UAEs Financial Markets to remain closed on Thursday

The Financial Markets in the country will remain closed on Thursday on account of "Al-Mawlid Al-Nabawi", Prophet Mohammed (PBUH) Birthday, the Emirates Securities and Commodities Authority (ESCA) announced today. Work in these markets will resume on Sunday Feb. 20th.

On this occasion, ESCA has extended congratulation and blessings to President His Highness Sheikh Khalifa bin Zayed Al Nahyan, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai and Their Highnesses, the Supreme Council Members and Rulers of the Emirates.

 

Misys Completes The Acquisition Of Sophis Creating The No.1 Capital Markets Solution Provider

Misys plc (FTSE: MSY.L), the global application software and services company, today announces the completion of its acquisition of Sophis.

The acquisition, which was approved by Misys shareholders on 11 February 2011, has brought together two of the leading software and services providers in capital markets, resulting in a combined business that has the most comprehensive cross-asset and front to back-office coverage available in the market today.

Sophis solutions are used by financial institutions on both the sell-side and the buy-side. Its buy-side solutions will help accelerate Misys’ penetration into this lucrative market. Its sell-side solutions, particularly around the equities, equity derivatives and commodities areas, are complementary to Misys’ existing strong solutions in interest rate derivatives, foreign exchange and fixed income, as well as its commercial lending capabilities.

The two businesses now have more than 1,800 dedicated domain specialists with an unrivalled knowledge and expertise covering all asset classes across all functional areas, including trading, investment decision support, portfolio management, risk management, compliance, pricing and collateral management.

Mike Lawrie, CEO of Misys, is delighted with the additional strengths the acquisition brings to the company: “This really catapults us into the No.1 position in the market. Misys and Sophis clients will both benefit from this acquisition: Misys customers will be able to take advantage of the more advanced functionality around equities, equity derivatives, portfolio management and portfolio analytics from Sophis. Whereas, Sophis clients will have access to greater interest rate and credit derivatives, bonds and foreign exchange capabilities from Misys solutions. With the great news that Sophis is now part of the Misys business, I am confident that we can now drive even more value for our customers and shareholders.” 
 
"Systems that enable traders, investment managers and risk managers to price and manage any instrument, regardless of complexity or asset class, encourage innovation in the capital markets, as well as increase transparency," states Stephen Bruel, Research Director, TowerGroup a Corporate Executive Board company. "The ability to manage cross-asset portfolio strategies, combined with comprehensive risk management from the front to the back office on one integrated platform will keep institutions ahead of their competitors. Having a single vendor offering this broad coverage potentially reduces risk for financial institutions.”

Sophis solutions now have greater exposure to non-European markets, in particular the fast-growing Asian and Latin American markets, through Misys’ international footprint and its existing sales and services infrastructure in these regions. Additionally, the combined solution portfolio and broader capital markets expertise will provide new customers with a wider choice of cross-asset coverage.

Sophis, which becomes Misys Sophis, a business unit of Misys, has approximately 130 financial institutions in its customer base. Among its 80 buy-side customers are organisations such as UBS Global Asset Management, Groupama Asset Management, Fidelity International and Dexia Asset Management. Its 50 sell-side customers include Barclays, HSBC, Natixis and Royal Bank of Canada.

Misys now has over 500 customers benefiting from its broad range of capital markets solutions and generates more than 60% of its revenue from the combined capital markets businesses. Misys is a new force in buy-side systems with 13 of the top 20 asset managers and has added 22 new customers in 2010.
 

Arabian Reach Announces Closing Of Nominations For Emerging Markets Airports Awards 2011

Arabian Reach, the Dubai-based company specialising in exhibitions and events management across the region, has announced culmination of nominations for the second edition of Emerging Markets Airports (EMA) Awards to be held on June 1, 2011 in Dubai. The company revealed that a total of 91,115 nominations have been filed for the awards, which now enter the voting stage.

The prestigious awards comprise 24 categories for the awards, including: Best Emerging Market Personality of the Year; Best Emerging Market Women in Corporate Aviation; Best Emerging Market Cargo Airport; Best Emerging Market Ground Handler; Best Emerging Market Duty Free; Best Communications Service Provider; Best Airport Management Company; Best Airport in the Middle East; Best Airport Free Zone; Best Emerging Market Airport Fuel Provider; Best Airport Equipment Manufacturer; Best Airport Security Service Provider; among others.

The EMA awards were instituted to recognise and honour excellence in the aviation and airport industry from the emerging markets by surveying the most diverse and discerning group of professionals involved in the airports, aviation, aerospace and cargo & logistics industry. The winners would be recognised based on the values of the endorsement by these professionals.

