march 2013 vol. 2 - no. 3 - emirates nbd...the top 10 most expensive cars in the world wouldn’t be...

News update

>> Arab Spring fund flows to UAE exceed USD8bn: UAE PM

>> Dubai’s ICD fund begins talks to refinance USD2bn loan: sources

>> Dubai’s biggest bank introduces yuan accounts

>> Nasdaq Dubai prepares for possible new SME stock market

>> Dubai approves USD1.6bn island plan with giant Ferris wheel

>> UAE assembly rejects easing of foreign ownership rules

>> MENA oil and gas deal values fell in 2012: Ernst & Young

>> Saudi private sector pays the least among GCC nations

>> Moody’s cuts Egypt, cites unrest and IMF doubt

>> Egypt, UAE, Saudi companies among top MENA dividend payers: report

Street-legal thrillers that feed your need for speed

Managing responsibly: Are you dominant or compliant?

Is Qatari real estate poised for a rebound?

>> Read more >> Read more>> Read more >> Read more >> Read more

MARCH 2013 Vol. 2 - No. 3

Markets on edge as Fed considers next steps C

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Street-legal thrillers that feed your need for speed

By Philip Weiss

Firing up the engine of a powerful car, the smell of burning rubber and the knowledge that just the elite can really afford supercars, is part of the appeal of some of the fastest cars in the world. Owning one can be a real head-turner on any road.

Everyone should own a sports car at least once in their lifetimes. For the sheer joy of driving, nothing can beat the power, precision and agility of a performance car.

Many sports cars are offered in two distinct body styles: closed-roof coupe, or open-roof convertible. Which one you go for is obviously a matter of taste, but sun-lovers should beware that vehicle security isn’t generally as good, and refinement is often compromised with a soft top.

If you are considering buying an extreme machine for the ride of your life, Paul Velasco, communications manager at Dubai Autodrome, tells us about some you can’t go wrong with.

“As technology and engineering evolves so does the speed of cars. So a list ranking these is only as fresh as the last new car. For this exercise I have listed dream cars that everyone would want – ultimately because they are supercars that only an elite few can afford. Thus highly desirable because generally consumers want what they can’t have,” said Velasco.

The three fastest street-legal cars include the Bugatti Veyron 16.4 Super Sport, priced at USD 1,700,000. It’s by far the most expensive, fastest and most powerful car in the world, said Velasco.

“The Bugatti Veyron is a demonstration of what is possible in modern engineering. With a proven top speed of 407 km/h, it looks like it will be a long time before its cost is beaten,” he said.

In second place comes the Koenigsegg CCX at a slightly lower price tag of USD 600,910. “With a difficult name to both spell and pronounce, the Swedish built Koenigsegg CCX is a 32-valve

V8 machine based on the Ford modular engine architecture. CCX is an abbreviation for Competition Coupe X, the X standing for the 10-year anniversary of the completion of the first Koenigsegg car,” said Velasco. The top speed for this one is around 400 km/h.

The Ferrari Enzo with a USD 1,000,000 price tag, is the third fastest car. Built using Formula One technology (and technologies not allowed in F1, such as active aerodynamics), a list of the top 10 most expensive cars in the world wouldn’t be complete without at least this Ferrari on the list.

The 12-cylinder supercar is named after the company’s founder, Enzo Ferrari. The top speed is around 375 km/h.

Of course, racing cars reach speeds way beyond the three cars described above, but they are not allowed on most roads around the world.

The top three Formula One cars are actually the fastest in the world and this changes from year to year as teams develop their cars.

“Of the 2012 Formula One cars the quickest were probably: Red Bull RB8, McLaren MP4-27 and the Lotus E20,” Velasco said. “Formula One cars are fast because the sport is the pinnacle of extreme automotive engineering, thus teams of highly competent tech boffins collectively compete to build the best race car they can with huge resources and state-of-the-art technology.”

