL Ansari Branch Manager 06 574 0666
Ajman Branch, Shk.Humaid Abdul Aziz Street
Marwan Ebrahim Mohammed Branch Manager 06 745 6668
Ras Al Khaimah Branch, Al Nakheel Area, Oman Street
Ebrahim Ahmed Al Zaabi Branch Manager 07 228 6266
Fujairah Branch , Al Gurfa Road, Near Al Mibkhar Roundabout
Abdullah Al Suwaidi Branch Manager 09 222 5111
H.E. Ahmed Humaid Al Tayer Chairman
H.E. Saeed Ahmed Ghobash Deputy Chairman
H.E. Saeed Mohd Al Ghandi Deputy Chairman
Mr. Khaled Juma Al Majid Director
Mr. Omar Abdulla Al Futtaim Director
Mr. Peter Baltussen Chief Executive
Mr. Yaqoob Yousuf Hassan Deputy Chief Executive
Mr. Ibrahim Abdulla General Manager, Administration & Finance
Mr. Mahmoud Hadi General Manager, Central Operations
Mr. Faisal Galadari General Manager, Business group
Mr. Abdul Rahim Al Nimer General Manager, Financial Services
Mr. Stephen Davies Deputy General Manager, Corporate Banking
Mr. Moukarram Att asi Deputy General Manager, Asset Management
Mr. Thomas Smith Deputy General Manager, Head of Retail
Mr. John Tuke Deputy General Manager, Treasury & ALM
Mr. V.P Bhatia Assistant General Manager, Treasury
Mr. Masood Azhar Assistant General Manager, SPD
Mr. Amir Afzal Assistant General Manager, IT
Mr. Adel Al Sammak Assistant General Manager, Corporate Banking
Mr. Kanan Iyer Assistant General Manager – Internal Audit
Mr. Clive Harrison Assistant General Manager – HR
Mr. Alan Kerr Assistant General Manager, Corporate Banking
Mr. Alan Hill Assistant General Manager, Treasury &
Investment
Coutts & Co.
Representative Office - Dubai Tel 04 2217007
Twin Towers, Baniyas Street, Deira
Fax 04 2217006
P.O. Box 42220
Sarah Deaves CEO
Sandra Shaw General Manager
Martin Bond Private Banker
Calyon Corporate & Investment Bank
(Previously Crédit Agricole Indosuez & Crédit Lyonnais)
Dubai
World Trade Centre, Level 32                            Tel:      04 3314211
P.O.Box: 9256                                                            Fax:     04 3313201
Website: www.calyon.com
Amr Alkabbani                         Regional Manager – Gulf      04 3317316
Ludovic Bernard-Maissa          Regional COO                                                           
Eric Fromaget                          Head of Private Banking         04 3321300
Sebastian Van der List            Head of Corporate Banking – UAE      04 3315836
Naeem Khan                            Trade Finance          04 3291055
Albert Mondjian                       Head of Investment Banking – MEA    04 4284803
Abu Dhabi
Al Muhairy Centre, Level 5              Tel:      02 6351100
Block C, Sheikh Zayed the First Street          Fax:     02 6344995
P.O.Box: 4725
Ghazi Abdul Fattah                  Branch Manager           02 6351991
Credit Suisse
Abu Dhabi
Dhabi Tower, 4th floor, Sheikh Hamdan Street Tel 02 6275048
P.O.Box 47060 Fax 02 6274109
Jean-Marc Suter Director
Dubai
P.O. Box 33660 04 3620000
BANKING AND BUSINESS REVIEW July-August 2009 55
The Gate bldg, 9th Floor Fax 04 3620001 Deira Main Branch 04 2959999
Dubai International Finance Centre ( DIFC), Dubai Al Souk 04 2233300
Head of Regional Office Beat Naegell Sheikh Zayed Rd 04-3437777
Nad Al Shiba 04 3907777
Bur Dubai 04 3971717
Deutsche Bank A G Jumeirah Ladies Branch 04 3429955
Al Barsha 04 3406000
Abu Dhabi Tel 02 6333122 Ajman 06 7466555
P.O.Box 52333 Fax 02 6322044 Sharjah 06 5726444
E-mail: jens.moeller@db.com Wasit Road 06 5584455
Jens Moeller Representative Al Dhaid 06 8826682
Khorfakan 09 2370080
Dubai Abu Dhabi 02 6346600
P.O. Box: 50490 Khalidiah Ladies Branch 02 6677119
Emirates Towers, Level 27b Al Salam 02 6450555
Fax 04 3199560 Bani Yas 02 5825511
Karl French Director Tel : 04 3199514 Al Ain 03 7644111
Private Wealth Management - Asia Al Ain Mall 03 7515155
Nadeem Masud Director Tel : 04 3199524 Ras Al Kheimah 07 2284888
Global Markets Fujairah 09 2221550
Harris Irfan Vice President Tel : 04 3199520
Global Equities & Derivatives
Rohit Johri Vice President Tel : 04 3199522 El Nilein Bank
Private Wealth Management - Asia
Abu Dhabi
P.O.Box 46013 Tel 02 6269995
Dresdner Bank AG Fax 02 6275551
Abdulla Mahmoud Awad Manager Tel 02 6720934
Dubai Representative Office Mohamed Osman Salih Deputy Manager 02 6761916
Burjuman Business Towers, 10th Floor, Office 1011 Murlidhar G. Ramchandani Chief Accountant & Dealer 02-6729300
Bur Dubai, P.O. Box: 25654 Tel 04 3596444 Ahmed Hillali Ahmed Head Investment Dept. & Credit 02-6729300
Fax 04 3596116
E-mail: RepDubai@Dresdner-Bank.com

Bashar A. Barakat Chief Representative Emirates Bank International

Regional Head GCC & Yemen
Dubai
Dubai Bank Main Branch, Baniyas Road, Deira
Tel 04 2256900
Main Office P.O. Box 2923, Dubai Fax 04 2267718
Sheikh Zayed Road, Near Dubai World Trade Centre Tel 04 3328989
P.O. Box 65555, Dubai Fax 04 3290071 Branches
E-mail: info@dubaibank.ae Abu Dhabi 02 6455151
Website: www.dubaibank.ae Hameed Sheikh Manager
Al Ain 03 7510055/77
History: Established in September 2002 Ghanim Al Hajeri Manager
Al Maktoum
Ziad Makkawi Chief Executive Officer Ali Malallah Manager
Al Quoz
Mohd. Abdulla Manager
Dubai Islamic Bank Baniyas Square
Sherif Al Ulama Manager
Head Office Bander Talib
Al Maktoum Street, Dubai Tel 04 2953000 Fareed Aquilli Manager
P.O. Box 1080, Dubai Fax 04 2954111 Dubai Main Branch
Website: www.alislami.co.ae Amal Al Qamzi Manager
History: Established March 12, 1975 Fujairah 09 2222114/110
Dr. Mohammed Khalfan Bin- Yousif Al Marshoudi Manager
Kharbash Chairman Internet City 04 3910840/1
Butti Khalifah Bin Darish Balakrishnan Nair Manager
Al- Falasi CEO Galleria
Saad Mohammed Abdul Razzaq Deputy CEO Farida Al Balooshi Manager
Mohd. Saeed Al Sharif Executive Vice President-Finance IBN Gardens 04 8844689
Arif Ahmed Al Koheji Executive Vice President-Investment Banking Hamdan Mohd. Abdulla Manager
Abdullah Ali Al Hamli Executive Vice President - Business Services Jebel Ali Free Zone 04 8815551
Ahmed Mohammed Fadel Legal Consultant and Board Secretary Abdul Rahman Ibrahim Manager
Karama
Branches Muna Al Falahi Manager

56 BANKING AND BUSINESS REVIEW July-August 2009

 IMB (Main Branch) P.O. Box: 6564, Al Gurg Tower 2, Riggat Al Buteen, Dubai.