Nominees for Best Emerging Market Airport Personality of the Year are: H.E Khalifa Al Mazrouei, Chairman and Managing Director of Abu Dhabi Airports Company; Dr Khalid Al Mazrouei, CEO, Fujairah International Airport; Tahir Abdulah, Director, Sulimania Airport in Iraq; and Dr Ghanem Al Hajri, Director General, Sharjah International Airport.

Anitha Mehra, Vice President, Corporate Communication, Dubai Airports; Monhala Halala, Director, Airports Company of South Africa; and Talar Faiq, Director, Erbil International Airport, were nominated for Best Emerging Market Women in Corporate Aviation. Nominations for Best Airport in the Middle East are Sharjah and Abu Dhabi International Airports in UAE; Queen Alia International Airport in Jordan; King Fahd International Airport in Saudi Arabia; and Bahrain International Airport in Bahrain.

Abu Dhabi and Fujairah International Airports were among the nominees for the Best Emerging Market Cargo Airport, while Dnata Travel Services; Abu Dhabi Airport Services; Bahrain Airport Services; and NAS Kuwait were among those nominated for Best Emerging Market Ground Handler.

As for the Best Emerging Market Duty Free category, ASK Group from Iraq and Dubai and Abu Dhabi Duty Free were among the nominees. Shell, Abu Dhabi National Oil Company (ADNOC), Air BP, EPPCO Aviation and Total Aviation were among nominated companies for Best Emerging Market Fuel Provider.

Raj Menon, General Manager, Arabian Reach, said: “We are delighted to reveal nominations for the EMA awards after receiving an overwhelming response from a great number of companies and individuals working in the aviation and airport sector. We encourage corporate institutions to vote for the best company or personality by simply visiting the website http://arabianreach.com/emaa/vote_now.aspx.”

“Carrying forward the momentum of the highly successful inaugural edition, the second edition is certain to be a bigger success story. The award ceremony itself will once again offer an informal setting for airport industry peers and key industry personnel and decision makers from around the world to engage in fruitful discussions to address challenges and explore new opportunities,” he added.

EMA awards 2011 is expected to witness participation from more than 700 dignitaries from the airports and aviation fraternity, comprising more than 100 CEOs of airports from the emerging markets of Middle East, Africa, the Indian subcontinent, Russia and CIS countries.
 

flydubai Jets Into Four New Markets Airline Also Announces Second Saudi Arabian Destination

flydubai, Dubai’s first low cost airline, has touched down in four new destinations in a fortnight, just days before it announced its 29th destination – Yanbu in Saudi Arabia.

The latest route network expansion began with Yerevan, the capital of Armenia on 21 November. This was followed two days later with Abha, also in Saudi Arabia, then Sulaimaniyah in Iraq on 24 November. The fortnight of inaugural flights was completed on 30 November when flydubai flight FZ731 arrived in the Turkmen capital Ashgabat.

flydubai CEO, Ghaith Al Ghaith, said: “It has been a busy few weeks for us, with the start of flights to four new cities, and now the announcement of another destination. These four services perfectly illustrate what flydubai is all about; opening up new markets for passengers in Dubai, while also offering affordable travel to the UAE for people around the region.”

Twenty eight operational destinations

The inaugural flight to Ashgabat was greeted by the UAE Ambassador to Turkmenistan, Hassan Abdullah Al Adhb, who said after landing: “It is my pleasure to welcome flydubai’s flight to Ashgabat. Much like flydubai, Turkmenistan is a country that is growing at a rapid pace, and the addition of this new flight link is set to benefit both nations by encouraging business and trade between the two nations. I would like to extend my thanks and appreciation to the government of Turkmenistan for their support and encouragement in making flydubai’s new service to Ashgabat a reality.”

The twice weekly flights open up a new destination for travellers looking for both business and leisure providing numerous tourist and cultural attractions as well as opportunities for entrepreneurs in this young city.

flydubai’s daily service to Abha, meanwhile, marked another milestone for the low cost airline as it now serves the entire GCC network. Located in the south west of Saudi Arabia where it is the capital of Asir Province, the city is known for its more temperate climate.

As a growing tourist destination, there is much to see in Abha, including the Al Habala village. Located almost 2,000 metres above sea level and featuring traditional Saudi houses built into the mountainside from mud and stone, the area is only accessible by cable car.

