Retailers Bask In Impressive Footfall Figures Positive Outlook At Retailer Annual General Meeting

Mall of the Emirates, a landmark development within the MAF Properties portfolio and Dubai’s ultimate leisure, entertainment and shopping resort, recently hosted its Retailers Annual General Meeting (RAGM) in front of a near capacity crowd of retailers. Here, Mall of the Emirates Vice President Fuad Mansoor Sharaf provided retailers with an overview of 2010, in addition to the mall’s 2011 strategic plans.

A priority for any international mall is to intrinsically understand the changing needs of its customers. With this, Mall of the Emirates unveiled its extensive research to retailers gathered from the previous year. It was confirmed that research findings, such as the increase in traffic from Russian and Far Eastern tourists, lead to the proposal of more luxury fashion offerings, and thus lead to the development of the long-anticipated Fashion Dome. And, since September 2010 when the Fashion Dome opened it has become an influential factor when fashion-savvy residents and tourists alike visit the mall.

With the Fashion Dome now bringing the mall’s luxury offering to more than 60 stores, which includes internationally-recognized brands such as Christian Louboutin, Gucci, Cartier and Boutique 1, the compelling family leisure offerings with Magic Planet, a 14-screen multiplex cinema, Ski Dubai five star hotels as Kempinski Hotel and The Pullman Dubai Hotel it is no surprise Mall of the Emirates finished the year with a total footfall in excess of 31 million.

To mark the mall’s success for 2010, and as acknowledgment for all of the retailers’ hard work and efforts throughout the year, 14 awards based on sales performance, operational compliance and standards of customer service concluded the presentation.

Fashion honours went to Tommy Hilfiger & Salvatore Ferragamo who were named Best Large Fashion Store & Best Small Fashion Store whilst Centrepoint and Zara won for Best Anchor Store and Best Flagship Store respectively. Other winners were Yateem Optician, United Pharmacy, Paul Café, Jumbo Electronics, Samsonite, Tod’s & Rolex in various categories.

Closing out the ceremony with a Customer Choice Award was Carrefour and Retailer of the Year Award top honours going to Home Centre.
 

Prominent Figures In Economic Development Set To Address Dubai Economic Outlook 2011 Seminar

Top government officials and leaders from key industry sectors will present their outlook on the economic prospects of Dubai and on the emirate’s dynamic interface with the global economy at the one-day ‘Dubai Economic Outlook 2011’ seminar organised by the Department of Economic Development (DED) in Dubai on March 30, 2011.

His Highness Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Dubai Economic Sector Committee, President of Dubai Civil Aviation and the Chairman and CEO of Emirates Group, will be the guest of honour at the seminar, which will be held at the Emirates Towers Hotel. His Excellency Ahmed Humaid Al Tayer, Governor, Dubai International Financial Centre, will deliver the keynote address.

“The seminar reinforces two key factors in the development of Dubai economy – informed decision-making both in the private and public sector, and public-private partnership. The objective is to shed light on the economic opportunities offered by Dubai currently and in the future, and to further mobilise public and private sector capabilities to make the best use of these opportunities,” said His Excellency Mr. Sami Al Qamzi, Director General, DED.

The seminar, which is organised as part of DED’s commitment to an effective and transparent dialogue within and between the public and private sectors, aims to provide strategic insights and first-hand information on the growth prospects in the emirate and to build positive pro-growth synergies between the public and private sectors.

The speakers will provide an overview of Dubai’s macroeconomic trends and expected growth as well their assessments of the prospects of key sectors such as logistics, retail, transport, real estate, trade, business services, tourism and finance.

The seminar sessions include "Macro Outlook 2011", “Dubai and the World", and “Sector Outlooks" before concluding with the speakers’ assessment of the “Key Drivers of Growth in 2011".

