Something
Different
Monthly MagazineIssued by the Abu Dhabi Chamber of Commerce & Industry
(First published in July1970)
Editor - in - Chief
Mohamed Helal Al Muhairi
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To be Recognized as the leading voice forthe Abu Dhabi business community
Mission
We are the private sector’s representativesworking to Advocate policies, connect businesses and expand members’ opportunities by providing world-class members-related services with an aim to
contribute to Abu Dhabi’s sustainable economic development
looking forwards to same end.
Human Development is the noblest and most important cornerstone for the UAE’s strategy and its framework aims to achieve a comprehensive development. For this unique experience, the man is the foundation for the Country’s develop-ment and the UAE pays greater importance to develop human capitals in all aspects: materially, scientifically, know-how, healthcare to help them live and work in creative and proactive environ-ment.
The globally advanced ranking of Abu Dhabi in human development is the result of an insightful vision of its wise Leadership and the meticulous-ly sound strategy of the country in present and future, which is based on a delicate determination of capabilities and needs, well-defined planning for goals and aspirations, fully understanding of all regional and international transformations coupled with full appreciation of national capa-bilities and local peculiarities.
The UAE has proved through its high ranking in various international indexes that it is well expe-rienced and capable of managing human resources and economic industries and that it adopts successful economic policies to utilise oil resources in development programmes and initia-tives that are positively and directly reflected in the daily life of community.
Abu Dhabi will pursue the path of remarkable achievements driven by the wisdom and insight-fulness of its Leadership as well as the principles of sustainability and community enablement, which are parts of Abu Dhabi Economic Vision The recent high
ranking of Abu Dhabi in the United Nations Development Programme, which placed the Emirate amongst the top world countries in human development, is merely not a sudden out-come; rather, it is the result of long-standing efforts and hard work that dates back to a more than 4-decade aged path when the UAE was established by Late Sheikh Zayed Bin Sultan Al Nahyan, the Founder Father, and then ably and determinedly pursued by His Highness Sheikh Khalifa Bin Zayed Al Nahyan, the UAE’s President.
This well advanced and honourable ranking of the UAE is a global recogni-tion of the success of the country’s development policies that reached a prominent stage, thereby enabling the UAE in gen-eral and Abu Dhabi in particular to top other cities and countries living
Pioneering Experience
Issue No.99 November 2012
10
Family Companies
07
Abu Dhabi’s Economy… Moving Steadily Towards Grand Development
18
In House
23
Integrated Strategy to Promote SME Competitiveness
26
Al Maryah Island.. World of Unrivalled Environments
07
23
The United Nations Development Programme has placed Abu Dhabi amongst some of the leading places globally in human development index, taking up the 29th position, according to the first Human Development Report unveiled by Abu Dhabi Department of Economic Development in cooperation with United Nations Development Programme for the UAE.
The report shows that the GDP per capita for nationals exceeded $ 100,300 (AED 368,000) in 2008 com-pared to $ 64,000 (AED 235,000) in 2005 with a growth rate of 56%. GDP per capital for non-locals was $36,700
in 2008 compared to 23,500 in 2005. The report highlighted a decline in the oil participation in GDP of Abu Dhabi from 70% to 50% coupled with the shrinking role of government participa-tion in economic activities from 31% to 6.7%.
Abu Dhabi’s economy experienced a growth rate of 30% in the current prices in 2011 and GDP grew from AED 492 billion in 2006 to AED 806 in 2011, registering a growth rate of 64% in the last five years despite the tough economic condition the world has seen in recent years.
Besides, Abu Dhabi achieved unprece-dented level of milestones in human
development, especially in healthcare and education, fueled by its strategy and the Leadership’s insightful vision to invest in its financial resources. The gross domestic product at current prices doubled for the capital of Abu Dhabi between 1975 and 2010 about 24 times; increasing from 26 billion dirham in 1975 to 620 billion dirham in 2010, with an average annual growth rate of about 9.0 per cent. Excluding oil, non-oil GDP at current prices rose from around six billion dirham in 1975 to more than 312 billion dirham in 2010, where it doubled more than 55 times, or had an average annual growth rate of around 11.5% on average.
Abu Dhabi’s Economy…
Moving Steadily Towards Grand
Development
Abu Dhabi – Economy Today
REPORT
Building Successful and Prosperous Community
HE Sheikh Nayhan Bin Mubarak Al Nahyan, the UAE’s Minister for Higher Education and Scientific Research, stated that the report reflects the wisdom and the confidence the Leadership of Abu Dhabi and its com-mitment to giving significant priority to building human talents, and the opti-mal use of natural resources to shape the Emirate as a global capital city. Moreover, the report provides an objective human development state dissertation and assessment, listing the positive and negative elements that affected the current findings.
HE expressed his pride over the pivotal status of Abu Dhabi in the region and worldwide thanks to the directives of HH General Sheikh Mohammed bin
Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of UAE Armed Forces aimed to establish a comprehensive economic and social development in Abu Dhabi based on a knowledge com-munity with the human capital pre-pared to manage this community, fur-ther prosperity and welfare whilst upholding the national identify. “We are proud to be here in Abu Dhabi, where we live, thanks to the vision of its Leadership, a unique and modern example of social and econom-ic progress is being set.” HE stressed that in light of the human development of both Abu Dhabi and the UAE, this report is clear evidence that human resource and human capital are the true fortune to the progress and develop-ment on nations.
HE Sheikh Nahyan stated that the
human development is an integral part of all-out and sustainable development the Emirate is witnessing in all aspects with an aim to build a knowledge-based economy, diversify income, pro-mote infrastructure and alternative energy resources, education, health-care, arts and culture, and openness on the whole world, all of which are mov-ing through well-defined strategies and plans incepted from Abu Dhabi Economic Vision 2030.
Meeting Community Needs
Nasser Ahmed Alsowaidi, Chairman of the Abu Dhabi Department of Economic Development (DED) emphasised: "It must be noted that the goal of the authors of this report was not to prepare a theoretical, academic research paper, but to provide a living instrument to trigger the public debate, urge policy formulation and respond to people and government hopes in rais-ing awareness among citizens on the challenges facing the Emirate at a time of worldwide crisis."
HE Mohammed Omar Abdulla, the Undersecretary, Abu Dhabi Department of Economic Development, said, “The preparation of this report is in line with aspiration of our wise Leadership on the need of human development and their role in promoting the community and achiev-ing sustainable development as per Abu Dhabi Economic Vision 2030.”
Human: Centre for Development
HE added, “HH Sheikh Khalifa Bin Zayed Al Nahyan has clearly set the future of the UAE by developing human resources and optimising their skills to encourage the local man power to take up their natural position in the development progress for a brighter future.”
HE stated the enhancement of human has enabled Abu Dhabi to take a prominent position amongst world’s leading countries in human develop-ment as Abu Dhabi’s experience has become a catalyst for comprehensive developments.