The Red Bull RB8 is the fourth in a family of evolutionary designs dating back to the RB5

of 2009. The McLaren MP4-27 was a Formula One racing car designed by Vodafone McLaren Mercedes for the 2012 Formula One season. The car was driven by former World Champions Jenson Button and Lewis Hamilton.

The Lotus E20 is a Formula One racing car designed and produced by the Enstone-based Lotus F1 Team for the 2012 Formula One season. The E20 was the 20th Formula One car to be designed at Enstone since 1992, and was named in tribute to the contribution made by the facility and its personnel in their 20-year history. The car was also be the first from Enstone to carry the Lotus name, since the team ceased using the Renault name following their renaming from Lotus Renault GP at the end of 2011.

To make the most of your new sports car, it may pay to brush up on your driving skills. No driver is perfect, and you never stop learning.

Many sports car owners also choose to participate in track days in their own cars at organized events on a circuit, like the Autodrome.

“I don’t have a favorite, firstly because they are too expensive and out of my league and finally because personally I have learnt to not desire anything I cannot have and thus avoid disappointment, and in the case of supercars: heartache,” Velasco said.© Zawya

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SUCCESS SECRETS

Managing responsiblyThe “dominance” to “compliance” range

By Jude Hardy

For most parents, responsibility is something they try to drill in to their children from birth. While this might work when they’re very young, reaching teenage means that many have to start all over again in disciplining wayward offspring.

When their children grow, finish their education, get jobs of their own and move into the workplace, does this responsibility therefore transfer?

Education is one of the main factors for determining levels of responsibility, according to Panos Manolopoulos, managing partner, Stanton Chase (Dubai and Doha).

“The first thing anyone will tell you – certainly starting from the bottom to the top [of an organization] – [responsibility] starts with someone having good academic, formal qualifications. This helps him/her have a

structured way of thinking,” he said.

Other key skills for managers include: “technical knowledge to be able to manage things, a little bit of financial, a little bit of accounting knowledge, and a little bit [of knowledge about the] decision-making process, plus a little bit of planning,” he said.

However, as managers move towards higher levels of management, a key factor becomes experience, “within or outside of the organization”, Manolopoulos said.

“And the experience does not necessarily have to be experience in the sector; it will be to do with overall managerial experience,” he said.

Managers should have good acumen and a good understanding of what the correct processes are, or directions to be taken. This is not something that can be taught, but comes with experience.

The manager in charge of both small and large groups of people has to give team members some kind of responsibility themselves, and also should designate some kind of autonomy. Team members should have the opportunity to take part in decision-making, “but at the same time they should be monitored, to give team members the opportunity to have certainty in what they are doing and also to be fair,” he said.

Overall, a good manager should have:

• Experience

• Good qualifications

• Gut feelings

• Knowledge of decision-making processes

So if these are the essential traits of good managers, then how should they handle responsibility in the workplace? We’ve all probably heard – or even had experience – of a manager who’s balked at bad news and has shuffled the responsibility of a bad business decision onto lesser team members; spreading the blame around.

“One of the basic qualities of a good manager is assuming responsibility,” Manolopoulos said. “In sport, when you’re a coach, trainer or leader of a team when they lose, the ultimate responsibility – whether it’s correct or not – lies with the coach. Likewise in business, the manager should assume responsibility, because even if it was someone else’s fault, there should have been some preventing action, or it should have been monitored by the manager,” he said.

However, this is what should happen in theory. In practice, we all have our defense mechanisms.

“Sometimes, instead of assuming responsibility, we try to roll the responsibility on to inferiors. This is not a characteristic of a good manager. It should only happen in rare circumstances when it’s evident that something happened with bad intentions.”

So does this ability to take responsibility for your own – and others’ – actions come with training? Not necessarily. While training is an important element, and continuous lifelong

training and learning is essential for keeping up with trends, it’s not actually the most important thing to have.

“We have seen managers from around the world that were good managers because they had very good acumen of the business and the people. They were good at handling people, managing people, leading people and inspiring people, but they didn’t have extensive qualifications and training. The training was minimal and they might not have even had a formal degree,” he said. Therefore, the person with the highest academic background is not necessarily the best manager by default.