BUD (Bur Dubai) P.O. Box: 6564, Khalid Bin Walid Road, Dubai.
Karama Shopping Complex DFR (Diyafa) P.O. Box: 6564, Diyafa Road, Dubai.
Nawal Al Khader Manager RIQ (Riqqa) P.O. Box: 6564, Omar Bin Al Khattab Street, Dubai.
Mankhool ADC (Abu Dhabi) P.O. Box: 46077, Sheikh Rashid Bin Saeed Al Maktoum Street, Abu Dbahi.
Abdul Rahim Abdulla Manager ROS (Ras Al-Khaima) P.O. Box: 5198, 191 Oman Street, Al Nakeel, Ras Al Khaima.
Qiyadah Fuj (Fujairah) P.O. Box: 1472, Sheikh Hamad Bin Abdulla Street, Fujairah.
Fatima Al Midfa Manager AJS (Al Ain) P.O. Box: 15095, Jawazat Street, Al Ain.
Ghusais QFS (Umm Al-Qaiwain) P.O. Box: 315, King Faisal Road, Umm Al Qaiwain.
Fatima Al Midfa Manager SBA (Sharjah) P.O. Box: 5169, Al Arooba Bank Street, Sharjah.
Ramoul
Ibrahim Hassan Manager
Finance House P.J.S.C.
Ras Al Khaimah 07 2272333
Khalifa Bin Kalban Manager
Mr. Mohammed Abdullah Jumaa Al Qubaisi Chairman
Satwa
Mohamed Bilal Manager
Mr. Abdul Hamid Umer Taylor General Manager 02 6194998
Sharjah Industrial Area 06 5345577
Mr. T.K. Raman Chief Operating Officer 02 6194889
Mohamed Al Shouq Manager
Mr. Mohammed Wassim Khayata Executive VP – Strategic Planning 02 6194445
Sharjah 06 5733300
Mr. Ramesh S. Mahalingam Chief Investments & Financial Officer 02 6194601
Mahmoud Saif Manager
Mrs. Shagufta Farid Khan Head of Internal Audit 02 6194223
Souk
Ms. Lina Abdul Hamid I. El Araj Manager – General Services 02 6194702
Samia Al Aqady Manager
Mr. Tarek Soubra Vice President – Central Operations 02 6194362
Umm Suqueim
Nazia Kalban Manager Ms. Maha Al Jamal Senior Manager – Marketing 02 6194893
Tower
Saif Al Mansoori Manager First Gulf Bank
World Trade Centre
Abdulla Sulaij Al Falasi Manager Abu Dhabi Tel 02 6816666
Najdah 02 6771919 Head Office, Sh. Zayed Second Street, Khalidiya
Butti Al Assiri Manager P.O. Box 6316, Abu Dhabi
Website: www.fbg.ae
History: Established in 1979
Emirates Industrial Bank Shareholder Equity of over AED 10 billion
Senior Management
Abu Dhabi - Head Office Tel 02 6339700 Abdulhamid Mohammed Saeed Managing Director 02 6920502
P.O. Box 2722, Abu Dhabi Fax 02 6319191/6326397 Andre’ Sayegh Chief Executive Officer 02 6920506
E-mail: indbank@emirates.net.ae Amit Wanchoo Head of Retail Banking Group
Dubai Tel 04 2211300 Arif Shaikh Chief Credit & Risk Officer
Arbift Tower, Deira P.O. Box 5454, Dubai Fax 04 2232320 George Abraham Head of Corporate Banking
E-mail: eibdubai@emirates.net.ae Gopi Krishna Madhavan Head of Human Resources
Website: www.emiratesindustrialbank.net Hana Al Rostamani Strategic Planning Head
Senior Management Personnel/Branch ManagerMohamed Abdulbaki Mohamed Karim Karoui Head of Business Planning & Financial Control
General Manager Nadeem A. Siddiqui Head of International Business
Ahmed Mohamed Bakhit Khalfan Deputy General Manager Shafiqur Rehman Adhami SR. VP, CB FI\SYN\MNC\OIL & Energy Sector
Abdullah Rashed Omran Dubai Branch Manager Zafar Habib Khan Chief Investment Officer
Khalifa Al Falasi Acting Projects Division Manager Zulfiquar Ali Sulaiman Business Support Director
Ali Ahmed Al Essa Development Services Division Manager
Nasser Haji Malek Administration Manager Habib Bank A.G. Zurich
Essa A. Bu Al Rougha Internal Audit Manager
Mohamed Moneir Makled Finance Manager Head Office: Zurich, Switzerland
Salem Abu Baker Salem Acting Loans Division Manager Zonal Office: Dubai Tel 04 2214535
Baniyas Square Deira, P.O. Box 3306
Fax 04 2284211
E-mail: hbzcad@habibbank.com
Emirates Islamic Bank Website: www.habibbank.com
History: Established in 1967
P.O. Box: 6564, 2nd & 3rd Floor, Al Gurg Tower 1 Tel: 04 3160330
Reza S. Habib Joint President
Plot 372 - Riggat Al Buteen, Deira, Dubai. Fax: 04 2272172
Arif Lakhani Chief Executive Vice President 04 2229985
www.emiratesislamicbank.ae
Asad Habib Senior EVP
Ebrahim Fayez Al Shamsi CEO 04 3160330
Afzal Memon Senior EVP
Abdulla Showaiter (General manager – corporate and investment banking)
Shariq Ali Senior EVP
Faisal Aqil General manager – retail banking
Deira Mains 04 2214535
Ahmed Fayez Alshamsi chief financial officer
Najibullah Khan Branch Manager
Syed Imran Bashir          Head of marketing and product development