“Abu Dhabi has become a remarkable example for development and progress in the region in all aspect, driven by its future vision to diversify income and streamline non-oil sectors whilst
mov-Abu Dhabi amongst
world’s top names in
human development
indexes
Emirate strives to build
knowledge-based
econ-omy
ing towards building a knowledge-based economy by developing human resources, education, and healthcare in particular. Bucking the consequences of global financial crisis, Abu Dhabi’s economy has proved resilient and firm thanks to reforms and incentive pro-grammes aimed to help mitigate the crisis in a record time.
Healthcare and Education
HE Mohammed Omar Abdulla explained that Abu Dhabi experienced a rapid growth in healthcare sector. The number of hospitals in the Emirate reached 33 in 2010 and health centres 465 while available beds were estimat-ed 3600 that year. He statestimat-ed that progress in healthcare encompassed the provision of capable medical cadres, the development of delicate medical specialties with necessary sci-entific tools and equipment whilst working to boost the local capabilities in various fields and providing world-class healthcare services.
In education, HE stated that govern-ment spending grew steadily in recent years, reaching AED 7.3 billion in 2010-2011, thereby enabling the Emirate to achieve remarkable strides with an aim to mobilise all available resources to widespread knowledge, update syllabuses and help ensure quality education.
“Efforts in higher education centred on meeting the needs of working market-place, setting up various scientific
research and technological centres to address requirements whilst compre-hending some of leading international academic institutions such as the Sorbonne, INSEAD, and New York Universality in Abu Dhabi”, he added.
Women and Environment
HE reiterated the commitment of Abu Dhabi’s Government to granting women a greater role in the communi-ty by stressing a social culture that sup-ports the role of women who has been instrumental in life, achieving remark-able successes in various positions and roles. He also stated that Abu Dhabi’s Government paid a special attention to the environment and natural resources conservation for future generations in line with the principles of sustainable development the Emirate is aiming to achieve by the support of both locals and residents.
Recommendations
The report highlights the need to pro-mote human talents in technology, cre-ativity and invention whilst creating a
more attractive environment for educa-tional institutions and working to set legislations and incentives to encour-age the private sector to direct invest-ments in productivity activities. The report also underpins the need to prepare development reports periodi-cally in order to enable the Emirate to benchmark the level of human develop-ment achieved and set necessary devel-opment plans and programmes to raise the standards of living as well as further Abu Dhabi’s competitiveness amongst world’s leading countries and regions. The report also recommended embark-ing on special studies to diagnose the status of man power in the Emirate and link it to the economic vision. According to the report, there is a need that Abu Dhabi Economic Vision adopts alternative strategies for invest-ment to decrease the need for foreign man power such as projects that require intensive capital and skilled labour while moving to invest overseas on creativity-centric projects. The report also highlights the need of educational institutions to work more closely whilst focusing on developing human talents in technology and aca-demic curriculum.
With regards to working marketplace, the report calls for finding a mecha-nism to link true efforts to transform into a knowledge economy with an active management able to optimise the labour market into an environment that can adapt to economic transforma-tion by encouraging the private sector to invest in knowledge and technology. The report also called for assessing efforts aimed to attract locals to set up small businesses, prepare training pro-grammes and suitable supervision to help them achieve success. In addi-tion, the report highlights the need to set legislations and incentives to moti-vate the primoti-vate sector to direct its investments in production activities vital to the economy whilst helping achieve stability of the private capital. Finally, the report recommended more support to the local women, especially in creativity-related activities and entrepreneurships whilst linking plans related to strategic projects that require sophisticated knowledge and technolo-gy with educational programme and overseas scholarships.
Oil participation in GDP is
below 50% and GDP per
Participants at the “Family Companies Forum” organised by Abu Dhabi Chamber of Commerce and Industry stressed that family companies play integral role in supporting the local economy and achieve sustainable development, highlighting that such companies are the cornerstone of economic activities in the GCC, the Middle East, and larg-er world as they fuel the local
econom-ic growht. Speaking to “Economy Today” at the Forum, participants have highlighted challenges and difficulties facing family companies, especially project funding and governance as well as management transition from one generation to another.
Entrepreneurship
HE Nahyan Mubarak Al Nahyan, the UAE’s Minister of Higher Education
and Scientific Research, praised the great efforts by HH Sheikh Khalifa Bin Zayed Al Nahyan, the UAE’s Presidents, HH Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, and HH General Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of UAE Armed Forces, to foster and incentivise
Family Companies:
Pivotal Role in Fueling Economy and
Achieving Business Sustainability
Abu Dhabi- Fadia Ammar
entrepreneurship and initiative-taking in the UAE, helping the UAE be amongst world’s top advanced coun-tries.
HE stressed that the majority of family companies are prospering in the region owing to their owners’ entrepreneur-ship, who, generation after generation are keen to take make use of the avail-able opportunities, venture and take the initiative, making the region a vital trade hub for the Middle East, Asia and South Europe.
In his keynote address opening the Forum, HE highlighted that the UAE’s wise Leadership realises the impor-tance of economic and human develop-ment and the need to promote and marry traditional trade aspiration with the new globalisation factors, given that family companies have played an integral role in the progress of the country and possess know-how and creativity to adapt to changing local and international circumstances. HE said, “The general policy in the UAE encourages locals to own their
businesses and motivate university and college students to start their own proj-ects through various initiatives where the Government can provide support and consultancy as well as funding and training to entrepreneurs. This has tremendously helped flourish the busi-ness of family companies in the new global economic environment.” HE set four factors that can help pros-per family businesses as an engine for employment and economic growth. These are: creativity, inspiring think-ing and capital as they are the corner-stone to motivate business pioneering and sustainable family companies, and secondly the international cooperation that helps business prosper and exchange of best practices as well as know-how on key challenges facing entrepreneurs and their businesses. The third factor relates to suitable taxation policies, the provision of financial sup-port, and use of state-of-the-art tech-nologies to ensure the success of busi-nesses, while the fourth factor, accord-ing to HE, focuses on more
HE Sheikh Nahyan Bin
Mubarak: Family
com-panies own creative
thinking and have
been Instrumental in
the Country’s
Al Fahim:
Government
compa-nies are our first
competitors and our
business dropped
by 50%
Kanoo: Family
Companies have
always been the
cor-nerstone of the
econ-omy
Fatima Al Jaber: We
look Forwards for a
more sustainable and
knowledge-based
economy
future awareness of family companies via model business leaders, advertising campaigns, competitions and awards, communications networks and encour-agement of community servicing con-cept.
Distinguished Opportunities
HE Engineer Fatima Obaid Al Jaber, Chairwoman of Business Women Council- Abu Dhabi, and Board Member of Abu Dhabi Chamber of Commerce and Industry, confirmed that the Forum is a great opportunity to review the role of family companies in the Middle East and to discuss the pos-sibility of other projects in the UAE, the region and a number of European countries.
According to her, the Forum offers a very important platform where leading businessmen, business decision-mak-ers and entrepreneurs from around the world gather together to share views and ideas and exchange expertise and know-how on the world’s best business practices and trends, all of which will help fuel the economic performance and development of the Abu Dhabi.