“Managers are good when they know to assume responsibility, to regret when they say it’s my mistake and when also they are ready to resign, even if it was not their direct responsibility.”

Areas of assessment – managers who handle responsibility well:

• Dominance

• Influence

• Steadiness

• Compliance

• Motivation

• Drivers for development

• Transmission of information to others.© Zawya



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MARKETS UPDATE

Markets on edge as Fed considers next steps

After embarking on a strong rally at the start of the year, global markets climbed a wall of worry in late February after minutes from the US Federal Reserve’s last meeting suggested the central bank might slow or end the third round of its quantitative easing program.

Last October, the Fed had pledged to continue its expansionary monetary policy until the US labor market improves. Global markets had rallied on the back of the Fed’s commitment, with the S&P 500 and Dow Jones Industrial Average hitting five-year highs.

However, the new revelations saw the S&P 500 retreat from a high of 1,500 points, while the Dow Jones climbed down from its 14,000-point peak. Oil, gold and other commodities tumbled and the US dollar rose against most currencies as investors lost their risk appetite.

New economic data from the United States and Europe also did not improve the traders’ moods, fueling concern that markets had run ahead of economic fundamentals and were ripe for a correction.

Lost in the latest fracas were efforts by G20 nations to ensure that a ‘currency war’ does not break out. On February 16, the world’s largest economies pledged to refrain from competitive devaluations and focus on growth rather than currency manipulation.

“Monetary policy should be directed toward domestic price stability and continuing to support economic recovery according to the respective mandates,” a G20 communique stated. “We commit to monitor and minimize the negative spillovers on other countries of policies implemented for domestic purposes.”

Japan has been actively engaged in devaluing its currency and the yen has lost 20% of its value against the US dollar as policymakers purse an aggressive monetary policy to revive the economy.

Regional markets have largely shrugged off global concerns for now but may pause if worries persist and crude prices continue to trend lower.

For now, a combination of foreign investor interest and domestic economic strength is fuelling Gulf markets this year. Saudi Arabia’s Tadawul recently crossed the 7,000-level and investors are waiting to see whether it remains above that threshold.

The Dubai Financial Market Index reached the psychologically significant 1,900 points for the first time since November 2009, on positive corporate results and a renewed business confidence.

All the Gulf markets are comfortably in positive territory for the year, with Dubai rising 18.5% and Abu Dhabi nearly 15%. Kuwait has also rallied this year with an 8% increase year-to-date after a prolonged slump in the previous year.

Euro

The euro fell to a six-week low against the US dollar, as new economic data from the continent continued to show weakness. The euro declined to USD 1.3166 against the greenback, its lowest since January 10. The US dollar also gained against other currencies including the yen.

Gold

Gold has fallen for five consecutive months and hit a seven-month low of USD 1,538 per ounce on February 20, as investors dumped

the yellow metal on signs that the US Federal Reserve may unwind its monetary easing policies. The metal has been under pressure for some time and has been unable to find a fresh catalyst to extend its decade-long rally. Gold has fallen around 6.5% year-to-date.

Oil

Brent crude saw its largest decline this year on February 20 as uncertainty surrounding the Fed’s next move reverberated across global markets. Brent crude traded at USD 115.31 per barrel on February 21, after reaching nearly USD 119 just a week ago. Reports that Saudi Arabia might raise oil output also added to crude’s weakness. Oil is up nearly 2% year-to-date, and remains comfortably above OPEC’s preferred price of USD 100 per barrel.© Zawya


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Is Qatari real estate poised for a rebound?Qatar’s real estate sector has lagged the rest of the economy but there are signs that the property market is poised for a rebound.

The International Monetary Fund expects Qatar’s economy to rise 5.2% in 2013, after stellar double-digit growth in previous years.

Natural gas drove much of the growth over the past decade as Qatar emerged as the world’s third largest producer of natural gas and the largest exporter of liquefied natural gas.

But as natural gas production plateaus, the government is focused on diversifying the economy and investing in the non-hydrocarbons sector.

