Indigenous modern Capital

Monthly Magazine Issued by the Abu Dhabi Chamber of Commerce & Industry Issue No.111 (First published in July1970) Something Different Editor - in - Chief Mohamed Helal Al Muhairi Administration & Editorial: Tel.: 02-6177417 Fax.: 02-6348954 Advertisement & Marketing: Tel.: 02-6177410 Fax.: 02-6213363 P.O. Box: 662 info@economytoday.ae Abu Dhbai - UAE Annual Subscription: Abu Dhabi and abroad AED 100.00 or its equivalent, in addtion to postage cost Vision To be Recognized as the leading voice for the Abu Dhabi business community Mission We are the private sector s representatives working 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 www.abudhabichamber.ae Indigenous modern Capital Abu Dhabi is one of the prominent cities in the region that has recently experienced huge strides as part of the all-out economic, social and cultural development, a drive that was initiated by Late Sheikh Zayed bin Sultan Al Nahyan, the Founding Father of the UAE, and pursued by His Highness Sheikh Khalifa Bin Zayed, the UAE s Presidents and followed up by His Highness General Sheikh Mohammed Bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of UAE Armed Forces. This ambitions and visionary drive aims to raise the profile of Abu Dhabi as a modern and world-class city that enjoys diversified and investment-encouraging economy. To address the tremendous development needs, Abu Dhabi Vision 2030 was created to achieve a diversified economy and build a world-class city with integrated infrastructure in all aspects that offers locals and residents a dynamic and modern life with quality housing, transportation and education services. Such a grand and unprecedented vision offers a futuristic overview in all walks of life whist centring upon the Emirate s unique cultural and environmental identity, thereby allowing physical and urban development to accommodate fast-growing population without compromising the environmental and cultural assets. Complete Sustainable Communities concept which is being advocated by Abu Dhabi Urban Planning Council aims to o attain Abu Dhabi 2030 Vision by addressing the diverse needs of existing and future residents, their children and other users, and contribute to a high quality of life by offering opportunity and choice. It achieves this in ways that make effective use of natural resources, enhance the environment, promote social cohesion and inclusion, and strengthen economic prosperity. Therefore, all future plans and initiatives adopted by Abu Dhabi Government are meticulously planned and carefully crafted, touching all aspects of the Emirate s walks of life whist setting ambitious goals that links the past, present with the future within a timeline and clear roles and responsibilities for all parties. Abu Dhabi will pursue its drive as a welcoming and culturally diverse city that is actively responding the 21st Century culture and its modern and transforming trends without compromising its unique identity and culture and an indigenous Arab Capital whose character is deeply rooted in the desert and sea traditions. Mohamed Helal Al Muhairi 3

4 Issue No.111 06 12 16 Shweihat S2: Abu Dhabi s newest mega projects to promote electricity and water sector 06 Global Marketplace Abu Dhabi:an international investment window 12 Abu Dhabi: 2nd best business city in the world 16

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6 Energy Plant produces 1500 megawatts and 100 million water gallons Shweihat S2: Abu Dhabi s newest mega projects to promote electricity and water sector Abu Dhabi - Economy Today The Emirate of Abu Dhabi is pursuing its drive to achieve sustainable growth by implementing and inaugurating mega infrastructure and world-class projects aimed to achieve this vision for progress and prosperity. The opening of the new AED 10 billion ($ 2.7b) Shuweihat S2 Plant in the Western Region in Abu Dhabi, which was inaugurated by His Highness Sheikh Hamdan Bin Zayed Al Nahyan, the Ruler s Representative in the Western Region, is one such a mage project. Sheikh Hamdan bin Zayed Al Nahyan, Ruler s Representative in the Western Region, has said that the UAE, led by President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and the follow up of General Sheikh Mohammed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of UAE Armed Forces, strives to promote the country s role as a world centre for research and development in the areas of energy and renewable energy. Sheikh Hamadan made the remarks during the inauguration ceremony of a major new power and water plant in Al Gharbia (Western Region) of Abu Dhabi in the presence of other senior government representatives and dignitaries World-class facility Located 260 kilometres southwest of Abu Dhabi, Shuweihat S2 is the latest addition to Abu Dhabi s power and water infrastructure network. It adds 1,510 megawatts to the emirate s generation capacity, enough to provide power to more than 300,000 homes.