Al Jaber stressed that family compa-nies in the GCC exceed 80% of the total number of companies, making them a pivotal player in the economic performance whilst helping nurturing a new vibrant and enthusiastic genera-tion of entrepreneurs who can ably manage businesses. “With the current global economic circumstances that have necessitated the need for inten-sive focus on available opportunities via family companies as well as on challenging facing the Middle East region, those companies are deemed to play a more prominent role that meets the market update and nature, especial-ly following the endevours of many companies to diversify their business to counter the tough market condi-tions”, she said.
Al Jaber stated that ADCCI is commit-ted to providing full support to owners family companies to achieve expansion and profitability and help them better manage their projects, highlighting that the Chamber has taken various steps and initiatives with an aim to furnish investors with a flexible and friendly environment. “ADCCI has made
avail-able a number of economic studies and pieces of advice as well as databases that offer investors from the around the globe a full understanding of all eco-nomic aspects and business opportuni-ties in Abu Dhabi.”
“Abu Dhabi possesses a number of unique economic factors such as the distinguished competitive investment atmosphere, a modern legislation sys-tem, a high-end management frame-work as well as world-class infrastruc-ture encompassing modern airports, ports, telecommunications as well as free zones, and facilities, all helping pour in foreign investments from around the world to the Emirate”, She added.
Al Jaber also stressed that Abu Dhabi’s Government is keen to diversify its economic activities with an aim to raise the profile of Abu Dhabi as the regional and international business and financial hub in line with Abu Dhabi Economic Vision 2030 and its key business disciplines: aviation, aero-space, defense, pharmaceuticals, bio-technology, tourism, healthcare, equip-ment, minerals, transport, trade,
Al Ghurair: Our
busi-ness portfolio in line
with the UAE’s
sus-tainable
develop-ment
tics, education, media, and telecommu-nications. “Abu Dhabi is committed to raising a knowledge-based sustainable and flexible economic system whilst enabling the private sector to play a more prominent role in the all-out development, given the importance of this sector to raise the standards of per-formance.
Governance Principles
Al Jaber stated that the family compa-nies constitute 70-80 of the UAE’s companies, most of which are being restructured to face the changing nomic circumstances and slowing eco-nomic growth worldwide despite the fact that the UAE is the best interna-tionally with growth rate registered at 3.8-4% for the current year.
“With the global economy deemed to slow in years to come and the reserva-tion of most banks to fund new long-term projects, this creates pressure on companies, calling them to focus on governance, find new opportunities, creativity, attract new talents and fresh ideas, and lower the level of expan-sion”, she added.
“The family companies, following their exponential expansion in various new aspects, are restructuring their efforts in core businesses rather than on sub-projects. The governance before offering their shares in the financial market will benefit those companies when management moves from one person into board members, and this might happen in the second generation that has a different view in taking decision”, Al Jaber concluded.
Legislations and Regulations
Mohammed Abdul Jalil Al Fahim, from Al Fahim Group, focused on the need to a complete regulations and leg-islations relating to protect the rights of the family companies and inheritance as owners are hesitant to venture with the lack of laws that are in line with the future of those companies.
“The majority of family companies in the UAE have been affected by the consequences of global financial crisis that has limited the scope of develop-ment and growth by 50%. This is cou-pled with the sharp competition of companies that have entered the
mar-ket with no need to a local dealer as well as the competitiveness from gov-ernment companies.”
“We are transforming from the second to the third generation, posing various challenges and competition. We hope that legislations in the UAE will enable the third generation to work in the fam-ily companies and develop them via training, excellent management and hard work. Family companies lost enthusiasm to offer their share in the financial markets in view of the low prices in those markets and lack of investors’ interest in share, rendering this venture unsuccessful”, Al Fahim concluded.
Internal Issues
Mohammed Abdul Latif Kanoo, Chairman of Kanoo Tourism Group, rejected calls for governance in the family companies as such companies already have their own governance while there is no need to unveil the issues of the companies unless there is a law for that. “Family companies have strong internal ties and the external interference means the compa-ny is weak, resulting in mistrust
Abu Ghazala: UAE’s
companies are the
most successful
busi-ness examples in the
Middle East
of people in its businesses. Internal dif-ficulties and faults should not be revealed to public as they are the com-pany’s secrets.
“The family companies have been the cornerstone for the country’s economy, but they are facing various challenges such as management and business movement from one generation to another and the need to ensure new management is able to develop busi-nesses, the competition of government companies and publicly joint compa-nies that have great budget to attract big projects”, he added.
“The local and global economy has been affected by the financial crisis as companies, following 2008, started to lower the level of development to achieve balancing and face challenges. Things went back to normal.” Kanoo concluded.
Sustainable Development
Saeed Mohammed Al Ghurair, of Al Ghurair Group, stated that family com-panies are keen to sustain business within the family, moving from one
generation to another while other com-panies expand and enter into joint ven-tures. Al Ghurair Group aims to sup-port and develop its existing business-es, optimise capabilities and work to represent the UAE overseas by estab-lishing offices in financial market in line with sustainable development in the UAE.
“Family companies play an integral role in the economic development. The real problem of family companies in the region lies in the weak cash flow and the low economic level, which need more focus on their core business. Besides, some of the challenges facing family companies are to uphold the founding fathers’ legacy whilst work-ing to foster and develop these founda-tions in line with developments of eco-nomic markets and changing ecoeco-nomic atmosphere as the majority of such companies are able to adapt to transfor-mations in the business environments.”
Continuous Education
Dr. Talal Abu Ghazala, the Founder and Chairman of Talal Abu Ghazala Group and Partners highlighted the
role of education, human talents and use of state-of-the-art technologies to develop family companies. He stated that the Group has been able since its inception to establish 28 specialised companies with 80 offices and 150 rep-resentatives worldwide to cater to vari-ous needs in technical, educational and consulting services.
“Family companies constitute 60-80% of the total global companies, and the UAE’s families are one of the most successful examples in the Middle East as the owners of these companies pay great efforts to develop them locally and internationally. Many speak of generation dispute, but form me there no such a dispute as the real problem lies in the fact that those companies are not prepared to be transformed from one generation into another. The own-ers still feel that the would-be manage-ment is either not ready or lacks the proficiency to pursue business, all of which requires a separation between management and ownership to uphold success.”
“Small family companies are no less important than large incorporations as
Cruborg:
The necissity for a
governmental
sup-port for SMEs
Sawiris: Some family
companies prefer to
work in the shadow
for envy concerns
they employ 80% of workforce and help support the development and progress of the economy compared to incorporations that greatly use media and advertising. There is a need to adopt governance in both family and non-family companies through imple-menting supervision, auditing, and accounting on performance and setting responsibilities and authorities for management”, Abu Ghazala added.
