Volume of deals in the Middle East

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Volume of deals in the Middle East"

Transcription

1 MENA The economic prospects for the Middle East remain bright with the Gulf Co-operation Council (GCC) dominating the IMF rankings with an average of 4% GDP growth across the region.

2 Many GCC markets continued to perform well through the global financial crisis, not least bolstered by the sustained high oil prices that have helped governments to build revenues. Demographic trends also confer an advantage on the Middle East. There is a youthful, educated and increasingly affluent population. Indeed, the average age in the region is less than 30, and with around just one to one-and-ahalf per cent currently aged 60 or over. Volume of deals in the Middle East H H H H H H H H H Governments across the region have continued to make significant investments to the value of an estimated USD 1.9 trillion in governmental projects. These are in part a natural effect of the region s on-going growth and healthy government finances, but other factors are at play. The football World Cup to be held in Qatar in 2022 is demanding significant preparation and across the Middle East governments are investing heavily in infrastructure and social welfare projects prompted, in part, by a desire to address the issues underlying the Arab Spring. The final factor is also the continuing development of mandatory health insurance being rolled out across the region. These factors underpin what we consider to be a positive picture for the future for the insurance industry s medium to long term future. As levels of wealth continue to rise, there is a corresponding increase in the awareness of and the need for insurance. In the GCC in 2012 combined gross written premium (GWP) in both life and non-life amounted to USD 16.3 billion, having grown at a CAGR of 11.8% since Projected growth for the period is estimated at 18.1% per annum a level outstripping the traditional developed: economies. However, this growth is from a low starting point. Insurance penetration, calculated as GWP as a proportion of GDP, was at 1.1% in the GCC in 2012 against a global average of 6.5%. In the

3 life sector, levels of penetration in the GCC are almost nonexistent, at a meagre 0.4%, so it is unsurprising therefore that there is a lot of interest in the sector. Despite this positive background, the insurance industry in the Middle East needs to overcome some fundamental challenges. Domestic markets are suffering from oversupply, a lack of skilled staff and expertise. The growth potential is attracting considerable foreign interest all of which should be leading to a growing number of transactions in the region. However, as the data above illustrates very clearly this is not the case. Industry consolidation Over the last decade the number of insurance companies has grown considerably but, despite high levels of competition and, in some lines, low profitability, industry consolidation is yet to gain momentum. Across the region, there are countries with too many insurers for the size of the market. For example, the UAE has 67 insurance companies writing USD 7.2 billion in GWP and Saudi Arabia has 35 companies writing USD 5.5 billion. Many insurers in the Middle East lack sufficient scale and expertise to endure in the medium-to-long term. This means that a situation has arisen whereby, if consolidation in the market fails to materialise, the result will be business failures. The regional regulators are unlikely to allow such failures due to the impact on the nascent insurance market in the region, and we anticipate that they will seek to encourage consolidation as a mechanism to alleviate this risk. Inbound investment The transactions that have taken place in recent years have been led by international players looking to establish a presence in growth markets to compensate for slow/nonexistent growth in their domestic markets. For example, between July 2012 and June 2013, there were two significant acquisitions by Japanese insurers ORIX Corporation acquired Bahrain s MEDGULF, while Tokio Marine & Nichido Fire bought Egypt s Nile Family Takaful Co SAE. Indeed, overseas transactions involving Japanese insurers have increased in the last couple of years on the back of a strengthening economy, a saturated market at home and the need to diversify risk portfolios in the fallout from the tsunami. The Middle East is a logical location for acquisitions as Japan has significant trading relationships across the region. For example, Japan recently overtook the US as Saudi Arabia s largest trading partner. Where Japanese businesses go, so do expatriate employees, presenting Japan s insurance companies with the opportunity to enter a new market via domestic relationships and gain access to a new customer base. Regional M&A Jordan, in recent years something of an anomaly in the region in terms of its high level of M&A in the insurance industry, saw just one small transaction in the period, suggesting a natural slow down. Takaful has long been highlighted as an area with significant potential for growth, albeit from a low base. The industry fared better during the global financial crisis than its traditional counterpart due to the nature of its investments being less volatile. However, as equity markets have recovered, takaful operations have not benefited to the same extent as their conventional counterparts for the same reason. An additional challenge is the fact that Islamic investment portfolios are inherently difficult to manage effectively; not least due to the lack of availability and diversity of Sharia-compliant instruments (especially in the life insurance sector, family takaful, which suffers from a dearth of medium long-term fixed income securities). Recent studies also suggest that shareholders in takaful operators on average receive a lower return on equity than with traditional insurance. It remains to be seen if this is an inherent aspect of the takaful structure or a reflection of the relative youth of the industry. Whether or not future growth will allow takaful operators to offset their initial start-up costs, it is a factor which is currently exerting additional pressure on the management of these operators. Despite these challenges, there have been a number of transactions. In Syria, Al Aqeelah Takaful Insurance was acquired by its compatriot, Hamed Mohammed Abbas Hajeya, while in another development in the Sharia sector Oman National Investment Corporation announced the acquisition of a 7.5% stake in Takaful Oman, the country s first takaful company, in June While these have been relatively small in terms of value, they are essentially longer-term strategic plays on the part of the purchasers.