His Highness Sheikh Hamdan Bin Zayed: the UAE under Khalifa s Leadership plays a leading role in energy sector The plant also produces up to 100 million imperial gallons of potable water each day, representing 15 per cent of Abu Dhabi s water desalination capacity Shuweihat Plant is owned by Ruwais Power Company, a joint venture of Taqa, Abu Dhabi Water and Electricity Authority (ADWEA), GDF SUEZ, Marubeni and Osaka Gas. The Plant includes two power and desalination blocks, each comprising two gas turbines, one steam turbine and three Multi-stage Flash distiller units Sheikh Hamdan said at the inauguration ceremony of the Plant that it is a practical translation of the interest of the state in providing basic services and decent living conditions to Emiratis in line with Abu Dhabi Vision 2030. He added that the UAE leadership gives priority to the issue of diversification of energy sources in Abu Dhabi. He commended the existing partnerships between the UAE and international major companies to implement strategic projects. His Highness lauded the efforts exerted by ADWEA in undertaking this grand project that will constitute a remarkable addition to its profile, stating the ADWEA has become one of the leading industry players in the region thanks to its premier expertise in manpower, production and technological know-how. His Highness expressed his 7

8 Energy ambition that ADWEA will pursue its drive to gain a more prominent position, fuelled by the support granted by His Highness Sheikh Khalifa Bin Zayed Al Nahyan and General Sheikh Mohammed Bin Zayed who provide the Authority will all support to ensure business success and prosperity and welfare for the public. Sheikh Hamdan also stressed that the inauguration of the new Power Plant in the Western Region is a quantum leap to provide key utilities whilst helping promote Al Gharbia as one of the most developed regions nation and region-wide, given its premier status as a key heritage and cultural hub. His Highness lauded the existing partnerships the UAE s corporations enjoy with many leading international peers to implement mega development project, benefiting from the prime status of the Country regionally and internationally. The ceremony was attended by HE Nasser Ahmed Al Suwaidi, Chairman of the Department of Economic Development, Major General Obaid Al Hairi Salem Al Ketbi, Deputy General Commander of Abu Dhabi Police, Dr Mughair Khamis Al Khaili, Director General of the Abu Dhabi Education Council, Staff Major General Faris Khalaf Al Mazrouei, Chairman of Critical Infrastructure and Coastal Protection Authority (CICPA), Mohammed Hammed bin Azzan Al Mazrouei, Acting Under-Secretary of the Ruler s Representative Court in the Western Region, Sultan bin Khalfan Al Rumaithi, Director of the Office of Ruler s Representative in Western Region, Japanese Ambassador to the UAE, Yoshihiko Kamo and a number of army and police officers. Sheikh Hamdan was received on arrival by Dr. Ahmed Mubarak Al Mazrouei, Secretary General of the Executive Council, Chairman of the Abu Dhabi Water and Electricity Authority (ADWEA) and Abdullah Saif Al Nuaimi, Director General of ADWEA. The Ceremony commenced by the Al-Nuaimi: The success of the Abu Dhabi Water and Electricity Authority springs from its thorough insight and believe in the importance of economic partnership with international companies in realizing economic integration national anthem of the UAE, following which Mr. Abdulla Saif Al Nuaimi delivered the speech on behalf of ADWEA in which he thanked His Highness Sheikh Khlaifa Bin Zayed Al Nahyan, the UAE s President, and General Sheikh Mohamed Bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Com-