Farrukh Iqbal Deputy Branch Manager
Samih Mohd Qadri Awadalla        head of branches
Corporate 04 3513777
Nasir Ahmed Khan                       head of consumer finance
Awais Hasan Branch Manager
Zahir Mulla                                head of operations
Sharjeel Vijdani Deputy Branch Manager
Al Fahidi Street 04 3534545

BANKING AND BUSINESS REVIEW July-August 2009 57

Zain Ghazali Branch Manager
Abdul Basheer Deputy Branch Manager
Jebel Ali 04 8812828
Nisar Chowdhary Branch Manager
Ifthikhar Memon Deputy Branch Manager
Sh.Zayed Branch 04 3313999
Zia Abbas Mirza Branch Manager
Kashif Aijaz Dodhy Deputy Branch Manager
Abu Dhabi Tel: 04 3904722
Sh. Hamdan 02 6346888
Imamat Naqvi Area Manager HSBC Bldg., Dubai Internet City, P.O. Box: 66, Dubai, UAE
Farhan Bakhshy Branch Manager Web: www.hsbc.ae
Al Falah 02 6422600
Syed Akhtar Hussain Branch Manager
Raid Saleem Ansari Deputy Branch Manager Youssef Nasr Chairman
Sharjah 06 5730004
Al Boorj Avenue Ken Matheson Regional Chief Operating Officer
Younus Warsi Area Manager
Kausarullah Khan Branch Manager
Habib Bank limited
Abu Dhabi Tel 02 6224688
Main Branch, Corniche Road, P.O.Box 897, Abu Dhabi Fax 02 6225620
E-mail: hbl2003m@emirates.net.ae
History: Established on August 25, 1941Nationalised on January 1, 1974 On June
1974 absorbed Habib Bank Ltd. On June 30, 1975 absorbed Standard Bank Ltd.,
Karachi
Aman Aziz Siddiqi EVP/RGM 04 3597753
Mohammad Tanvir HR. Manager 04 3592292
Fouad Farrukh GRM 04 3592214
Sh. Abdul Basit AVP/CAD Manager 04 3592539
M. Amin Usman AVP/Treasury 04 3591893
Ahmed Faraz Faruqi VP/Head ICU 04 3592517
Nadeem Zia VP/Head FINCON 04 3592292
Syed Ali Gohar VP/IT/Head 04 3592820
Abdul Shahid Khan VP/Head Cops 04 3591874
Abu Dhabi
Sh. Zayed Road, 2nd Street 602, Level 6, Building 4
Mushtaq H. Shah Service Manager 02 6344557
Abu Dhabi
Main Branch Sheikh Zayed Road
M. Saadat Cheema VP/Chief Manager 02 6224655
Al Ain 03 7642555
Abdul Jalil Al Fahim Bldg.
Adbul Hameed Khan AVP/Senior Manager 03 7642555
Dubai Regional Office
Sahibzada M. Taimur SVP/Corporate Manager 04 3596922
Sameera Mohammad Service Manager 04 3592016
Sheikh Zayed Road, Kalantar Tower
Khalid Bin Shaheen SVP/Director 04 3431421
Mahdi Hassan Business Development Manager 04 3438081
Isar-Ul-Haq Service Manager 04 3438081
Deira Branch, Creek Road
Zulfiqar Ahmad Bhatti Service Manager 04 2253292
Sharjah 06 5682552 / 5683473
Al Boorj Avenue
Assad Ali Shaikh AVP/Branch Manager 06 5695122
Dhaid & Dibba 06 8822249
Near Al Dhaid Police Station 06 8822249
Abdul Sattar Badi Service Manager 06 8822249
HDFC Bank
Representative Office: Dubai Tel 04 3966991
58 BANKING AND BUSINESS REVIEW July-August 2009
Juma Al Majid Bldg., Opp Bur Juman Centre Fax 04 3967010
P O Box 64546, Email: hdfcbank@emirates.net.ae
Faisal Saeed Cheif Representative Tel 04 3966991
HSBC Bank Middle East Ltd
Head Office: Jersey, Channel Island
Middle East Management Office, Dubai Internet City
Fax: 04 3906607
UAE Web: www.uae.hsbc.com
David Hodgkinson Director
Abu Dhabi 02 6332200/6152215
Al Ain 03 7641812
Dubai 04 3535000
Deira 04 2227161
Fujeirah 09 2222221
Jebel Ali 04 8846133
Ras Al Khaimah 07 2333544
Sharjah 06 5537222
IndusInd Bank
Dubai Representative Office Tel 04 3978803
203, Safa Commercial Bldg. Fax 04 3978805
Opp. Bur Juman Centre, P.O. Box: 111873, Dubai.
E-mail: ibldubai@indusind.ae
Pradeep Gupta Vice President & Chief Representative 04 3978804
ING Asia Private Bank Ltd
Dubai Representative Office
Tel 04 4277100
Fax 04 4257801
Burj Dubai Square
P.O Box 4296, Dubai – UAE
Suresh Nanda Managing Director & Head
Eric Lorentz Managing Director
Varun Bukshi Executive Director
Melwyn Dias Executive Director
B.R. Subramanian Director
P.G. Bhaskar Director
Ranjit Paul Director
Piyush Bhandari Director
Nitin Bhatnagar Director
Rishi Chauhan Director
Asad Dadarkar Director
Ashraf Al Yamani Director
InvestBank
Sharjah Tel 06 5694440
Al Boorj Avenue, P.O. Box 1885 Fax 06-5694442
E-mail: sharjah@invest-bank.com
Website: www.invest-bank.com
History: Established on 2nd February 1975 as Investment Bank for Trade & Finance
On July 1, 1995 name changed to Investbank.