4 Deal in Middle East by country: 2009 June Jordan Kuwait Morocco Bahrain Turkey Israel Oman Syria Barriers to transactions There are a number of factors stifling transaction activity in the insurance industry across the region: The business landscape across the region is characterized by the proliferation of family businesses, many of which are large conglomerates with operations spanning a range of diverse industries. Inevitably, a level of rivalry exists, with any one family business reluctant to enter into a transaction with another that may result in, or be perceived as, conferring a potential advantage or being otherwise harmful to their reputation. Another issue is whether any vendor is prepared to agree to a realistic valuation for their shares in a local insurer. In some markets, notably the United Arab Emirates (UAE) and Saudi Arabia (SA) as the two largest insurance markets in the GCC, the insurance legislation requires that all domestic insurance companies have to be publicly listed. Start-up insurance companies are required to conduct an IPO prior to commencing trading as part of the establishment process. As each new insurer listed, its share price initially surged but typically there has been an absence of on-going trading in its stock. The result has been a misalignment between the market value of the business and what a buyer thinks is appropriate to pay based on the book of business written and what the vendor thinks it is worth. This makes it difficult to reach an agreement on price. Should the pricing issue be overcome, an additional hurdle is the difficulty of obtaining meaningful due diligence necessary for a successful transaction. The information that companies provide is generally of poor quality, which presents potential buyers with a challenge as they attempt to accurately gauge the risk profile of a target company. In addition, the regulatory regimes in the region require further development to facilitate such transactions if they are to occur on a meaningful scale.

5 Breaking the log jam Regulators across the region are aware of the issues and in many cases are taking positive steps to address this issue. In Saudi Arabia for example, up until 2004 the market was monopolised by a single state owned insurance company. A change in the law saw the market take off around 2007, with the creation of dozens of insurance companies. The regulator is now seeking to avoid over-saturating the market and is putting pressure on potential new entrants to the insurance market to do so via acquisition, rather than through the creation of a start-up business. In addition, capital requirements are expected to go up putting further pressure on smaller insurers to consolidate. In May 2013, nearly a decade after it was first discussed, the UAE s Federal National Council passed a new companies law bill that should go some way towards clarifying and simplifying transactional processes. In addition, the UAE has seen capital requirements rise for brokers and in 2015 new legislation will come into place that will mandate the segregation of composite insurance companies, splitting out life and non-lie operations into separate entities. It is anticipated that this will lead to an increase in M&A as many local composite insurers may not have the necessary expertise, experience or desire to meaningfully grow stand-alone life insurance businesses. With domestic consolidation remaining tricky due to the political complexities of dealings between large families, many of these transactions will be cross-border in nature. Indeed, a number of international life companies are hovering in the wings, poised to enter the market, with joint ventures likely to be the most popular route. Others, for example in India, are looking to pre-empt the legislation by getting in early to seize a stake and gain firstmover advantage. Elsewhere in the region, the Capital Market Authority in Oman is in the process of updating the country s insurance regulatory framework and new regulations for the conventional insurance and takaful markets are likely to be implemented in the near future. This is expected to have a positive impact on the overall market structure, and bring the legislative environment closer to international standards, clarifying the process for transactions. In addition, there have been positive regulatory developments in Qatar with new legislation passed in December 2012 establishing the Qatar Central Bank as the single regulator for all banking, insurance, and financial services companies located within Qatar (other than those established in the Qatar Financial Centre), The details on the new regulatory structure for the insurance industry are in the process of being developed and are expected to be published shortly. Reinsurance While these regulatory developments may take some time to impact the M&A market, international players looking for opportunities in the region may choose to establish a foothold via fronting arrangements with local insurers. There are clear benefits for doing so. Fewer restrictions are in place for fronting arrangements and the regional financial centres offer hubs for foreign companies looking to set up regional operations. In contrast, in order to write insurance business, a separate licence is needed for each individual country in the region due to the absence of any passporting arrangements a costly and time consuming process. Fronting arrangements can, if properly structured, offer a way into the market and allow the international player to second staff, develop products for regional markets and build regional brand recognition.

6

Introduction to SAUDI ARABIA

Introduction to SAUDI ARABIA Introduction to SAUDI ARABIA Saudi Arabia is the world s largest oil producer and exporter with almost one-fifth of the word s proven oil reserves. Benefiting from abundant and cheap energy, the industrial

More information

The State of the Islamic Capital Market & Future Prospects

The State of the Islamic Capital Market & Future Prospects The State of the Islamic Capital Market & Future Prospects Ijlal Alvi CEO IIFM Contents Global Market Perspective The Islamic Capital Market OIC Equity Market Malaysian Capital Markets Way Forward Future

More information

Private Equity Investment in the Middle East: Deal Structures and Issues

Private Equity Investment in the Middle East: Deal Structures and Issues International In-house Counsel Journal Vol. 3, No. 9, Autumn 2009, 1393 1398 Private Equity Investment in the Middle East: Deal Structures and Issues MARK SALTZBURG General Counsel, Abu Dhabi Investment

More information

Update on potential introduction of VAT in GCC countries

Update on potential introduction of VAT in GCC countries Update on potential introduction of VAT in GCC countries The United Arab Emirates (UAE) government s decision to eliminate long-standing fuel subsidies as from 1 August 2015 has highlighted the need for

More information

Despite ongoing challenges created by low interest rates,

Despite ongoing challenges created by low interest rates, Global Life Reinsurance Industry A Brief Overview By Rebekah Matthew Despite ongoing challenges created by low interest rates, lower returns and an increasingly complex regulatory environment, several

More information

ISLAMIC FINANCE INDUSTRY OUTPERFORMS IN 2013

ISLAMIC FINANCE INDUSTRY OUTPERFORMS IN 2013 The global Islamic finance industry has sustained impressive double-digit growth in 2013 despite challenging global economic conditions, such as the emerging markets funds outflows in the light of tapering

More information

Zeti Akhtar Aziz: Potential role of Islamic finance in strengthening the New Silk Road

Zeti Akhtar Aziz: Potential role of Islamic finance in strengthening the New Silk Road Zeti Akhtar Aziz: Potential role of Islamic finance in strengthening the New Silk Road Special address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at GIFF Investors & Issuers Forum:

More information

The Jordanian Insurance Sector

The Jordanian Insurance Sector The Jordanian Insurance Sector October 17 th 2016 Contents 1.0 Executive Summary... 4 2.0 Global Insurance industry... 6 2.1 Insurance Premiums... 6 2.2 Penetration and Density... 6 2.3 Outlook for 2016...