“As emphasized in the National Development Strategy (NDS) 2011–16, total investments are expected to average 27% of GDP per year during 2012–17, predominantly in the non-hydrocarbon sectors, compared to 31% of GDP per year during the previous five years,” the IMF reported.

Such investments are expected to create financing and investment opportunities for the private sector and have positive spillover effects on the domestic economy, the fund noted.

In addition, Qatar’s successful bid to host the 2022 FIFA World Cup has led to a fresh impetus in the construction and real estate sector. The authorities are hoping the new

momentum and investments will absorb excess housing stock that has been an overhang on the sector.

Like other Gulf states, Qatar embarked on a massive real estate development spree prior to the global financial crisis, which led to an oversupply of residential and office space.

But there are signs that activity is picking up.

“The Qatar market has displayed stability throughout 2012, with the total number of transactions increasing to 7,052 in 2012, an increase of approximately 20%,” noted real estate consultancy Asteco in a recent report on the country’s property market. “The total value of transactions has increased 35% in the same period.”

Data from the Qatar Statistics Authority shows the country’s population rose 7.5% in 2012, mostly due to the influx of expatriate labor. Since 2008, the population has risen nearly 18% as the country’s economy expands.

However, the rising population may not absorb all the existing stock of housing units, as there is an oversupply of high-end units, but an

acute shortage of affordable housing.

“Satisfying the expected growing demand from a growing expatriate population will ensure that the low-to middle-end segment of the real estate market does not overheat, and will also keep the high-end segment in check,” the IMF notes.

In the office space, rents have remained largely static during the last six months of 2012 as new supply continues to keep rates in check.

Vacancy rates have hit 25% in the main West Bay Central Business District area, compared to 14% a year ago.

“There is a significant amount of space in the pipeline for delivery in 2013 and 2014 and at present it is anticipated that new space will be added faster than current absorption levels, which will add further pressure on rents,” said Asteco.

But the banking sector is also being careful in lending to the real estate sector. A quarter of the banks’ credit is exposed to the property market, and the Qatar Central Bank will no doubt be mindful of overexposure to the sector.

“Overall credit to real estate seems to have temporarily stabilized in 2012, but in case there are signs of a renewed pick-up of real estate credit, the QCB agreed to contain it through the use of macro-prudential tools,” said the IMF.© Zawya

REALTY CHECK


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Location 1 BR 2 BR 3 BR

Al Sadd 5,125 6,500 7,625

Bin Mahmoud 4,250 5,875 7,500

Al Muntazah 3,625 5,375 6,625

Najma 3,625 5,125 6,500

West Bay/Dafna 7,500 10,000 13,500

Al Maamoura 4,500 5,750 6,625

Bin Omran 4,500 5,750 6,625

Old Airport 4,750 6,625 6,750

Pearl-Qatar 9,750 13,000 16,250

Average apartment rental rates (QAR/m)

Source: Asteco


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USD strength enters a testing phase

The US dollar continues to trade near historic highs as investors hedge against the possibility of the US Federal Reserve scaling back its quantitative easing program. The dollar’s gains are at the cost of the euro, whose weakness against the greenback as well as the yen reflects the disappointing Eurozone economic data and political uncertainty in Italy.

Minutes of the Federal Reserve’s last meeting, released on February 20, and comments from the central bank’s two top officials the next day showed growing internal debate about scaling back its bond-buying program.

Concerns that the Fed may stop providing a flood of cash to banks have boosted the dollar, at the expense of many other assets, ranging from the euro and other risk currencies to stocks and commodities. However, the dollar’s bull run was tamed to an extent in the past week as traders looked for a clear demand for the greenback itself, not demand derived from its counterparts’ weaknesses.

However, last week’s comments from Fed chairman Ben Bernanke seem to have put some of the concerns to rest. Testifying before the Senate, Bernanke continued to support the QE measures. He stated that “in the current economic environment, the benefits of asset purchases, and of policy accommodation more generally, are clear”.