Sami Farhat General Manager
Qasim Kazmi AGM. Operations & Treasury
Taleb Zaarour Senior Manager-ADM & Legal Dubai Customer Service Centres
Athar Anis Manager, Credit Risk Community Centre at Arabian Ranches, Dubai Tel 04 3023318
Bassam Hollmerus Chief Dealer Fax 04 3618035
Sajjad H. Holimerus Trade Finance Dubai Healthcare City (Behind Wafi City) Tel 04 3023349
Madhu Pilakazhi Financial Controller Fax 04 3624805
Ghassan Accari Personnel Manager
Vinay Gupta IT Manager Man Investments Middle East Limited
Dubai 04 3213131
Sheikh Zayed Road Representative Office Dubai Tel 04 3604999
Dubai 04 2285551 Level 5, West Wing, The Gate, Dubai Internaional Financial Centre Fax 04 3604900
Al Maktoum Street P.O. Box: 73221, Dubai
Al Ain 03 7644446 Website: www.maninvestments.com
Al Ghaba Street E-mail: ManDubai@maninvestments.com
Abu Dhabi 02 6794594 Patrik Merville Chief Executive Officer
Sh. Khalifa street Kamlesh Bhatia Deputy Chief Executive Officer
Abu Dhabi 02 5555336
Mussaffa Area
Sharjah 06 5420333
Industrial Area Mashreqbank
Dubai Tel 04 2223333
Janata Bank Head Office, Omar Bin Al Khatab Street, Deira Fax 04 2226061
P.O. Box 1250, Dubai
Abu Dhabi History: Established on 1st May, 1967 as Bank of
Obied Sayah Al-Mansuri Building Tel No 02-6331400 Oman Limited. On October 1st 1993 name was changed to MashreqBank PSC.
Electra Road, Post Box No. 2630 Fax : 02-6348749 bdullah Al Ghurair President and Chairman
Email jbadas@emirates.net.ae Abdul Aziz Al Ghurair CEO
Mr. Md. Masuduzzaman Chief Executive 02-6344543 Ali Raza Khan
Mr. Md. Chaynul Haque IT Manager/SPO 02-6340881 Head of Corporate Affairs
Mr. Md. Ramjan Bahar System Administrator/PO 02-6340881 Douglas Beckett Head of Retail Banking
Abu Dhabi Omar Bouhadiba Head of Investment and Corporate Banking
Mr. Mohamudul Hoque Manager 0 2-6344542 Nabeel Waheed Head of Treasury and Capital Markets
Dubai Nigel Morgan Head of Audit Review & Compliance
Mr. Md. Abdul Awal Manager Majid Husain Head of Financial Institutions
Mohammad Saleh Al-Gurg Building 0 4-2281442 Somnath Menon Head of Operations & Technology
Al-Borj Street, P.O. Box 3342 Kantic DasGupta Head of Risk Management
Mr. Md. Mizanur Rahman Manager Alexander Sinclair Head of Technology
Sharjah Mubashar Khokhar CEO of Badr Al Islami
Saqer Bin Rashid Al Quassim Building Ebrahim Kazi Head of Marketing and Corporate Communications
Al Suwaiheen Street, P.O. Box- 5303 0 6-5687032 Saad Hakim Events and Public Relations Manager
Mr. Md. Mizanur Rahman Manager Al Khaleej Street, Deira 04 2717771
Al Ain Branch Souq Al Kabir Branch 04 2264176
Mr. Md Shahadat Hossain Manager Hor Al Anz, Deira 04 2623100
Sk. Khalifa Bin Mohd. Al-Nahyan Building, Jumeirah Branch 04 3441600
Main Market Centre, Main Street, Jebel Ali 04 8815355
P.O. Box- 1107 0 3-7513425 Khor Branch 04 3534000
Bur Juman Centre 04 3527103
Lloyds TSB Bank plc Al Riqa, Deira 04 2229131
Al Aweer 04 3333727
Dubai Main Branch Abu Dhabi 02 6274300
Al Wasl Road, Opp. Safa Park Tel 04 3422000 Main Branch, Khalifa Street
P.O. Box: 3766, Dubai, UAE Fax 04 3422660 Musaffa 02 5555051
E-mail: information@lloydstsb.ae Zayed the 2nd Street 02 6334021
Website: www.lloydstsb.ae Al Salam Street 02 6786500
Vivek Vohra Head of Corporate Origination Al Mushrif 02 4432424
Giles Cunningham Regional Manager, UAE & Gulf States 04 3023267 Baniyas 02 5821100
Bert de Ruiter Managing Director 04 3023267 Muroor 02 4481858
Steve Williams Consumer Banking Director 04 3023267 Khalidiya 02 6665757
Jon Mortell Head of Corporate Banking 04 3023266 Al Ain 03 7667700
Suresh Jadhwani Treasury Manager 04 3023256 Al Ain Main Street
Tim Goddard Head of Operations and IT 04 3023250 Ali Ibn Abi Tailb St. 03 7669968
Derek Vaz Head of Finance and Planning 04 3023330 Ajman 06 7422440
Caroline Ridley HR Manager 04 3023270 Shk Humaid Bin Abdul Aziz Street, Near Ajman Museum
Steve Snowdon  Head of Middle Office Fujairah 09 2221100
Alex de Melo Head of Treasury Trading Sh. Hamad Street
Edson Suppo Head of Treasury Strategy & Risk Ras Al Khaimah 07 2361644
Claire Thomas Head of Human Resources King Faisal Street.