More information

Takaful Business Challenges and Opportunities

Takaful Business Challenges and Opportunities Life Insurance Conference 2012 Takaful Business Challenges and Opportunities 9 November 2012 Amara Sanctuary Resort Sentosa, Singapore By: Hans De Cuyper Chief Executive Officer Etiqa Insurance & Takaful

More information

PAYMENT SYSTEMS IN THE ARAB COUNTRIES

PAYMENT SYSTEMS IN THE ARAB COUNTRIES PAYMENT SYSTEMS IN THE ARAB COUNTRIES -Africa- WORLD BANK CONFERENCE REDEFINING THE LANDSCAPE OF PAYMENT SYSTEMS 7-10 APRIL 2009 CAPE TOWN-SOUTH AFRICA RAMZY HAMADEH 1 PAYMENT SYSTEMS IN THE ARAB COUNTRIES

More information

Introduction to MOROCCO

Introduction to MOROCCO Introduction to MOROCCO With a GDP of USD 101bn in 2015, Morocco is a medium-sized economy. Sound macroeconomic fundamentals, a resilient and sophisticated banking sector and the implementation of structural

More information

GCC Insurance Industry December 13, Page 1

GCC Insurance Industry December 13, Page 1 Page 1 Page 2 Table of Contents 1. EXECUTIVE SUMMARY... 8 1.1 Scope of the Report... 8 1.2 Sector Outlook... 8 1.3 Key Growth Drivers... 8 1.4 Key Challenges... 9 1.5 Key Trends... 9 2. THE GCC INSURANCE

More information

Deloitte A Middle East Point of View - Fall 2016 Islamic Finance

Deloitte A Middle East Point of View - Fall 2016 Islamic Finance 16 Islamic megabank The redeemer? 17 Liquidity instruments available to Islamic Banks are few, with many lacking universal Sharia approval across jurisdictions. As a result, IFIs face greater difficulty

More information

Franchising in the Middle East. Franchising within the Middle East is a well-known and established method for international

Franchising in the Middle East. Franchising within the Middle East is a well-known and established method for international Franchising in the Middle East (i) Introduction Franchising within the Middle East is a well-known and established method for international brands looking to expand into these markets. Although there are

More information

Investor Relations Presentation December 2012

Investor Relations Presentation December 2012 Investor Relations Presentation December 2012 Contents 1. QNB at a Glance 2. QNB Comparative Positioning Qatar and MENA 3. Financial Highlights December 2012 4. Economic Overview 2 QNB at a Glance QNB

More information

A PRESENTATION ON FDI TRENDS IN OIC COUNTRIES

A PRESENTATION ON FDI TRENDS IN OIC COUNTRIES A PRESENTATION ON FDI TRENDS IN OIC COUNTRIES Prepared for the Seminar on Investment policies towards sustainable development and inclusive growth Organized by The Secretariat of the United Nations Conference

More information

The Middle East s Evolving Role in the Global Steel Industry

The Middle East s Evolving Role in the Global Steel Industry The Middle East s Evolving Role in the Global Steel Industry Presented to: The Platts 12 th Annual Steel Markets Asia Conference Mumbai India By: George Matta Ezz Steel - Egypt 17 November, 2016 Opening

More information

VAT IN UAE GENERAL UNDERSTANDING.

VAT IN UAE GENERAL UNDERSTANDING. VAT IN UAE GENERAL UNDERSTANDING Introduction of VAT Value Added Tax (VAT) is an indirect tax on consumption. It applies to most goods and services. VAT is levied on business transactions, i.e. on goods

More information

NASCO KARAOGLAN FRANCE

NASCO KARAOGLAN FRANCE NASCO KARAOGLAN FRANCE NKF VALUES WHO ARE WE? NASCO GROUP NASCO FRANCE TREATY DEPARTMENT NASCO FRANCE NK France was founded in 1976 in Paris as a wholly owned subsidiary of Nasco Karaoglan Group. The Company

More information

Arab Bank Group INVESTOR RELATIONS PRESENTATION. December 31, 2016

Arab Bank Group INVESTOR RELATIONS PRESENTATION. December 31, 2016 Arab Bank Group INVESTOR RELATIONS PRESENTATION December 31, 2016 1 TABLE OF CONTENTS General Information Financial Data & KPIs Credit Rating Stock Information Corporate Governance Disclaimer Appendix

More information

Travel Insurance and Assistance in the Asia-Pacific Region

Travel Insurance and Assistance in the Asia-Pacific Region Travel Insurance and Assistance in the Asia-Pacific Region Report Prospectus October 2013 Web: www.finaccord.com. E-mail: info@finaccord.com 1 Prospectus contents Page What is the research? What methodology

More information

The Lebanese insurance Sector

The Lebanese insurance Sector BLOMINVEST BANK Top Premium Growth in 2011 March 24, 2012 Contact Information Research Department research@blominvestbank.com Head of Research: Marwan Mikhael marwan.mikhael@blominvestbank.com Source:

More information

Dr. Raja M. Almarzoqi Albqami Institute of Diplomatic Studies

Dr. Raja M. Almarzoqi Albqami Institute of Diplomatic Studies Dr. Raja M. Almarzoqi Albqami Institute of Diplomatic Studies Rmarzoqi@gmail.com 3 nd Meeting of OECD-MENA Senior Budget Officials Network Dubai, United Arab Emirates, 31 October-1 November 2010 Oil Exporters

More information

Delivering mobile connectivity in MENA: A review of mobile sector taxation and licence extension. May 2017

Delivering mobile connectivity in MENA: A review of mobile sector taxation and licence extension. May 2017 Delivering mobile connectivity in MENA: A review of mobile sector taxation and licence extension May 2017 Executive Summary The report provides an overview of the tax and fee regime applied to mobile services