Decentralisation Stage
Samih Sawiris, Chairman of Orascom, stated that family companies are look-ing for worthy opportunities in their home countries, with the next step being such opportunities inside and outside. He explained that this requires great efforts and time as well as the capital to expand. According to Saweras, the main challenge for this approach is to reach decentralisation, i.e., getting away from direct manage-ment framework with all employees and empowering all employees with greater freedom to take decision. Sawiris feels sorry that some compa-nies adopt an internal accounting
sys-tem that does not match international systems and that they are not transpar-ent in unveiling the nature of profits and businesses for various concerns such as envy, which hinder those com-panies to enter financial markets. He also stated that family companies in the Arab region constitute 80% of the private companies with tremendous competitive capabilities and dynamism to operate actively. “Matters are now different as family companies have been affected by the global financial crisis and the majority of them are unwilling to finance long-term proj-ects.
Small and Medium Enterprises
Jorgen Cruborg, Chairman of BMW Charity, said that the company aims to attract the young aged 30-45 to take part in forming and developing the civic community, taking part in the social projects, fostering leadership skills, and promoting a pioneering leading generation that can help create sustainable cooperation between the public and private sector and expand future social, political and academic
programmes.
According to him, the Company will utilise its strong ties between Germany and the UAE to attract the young and enroll them in special training and preparation programmes. “The UAE in general and Abu Dhabi in particular have excellent investment opportuni-ties and tremendous human and materi-al capabilities with the ability to rapid-ly develop both in all economic and social aspects.”
“The government subsidies should be directed to the middle class in the local community as this segment is able to support the economy and take greater part in the sustainable development. With the young constituting 80% of the UAE’s population, there are many ambitious people who are able to set up projects and support the local economy by incepting SMEs that require the gov-ernment support go compete in both local and global markets. This approach will help diversify economy as the great number of SMEs will make their partic-ipation in the GDP vital even though each company has a very minimum share”, Jorgen concluded.
Union National Bank, one of the leading banks in the UAE, has scaled new heights in the field of Quality and Business Excellence by becoming the first ever Bank to receive the prestigious Diamond category Award at the Sheikh Khalifa Excellence Awards. In its 11th cycle the SKEA awarded the Diamond award to UNB’s Chief Executive Officer, Mohammad Nasr Abdeen at a glittering ceremony held at the Emirates Palace, Abu Dhabi on 24th September, 2012.
Mr. Abdeen said “We are proud to have been awarded the Sheikh Khalifa Excellence Award and we value this award far more than any other interna-tional award, most importantly because it bears the name of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE. In addition, the award is from the UAE, our beloved homeland, and was received in Abu Dhabi, the capital city of progress and development. Winning the highest level, the Diamond Award Category of the Sheikh Khalifa Excellence Award is both an honor and a challenge; an honor because this is an affirmation that Union National Bank has demon-strated the highest level of leadership quality, and a challenge because reach-ing the top and stayreach-ing at that level continuously is difficult and requires strong will, hard work, and a vision that is compatible and consistent with the vision of the country's leadership. I would like to dedicate this award to our Chairman, H.H. Sheikh Nahayan
UNB receives the Sheikh Khalifa Excellence Award — Diamond Category
A prestigious accolade for
Union National Bank
H.H. Sheikh Mansour bin Zayed Al Nahyan, presents the SKEA-Diamond Category-to Moh’d Nasr Abdeen, CEO of UNB.
Mabarak Al Nahayan, UNB board members and our shareholders and all our valued clients for their constant encouragement and guidance, and UNB staff for their commitment in meeting and exceeding the ever rising expectations of the clients as well as community. The SKEA honour will encourage us to scale even greater heights in the future".
"UNB is committed towards excel-lence, innovation and continuously aims at providing customers with out-standing financial services. At UNB we have set the highest standards of quality and competence. A pronounced adherence to quality and service lead-ership have always been hallmarks of UNB and these factors will continue to be strong differentiators in the years ahead as we continue to expand." added Mr. Abdeen.
UNB has adopted the total quality management concepts and methodolo-gies, quality management systems and a business excellence framework. A strong testament has been the string of awards and accolades that the Bank has won over the years with the Sheikh Khalifa Excellence Award (2002), Sheikh Khalifa Excellence Award-Gold (2005), Sheikh Khalifa Excellence Award-Gold (2009) Dubai Quality Award (2005 and 2009), the Sheikh Mohammed bin Rashid Al Maktoum Business Award MRM (2008 & 2011) leading upto the SKEA Diamond Award 2012.
The Sheikh Khalifa Excellence Award has been introduced to recognize and celebrate the success of firms that have contributed and continue to contribute to the economic development of the UAE. The criteria for assessing the applications for the awards focus specifically on the factors that lead to outstanding business performance. In 2011, UNB became the first com-mercial bank in the world to be certi-fied to the Integrated Management System (IMS) comprising of ISO 9001 (QMS), ISO 14001 (EMS) and OHSAS 18001 standards by LRQA. Spreading the concept of good prac-tices across UNB Group, the IMS cer-tification has been extended to UNB subsidiaries, Al Wifaq Finance Company and Union Brokerage Company in 2012.
International and Local Accolades
During 2011 and 2012, UNB has received numerous
accolades (both international and local), some of
which are listed below:
•
Stevie Distinguished Honoree - Executive of
the Year Financial Services for UNB CEO at the
International Business Awards (2011)
•
Stevie Distinguished Honoree - Company of
the Year Financial Services at the International
Business Awards (2011)
•
The People’s Choice Stevie Awards for
Favourite Companies at the International Business
Awards (2011)
•
Golden Award for Quality from the Arab
Administrative Development Organization member of
the Arab League and Tatweej Academy for
Excellence and Quality (2011)
•
European Award for Best Practices in the
Gold Category, presented by the European Society for
Quality Research (ESQR) (2012)
•
International Socrates Award for ‘Best
Enterprise’ as well as ‘Best Manager of the Year’ to
UNB CEO Mr. Mohammed Nasr Abdeen by Europe
Business Assembly (2012)
•
Mohammed Bin Rashid Al Maktoum (MRM)
Business Award (2012)
•
International Diamond Prize for Customer
Satisfaction, presented by European Society For
Quality Research (ESQR) (2012)
•
2012 Golden Europe Award for Quality &
Commercial Prestige, presented by Otherways
Management Association Club (2012)
•
Best Banking Group in UAE, by World
Finance Magazine (2012)
•
UNB has been recognized in the World
Finance 100 List for 2011(2011)
•
UNB amongst Forbes Top 10 listed
compa-nies ranking in the UAE (2011)
•
UNB amongst 50 Safest Banks in the
Emerging Markets by Global Finance (2011)
•
‘Dream Company to Work For’ recognition at
the Asian Leadership Awards (2011)
•
UNB recognized as a ‘Superbrand’ (2011 &
2012)
•
Brand Leadership Award at the Global
Awards for Brand Excellence to Mr. Mohammed Nasr
Abdeen UNB’s CEO(2011)
A delegation from Abu Dhabi Chamber, led by HE Khalfan Saeed Al Kaabi, Vice Chairman of Abu Dhabi Chamber, paid a visit to South Korea with an aim to enhance the economic and trade relations between the companies and establishments in the emirate of Abu Dhabi with their Korean counterparts.