But there was no time to rest between initial flights for as soon as the Saudi service got off the ground, flydubai expanded operations in neighbouring Iraq with the introduction of a twice-weekly service to Sulaimaniyah.

Sulaimaniyah is one of Iraq’s largest cities, but much younger than its neighbours such as flydubai’s other destination, Erbil. Nestled in the mountains and surrounded by fertile agricultural lands, the city is regarded as Kurdistan’s cultural centre, including being home to Iraq’s second largest museum behind Baghdad’s National Museum.

Rounding off the new routes is the Armenian capital Yerevan, which began flights on Sunday 21 November. Yerevan is one of the oldest inhabited cities in the world, with a strong history and much culture to offer, as well as being a stunningly picturesque city set against the backdrop of Mount Ararat.

In addition to being a historic city, Yerevan also boasts modern development, much of which has flourished recently boosted by a construction boom.

“As you can see, our four new routes offer very different options for UAE travellers. Each city has a unique appeal and we hope people will take advantage of these flights to discover new destinations,” said Al Ghiath.

flydubai’s second Saudi Arabian destination

Saudi Arabia is quickly becoming an important market for flydubai after it announced a six times weekly service to Yanbu will begin on 7 January 2011.

Situated on the Red Sea coast to the north of Jeddah, Yanbu – flydubai’s 29th destination – will be the first of many additional routes next year. Yanbu, which is an industrial city, functions as a prominent port in the Kingdom.

Al Ghaith said: “As an important neighbour of the UAE and with many ties between the two nations, our second route to Saudi Arabia is another milestone for flydubai.

“As a key business destination in the region, frequent flights to the Kingdom will help foster business connections and as such we foresee a lot of travellers coming to the UAE to conduct business and vice-versa.

“To add another route so soon after beginning flights to four new destinations, further demonstrates the phenomenal growth of flydubai,” Al Ghaith added.

Flight information

Flights to Ashgabat operate twice weekly from Dubai. Flight FZ731 departs Dubai on Tuesdays at 0810hrs touching down in Turkmenistan at 1140hrs local time. Return flight FZ732 leaves on Tuesdays at 1225hrs, reaching Dubai Terminal 2 at 1400hrs. FZ731 leaves Dubai on Fridays at 1150hrs, landing in Ashgabat at 1520hrs. FZ732 departs Ashgabat on Fridays at 1605hrs and lands in Dubai at 1740hrs local time. Flights to Ashgabat start at AED1,025. Flights from Ashgabat to Dubai start at USD285.

Flights to Yerevan operate two times a week, increasing to thrice weekly from December 15. Flight FZ715 departs Dubai at 1010hrs, arriving in the Armenian capital at 1335hrs local time on Sundays and Wednesdays (a Friday service will begin on 15 December). The return service FZ716 leaves Yerevan at 1420hrs and touches down in Dubai at 1725hrs local time on Sunday and Wednesday, plus Friday from 15 December. Prices from Dubai to Yerevan start at AED 590 and a one way flight from Yerevan begins at USD 190.

Flights from Dubai to Abha are offered daily. On Mondays, Wednesdays, Fridays and Sundays, flight FZ813 departs Dubai at 1145hrs, arriving in Abha at 1340 local time. The return flight FZ814 takes off for Dubai Terminal 2 at 1440hrs, landing in Dubai at 1815hrs UAE time. Flights to Abha begin at AED450 per person, including one piece of hand luggage weighing 7kg. Flights from Abha to Dubai start at SAR475, with a 7kg piece of hand luggage included.

The service to Sulaimaniyah flies twice a week, with flight FZ205 departing Dubai at 2215hrs on Wednesday and Friday and landing in Iraq at 0025hrs local time on Thursday and Saturday respectively. Service FZ206 from Sulaimaniyah to Dubai leaves at 0110hrs and arrives at Dubai International Airport Terminal 2 at 0440hrs local time on Thursday and Saturday. A one way flight from Dubai begins at AED 1225. Flights from Sulaimaniyah to Dubai start at USD 315 one way.

Flights will leave Dubai at 1115hrs and arrive in Yanbu at 1325hrs local time. The return flight leaves Yanbu at 1410hrs and arrives in Dubai at 1810hrs local time. Prices from Dubai to Yanbu start at AED 460 and a one way flight from Yanbu to Dubai begins at SAR 520.

Flights are available for purchase from the website (www.flydubai.com), call centre (+9714 301 0800) and travel partners. Flights for Yanbu can also be purchased from the airline’s local agent in the city on +966 4 3252555 or +9664 3250095.