BANKING AND BUSINESS REVIEW July-August 2009 59

Al Nakheel RAK 07 2281695
Sharjah Main 06 5684366
Bank Street, Rolla
King Abdul Aziz Street 06 5730883
Dhaid 06 8822899
Main Street, Sh. Arsan Hameed Bldg., Dhaid
Dibba 09 2444230
Kalba 09 2777430
Kalba City
Khorfakkan 09 2385295
Umm Al Quwain 06 7666948
King Faisal Street, Next to New Souk
Merill Lynch International & Co.C.V
Representative Office Dubai (04) 3975555
Business Center Building, Khalid Bin Walid Street
P.O. Box 3911, Dubai
Telefax 04-3975252
Executive Director Mones Bazzy
NATIXIS
Dubai Branch Tel 04 7026777
DIFC Gate Village Fax 04 7026820
Building No. 8, 5th Floor
P.O Box 33770
Email: natixis@emirates.net.ae
Website: www.natixis.fr
Philippe Petitgas CEO
National Bank of Abu Dhabi
Head Office: Abu Dhabi 02 - 6111111
One NBAD Tower, Khalifa St., P.O. Box 4, Abu Dhabi
Telex 22266/7 MASRIP EM
History: Established in 1968
H.E. KHALIFA MOHAMED AL KINDI Chairman
H.E. DR. JAUAN SALEM AL DHAHIRI Deputy Chairman
MICHAEL H. TOMALIN Chief Executive
ABDULLA MOHAMMED SALEH ABDULRAHEEM GM & Chief Operating Officer
SAIF ALI MOHAMED MUNAKHAS AL SHEHHI GM Domestic Banking Division
QAMBER ALI AL MULLA GM International Banking Division
ABHIJIT CHOUDHURY GM & Chief Risk Officer
JOHN GARRETT GM & Chief Audit & Compliance Officer
Abu Dhabi
Main Branch 02 - 6111111
Khalidiya 02 - 6666800
Dept. of Social Services & Commercial Buildings 02 - 6346673
ADCO 02 - 6672642
ADMA 02 - 6263225
ADNOC 02 - 6669143
Abu Dhabi Municipality 02 - 6744749
NPCC 02 - 5549282 Al Falah Camp Office 06 - 5385969
ZADCO 02 - 6768821
HILTON 02 - 6812280
Abu Dhabi International Airport 02 - 5757303
Sheikh Rashed Bin Saeed Al Maktoum Road 02 - 6419800
Abu Dhabi Mall 02 - 6452200
Arabian Gulf Road 02 - 4478878
Baniyas 02 - 5831625
Bateen 02 - 6658332
Between The Two Bridges Area 02 - 5589446
Corniche 02 - 6220300
60 BANKING AND BUSINESS REVIEW July-August 2009
Dalma Island 02 - 8781240
TAMM 02 - 8945528
Das Island 02 - 8731099
Liwa 02 - 8822388
Madinat Zayed 02 - 8846146
Government Complex 02 - 8945428
Al Mirfaa 02 - 8836506
Al Ruwais 02 - 8776343
Al Muroor 02 - 4481918
Mussafah 02 - 5553357
Dept. of Social Services & Commercial Buildings (Mussafah) 02 - 5520681
Mussafah Municipality 02 - 5540300
Industrial City of Abu Dhabi 02 - 5501125
Al Salam St. 02 - 6442900
Al Shahama 02 - 5632411
New Al Shahama 02 - 5635695
Abu Dhabi Municipality-Shahama 02 - 5631385
Sweihan 03 - 7347919
Marina Mall 02 - 6816002
Al Etihad 02 - 6111111
Emirates Palace 02 - 6908900
National Exhibition Centre 02 - 4494996
Mina Road 02 - 6767665
Al Alin
Al Ain Clock Tower 03 - 7642400
Al Ain 03 - 7516900
Al Ain Cement Factory 03 - 7828060
Al Ain International Airport 03 - 7855511
Al Ain Defence 03 - 7688824
Al Sanaiya 03 - 7213222
Al Hayer 02 - 7322400
Al Ain Mall 03 - 7519900
Ajman
Ajman 06 - 7422996
Dubai
Deira 04 - 2226141
Dubai Side 04 - 3599111
Jebel Ali 04 - 8815655
Sh. Zayed Road 04 - 3433311
Al Qusais 04 - 2674176
Jumeirah 04 - 3499001
Mall of the Emirates 04 - 3413888
Fujairah
Fujairah 09 - 2222458
Dibba 09 - 2444223
Ras Al Khaimah
Al Nakheel 07 - 2281753
Ras Al Khaimah 07 - 2334333
Sharjah
Al Bourj Avenue 06 - 5695500
Sharjah 06 - 5721111
Al Dhaid 06 - 8822929
Khorfakkan 09 - 2385250
Kalba 09 - 2772112
Umm Al Quwain
Umm Al Quwain 06 - 7660033

National Bank of Bahrain
Abu Dhabi Tel 02 6335288
Khalaf Bin Ahmed Al Otaiba Building, Sh. Hamdan Street Fax 02 6333783
P.O.Box 46080
Email: nbbbr96@emirates.net.ae
Website: www.nbbonline.com
Farouk Khalaf UAE Country Manager 02 6335299
Ingersoll Ramalingam Manager Credit 02 6311248
National Bank of Dubai
Dubai Tel 04 2222111
Head Office Baniyas Street, Deira
Fax 04 2283000
P.O. Box 777
Email: contactus@nbd.co.ae
Website: www.nbd.com
History: Established in1963 as National Bank of Dubai Limited. In 1994 name was
changed to National Bank of Dubai.
R. Douglas Dowie CEO
Joyshil Mitter CFO
Alex Richardson COO
Leslic Rice CRO
Abdul Shakoor Tahlak CM - Intl.