During the visit, the delegation held a number of meetings with representatives of the largest companies and a number of officials and dignitaries from Korean investment and economic establishments. The meet-ings focused on increasing the bilateral investments and showcasing the investment opportunities and facil-ities the related parties in Abu Dhabi provide for foreign investors.
The meetings of the Chamber’s delegation attracted heads and representatives of the biggest industrial companies in Busan and Seoul cities in Korea who expressed their willingness to invest in the Emirate of Abu Dhabi and initiate industrial projects, benefiting from services and facilities provided for foreign investors.
HE Al Kaabi said that the meetings aimed at pave the way for more investment opportunities in the Emirate of Abu Dhabi for the South Korean companies which will benefit from the great capabilities and distin-guished facilities for all investors and types of businesses.
He added that such meetings help bolster trade and economic relations between the two sides in the future especially in the fields of small and medium enterprises.
The members of the Chamber’s delegation who attended meetings encompassed HE Mubarak Salem Bin Ham Al Ameri, the second Vice-President of the Abu Dhabi Chamber; and Board members HE Abdul Jabar Al Sayegh, Omair Al Dhaheir, Naser Al Mumari, and Huda Al Matrouchi. The meeting was also attended by Hamad Al Salmeen Al Mansouri, Head of Al Mansouri Group, Members of the Abu Dhabi Business Women Council: Reed Hamad Al Dhaheri and Rafiaa Hilal Al Qubaisi, Riyadh Al Soufi, Director General of Aqila Company, Anwar Aqila, Director of Business Development at the company, in addition to representatives of local banks and companies in different fields and sectors as well as represen-tatives of 22 of the biggest companies operating in the Emirate of Abu Dhabi.
The delegation also paid a visit to LG Electronics and took a look at the latest products of the company. The representatives of the company delivered a presentation to the Emirati delegation stressing the aware-ness of the company to
provide high efficiency products that provide a better lifestyle and envi-ronment-friendly prod-ucts that rationalize the consumption of power, especially in air condi-tioning to 60%.
His Excellency Ki Wan Kim, Executive Vice President of LG, stressed on the awareness of the company in the cus-tomer’s satisfaction and keeping the well-fame of
Abu Dhabi Chamber Visits South Korea
HE Khalfan Saeed Al Ka’abi, First Vice President of Abu Dhabi Chamber of Commerce and Industry, called upon Indian industrial companies to expand their strategic partnership with the UAE’s companies. This came during his meeting with HE Kamal Dilani, the Idustrial Governor of Gujarat Government of India which was attended by HE Abdul Jabar Al Sayegh, ADCCI’s Board Member, and Mr. Mohammed Al Nuimi, Executive Director of the Communications and Business Sector at the Chamber, as well as a number of Abu Dhabi company representatives.
Al Ka’abi stressed that ADCCI is keen to support the Indian companies looking to invest in the Emirate which is experienc-ing remarkable growth and prosperity by providexperienc-ing required facilities in all industrial sectors.
Dilani showcased facilities and investment incentives offered by the Gujarat Government of India to set up investment proj-ects as well as the Government’s plans to enhance the industrial sector, calling upon Abu Dhabi’s companies to make use of these facilities to establish businesses there.
Industrial Cooperation with Gujarat Government of India Discussed
the company in addition to the awareness of the company in integrating the contribution to the environment with the commer-cial growth through incentives to innovate environment-friendly products.
He said that the exports of the company exceeded $50 billion for the current year, $4 billion of which are exported to the GCC. The company exported products to the UAE that is worth more than $1.5 billion which is 25% from the total exports to the GCC.
HE Khalfan Saeed Al Kaabi, the first Vice President of Abu Dhabi Chamber of Commerce and Industry, signed a cooperation agreement with the French Toulouse’s Chamber of Commerce and Industry. The agreement was inked by HE Allen De Cresnozou, and was attended by HE Abdul Jabbar Al Sayegh, ADCCI’s Board Member, HE Mohammed Helal Al Muhairi, Director General of the ADCCI, Mr. Mohammed Al Nuimi, Executive Director of Communications and Business Sector at the Chamber.
Al Kaabi called upon the French companies operating in Toulouse to benefit from available opportunities in Abu Dhabi, especially in industries that are the cornerstones of Abu Dhabi Economic Vision 2030. HE stressed that ADCCI is keen to facilitate the business of companies operating in the Emirate by providing them a pack-age of services, information and guidance on establishing new ventures whilst supporting them to setting a net-work of international partnerships between private sector in Abu Dhabi and their counterparts worldwide.
Cooperation Agreement Inked with Toulouse Chamber
His Excellency Saeed Al Dhaheri, Board Member of the Abu Dhabi Chamber of Commerce and Industry, received a Finnish delegation led by HE Ilkka-Pekka Simila, the Finnish Ambassador to the UAE, at the Chamber’s Tower in Abu Dhabi.
During the meeting, HE Al Dhaheri said that Finnish companies possess great expertise in a number of sectors of interest to the business community in Abu Dhabi, stressing that cooperation between the Finnish companies and their Emirati counterparts would help establish development project in the Emirate as well as to the sustainable economic development as a whole.
The Board Member invited businessmen and companies from Finland to visit Abu Dhabi to explore the unrivalled opportunities that the Emirate has to provide. He also urged the Emirati businessmen and com-panies to invest in the private sector of Finland, a country that offers stability and a strong competitive environment for its businesses to grow.
HE Essi Alaluukas, CEO of the Lahti Regional Development Company, and Mr. Mohammed Al Nuaimi, Executive Director of the Communications and Business Sector at the Chamber, attended the meeting along with representatives of Finnish companies in Finland and representatives of more than 20 compa-nies operate in the Emirate of Abu Dhabi.
Abu Dhabi Chamber invites Finnish companies to
develop investments in Abu Dhabi
HE Nasser Al Shamsi, Board Member of Abu Dhabi Chamber of Commerce and Industry, met with HE Kostyantyn Hryshchenko, the Ukrainian Minister of Foreign Affairs, to discuss means for con-solidating economic and investment cooperation between companies operat-ing in Abu Dhabi and Ukraine, especially in establishing joint industrial ventures. Al Shamsi stressed that ADCCI.
Call to Establish Joint UAE-Ukraine Businessman Council
Her Excellency Engineer Fatima Obaid Al Jaber, Board member at the Abu Dhabi Chamber of Commerce and Industry, Head of the Contracting and Construction Committee, said that Abu Dhabi is expe-riencing a phenomenal economic growth as it becomes one of the region’s foremost business centres, being a gateway for global players today, thanks to a compet-itive business environment that attracts investment from all over the world. This came during an extended meeting with a high profile Honk Kong Infrastructure Development and Real Estate delegation at the Chamber’s Tower in Abu Dhabi.