Capital Markets 2010 Conference Concludes With Healthy Outlook For Region’s Growth In Post-Crisis Era

MEED today announced the 20th edition of the Middle East Capital Markets Conference concluded with experts projecting a positive outlook on the region’s growth in relation to global economic trends and state of the equity markets. Dr. Jarmo Kotilaine, Chief Economist at NCB Capital, confirmed the International Monetary Fund (IMF) increased its forecast for the global economic growth to 4.8% in 2010 from its April estimate of 4.2%, noting that growth will be uneven.

Titled ‘Rebuilding Growth’, the two-day event that opened on 25 October in Abu Dhabi witnessed a diverse slate of speakers offering their insights and guidance into the future of the industry and highlighting the resilience of regional economies. Saudi Arabia’s economy is forecasted to have grown 3.7% in 2010 while the UAE is set to record positive growth in the past 12 months. The discussions threw light on the measures the region has already implemented to grow its capital markets and forecasts for future reconstruction.

Edmund O’Sullivan, Chairman, MEED Events, said: “The outcome of this year’s conference has been significant. Based on the perspectives shared by the various spokespersons, we believe the region is well on track to a robust recovery from the shocks of 2008.

“As in the past editions, the conference this year has provided a unique setting for participants to gather informally, forge business ties, hear groundbreaking ideas and obtain new and innovative overviews from a unique group of thought leaders.”

The panel discussions ranged from the future of capital markets to the rebuilding of investor confidence globally. Speakers also exchanged perspectives on the need to rebalance regulatory change and governance enhancements, as well as the re-establishing and strengthening of the regional IPO stage.

Jeff Singer, Chief Executive of NASDAQ Dubai, highlighted the GCC countries’ ability to take steps to improve on their stock exchanges and attract more international investors. His recommendations included allowing short selling, which enables investors to make money when share prices drop. Singer added that merging liquidity pools, as NASDAQ Dubai and the Dubai Financial Market did in July, could prove a step in the right direction.

Salah Al Fulaij, Chief Executive of NBK Capital, tackled the situation of capital markets with a focus on the diminished number of private equity players in the region as they stand today and pointed out that ‘even those are going more towards SME-sized companies very quietly’. He highlighted the fact that the commitment once seen, does not exist anymore, with less than US$3billion available for deployment compared to the initial US$7billion figure.

On the other hand, Andrew Charlesworth, Head of Capital Markets at Jones Lang LaSalle MENA, discussed the overall state of the real estate sector with regards to current lending trends. He specified that in the next five years the real estate sector will move from the ‘Build-Sale’ to a ‘Build-Hold model’.

Some of the other industry leaders who shared their insights at the conference included Beshr Bakheet, Chairman and Chief Executive Officer at Bakheet Investment Group, Andrew Dell, Head of DCM Global Capital Financing at HSBC, and Rick Dallas, Managing Director at Gulf Capital.

Since 1991, MEED’s Middle East Capital Markets conference has brought together bankers, government officials, regulators, exchanges, the corporate sector and investors to discuss the most important issues facing the region’s markets and forge long-lasting, beneficial business relationships. In 2009, more than 80 professionals gathered for the event that focused on the role of the market in restoring balance sheets for a return to growth.

 

Global Economy Needs To Move To An Architecture Of Networked Financial Markets, Says Dr. Nasser Saidi

The global economy needs to design and move to an architecture of networked financial markets, which will create a more stable and sustainable ‘spider-web’ model instead of the ‘hub-and-spoke’ model that has so far dominated the world financial system and led to the creation of systemic risk, according to Dr. Nasser Saidi, Chief Economist of the DIFC Authority.

Speaking at the plenary debate of the MENASA Forum focused on the topic ‘MENASA Capital Markets Going Forward’, Dr. Saidi said: “In 1976, the world’s economic centre of gravity was at a point between London and New York. However, in the 30 years since then, that centre of gravity has moved away towards the East and is now located somewhere between Dubai and Shanghai.”

Dr. Saidi said the global economic crisis will contribute to eradicating the hub-and-spoke model centred on London and New York and provide the impetus for a transition to a polycentric, ‘spider web’ model. “In a spider web model, instead of a small number of financial centres intermediating and reallocating the entire world’s savings, there will be numerous international financial centres –including the prominent examples of Dubai-Mumbai and Shanghai- across the globe that have the capital market depth and regulatory sophistication to absorb excess capital from their own regions and elsewhere. Such a model will prevent the enormous accumulation of savings in just one or two financial centres. The GCC countries need to invest in financial services capacity in order to locally manage and control their rapidly growing financial wealth. This is happening in DIFC,” he added.