Ghanim Bin Zaal CM - Business Development
Ali Al Najjar CM - Liability
Suvo Sarkar Head of Retail
Rajesh Thaper Head Of Corporate
Faranak Foroughi Head of TPO
Husam Al Sayad Head of HR
G. Krishnamoorthy Treasurer
Sue Evans Head of IS&T
Alan M. Smith Head of Group Audit
A. Chandran Head of BPQM
Walid El Masri Head of Corp Comm
Rashmi Malik Head of Strategy
Abdul Fattah Sharaf GM NFS
Mohamed Al Neaimi GM Aqarat
Ali Kaitoob Head of Dist. Retail
P.S. Sastry SM CEO’s Office
Hesham Qassimi Divisional Manager Corporate Banking
Abu Dhabi P.O. Box: 386 Tel : 02 6394555 Fax : 02 6346767
Ajman P.O. Box: 712 Tel : 06 7456555 Fax : 06 7456060
Ajman Archives Tel : 06 7444606 Fax : 06 7425883
Al Mizhar Tel : 04 2641221 Fax : 04 2640569
Al Ain P.O. Box: 16122 Tel : 03 7644345 Fax : 03 7668515
Burjuman Centre Tel : 04 3555222 Fax : 04 3554455
Bullion Tel : 04 2284757 Fax : 04 2289090
Convention Centre Branch Tel : 04 3320808 Fax : 04 3320908
Dubai Central Fruit & Vgtbl. Mkt Branch Al Awir Tel : 04 3333880 Fax : 04 3333870
Dubai International Airport Tel : 04 2200404 Fax : 04 2244614
Dubai International Airport Pay Office Tel : 04 2164946 Fax : 04 2244614
Dubai Internation Airport Tel : 04 2162450 Fax : 04 2244614
Dubai Internation Airport Tel : 04 2166995 Fax : 04 2244614
Dubai Internation Airport Tel : 04 2162452 Fax : 04 2244614
Dubai Internation Airport Tel : 04 2162434 Fax : 04 2244614
Dubai Internation Airport Tel : 04 2162740 Fax : 04 2244614
Dubai Media City Pay Office Tel : 04 3902007 Fax : 04 3908855
Deira City Centre Tel : 04 2951555 Fax : 04 2951525
Dubai Airline Centre Tel : 04 2952555 Fax : 04 2955655
Dubai Airport Free Zone Tel : 04 2995550 Fax : 04 2995557
Dubai Courts Tel : 04 3366702 Fax : 04 3353906
Dubai Media City Pay Office Tel : 04 3030400 Fax : 04 3908855
Emirates Tower Tel : 04 3300133 Fax : 04 3300155
Fahidi Tel : 04 3535575 Fax : 04 3535575
Emirates Tower Tel : 04 3530308 Fax : 04 3534601
Emirates Tower Tel : 04 2823400 Fax : 04 2823640
Fahidi Direct Banking Tel : 04 3532840 Fax : 04 3531443
Fujairah Branch P.O. Box: 1744 Tel : 09 2233335 Fax : 09 2233336
Hamriya Tel : 04 2663189 Fax : 04 2690103
Hatta Tel : 04 8523183 Fax : 04 8521051
Ibn Battuta Mall Branch Tel : 04 3685499 Fax : 04 3685501
Ittihad Road Tel : 04 2955600 Fax : 04 2955611
Jumeirah Branch Tel : 04 3420202 Fax : 04 3421112
Jebel Ali Tel : 04 8816087 Fax : 04 8816961
Main Office Tel : 04 2222111 Fax : 04 2283000
Maktoom Branch Tel : 04 2281141 Fax : 04 2235456
Malleq Emirates Branch Tel : 04 3410777 Fax : 04 3410707
Muhaissnah Branch Tel : 04 2544545 Fax : 04 2544646
Nadd Al Shiba Tel : 04 3363939 Fax : 04 3363788
Oud Metha Branch (Ex-Gulf Tower Branch) Tel : 04 3370222 Fax : 04 3366145
Ras Al Kaimah P.O. Box : 1932 Tel : 07 2279888 Fax : 07 2279889
Rashidiya Tel : 04 2859523 Fax : 04 2854847
Souk Madinat Jumeirah Branch Tel : 04 3686130 Fax : 04 3686195
Sh. Zayed Road (Saeed Tower) Tel : 04 3313183 Fax : 04 3310629
Sharjah P.O. Box : 21850 Tel : 06 5738888 Fax : 06 5733000
Umm Al Quwain P.O. Box : 22 Tel : 06 7656154 Fax : 06 7655151
Emirates Tower Tel : 06 7656152 Fax : 04 3300155
Umm Suqeim Tel : 04 3485222 Fax : 04 3482535
National Bank of Oman
Abu Dhabi
Bin Sagar Towers, Najda Street Tel 02 6348111 / 6323456
P.O. Box 3822 Fax 02 6325027
Ravi S. Khot Country Manager 02 6393028
Salim Al Khanjri Manager - Operations 02 6392535
Minhajuddin Niazi Manager - Consumer Banking &
Business Development 02 6326560
K.K. Gambhir Manager - Corporate Banking 02 6394922
National Bank of Umm Al Qaiwain
History: Established in 1982
24/7 Call Centre Number: 600 56 56 56
E-mail: nbuq@nbq.ae Website: www.nbq.ae
Sh. Nasser Bin Rashid Al-Moalla Managing Director
Mohamed Abdel Rahim Al Mulla General Manager
Umm Al Qaiwain Branch Tel: 06 7066666
NBQ Building, King Faisal Street Fax: 06 706 6677
P.O.Box 800, Umm Al Qaiwain
Falaj Al Mualla Branch Tel: 06 8824447
NBQ Building, Shaikh Zayed Street Fax: 06 8824445
P.O.Box 11074 Falaj Al Mualla
Dubai Branches Tel: 04 3976655
NBQ Building, Khalid Bin Al Waleed Street Fax: 04 3975382
P.O. Box 9715 Dubai 
Deira Branch Tel: 04 2651222
Opposite Dubai Police Head Quaiter Fax: 04 2651333
Al Ittihad Street, P.O. Box 8898 Deira,
Abu Dhabi Branch
Hamdan Bin Mohammed Street (# 5) Tel: 02 6775100
P.O. Box 3915 Abu Dhabi  Fax: 02 6779644
Mussafah Branch Tel: 02 5555088
P.O. Box 9770 Abu Dhabi Fax: 02 5553559
BANKING AND BUSINESS REVIEW July-August 2009 61

Al Ain Branch Tel: 03 3751300
Oud Al Touba Street Fax: 03 7513500
Al Mandoos Roundabout
P.O. Box 17888 Al Ain
Sharjah Branch Tel: 06 5742000