More information

Dubai Financial Market Investor Presentation Q3,2015

Dubai Financial Market Investor Presentation Q3,2015 Dubai Financial Market Investor Presentation Q3,2015 i CONTENTS MENASA Region : Macroeconomics.. 1 Dubai : Middle East s Financial Hub.. 5 UAE Capital Markets : DFM / ND / ADX. 10 Two Exchanges, One Market

More information

THE DUBAI INTERNATIONAL FINANCIAL CENTRE (DIFC) A COMPLETE GUIDE TO WEALTH STRUCTURING OPTIONS

THE DUBAI INTERNATIONAL FINANCIAL CENTRE (DIFC) A COMPLETE GUIDE TO WEALTH STRUCTURING OPTIONS THE DUBAI INTERNATIONAL FINANCIAL CENTRE (DIFC) A COMPLETE GUIDE TO WEALTH STRUCTURING OPTIONS Executive Summary The Dubai International Financial Centre (DIFC) has successfully positioned itself as a

More information

GCC & the International Economy: Private Sector Roles

GCC & the International Economy: Private Sector Roles GCC & the International Economy: Private Sector Roles Abdel Aziz Abu Hamad Aluwaisheg Assistant Secretary-General for Foreign Affairs GULF ECONOMIC FORUM DOHA, QATAR 26 OCTOBER 2015 28-Oct-15 GCC Internal

More information

EXPLORING GROWTH OF TAKAFUL MARKET IN PAKISTAN. Muhammad Kashif Siddiqee, ACA Joint Director - SECP

EXPLORING GROWTH OF TAKAFUL MARKET IN PAKISTAN. Muhammad Kashif Siddiqee, ACA Joint Director - SECP EXPLORING GROWTH OF TAKAFUL MARKET IN PAKISTAN Muhammad Kashif Siddiqee, ACA Joint Director - SECP 1 2 THE NEED FOR INSURANCE All humans and/or Organizations inevitably are exposed to various types of

More information

Fundraising. Investment. Transactions. Exits

Fundraising. Investment. Transactions. Exits United Arab Emirates Amjad Ali Khan Afridi & Angell www.practicallaw.com/6-500-6174 MARKET TRENDS AND ACTIVITY 1. Please describe briefly the private equity market in your jurisdiction, in particular:

More information

GCC STOCK MARKETS: FUNDAMENTALS, BUBBLES & GOVERNANCE IIF MENA Regional Forum Kuwait, 6-7 November 2006

GCC STOCK MARKETS: FUNDAMENTALS, BUBBLES & GOVERNANCE IIF MENA Regional Forum Kuwait, 6-7 November 2006 GCC STOCK MARKETS: FUNDAMENTALS, BUBBLES & GOVERNANCE IIF MENA Regional Forum Kuwait, 6-7 November 2006 Dr. Nasser Saidi Chief Economist Dubai International Financial Centre November 2006 Agenda Recent

More information

Investor. Presentation

Investor. Presentation Dubai Financial Market Investor a Presentation 2 0 1 6 www.dfm.ae This Investor Presentation has been prepared by Dubai Financial Market PJSC ( DFM or the Company ) for investors, solely for informational

More information

Iran: Untapped Potential

Iran: Untapped Potential Iran: Untapped Potential Alireza Kolahi CEO Abhar Wire and Cable Executive Chairman Noorin Industrial Holdings Member of Board DigiKala.com President Iran Electrical Industry Association Member of Board

More information

GLOBAL PRIMARY SUKUK MARKET OUTPERFORMS IN 1H2014

GLOBAL PRIMARY SUKUK MARKET OUTPERFORMS IN 1H2014 Insights GLOBAL PRIMARY SUKUK MARKET OUTPERFORMS IN 1H2014 Global Primary Sukuk issuances have soared in 1H2014, with some notable events adding new opportunities to the sukuk marketplace. The world s

More information

The UAE has the least demanding tax system, but new data highlights post filing challenges for the region, says PwC

The UAE has the least demanding tax system, but new data highlights post filing challenges for the region, says PwC The UAE has the least demanding tax system, but new data highlights post filing challenges for the region, says PwC Qatar and the UAE currently share equal first place globally as the easiest countries

More information

Working Group 1. Session 2: International Investment Agreements

Working Group 1. Session 2: International Investment Agreements Working Group 1 Session 2: International Investment Agreements 4 September 2007, Amman Dr. Alexander Böhmer OECD, Directorate for Financial and Enterprise Affairs What is the purpose of international investment

More information

Cunningham Lindsey Qatar Regional Head of Business Interruption Carl Roberts BI Claims Issues in Qatar, the Middle East (and Beyond)

Cunningham Lindsey Qatar Regional Head of Business Interruption Carl Roberts BI Claims Issues in Qatar, the Middle East (and Beyond) Cunningham Lindsey Qatar Regional Head of Business Interruption Carl Roberts BI Claims Issues in Qatar, the Middle East (and Beyond) IMIA Conference Doha, Qatar 2016 5 October 2016 BI Claims in Qatar,

More information

OIL-EXPORTING COUNTRIES: KEY STRUCTURAL FEATURES, ECONOMIC DEVELOPMENTS AND OIL REVENUE RECYCLING

OIL-EXPORTING COUNTRIES: KEY STRUCTURAL FEATURES, ECONOMIC DEVELOPMENTS AND OIL REVENUE RECYCLING OIL-EXPORTING COUNTRIES: KEY STRUCTURAL FEATURES, ECONOMIC DEVELOPMENTS AND OIL REVENUE RECYCLING This article reviews key structural features and recent economic developments in ten major oilexporting

More information

S&P Shariah Indices Dow Jones Islamic Market Indices QUANTITATIVE ANALYSIS

S&P Shariah Indices Dow Jones Islamic Market Indices QUANTITATIVE ANALYSIS S&P Shariah Indices Dow Jones Islamic Market Indices QUANTITATIVE ANALYSIS Q2 2015 Contents S&P Shariah Indices S&P Global Shariah 3 S&P Pan Arab Shariah 4 Sector Composition Comparisons 5 Dow Jones Islamic

More information

BESTW EEK. Malaysia Seeks Takaful Growth With New Regulations. Asia/Pacific. Takaful in Malaysia. Insurance Newsletter.