HE Fatima Al Jabber said that the unique reputation along with the friendly ties that link Hong Kong and the UAE provide us a strong footing to build a solid economic partnership.
Dr. Raymond Ho, Legislative Councilor and Chairman of the Infrastructure Committee at Honk Kong Trade Development Council, expressed the interest of Honk Kong companies in expanding their businesses abroad, especially in the UAE mar-kets in general and Abu Dhabi marmar-kets in particular through bilateral and joint cooperation between Abu Dhabi companies which operate in the construction sector and their Hong Kong counterparts.
The meeting was attended by Abu Dhabi Chamber’s Board Members HE Omair Al Dhahiri, HE Abdul Jabbar Al Sayegh, HE Abu Bakr Khouri, HE Dr. Qasem Al Oum as well as Mr. Mohammed Al Nuaimi, Executive Director of the communications and Businesses Sector at the Chamber.
ADCCI Discusses Business and Investment Opportunities with Hong Kong
Abu Dhabi Commercial Conciliation and Arbitration Center (ADCCAC) of the Abu Dhabi Chamber of Commerce and Industry (ADCCI) signed a coopera-tion agreement with the Australian Center for International Commercial Arbitration (ACICA). HE Mohammed Helal Al Muhairi, Director General of the ADCCI, signed the agreement on behalf of ADCCAC, and HE Prof. Doug Jones, President of ACICA signed off on behalf of ACICA. The signing ceremony was attended by HE Pablo Kang, the Australian Ambassador to UAE, and Mr. Mohammed Al Nuaimi, Executive Director of the Communications and Business Sector at the Abu Dhabi Chamber.
Cooperation Agreement Inked with Australian Center for
International Commercial Arbitration
In an honoring & dazzling cere-mony on 24th September at the Emirates Palace hotel, Abu Dhabi; ADCO’s Chief Executive Officer; Mr Abdul Munim Saif Al Kindy received the trophy for the Gold Category of the Sheikh Khalifa Excellence Award (SKEA) from His Highness Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs. ADCO, one of the leading companies within the ADNOC Group in the UAE, has reached a new peak in the field of quality and business excellence by achieving this prestigious “Gold” cate-gory award of the Sheikh Khalifa Excellence Award (SKEA) from the first attempt in the Oil & Gas sector. ADCO’s CEO said, “We as ADCO, are very pleased with this achievement,
it is not only for our Company and the Employees but it’s a testament to our Shareholders and the Community that we have a business framework that is now renowned on a world wide scale and it balances the needs of our people, our shareholders’ targets and giving back to the community. This recogni-tion confirms the company’s reputarecogni-tion as an excellence oriented organization and gives us the confidence that we are moving in the right direction with a pledge to continue to improve. Congratulations to all ADCO staff, ADNOC & Shareholders for this achievement certainly couldn’t have happened without their continuous dedication and support.”
ADCO’s CEO concluded by saying, “Excellence is a journey of continuity and sustainability, as both are core
ele-ments in ensuring ADCO’s policy and strategy, and are considered an immense responsibility for the entire ADCO organizational hierarchy at all tiers, levels and individuals for better contribution and innovation.”
This milestone is a testament to ADCO’s dedication and commitment to continuous development and improvement based on best practices, policies and exemplary performance at all levels. This move begun with ADCO’s strategic partnership with the Emirates Quality Association, ADCO is prepared and ready to work with SKEA and Abu Dhabi International Center for Organizational Excellence to promote and endorse a quality cul-ture amongst the local community at large and in the Oil and Gas sector in particular.
ADCO crowned
with SKEA Gold Category
Small and medium enterprises (SME) help promote the national economy and whilst fueling the UAE’s drive to achieve economic diversification. The widespread of SME means it is neces-sary to have a regulatory framework for this sector. Therefore, the law proj-ect for SME prepared by the Ministry of Economy in close cooperation with the some specialised federal and local
entities is an important addition to the SME industry, helping promote the business of such companies.
The participation of SME in the UAE is expected to reach 58% of the nation-al economy by 2013, compared to 29%-40% internationally next year.
Pioneering Position
According to Gulf Organisation of
Industrial Consulting (GOIC), the UAE has taken the lead position amongst the GCC in the number of small facilities with 4414 with invest-ments worth AED 5,130 billion ($1.4 billion).
The Organisation highlights that the number of SMEs in the GCC and Yemen went up to reach 9251 small enterprises with a total investment of $4.9 billion and 374,000 man power. According to GOIC, the GCC coun-tries are experiencing a noticeable growth of the number of medium enterprises, stating the number is 2208 with a total investment of $ 87.8 billion and 195,600 of man power.
The industrial information department at GOIC highlights that the UAE comes in the first rank amongst GCC countries in the number of small enter-prises (4414) followed by KSA (2422 with $ 2.3 billion investments and 91,000 work force) then Oman with 1023 enterprises worth of $ 479 mil-lion and more than 29,000 man power. Bahrain comes in the fourth place with 639 small enterprises with investments of $252 million and 26,000 workers, Qatar (390 enterprises with invest-ments of $ 227 million and 17,500 of man power), and finally Kuwait with 363 with a total investment of $275 million and 14,100 work force.
Integrated Federal Policy
Officials and banking experts high-lighted the need to set forth an integrat-ed fintegrat-ederal policy to promote and encourage SME in cooperation with local governments and financial and banking institutions to reach a mecha-nism to fund, support and prepared locals to work in this sector that requires a new legislative framework on both federal and local levels. These topics were reviewed at the 3rd Middle East Forum for SME 2012 which was recently hosted in Abu Dhabi under the patronage of Abu
Integrated Strategy to Promote
SME Competitiveness
Abu Dhabi – Economy Today
REPORT
Dhabi Commercial Bank (ADCB) and saw the the participation of entrepre-neurs, business pioneers, executives at banks and financial institutions and decision makers from private sectors as well as management consultants and representatives from government enti-ties.
Strategy to Promote Competitiveness
Dr. Adeeb Al Afifi, Director-Foreign Trade and ?Export Support at the Department of Economic Development-Abu Dhabi (DED), unveiled that DED has set a complete strategy to build the competitive capa-bilities of SMEs via training
pro-grammes and workshops focusing on counter financial and market risks and crisis management.
“The need for this strategy comes fol-lowing some banking reports showing that 50-70% of applications to set up SMEs are rejected by some banks owing to their inability to fulfill the conditions and sufficient documents and guarantees.
Stressing the role of Khalifa Fund for Enterprise Development, Al Afifi explained that such projects are vital to the national economy as well as to banks and financial institutions as they enjoy a pivotal role in achieving eco-nomic prosperity, providing
employ-ment opportunities, and raising living standards.
Growing Importance
Amro Al Minhali, Deputy CEO of ADBC, expects that the Bank’s fund-ing for SMEs will grow by 40% this year compared to 2011 as ADBC has currently more than 30,000 SME cus-tomers and aims to double the number in line with the UAE’s plans and Abu Dhabi 2030 Vision.