King Faisal Street, Fax: 06 5742200
P.O.Box 23000 Sharjah
NBQ Kiosk Fax: 06 5742200
Sharjah Mega Mall
P.O.Box 23000 Sharjah
Ajman Branches
City Center Branch Tel: 06 7436000
Ajman City Center Fax: 06 7436060
P.O.Box 4133 Ajman
Masfout Branch Tel: 04 8523377
NBQ Building Fax: 04 8523093
Main Street
P.O.Box 12550 Masfout, Ajman
Fujairah Branch Tel: 09 2232100
Fujairah Insurance Co. Building Fax: 09 2232220
Hamad Bin Abdulla Road
P.O.Box 1444 Fujairah
Ras Al Khaimah Branch Tel: 07 2366444
Corniche Al Qawasim Road Fax: 07 2364470
P.O.Box 32253
Ras Al Khaimah
Philippine National Bank
Dubai Representative Office Abu Dhabi-Tourist Club Branch Tel : 02-6448227
Room 108, Al Nakheel Bldg., Zabeel Road, Karama Tel 04 3365940
P.O. Box 52357, Dubai, UAE Fax 04 3374474
E-mail: pnbdxb@emirates.net.ae
Amroussi Tillah Rasul First Vice President & Regional Representative
Rafidain Bank
Abu Dhabi Tel 02 6335882 / 3
Al Nasser Street, Glass Bldg. Fax 6326996
P.O.Box 2727, Abu Dhabi Al Nakheel Branch Tel : 07-2281127
Salah Mahid Branch Manager
Royal Bank of Canada
Dubai Representative Office Tel 04 3313196
API World Tower, Suite 1002, Shk. Zayed Road, P.O. Box: 3614. Telefax 04 3313960
Umaima Zaman senior manager
Ashwani.k.Dewitt senior manager
Global Private Banking
Ashish Anand Chief Representative
RAK Bank
Ras Al Khaimah
Head Office, Oman Street, Al Nakheel Tel 07 2281127
P.O. Box 5300 Fax 07 2283238
E-mail: nbrakho@emirates.net.ae; www.rakbank.ae
History: Established in 1976 as The National Bank of Ras Al Khaimah. In 2003,
name was changed to RAKBANK
H.E. Sheikh Omar Bin Saqr Al Qasimi Chairman
H.E. Sheikh Salim Bin Sultan-Al-Qasimi Director
Mr. Hamad Abdulaziz Al Sagar Director
Mr. Essa Ahmed Abu Shuraija Al Neaimi Director
Mr. Majid Saif Al Ghurair Director
62 BANKING AND BUSINESS REVIEW July-August 2009
Mr. Ali Samir Al Shihabi Director
Mr. Yousuf Obaid Essa Director
Mr. Graham Honeybill General Manager
Mr. Ian Hodges Head of Personal Banking
Mr. Anil Sukhia Head of Corporate Banking
Mr. Steve O Hanlon Chief Operating Officer
Mr. Geoff Harman Head of Internal Controls
Mr. Jose Braganza Head of Credit
Mr. Malcolm D’Souza Head of Treasury
Mr. Nigel Summersall Chief Internal Auditor
Mrs. Susan Gardner Head of Human Resources
Mr. Venkat Raghavan Head of Finance
Dubai
Deira Maktoum Branch Tel : 04-2248000
Deira Souk Branch Tel : 04-2248000
Umm Hurair Branch (Bur Dubai) Tel : 04-2248000
Sultan Business Center ( Dubai Main Branch) Tel : 04-2248000
Sheikh Zayed Road Branch Tel : 04-2248000
Emaar Business Park Branch Tel : 04-2248000
Marina Diamond Branch Tel : 04-2248000
Al Quoz Branch Tel : 04-2248000
Al Qusais Branch Tel : 04-7058444
Ibn Battuta Mall Branch Tel : 04-3685890
Sharjah
Sharjah Main Branch Tel : 06-5746888
Sharjah Industrial Area Tel : 06-5132666
Kalba Branch Tel : 09-2778707
Khorafakkan Branch Tel : 09-2371900
Al Ain
Al Ain Branch Tel : 03-7644222
Abu Dhabi
Khalidiya Branch Tel : 02-6666658
Ras Al Khaimah
RAK Town Branch Tel : 07-2333744
Sha’am Branch Tel : 07-2666833
Badr Branch Tel : 07-2448822
Al Mannei Branch Tel : 04-8525999
Al Rams Branch Tel : 07-2662434
Al Dhait Branch Tel : 07-2351147
Sharjah Islamic Bank
Mohammed Abdalla Chief Executive Officer 06-5115116
Ahmed Saad ibrahim Chief Operating Officer 06-5115118
Mohammed Rizwan Chief Risk Officer 06-5115172
Saeed M Ahmed Al Amiri Head, Investment Group 06-5115000
Ossama Salah El Din Head, Retail Banking 06-5115339
G . Ramkirshinan Head of Coroprate Banking Group 06-5115111
Hussam A. Abu Aisheh SVP-Chief Internal Audit 06-5115153
Mohammed Ishaq Chief Dealer 06-5115151
Mohamed Azmeer Head of Credit Division 06-5115319
Eman Jasim Sajwani Head of Human Resources Group 06-5115170
Myron Britto Head, nformation Technology Div.-CIO 06-5115444
Sufyan Maysara Head of Shariaa Supervision Divison 06-5115213
Branches
Main Branch - Al Brooj Avenue Mohammed Yousif 06-5115121
King Faisal Street Branch Abdul Salam Al Ali 06-5746805
Ladies Branch Laila Ali Salem 06-5746807
American Unversity Branch Mohd Mousa Ali 06-5585789
Al Dhaid Branch Khalid M. Ajmani 06-8829414
Industrial Area Branch Waleed Abdul Qadir 06-5397623
Sharjah Expo Branch Jassim Al Awadi 06-5992502
Sharjah Buhaira Branch Osama Ahmed AlSalman N/A
Khorfakhan Branch Yousif M. Abdullah 09-2387490
Dibba Branch Ali Al-Abdouli 09-2442601
Kalba Branch Abdullah Bin Hikal 09-2774204 The Housing Bank for Trade & Finance
Fujairah Branch Nawal Mohamed AlMaghribi 09-2244339
Dubai Branch Mohamed Ibrahim Alghufili 04-2698322 Abu Dhabi
Sheikh Zayed Branch Maisoon Zainudin 04-3217543 P.O. Box 44768 Tel 02 6268855/6270280