BESTW EEK. Malaysia Seeks Takaful Growth With New Regulations. Asia/Pacific. Takaful in Malaysia. Insurance Newsletter. www.bestweek.com BESTW Weekly EEK Asia/Pacific Insurance Newsletter November 2011 Malaysia Seeks Takaful Growth With New Regulations Malaysia has laid out a regulatory framework aimed at building a foundation

More information

Investor Relations Presentation September 2017

Investor Relations Presentation September 2017 Investor Relations Presentation September 2017 Contents 1. QNB at a Glance 2. QNB Comparative Positioning Qatar and MEA 3. Financial Highlights as at 30 September 2017 4. Economic Overview Notes: All figures

More information

Evolution of the Middle East Trading Ecosystem. May 2013

Evolution of the Middle East Trading Ecosystem. May 2013 Evolution of the Middle East Trading Ecosystem May 2013 Contents Changing Supply/Demand Dynamics Changes Drive Trading Ecosystem Oman: Key to Crude Oil Markets Conclusion Dubai Mercantile Exchange 2 DME

More information

GCC Capital Markets Watch Q4 2017

GCC Capital Markets Watch Q4 2017 GCC Capital Markets Watch Q4 2017 8 IPOs USD 2.5 billion USD 12.5 billion in Q4 2017 across GCC (Q4 2016: 1 IPO). raised from IPOs in Q4, 2017 across GCC (Q4 2016: USD 37 million). worth of bonds issued

More information

FRANKLIN TEMPLETON INVESTMENTS. Franklin Resources, Inc. Bank of America Merrill Lynch Banking and Financial Services Conference November 18, 2010

FRANKLIN TEMPLETON INVESTMENTS. Franklin Resources, Inc. Bank of America Merrill Lynch Banking and Financial Services Conference November 18, 2010 Franklin Resources, Inc. Bank of America Merrill Lynch Banking and Financial Services Conference November 18, 2010 Forward-Looking Statements The financial results in this presentation are preliminary.

More information

The Structure of SMEs in the GCC and How are they Promoted Ashoor A. Ashoor

The Structure of SMEs in the GCC and How are they Promoted Ashoor A. Ashoor The Structure of SMEs in the GCC and How are they Promoted 1 By Ashoor A. Ashoor Satisfaction Arab EU Event Table of Content 2 1. The importance of SMEs 2. The contribution of SMEs 3. Are SMEs given full

More information

DOCUMENT VERSION Otto Christian Kober Global Head of Methodology

DOCUMENT VERSION Otto Christian Kober Global Head of Methodology DOCUMENT VERSION 16.01 Otto Christian Kober Global Head of Methodology THOMSON REUTERS LIPPER FUND AWARDS 2016 METHODOLOGY AND LOGO GUIDELINES CONTENTS 1 GENERAL METHODOLOGY... 3 2 SPECIFIC METHODOLOGY

More information

The Evolution of Islamic Finance

The Evolution of Islamic Finance The Evolution of Islamic Finance Islamic finance lexicon/1 Ijara: leasing transaction where the purchase of the leased equipment at the end of the rental period is optional Mudaraba: form of financial

More information

Arab Financing Facility for Infrastructure Developing infrastructure for growth and regional integration in Arab countries

Arab Financing Facility for Infrastructure Developing infrastructure for growth and regional integration in Arab countries AFFI Brochure Arab Financing Facility for Infrastructure Developing infrastructure for growth and regional integration in Arab countries What is AFFI? The Arab Financing Facility for Infrastructure (AFFI)

More information

Taxation of cross-border mergers and acquisitions

Taxation of cross-border mergers and acquisitions Taxation of cross-border mergers and acquisitions Saudi Arabia kpmg.com/tax KPMG International Saudi Arabia Introduction Saudi Arabia s economic reforms have allowed the economy to grow rapidly in recent

More information

Doing Business in the United Arab Emirates

Doing Business in the United Arab Emirates Doing Business in the United Arab Emirates I. Key facts What are the key facts on doing business in the UAE? When considering doing business in a foreign jurisdiction, an investor must consider a wide

More information

Saudi ORIX Leasing Company. Leasing - Small & Medium Enterprises

Saudi ORIX Leasing Company. Leasing - Small & Medium Enterprises Leasing - Small & Medium Enterprises ORIX leasing world wide ORIX started leasing in Japan in April 1964 ORIX ; Pioneer in leasing in Japan and number of other Asian countries Listed on New York Stock

More information

Analysis of the Asia-Pacific paint and coatings market

Analysis of the Asia-Pacific paint and coatings market Seite/Page: 1 Analysis of the Asia-Pacific paint and coatings market No doubt, the world economic growth was greatly impacted by the key happenings in 2008 and 2009. In 2009, we saw North America and Europe

More information

Middle East and North Africa Regional Economic Outlook

Middle East and North Africa Regional Economic Outlook Regional Economic Outlook Morocco Algeria Tunisia Libya Lebanon Egypt Syria Iraq Iran Jordan Saudi Kuwait Arabia Bahrain Afghanistan Pakistan Mauritania Sudan Djibouti Qatar Yemen Oman United Arab Emirates

More information

The Geoeconomics of. Sovereign Wealth Funds and Renewable Energy

The Geoeconomics of. Sovereign Wealth Funds and Renewable Energy The Geoeconomics of Sovereign Wealth Funds and Renewable Energy Towards a New Energy Paradigm in the Euro-Mediterranean region By Simone Tagliapietra Researcher, FEEM, Italy The world will go through a