Concerning the costs of the QE program, Bernanke said that the Fed does not “see the potential costs of the increased risk-taking in some financial markets as outweighing the benefits of promoting a stronger economic recovery and more-rapid job creation”. He did not mention the chance of reducing monetary easing.

Euro pares gains

Across the ocean, business activity indexes dealt a blow to hopes that the Eurozone might emerge from recession soon, showing the downturn across the region’s businesses unexpectedly worsened in February. An inconclusive outcome to Italy’s election has further damped the single currency.

The euro pared session gains against the dollar on Wednesday after Italy’s borrowing costs rose at a bond auction, the FT reported. The debt sale was widely seen as a test of market appetite in the wake of political uncertainty following the Italian elections.

“Talk about bad timing – a bond auction two days after the close of the polls of one of the most uncertain elections in Italy’s history,” Kathleen Brooks, research director at Forex.com, wrote in a note. The government managed to sell the full allocation of bonds it had targeted (EUR 6.5 billion), but the yield Rome had to pay was higher. The average yield on the 10-year bond was 4.83%, much higher than the 4.2% it paid at a similar auction in January. Five-year yields were also higher.

Analysts said the weakness in the euro might be contained given that the US Fed was continuing with its monetary easing program, which has a weakening effect on the dollar.

Pressure on pound

There was selling pressure on the GBP late into last week, but nothing like the momentum from past weeks. However, the British currency seems to have reacted well to what could have been a heavy blow: the Moody’s downgrade of the UK’s AAA rating. Traders believe that while the downgrade does matter, it has already been priced into the currency’s recent performance.

The pound fell against the dollar on Wednesday as figures confirmed that the UK economy contracted by 0.3% in the fourth quarter of last year from the previous quarter, though annualized growth was revised upwards from no growth to 0.3%. The impact was short-lived, however, and sterling was later flat at USD 1.5130. This could be due to the fact that the data for Q4 was fairly dismal with further

declines for gross fixed investment and imports and exports. Exports continue to decline at a faster pace than imports, further putting the UK’s great economic rebalancing further off course.

“Adding to the dismal news, employee wages only rose 0.1% over the quarter, although pay rises don’t usually come into effect until the start of the year. GBP didn’t let the bad Q4 news get in the way of a nice recovery, and it continues to test 1.5150 short-term resistance,” Brooks said.

The Japanese yen was stronger as investors waited for the Japanese government to confirm the appointment of a new Bank of Japan governor, with the choice seen as crucial for the future path of monetary policy in Japan.

Increasing stabilization of financial market conditions in Europe together with less fiscal-related tension in US markets and ongoing signs of economic recovery in China have contributed to a moderation in risk aversion globally, according to a ScotiaBank research note.

“Intensified activism by major central banks through large asset-purchase programs in the US and Japan remains a key factor driving capital flows in global currency markets,” it said. “Currency war rhetoric has increased materially, though there has yet to be a unified voice. Meanwhile, the flight to triple-A rated assets, a key development in 2012, is in the process of being unwound.”.© Zawya

CURRENCY CORNER


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NEWS UPDATES

Arab Spring fund flows to UAE exceed USD8bn: UAE PMAbout AED 30 billion (USD 8.2 billion) of funds have flowed into the United Arab Emirates over the past two years from countries hit by the Arab Spring uprisings, the UAE’s prime minister said.

“We received 30 billion dirhams from the Arab Spring...plus/minus,” said His Highness Sheikh Mohammed bin Rashid al-Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in answer to a question by a member of the public at an open forum of government officials. – Reuters

Full story:

Dubai’s ICD fund begins talks to refinance USD2bn loan: sourcesInvestment Corporation of Dubai (ICD) has begun talks with banks over a USD 2 billion loan it is scheduled to repay in August, with refinancing the most likely option, four banking sources told Reuters. The loan is the second tranche of a USD 6 billion facility that the sovereign fund raised just as Lehman Brothers’ collapse sent the global economy into freefall in September 2008. The first USD 4 billion was repaid in 2011.