“Statistics show that SMEs account for 75% of the region’s non-oil GDP. With the SMEs being one of the key engines to the national economy, the UAE is giving a prominent importance to sup-porting SME through various initia-tives such as Khalifa Fund for Enterprise Development that help pro-mote them”, he said.
Nilanjan Rai, Head of Business Banking Division, ADBC, stated that the establishment of a firm base to help SMEs prosper has become one of the key factors to achieve sustainable growth and social stability for coun-tries where such projects play integral role, such as China where SMEs account from 60% of GNP and 68% of its total exports to the world.
Colin Freezer, Deputy CEO, Head of Commercial Banking, ADBC, explained that SMEs have become the key participant in promoting the eco-nomic development whilst providing many employments in the local mar-ket.
Performance Exceeds Expectations
A survey conducted by Virtuzone on SME unveiled that economic expecta-tions for the future are positive. 59% questioned stated that work and per-formance of their companies is better than expected, 60% achieved real prof-its and 49% are confident that the rev-enues of their companies will be better in the coming period (between one year and one year and a half). The Survey shows that the internet, the online commerce and technological progress have been the key factors for business pioneering according to 58% of answers while demographic and economic conditions are also key fac-tors (33%). The survey included 153 individuals and SMEs that are licensed
UAE on Top of GCC’s Small
Companies Number
(4,414 companies with
AED 5.130 billion
invest-ments)
Business Pioneering
Help Transform Creative
Ideas into Successful
Businesses
to operate by Virtuzone and encom-passed key challenges and factors affecting the growth of the companies. The survey gathered together points of view of these companies and their expectations of needed support to achieve long-term progress.
Neil Petch, Chairman of Virtuzone said, “The tough global conditions affecting the life and prosperity of peo-ple notwithstanding, the spirit of initia-tive and determination to success are clearly dominant in the UAE, where businessmen constitute a dynamic and lively community that is able to sup-port and fuel the local economy.”
Experience and Skills
Experience and skills have been the key factors for the success of SMEs according 62% of respondents while communications and ability to promote business and the nature of market is also a key factor (30%). The risk- tak-ing and ability to undergo their sequence is 8% as a success factor. 70% of small companies agreed that marketing is a key factor to achieve growth in the short term, being the key factor to promote success of establish-ment. When questioned to state the incentive behind establishing their business, 77% stated that the main driver was their realisation of the mar-ket’s need, and 17% has set up their business as a result of the need for that. The Survey found that 59% of
respon-dents achieved better work path than they have originally expected with 60% making real profits and 49% stressing their confidence that their revenues will be better in the upcoming 12-18 months. 45% explained they need to employ more people and 39% of companies are in need to a larger space.
Challenging Liquidity
The survey questioned owners of SME to voice their biggest challenges and the answer was: the cash flow (49%9), the difficulty in planning next steps needed by the company (34%), unex-pected changes in the market (11%), and the pressure to compete with larg-er companies (6%). According to James Reynolds, the founder of Web Reactivators, the online marketing group, “Creating proactive tools to generate greater revenues whilst upholding expenses and cash flow is a good strategy in business management at the operation stage.”
According to the Survey, success has been a different concept to the owner
of SMEs, as 34% stated it means doing what they favour, 32% wanted to be their own bosses, 28% wanted to start from scratch to prove their ability to succeed, 16% aimed to achieve income for a good life, while the biggest number, 51%, stated that suc-cess from them means balancing work and life.
Furthermore, the study found that 35% of small companies rank the flexibility of expenses as the most important fac-tor when establishing their business while 27% believes that visa proce-dures are the most challenging when establishing a company in the UAE. All respondents voiced the need to give more support to them in various aspects such as legal procedures and accounting, and marketing. Although small companies are defined as entities with less than 500 full time employ-ees, the majority of companies in the survey employ less than 10 full- time teams.
Jessica Brett, the Group Sales Director, at Virtuzone, said, “Small companies are the great engine to develop economy in the region. It is important to listen to those companies to get a closer look at their challenges and opportunities so that we can be in a better position to help them.” Brett concluded that pioneering is what helps different people to achieve their dream by transforming a creative idea into a successful business.
59% of Small Businesses
Enjoyed Better Than
Expected Performance
Al Maryah Island..
World of Unrivalled Environments
Abu Dhabi – Economy Today
Al Maryah Island (formerly Sowwah Island) is a world class mixed-use development in the heart
of Abu Dhabi, the capital of the United Arab Emirates (UAE). Al Maryah Island will be a major
catalyst in the city's drive to achieve Abu Dhabi's Urban Structure Framework Plan objective of
environmental, economic and social sustainability by 2030.
Al Maryah Island is strategically located in the heart of Abu Dhabi’s commercial district and the new Central Business District, and being home to the new headquarters of Abu Dhabi Securities Exchange. Sowwah Square is the exclusively commercial first phase of Al Maryah Island, as well as a landmark of Abu Dhabi Government’s strategy to embark on urban development plan where projects will match the world’s unique business districts.
The island occupies a unique location at a midpoint between Abu Dhabi's existing downtown district, the upcom-ing developments at Al Reem Island and Mina Zayed, and the new cultural district on Saadiyat Island. In this strategic position it creates a natural hub for Abu Dhabi - a vibrant core, combined with landmark architecture, seamlessly integrated into the fabric of
the city by state-of-the-art, multi-tiered transport infrastructure.
The Island has been designed to take advantage of its unique position within Abu Dhabi, creating a commercial cen-ter for the city with a wide selection of retail amenities and F&B offerings. The north and south of the island taper in building height in areas designated for mixed-use, community and high-quality residential developments, with large expanses of green open space and landscaped parkland.
Al Maryah forms a natural extension of the city, comprehensively integrated with adjacent islands, the city's exist-ing road grid and the emirates. The Island is just 30 minutes drive from Abu Dhabi International Airport via the new Khalifa Bridge connecting to the Saadiyat link road and 60 minutes from Dubai. The Island is a 114 hectare mixed-use residential, retail, leisure, hotel and commercial development in the heart of Abu Dhabi. It is designated by the Emirate's Urban Planning Council to be the capital's Central Business District (CBD). The entire island is encircled by an active 5.4 km pedestrian promenade that gives access to water taxis and provides dramatic views of the Abu Dhabi skyline.
Sowwah Square
Sowwah Square is a flagship 450,000 sqm office, retail and hotel develop-ment designed to form the commercial core of Al Maryah Island. Launched in summer 2007, Sowwah Square's four office towers and five star hotels flank the capital's new Abu Dhabi Securities Exchange (ADX) building, in a strik-ing waterfront groupstrik-ing that creates a strong business and hospitality hub for the island and sets new standards in premium real estate development, leas-ing and management.