More information

Dubai Islamic Bank Group announces Quarter 1, 2016 Financial Results

Dubai Islamic Bank Group announces Quarter 1, 2016 Financial Results Press Release: Dubai Islamic Bank Group announces Quarter 1, 2016 Financial Results Q1 2016 net profit up by 18 per cent to over AED 1 billion Dubai, April 27, 2016 Dubai Islamic Bank (DFM: DIB), the first

More information

Factors that are important to the establishment of an Islamic Finance Industry in Australia John Masters PricewaterhouseCoopers

Factors that are important to the establishment of an Islamic Finance Industry in Australia John Masters PricewaterhouseCoopers Factors that are important to the establishment of an Islamic Finance Industry in Australia John Masters Islamic Financial Services: What Role for Australia? MCFS Symposium, Melbourne 21 November, 2008

More information

Infrastructure Investment in Asia

Infrastructure Investment in Asia Economy Insight: A Synopsis of ADB Paper Infrastructure Investment in Asia Infrastructure Investment in Asia FICCI Research May 27, 2016 Good infrastructure plays a crucial role towards the growth of an

More information

THE PRIVATE SECTOR ARM OF THE ISLAMIC DEVELOPMENT BANK GROUP

THE PRIVATE SECTOR ARM OF THE ISLAMIC DEVELOPMENT BANK GROUP THE PRIVATE SECTOR ARM OF THE ISLAMIC DEVELOPMENT BANK GROUP 3rd International Conference on Foreign Investment in Albania Islamic Corporation for the Development of the Private Sector (ICD) Member of

More information

Zamani Abdul Ghani: Malaysia s role as an international Islamic financial centre

Zamani Abdul Ghani: Malaysia s role as an international Islamic financial centre Zamani Abdul Ghani: Malaysia s role as an international Islamic financial centre Keynote address by Mr Zamani Abdul Ghani, Deputy Governor of the Central Bank of Malaysia, at the International Takaful

More information

Islamic Banking Processes and Products

Islamic Banking Processes and Products Islamic Banking Processes and Products Key Regional Variations O R A C L E W H I T E P A P E R S E P T E M B E R 2 0 1 7 Disclaimer The following is intended to outline our general product direction. It

More information

Tobacco taxation in the Eastern Mediterranean Region

Tobacco taxation in the Eastern Mediterranean Region Tobacco taxation in the Eastern Mediterranean Region Introduction As backed by international evidence, increasing taxation on tobacco products is one of the most significant measures to boost tobacco control.

More information

US: POTENTIAL MARKET FOR ISLAMIC FINANCE

US: POTENTIAL MARKET FOR ISLAMIC FINANCE Islamic finance has made important strides into advanced economies in the US, Europe and Asia. US financial markets are the largest and most liquid in the world, and given the Islamic finance value propositions

More information

II. Comparing Levels Of Development

II. Comparing Levels Of Development II. Comparing Levels Of Development Countries are unequally endowed with natural resources. For example, some countries benefit from fertile agricultural soils, while others have to put a lot of effort

More information

Private Equity Market 2017

Private Equity Market 2017 Private Equity Market 2017 Foreword Private equity is continuing to attract record amounts of capital from investors looking to benefit from healthy, long-term returns. These are indeed boom times for

More information

The Introduction of VAT in GCC

The Introduction of VAT in GCC 2 The Introduction of VAT in GCC 3 OUR GUEST SPEAKER Finbarr Sexton Partner Tax Advisory Ernst & Young Qatar Today s agenda 1 GCC Overview 2 Why VAT 3 GCC VAT and its key features Page 4 GCC Overview 1

More information

Pinsent Masons in Qatar

Pinsent Masons in Qatar Pinsent Masons in Qatar For over a decade, we have been serving both Qatari clients and their businesses and the wider local business community. We operate from our office in the iconic Tornado Tower in

More information

Islamic finance. Building 150 financial institutions by Financial Services

Islamic finance. Building 150 financial institutions by Financial Services Financial Services Islamic finance Building 150 financial institutions by 2020 Authors Greg Rung Travis Hollingsworth Rico Brandenburg The gap in access to finance in the Muslim world creates attractive

More information

Franklin MENA Fund A (acc) USD

Franklin MENA Fund A (acc) USD Franklin Templeton Investment Funds Growth Equity Fund Manager Report Product Details 1 Fund Assets $83,313,772.43 Fund Inception Date 16/06/2008 Number of Issuers 42 Bloomberg ISIN Base Currency Investment

More information

Middle East and North Africa Economic outlook

Middle East and North Africa Economic outlook MENA Economics Middle East and North Africa Economic outlook Simon Williams Chief Economist, HSBC Middle East Simon.Williams@hsbc.com +9714 423 6925 March 2014 Disclaimer and Disclosures This report must

More information

Takaful and Retakaful Challenges and Opportunities for Actuaries

Takaful and Retakaful Challenges and Opportunities for Actuaries Life Conference and Exhibition 2011 Safder Jaffer and Lindsay Unwin (Milliman) Takaful and Retakaful Challenges and Opportunities for Actuaries 22 November 2011 2010 The Actuarial Profession www.actuaries.org.uk

More information

A new age for family businesses in the Middle East Managing change and expectations

A new age for family businesses in the Middle East Managing change and expectations A new age for family businesses in the Middle East Managing change and expectations 2017 Contents Foreword 01 The issues 03 Managing for the future 04 Strengthening the board 05 Investing for the future

More information

QNB Investor Relations Presentation June 2011

QNB Investor Relations Presentation June 2011 QNB Investor Relations Presentation June 211 Forward Looking Statement This presentation and subsequent discussion may contain certain forward-looking statements with respect to the financial condition,