Al Twar Branch Maha AlBanna 04-2638335 Fax 02 6271771
Abu Dhabi Branch Thomas P.Y. 02-6224166 Muhanad Habashneh Representative
Al Ain Branch Majid Sha’abaan 03-7513200
Union de Banques Arabes et Francaises UBAF
Shuaa Capital PSC
Dubai
Head Office Tel: 04 3303600/ 04 3199778 Creek Tower, Baniyas Road, Deira
Emirates Towers Hotel, Level 7 Fax: 04 3303550 Tel 04 2284080
P.O. Box: 31045, Dubai, UAE. P.O. Box 29885 Fax 04 2284070
Website: www.shuaacapital.com Hamed Hassouna Chief Representative GCC & Yemen
Iyad Duwaji CEO
Abeer Ayash Marketing and PR coordinator
UBS AG
Societe Generale Abu Dhabi
ADNIC Bldg., 5th Floor, Sh. Khalifa Street Tel 02 6275024
Dubai P.O.Box 3744 Fax 02 6272752
DIFC Gate Village, Bldg. 6, 4th Floor Tel.: 04 4257500 Website: www.ubs.com
Sheikh Zayed Road, Dubai Fax: 04 3653170 Roger Leitner Senior Representative
Website: www.socgen.com
Alain L. Tave Chief Regional Representative Dubai
Creek Tower, Office 17A, Baniyas Road, Deira 04 2240044
Peter Schaer Senior Representative 04 2220006
Standard Bank Plc - Dubai Branch (DIFC) DIFC
Gate Village, Bldg. No. 6, 5th Floor Tel.: 04 3657150
Dubai
Sheikh Zayed Road Fax: 04 3657191
Emirates Tower, Office-16 B Tel 04 3300011
P.O Box 506542
P.O. Box 504904 Fax 04 3300169
Per Larsson Senior Representative
Website: www.standardbank.com
Jeffrey Rhodes General Manager 04 3300164
Kate Lunjevich Head of Compliance & Operations
Union National Bank
Standard Chartered Bank Abu Dhabi Tel 02 6741600
Head Office, Salam Street, P.O.Box 3865, Abu Dhabi Fax 02 6786080
Head Office: United Kingdom
Website: www.unb.ae
Dubai Main Branch Tel 04 3520455
History: Established as a Public Joint Stock Company in 1982
Head Office: Al Fardan Building, Fax 04 3526679
Nahyan Bin Mubarak Al Nahyan Chairman
Mankhool Road, Bur Dubai
Mohammad Nasr Abdeen Chief Executive Officer
P.O. Box: 999, Dubai - United Arab Emirates
Abu Dhabi Corniche 02 632 1600
www.standardchartered.com/ae/
City Centre 02 627 3471
Phone Banking: +9714 3138888 (24 hours)
Najda 02 632 4981
Dubai Branch
Hazzaa 02 641 2288
P. O. Box 999, Al Mankool Road, Dubai , UAE 04-3599550
Khalidiya 02 635 2511
Deira Branch P. O. Box 1125, Al Nasr Square, Dubai, 04-5085300
Adgas Booth 02 627 0611
Gold Souq Branch
Musaffah 02 555 9111
P. O. Box 64555, Gold Souq, Dubai , UAE 04-2262699
Shahama 02 563 4600
Jebel Ali Branch
Baneyas 02 582 1886
P. O. Box 16920 , Jebel Ali, Dubai , UAE 04-5085200
Al Dhafra/Madinat Zayed 08 884 8484
Sharjah Branch
Al Muroor 02 444 8384
P. O. Box 5, Al Boorj Avenue, Sharjah , UAE 06-5916100
Al Ain
Hamdhan Branch
Sh. Khalifa Street 03 7644551
P. O. Box 240,Al Fardan Tower ,Abu Dhabi, UAE 02-6165600
Al Jimi 03 7626240
Istiqlal Branch
Dubai
P. O. Box 241, Istiqlal Street, Abu Dhabi UAE 02-6165400
Main Branch, Deira 04 2211188
Al Ain Branch
Al Maktoum Street 04 2232266
P. O. Box 1240, Near Clock Tower, Al Ain, UAE 03-7056800
Khalid Bin Al Waleed Road 04 3516444
Dragon Mart Branch
Al Bustan 04 2636388
P. O. Box 4166, Dragon Mart mall, Dubai, UAE 04-5085260
Jebel Ali 04 8810999
Emaar Business Park Branch
Sheikh Zayed Road/Jumeira 04 3329911
P. O. Box 103669,Building 3 ,Dubai , UAE 04-5085255
Rashidiya 04 2857686
Wealth Management Center
P.O Box 999, Jumeira Beach Road, Dubai UAE 04-5085706

BANKING AND BUSINESS REVIEW July-August 2009 63

Ajman Central - Emirates Post 06 7425552
Fujairah 09 2222747
Ras Al Khaimah 07 2286600
Sharjah 06 5686141
King Abdul Aziz 06 5746161
United Arab Bank
General Management & H.O. Tel 06 5733900
Sh. Abdulla Bin Salim Al Qassimi Building, Al Qasimia St., Sharjah Fax 06 5733906
E-Mail Address uarbae@emirates.net.ae
Website www.uab.ae
History: Established 1975
Bertrand Giraud General Manager 06 5733900
Awni Alami Dy. General Manager 06 5733900
Gibert Hie Asst. GM-Corporate & Retail 06 5733900
Arif Premdjee Asst. GM-Admin. & Finance 06 5733900
United Bank Limited
Dubai
Gargosh Bldg, Khalid Bin Waleed Street Tel 04 3552020
64 BANKING AND BUSINESS REVIEW July-August 2009
P.O. Box 1367, Dubai Fax 04 3514525
Email: ublgmuae@emirates.net.ae
Website: www.ubl.com.pk
Wajahat Husain Head of Middle East
Maruf Ahmed General Manager UAE
Wachovia Bank National Assoc.
Representative Office Dubai
The Atrium Centre, Khalid Bin Waleed Street, Bur Dubai 04 3556244
P.O. Box 53089 Fax 3557117
Head Office: USA
J.Kennedy Thompson Chairman & Chief Executive Officer
Michael P. Heavener International Division
Dubai Branch:
Chafic Haddad Vice President & Regional Manager
Carol Hampson Customer Services Representative
temp 1 3/12/09 11:19:20‭ ‬AM