Their Excellencies Saeed Mohammed Al Tayer, CEO, Dubai Electricity and Water Authority; Marwan Bin Ghalitha, Chief Executive Officer, Real Estate Regulatory Agency; Hamad Buamim, Director General, Dubai Chamber of Commerce and Industry; Dr Nasser Saidi, Chief Economist, Dubai International Financial Centre Authority; Adel Al Redha, Executive Vice President, Emirates Group; Abdelmohsin Ibrahim, CEO, Strategic and Corporate Governance Sector, Roads and Transport Authority; K.G.Udaya Indrarathna, Executive Director, Department of Tourism and Commerce Marketing, and Mohammad Lahouel, Chief Economist, DED will share their views on the outlook from a public sector perspective.

The sector leaders and analysts addressing the seminar include Dr Marios Maratheftis, Head of Research, Western Hemisphere, Standard Chartered; Dr Farouk Soussa, Chief Economist, Citibank; David Stevens, Partner, PWC; Iyad Malas, CEO, Majid Al Futaim Group; Gerald Lawless, Executive Chairman, Jumeirah Group; Rick Pudner, CEO, EmiratesNBD; Khaled Ahmed, Senior Vice President, Economic Zones World; Elain Jones, CEO, Asteco and Santosh Kumar, COO, RNA Resources Group.
 

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.

 

Imam Feisal Abdul Rauf Advocates Moderate Religious Outlook At Dubai School Of Government Talk

The key to cultural progress and religious acceptance is interfaith dialogue, tolerance for diversity, religious understanding, bridge-building and moderation, according to Imam Feisal Abdul Rauf, Islamic religious scholar and the Founder and CEO of the American Society for Muslim Advancement (ASMA Society).

The Imam’s comments came during a talk on “Religious Tolerance and Muslim Life in America” held at the Dubai School of Government (DSG).

He said: "We are Christians and Muslims, but one of our faults is instead of worshipping God, we worship our religion and use that to cause division between us. The sense of brotherhood and unity that the prophets had for each other as servants of the true God is the primary lesson we should all learn.

“The demand is on us (Muslims) to feel a special brotherhood with the Christian and Jewish faiths and certainly our own. It is time to accept that the Laws of Moses, Jesus and Prophet Mohammed (PBUH) were never opposed to each other."

During his talk, Imam Feisal discussed the need to promote healthy dialogue and understanding between Muslims and the West. He also described the reality of Islamic life and freedom of worship in the US.

He added: “It is important to raise awareness and disseminate knowledge to minimize misconceptions or prejudice. For this purpose, it is important to augment the avenues for studying Christian or Jewish culture in the Middle Eastern universities, which is in stark contrast to the universities in the West, many of which offer courses in Islamic studies.”

The Imam is on an outreach trip spanning key countries in the Middle East organised by the US State Department. His Excellency Justin Siberell, the US Counsul-General in Dubai, as well as officials from the Consulate and the US Embassy in Abu Dhabi, were present at the lecture.

Dr. Tarik Yousef, Dean of the Dubai School of Government, said: “The need for tolerance and religious understanding is greater now than ever before. There are those who would drive the world toward a “clash of civilizations” scenario, but the vast majority of people in both the Islamic and Western worlds seek a peaceful world based on mutual respect. We are honored to host Iman Feisal Abdul Rauf, who has devoted his life to promoting a tolerant, open and confident vision of Islam which is fully at home in America, and we in the Dubai School of Government look forward to continuing our initiatives toward strengthening the bonds of understanding between the West and the Muslim world.”

Imam Feisal Abdul Rauf is the Imam of Masjid Al-Farah, a mosque in New York City. He has dedicated his life to building bridges between Muslims and the West and is a leader in the effort to foster religious pluralism and integrate Islam into the contemporary American society.

By establishing ASMA in 1997, he created the first Muslim organization committed to bringing Muslims and non-Muslims together through programmes in academia, policy, current affairs and culture. As Imam of Masjid Al-Farah, he preaches a message of peace and understanding between people, regardless of creed, nationality or political beliefs.

Established in 2005 in cooperation with the Harvard Kennedy School, the Dubai School of Government is committed to the creation of knowledge and the dissemination of global best practices in the Arab world. The institution conducts various programmes that seek to enhance the region’s capacity for effective public policies.

For more details, visit www.dsg.ae or call 04 329 3290.