ICD is Dubai’s flagship investment vehicle, holding stakes in some of the emirate’s best-known companies, including Emirates airline, Emirates NBD bank and Emaar Properties. – Reuters

Full story:

Dubai’s biggest bank introduces yuan accountsEmirates NBD, Dubai’s largest bank, has started offering yuan accounts in a sign of rapidly growing trade and investment ties between China and the Gulf.

The accounts will help smaller China-affiliated firms trade with the United Arab Emirates and cut their currency risks, the bank said. Investors in yuan assets can also use the accounts, it said. – Reuters

Full story:

Nasdaq Dubai prepares for possible new SME stock marketThe Nasdaq Dubai is preparing to open a potential new market for listings of small and medium-sized businesses based in the Middle East and beyond, it said.

The Nasdaq Dubai, an exchange regulated by the Dubai Financial Services Authority and majority-owned by the Dubai Financial Market, has formed an advisory group to make the preparations, it said in an emailed statement. The advisory group has already discussed ideas for regulation and attracting issuers for IPOs and other listings, it said. – Zawya Dow Jones

Full story:

Dubai approves USD1.6bn island plan with giant Ferris wheelDubai gave the go-ahead to plans for a new USD 1.6 billion island project featuring the world’s largest Ferris wheel at its centre, as the emirate resumes constructing extravagant projects reminiscent of its boom years.

The emirate is already home to lavish property landmarks such as manmade islands in the shape of palms and the world’s tallest tower, projects which were built using high amounts of leverage and which triggered its 2009 credit crisis. – Reuters

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UAE assembly rejects easing of foreign ownership rulesA government body in the United Arab Emirates has rejected draft legislation that would have eased tight controls on foreign ownership of companies, with members citing security fears and threats to local businesses.

The Federal National Council (FNC), a partly elected body with a mainly consultative role, is reviewing the draft of a new companies law that would update legislation dating back to 1984. At present, foreign firms can, generally, only operate in the UAE outside so-called “free zones” by partnering with a local entity in which they can only hold minority stakes. – Reuters

Full story:

MENA oil and gas deal values fell in 2012: Ernst & YoungThe average value of oil and gas merger and acquisition deals fell last year in the Middle East and North Africa, an Ernst & Young report says.

While the number of deals grew 14% compared to 2011, the average size decreased to USD 2.8 billion from USD 3.6 billion in 2011, according to the report. The trend was the opposite globally. – Zawya Dow Jones

Full story:

Saudi private sector pays the least among GCC nationsA study conducted by the World Bank in conjunction with the Saudi planning ministry showed that Saudis are the least paid in the private sector in the GCC and EU countries. The average salary of Saudis is SAR 6,400 per month while the GCC national average is SAR 15,200.

Abdul Aziz Al-Owaishiq, minister plenipotentiary to the Gulf Cooperation Council and head of International Economic Relations at the council, admitted that Saudis are the least paid among the GCC countries and that Saudi Arabia has the highest unemployment rate which stood at 12.2% in 2012. –Arab News

Full story:

Moody’s cuts Egypt, cites unrest and IMF doubtRatings agency Moody’s cut Egypt’s credit rating citing doubts about its ability to secure International Monetary Fund support and the economic impact of a new round of political unrest.

The rating agency also cited a further weakening in Egypt’s external payments position given a large drop in foreign exchange reserves in January as the country battles to stave off a currency crisis. – Reuters

Full story:

Egypt, UAE, Saudi companies among top MENA dividend payers: reportEgypt’s Eastern Tobacco and Egyptian Kuwait Holding Co. top a list of the Middle East and North Africa’s best dividend-payers, VTB Capital said in a report.

Commercial Bank of Dubai, Dubai Islamic Bank, Samba Financial Group and Abu Dhabi Commercial Bank were also among the top 10 companies on the list, which ranked companies according to size, historical dividend payments, balance-sheet strength and dividend growth. – Zawya Dow Jones

Full story:

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© Zawya

NEWS UPDATES


http://www.zawya.com/story/TR20121014nL5E8LE0WJ2


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