Four 30 to 36 storey Grade A landmark towers provide 180,000 sqm of flexi-ble, efficient and highly specified office space and approximately 37,000 sqm of retail and F&B space beneath the cen-tral square. Two five star luxury and business international hotels, Rosewood Abu Dhabi and Four Seasons Hotel Abu Dhabi at Al Maryah Island, overlook the water on either side of the distinctive new head-quarters building of the ADX.
The Island’s Unique
Locations Offers Unique
Business, Residential
and Entertainment
Facilities
A working population of more than 12,000 in the towers will bring the area to life in the open spaces and water-front promenades of the square's land-scaped public realm, designed by US artist and landscape architect, Martha Schwartz. By night, the multi-layered transport network will connect the square's retail and entertainment out-lets to the city in its entirety.
The presence of such a high profile anchor tenant such as the ADX is an indication of how important Sowwah Square is to blue-chip institutions. The quality, sustainability and functionality guidelines drawn up by owner Mubadala Real Estate and Infrastructure (MREI) have created a development that has already attracted a wide range of international operator brands.
Sowwah Square is at the heart of Abu Dhabi’s new Central Business District (CBD), creating a strong business and hospitality hub for the island and set-ting new standards for Abu Dhabi real estate. Sowwah Square comprises four international Grade A office towers, providing a total of 180,000 sqm of premium commercial space. These 30-36 storey towers encircle the new headquarters of the Abu Dhabi Securities Exchange (ADX). Sowwah Square will also feature The Galleria at Sowwah Square, a 33,000 sqm distinct shopping and dining precinct set to be Abu Dhabi’s next retail destination. Tower 1, Al Sila, already home to a mix of blue-chip global companies including Deloitte, Clifford Chance, Al Tamimi & Company, Latham & Watkins, Mubadala GE Capital, Norton Rose, Baker Botts, King & Spalding and the Regulation & upervi-sion Bureau.
Mubadala’s vision is to create a lively and dynamic community that matches world’s elite destinations such as “Canary Dwarf” in London, “La Davins” in Paris, “Pudong” in Shanghai whilst translating the vision of the Government to develop a world-class business and entertainment addresses that set new standards in real estate development projects.
World-Class Hospitality
Sowwah Square’s water frontage opens out from a 150 m esplanade to a
landscaped public space that will revo-lutionize Abu Dhabi's dining and shop-ping scene - a spectacular setting in which fashion boutiques, high street brands and luxury retail outlets are framed by premium commercial build-ings and the two luxury hotels, over-looking the water. Sowwah Square hosts a choice of restaurants and food shops from all over the world, in a live-ly mix of local and international fla-vors to be enjoyed in the open air splendor of Sowwah's waterfront views
of Abu Dhabi.
The square will revolutionize Abu Dhabi's dining scene, with an outstand-ing range of excitoutstand-ing and varied dinoutstand-ing experiences available in the two five star international hotels that face the square. Rosewood Abu Dhabi and the Four Seasons Hotel Abu Dhabi at Al Maryah Island will offer some of the finest dining on the island, complement-ing the area's open-air cafés, bistros and restaurants. Many will feature live music and other entertainment to accompany the food and views of Abu Dhabi across the 150 m waterfront. Rosewood Abu Dhabi brings peerless style and service to the UAE. Inspired by the glistening Arabian Gulf, the ultra-luxury hotel features 189 spa-cious guest rooms offering dramatic views of the Arabian Gulf and the Abu Dhabi skyline. The 34-story tower offers a unique interpretation of Middle East architectural elements with comfortable furnishings and warm color palettes representative of the region’s rich history, offering luxu-ry 9 restaurants that offer guest a extraordinary delicious Catalan,
Sowwah Square is at the
heart of Abu Dhabi’s new
Central Business District
(CBD), creating a strong
business and hospitality
hub for the island and
setting new standards
for Abu Dhabi real estate
Italian, Lebanese, and Indian dishes. Luxury Shopping
The Galleria at Sowwah Square will offer a vibrant mix of exclusive shop-ping and dining options in a panoramic setting. This stunningly designed 33,000 sqm 2 level galleria integrates shopping, dining, hotels, parking, cafés and public spaces and is set to become Abu Dhabi's premium urban retail des-tination. Directly accessible from sur-rounding commercial towers, this unique integrated scheme will deliver a new retail experience and offer an eclectic mix of F&B options as well as unparalleled levels of intuitive service - expected by Sowwah Square's blue-chip tenants and retail clientele. The Galleria will introduce an inspir-ing architecture designed by the acclaimed global architecture practices of Elkus Manfredi and Benoy. Best-in-class amenities include dedicated self and VIP valet parking service and an integrated network of climate-con-trolled pedestrian corridors that will provide indoor access to neighbouring residential and commercial develop-ments.
Scheduled to open in the third quarter of 2013, The Galleria at Sowwah Square will feature most of the world’s iconic luxury fashion and fine jewelry brands including Louis Vuitton, Cartier, Gucci, Prada, Alexander McQueen, Aspinal of London, Balenciaga, Bottega Veneta, Brioni, Boucheron, Bulgari, Chaumet, Christian Louboutin, Dolce & Gabbana, Fred Perry, IWC, Jimmy Choo, Michael Kors, Panerai, Roger Dubuis and Van Cleef & Arpels among
others. The Galleria will also feature Abu Dhabi’s first Berluti, Celine, Mulberry, Marc Jacobs, Paul Smith and Tory Burch retail locations. Additional brands at The Galleria at Sowwah Square will include Bimba y Lola, CH Carolina Herrera, Coach, Diesel, Hackett, Hugo Boss, La Martina, Kenzo, La Senza,Lacoste, Longchamp, Sephora, Swarovski and Vilebrequin, which will offer limited editions of pens, watches, jewellery, leather products and fashion.
World-Class Infrastructure
Al Maryah Island was chosen for its pivotal role in the economic, social and environmental development of Abu Dhabi because of its strategic position at the focal point of the city's business, cultural and residential areas. It will be linked to growth areas in downtown Abu Dhabi, Saadiyat, Mina Zayed and Al Reem by a modern infrastructure network of highways, 13 new bridges and a mass transit system of metro and Light Rail Transit (LRT) lines. Mubadala invested multi-billion dol-lars in in the Island’s infrastructure by creating an innovative multi-tiered road network and a major new transit system.
Mubadala has made a clear commit-ment to the island by designing and developing a multi-billion-dollar infra-structure that is the first of its kind in the UAE and the Middle East. Al Maryah Island's multi-tiered network of roads, cycleways and walkways will meet the diverse needs of general traffic, service access vehicles and pedestrians in an innovative and imaginative way. Al Maryah Island's multi-tiered net-work of roads, cycle ways and walk-ways will meet the diverse needs of general traffic, service access vehicles and pedestrians in an innovative way. Roads are laid out on two levels, sepa-rating general through traffic, local and pedestrian passes, residential and serv-ice access. Climate-controlled, shop-lined passageways will create a pleas-ant environment for pedestrians, who will be able to cover the entire island on foot at all times of the year. The new bridges and highways com-bined with generous parking allocation will make traveling by road easy and convenient.