More information

an eye on east asia and pacific

an eye on east asia and pacific 67887 East Asia and Pacific Economic Management and Poverty Reduction an eye on east asia and pacific 7 by Ardo Hansson and Louis Kuijs The Role of China for Regional Prosperity China s global and regional

More information

Amid Political Unrest, Private Equity Firms Navigate Challenges in the Middle East

Amid Political Unrest, Private Equity Firms Navigate Challenges in the Middle East www.amwalalkhaleej.com Amid Political Unrest, Private Equity Firms Navigate Challenges in the Middle East Produced by June 2011 http://knowledge.wharton.upenn.edu Amid Political Unrest, Private Equity

More information

Corporate Governance in the GCC

Corporate Governance in the GCC Corporate Governance in the GCC Middle East IPO Summit 2007 Dubai, UAE Dr. Nasser Saidi Executive Director, Hawkamah Overview Corporate Governance in Emerging Markets Corporate Governance and Access to

More information

Co-opetition in Islamic Banking: Malaysia & Brunei

Co-opetition in Islamic Banking: Malaysia & Brunei Co-opetition in Islamic Banking: Malaysia & Brunei To explore the opportunity for co-opetition more thoroughly and understand the implications, possibilities and hurdles in the process between Malaysia

More information

H S B C H O L D I N G S P L C HSBC HOLDINGS PLC THE CAPITAL REQUIREMENTS. (Country-by-Country Reporting) REGULATION 2013

H S B C H O L D I N G S P L C HSBC HOLDINGS PLC THE CAPITAL REQUIREMENTS. (Country-by-Country Reporting) REGULATION 2013 HSBC HOLDINGS PLC THE CAPITAL REQUIREMENTS (Country-by-Country Reporting) REGULATION 2013 31 December 2015 This report has been prepared for HSBC Holdings plc and its subsidiaries (the HSBC Group ) to

More information

Annual Asset Management Report: Facts and Figures

Annual Asset Management Report: Facts and Figures Annual Asset Management Report: Facts and Figures July 2008 Table of Contents 1 Key Findings... 3 2 Introduction... 4 2.1 The EFAMA Asset Management Report... 4 2.2 The European Asset Management Industry:

More information

Report of the Survey on Hedge Funds Managed by SFC Licensed Managers. (for the Period 31 March March 2006)

Report of the Survey on Hedge Funds Managed by SFC Licensed Managers. (for the Period 31 March March 2006) Report of the Survey on Hedge Funds Managed by SFC Licensed Managers (for the Period 31 March 2004 31 March 2006) The Securities and Futures Commission Hong Kong October 2006 Table of contents Page 1.

More information

2016 AUSTRALIAN INVESTMENT MANAGERS CROSS-BORDER FLOWS REPORT

2016 AUSTRALIAN INVESTMENT MANAGERS CROSS-BORDER FLOWS REPORT 2016 AUSTRALIAN INVESTMENT MANAGERS CROSS-BORDER FLOWS REPORT Financial Services Council and Perpetual CONTENTS INTRODUCTION 2 EXECUTIVE SUMMARY 3 METHODOLOGY 4 KEY FINDINGS 5 RESULTS 6 CONCLUSIONS 13

More information

Risk-based capital and governance in Asia-Pacific: emerging regulations

Risk-based capital and governance in Asia-Pacific: emerging regulations Risk-based capital and governance in Asia-Pacific: emerging regulations 1 Changing regulations in a changing market Across the Asia-Pacific region, countries are reviewing their approach to regulation

More information

Insurance opportunities in the Middle East

Insurance opportunities in the Middle East Insurance opportunities in the Middle East 1 Contents Foreword Introduction United Arab Emirates Kingdom of Saudi Arabia State of Qatar Egypt Kingdom of Bahrain Kuwait Sultanate of Oman GCC VAT From outsourcing

More information

OECD-ARAB LEAGUE REGIONAL CONFERENCE. Fostering Regional Integration on Investment

OECD-ARAB LEAGUE REGIONAL CONFERENCE. Fostering Regional Integration on Investment OECD-ARAB LEAGUE REGIONAL CONFERENCE Fostering Regional Integration on Investment 9-10 December 2014 League of Arab States Headquarters, Cairo, Egypt Draft Conclusions Conference objective The OECD-Arab

More information

5. Economic Implications of Agreement with the Islamic Republic of Iran

5. Economic Implications of Agreement with the Islamic Republic of Iran . Economic Implications of Agreement with the Islamic Republic of Iran The recent agreement between the P+1 and Iran allows for the removal of most economic sanctions and for a significant improvement

More information

Dutch Treaty Developments With Gulf Cooperation Council Countries

Dutch Treaty Developments With Gulf Cooperation Council Countries Volume 56, Number 4 October 26, 2009 Dutch Treaty Developments With Gulf Cooperation Council Countries by Emile Bongers Reprinted from Tax Notes Int l, October 26, 2009, p. 285 Dutch Treaty Developments

More information

GLOBAL INVESTMENT IN INFRASTRUCTURE: THE ROLE OF OIL EXPORTERS

GLOBAL INVESTMENT IN INFRASTRUCTURE: THE ROLE OF OIL EXPORTERS GLOBAL INVESTMENT IN INFRASTRUCTURE: THE ROLE OF OIL EXPORTERS Shahrokh Fardoust, Ph.D. Research Professor, College of William and Mary President, International Economic Consultants, LLC SFardoust@InternationalEconConsult.com

More information

Pinsent Masons in the UAE

Pinsent Masons in the UAE Pinsent Masons in the UAE Pinsent Masons In the UAE Introduction Our UAE office, based in the heart of Dubai s financial district, combines local knowledge with an international experience to advise clients