He further said that the world’s new economic geography is reflected in the evolution of capital markets across the world. While the United States accounted for 46 % of global capital markets in 1999, its share dropped to 28 % in 2009. In comparison, Emerging Markets increased their share of global capital markets from 8 % in 1999 to 32 % in 2009 while the BRIC (Brazil, Russia, India and China) economies increased their share from 2 % in 1999 to 19 % in 2009. Meanwhile, the GCC increased its share from 0.3 % to 1.2 % in the same period.

Dr. Saidi also emphasised the vital need to develop local currency debt markets in the GCC region. “Well functioning debt markets will help reduce dependence on bank finance at a time when the banking sector is in a process of de-leveraging as well as provide governments with an alternative source of funding to smooth out volatile revenues will diminish macroeconomic and financial vulnerability from energy price fluctuations,” he said.

Other participants in the plenary debate focused on MENASA Capital Markets included Ivor Dunbar, Co-Head of Global Capital Markets, Deutsche Bank and Sameer Al Ansari, CEO of Shuaa Capital. All the speakers emphasised the importance of further developing the region’s market infrastructure in order to promote capital market growth.

Talking about IPOs in the GCC region, Sameer Al Ansari announced that an IPO led by Shuaa Capital will be floated in Abu Dhabi soon. In order to attract more institutional investors who drive capital markets, it is critical to improve regulatory frameworks and other aspects of the market infrastructure that will raise standards of transparency and corporate governance, he said.

Hosted by DIFC, the MENASA Forum is focused on discussing the critical opportunities and challenges confronting the Middle East, North Africa and South Asia (MENASA) region over the next decade. Under the theme of ’Finance for the Next Decade of Growth’, the MENASA Forum features over 250 members of the regional and international banking and financial services industry, regulators and senior business executives. The event is being held in association with Abraaj Capital and Deutsche Bank and supported by Barclays, Goldman Sachs and Shuaa Capital. Being held from 23 to 24 May, 2010, the Forum presents a mix of interviews, debates and keynote addresses featuring financial leaders, experts and investors.

The MENASA Forum commenced yesterday with a welcome dinner that featured a high-level keynote address by HH Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Dubai Supreme Fiscal Committee. This was followed by a keynote dialogue with Arif Masood Naqvi, Founder and Group CEO, Abraaj Capital, and Juergen Fitschen, Member of the Management Board, Head of Regional Management Worldwide and CEO, Germany, Deutsche Bank.
 

Info2cell.Com To Create New Niche Markets With 3.5G-Enabled Services As UAE’s Mobile Subscription Rate Hits 235 Per Cent

Info2cell.com, the leading mobile application service provider in the Middle East, has announced that it is expanding its portfolio of mobile services to enable subscribers to take advantage of significant advancements in the UAE’s mobile phone sector, particularly the arrival of 3.5G technology that delivers unprecedented broadband services to mobile users. The new range of offerings is expected to help develop new niche markets and boost Info2cell.com’s client base, in tune with the dramatic increase in mobile subscription in the UAE, which is expected to reach 235 per cent by end of 2009 and 251 per cent by 2010.

Info2cell.com pointed out that industry experts are particularly bullish about the long-term prospects of the 3.5G technology, expecting 3.5G mobile handsets to account for up to half of all global handset sales by 2013, an exceptional increase from just 7 per cent in 2008. Info2cell.com further revealed that it has tailored its new range of services and mobile solutions to correspond to the new demands of subscribers, delivering a more satisfying experience when video streaming, receiving TV signals, playing music or sending large files through their mobile phones or PDAs.

Bashar Dahabra, Founder and CEO of Info2cell.com said: "The advent of 3.5G technology has totally changed the direction of the mobile sector. We are now able to deliver increased voice capacity and higher speed data rates, giving mobile subscribers greater control and a much better range of choices. Info2cell.com has developed and enhanced our broad selection of services to complement the transformation of the mobile sector into a much more ubiquitous and significant lifestyle tool, particularly in the UAE, which in 2008 alone was estimated to have nearly 10 million mobile subscribers."

Info2cell.com has been a leading provider of mobile applications and content in the highly competitive MENA markets, managing more than half a million subscribers and accommodating up to 100 mobile requests per second. The content provider uses advanced mobile messaging technology to offer a wide range of services such as the new News Alerts via SMS or MMS, the advanced Mobile Value-Added services, personalized information services such as Alwan, GPRS, GSM, Edge services and the interactive mobile services for TV channels.