More information

BEST S SPECIAL REPORT

BEST S SPECIAL REPORT BEST S SPECIAL REPORT Our Insight, Your Advantage. Middle East & North Africa Non-Life & Life Market Review October 1, 2012 Premium Growth has Slowed in 2011 and 2012 Executive Summary Political Unrest

More information

World s Best Investment Bank Awards 2018

World s Best Investment Bank Awards 2018 Global Finance will publish its selections for the 19th Annual World s Best Investment Banks in the April 2018 issue. Winners will be honored at an awards ceremony in New York City in March, and all award

More information

Ahli United Bank (AUBB.BH)

Ahli United Bank (AUBB.BH) Ahli United Bank (AUBB.BH) Equity Research Initial Coverage April 26th, 2006 Current Price: USD 0.86 Country: Bahrain Fair value Target: USD 1.30 Sector: Commercial Banking Recommendation: BUY Exchange:

More information

IRAN'S OIL AND GAS INDUSTRY POST-SANCTION

IRAN'S OIL AND GAS INDUSTRY POST-SANCTION The Introduction of New Iran Petroleum Contracts IPC Tehran 2015 IRAN'S OIL AND GAS INDUSTRY POST-SANCTION By: Amir Hossein Zamaninia Deputy Oil Minister for Trade and International Affairs JCPOA(Joint

More information

OVERVIEW OF PRIVATE EQUITY IN THE MENA REGION

OVERVIEW OF PRIVATE EQUITY IN THE MENA REGION CFA QATAR SOCIETY MEETING OVERVIEW OF PRIVATE EQUITY IN THE MENA REGION Francesco Cottini Qatar & Abu Dhabi Investment Company October, 2016 FUNDS RAISED & COMPLETED INVESTMENTS (*) (*) It includes venture

More information

Tune Ins Holdings Berhad. Financial Results March 2015 Analyst Presentation May 2015

Tune Ins Holdings Berhad. Financial Results March 2015 Analyst Presentation May 2015 Tune Ins Holdings Berhad Financial Results March 2015 Analyst Presentation May 2015 1 Agenda Page Executive Summary 3-7 Key highlights 1Q2015 financial highlights Update on Strategies Snapshot of Indonesia

More information

KFH Research Ltd. A Vision Beyond. Islamic Finance Regulatory Developments and Updates. KFH Research Ltd KDNPP15024/03/2013(029560)

KFH Research Ltd. A Vision Beyond. Islamic Finance Regulatory Developments and Updates. KFH Research Ltd KDNPP15024/03/2013(029560) KFH Research Ltd A Vision Beyond Islamic Finance Regulatory Developments and Updates KFH Research Ltd KDNPP1524/3/213(2956) 2 May 213 1. Introduction Islamic finance has been developing rapidly worldwide,

More information

Q IRAN IRAQ KUWAIT Al Manamah BAHRAIN QATAR Dubai Doha Abu Dhabi Riyadh Muscat UNITED ARAB EMIRATES SAUDI ARABIA OMAN

Q IRAN IRAQ KUWAIT Al Manamah BAHRAIN QATAR Dubai Doha Abu Dhabi Riyadh Muscat UNITED ARAB EMIRATES SAUDI ARABIA OMAN CountryView www.cbre.eu/research Q1 2010 Key Facts Capital City Governance Area million sq km (Rank) 0.01 (165) Population million (Rank) 0.9 (159) Population Structure 0 14 22% 15 64 77% 65+ 1% GDP PPP,

More information

CIS REGION A GROWING OPPORTUNITY FOR ISLAMIC FINANCE

CIS REGION A GROWING OPPORTUNITY FOR ISLAMIC FINANCE CIS REGION The Commonwealth of Independent States (CIS) countries are emerging as a region of opportunity for Islamic finance. The financial sectors in the frontier CIS countries are expected to record

More information

Supporting The Global Islamic Finance Industry s Aspirations

Supporting The Global Islamic Finance Industry s Aspirations Supporting The Global Islamic Finance Industry s Aspirations KPMG s Islamic Finance Group FINANCIAL SERVICES 1 Supporting The Global Islamic Finance Industry s Aspirations Islamic Finance continues to

More information

Main Factors Limiting Access to Finance

Main Factors Limiting Access to Finance FAS_117-140.qxd 8/31/11 8:13 PM Page 117 CHAPTER 5 Main Factors Limiting Access to Finance This chapter identifies the main factors that have hindered access to finance in the MENA region. Chapter 3 provided

More information

AMLAK FINANCE PJSC. Investor Relations Annual Information Pack. December Contact Us:

AMLAK FINANCE PJSC. Investor Relations Annual Information Pack. December Contact Us: AMLAK FINANCE PJSC Investor Relations Annual Information Pack December Contact Us: Investor Relations Unit, Amlak Finance PJSC, P O Box 2441, Dubai Web: http://www.amlakfinance.com/en/investor-relations.html

More information

GCC INSIGHT REPORT BROUGHT TO YOU BY EMIRATES INVESTMENT BANK

GCC INSIGHT REPORT BROUGHT TO YOU BY EMIRATES INVESTMENT BANK 2017 GCC WEALTH INSIGHT REPORT BROUGHT TO YOU BY EMIRATES INVESTMENT BANK GCC WEALTH INSIGHT REPORT 2017 1 CONTENTS 02 04 06 10 22 30 44 50 62 64 About this Survey Foreword from the CEO Executive Summary

More information

2014 AUSTRALIAN INVESTMENT MANAGERS CROSS-BORDER FLOWS REPORT. Financial Services Council and Perpetual

2014 AUSTRALIAN INVESTMENT MANAGERS CROSS-BORDER FLOWS REPORT. Financial Services Council and Perpetual 2014 AUSTRALIAN INVESTMENT MANAGERS CROSS-BORDER FLOWS REPORT Financial Services Council and Perpetual The Australian Investment Managers Cross-Border Flows Report was first commissioned in 2012 to determine

More information