Beeuwsaert: Abu Dhabi leadership adopted policies that contribute to sustainable growth and encourage towards local and regional development in many fields mander of UAE Armed Forces for their ongoing support to promote water and electricity sector as being a cornerstone to socio-economic development of the country and the wellbeing and prosperity of the people. The Inauguration of the new power plant is a translation of Their Highnesses directives and support to the privatization programme that ADWEA has adopted since it was launched. I would like to take this opportunity to thank His Highness Sheikh Hamdan Bin Zayed for honouring us, and for ADWEA s partners, Al Ruwais for Energy, Swiss Tracktel, HSBC, White and Keiss, Allen & Overy, and Fitscher, who worked in the past year to help achieve this milestone and celebrate the success, he said. We feel proud to witness this great achievement together. Shuweihat S2 is a tremendous project that we all strived and worked in the spirit of one team to achieve it in the best and ideal way to be a truly flagship for development and prosperity that we all aim to attain, Al Nuaimi added. Al Nuaimi continues, The success of ADWEA in this project stems from its visionary belief in the importance of business partnership with international companies to achieve economic integration that requires hard work and sound planning. ADWEA and its partners were confident from the beginning in the role of privatization project in fuelling the economic development of the UAE by knowledge and technology transfer and providing suitable employment opportunities for the Locals. Since the start of the privatisation programme 15 year ago, ADWEA has been able to attract leading international corporations to jointly establish private companies so as to manipulate state of the art technologies and worldclass expertise with an aim to pursue progress in the water and electricity sector. Privatisation project was a pivotal initiative to develop capabilities whilst allowing Abu Dhabi Government s investments to be dedicated in other vital sectors such as healthcare and education, he added. Stressing that the establishment of this partnership has seen the signing of an agreement to purchase energy and water for 25 year, Al Nuaimi said, Shuweihat provides 1500 megawatts of power and 100 million water gallons. It is ADWE s privilege to support the development drive of the UAE that will achieve the Leadership s vision of transforming the country into one of the most advanced states. At the end of his speech, Al Nuaimi thanked the support of the Government to water and electricity sector, which has been instrumental in promoting ADWEA as a catalyst for worldclass entities that adopt meticulously planned privatization strategies with an aim to achieve the overall objective of building a pioneering country in all walks of life. Joint project Addressing the audience, Dirk Beeuwsaert, Chairman of International Power Ltd and Advisor to the President, CEO of GDF Suez, said, The key to the success of any project of this size and complexity is having a robust partnership in place. The successful completion of Shuweihat S2 is testament to the flexibility and ef- 9

10 Energy ficiency of our project partners. He added: We are proud to be here today to mark the successful completion of Shuweihat S2, a power plant which signifies GDF SUEZ s ongoing commitment to the United Arab Emirates and indeed the broader GCC region. We are especially proud that our group continues to be part of the process to provide Abu Dhabi with the supply of power and water it needs to sustain its growing economy. The key to the success of any project of this size and complexity is having a robust partnership in place. The successful completion of Shuweihat S2 is testament to the flexibility and efficiency of our project partners. He stressed that the UAE, under the wise leadership of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, is pursuing its premier role in the region, built upon Abu Dhabi Government s sound policies of sustainable growth as being a catalyst for local and regional development in various aspects. Abu Dhabi has succeeded in providing an attractive professional environment based on a deep-rooted public-private partnership, which has been instrumental in attracting many foreign investments. The recent re-financing of Shuweihat S2 Power Plant through bonds issue is a testimony of how markets see the valuable public-private partnerships. He also highlighted that GDF Suez has developed a quarter of its operations in energy and more than half in water in the GCC, moving now to operational stage he concluded. Historical moment His Highness Sheikh Hamdan then pressed on the bottom to officially commence operations of the Plant. This was followed by a tour on the plant to see for himself the water and electricity production units that use state of the art technologies. During the tour, His Highness was briefed with details of the Plant and its units by officials. Mr. Ahmed Hamad Nasser Al Mazroui, the Chairman of Boards of Al Ruwais Energy said that Shuweihat S2 is the latest mega projects in water and electricity sector being unveiled by the Emirate of Abu Dhabi, which is a joint venture between Taqa (54%), Abu

Dhabi Water & Electric Authority (Adwea) ( 6%), International Power GDF Suez (20%), Marubeni (10%) and Osaka Gas (10%). IP-GDF Suez, Marubeni and Osaka Gas operate the plant. Shuweihat S2 is one of the key milestones to advocate sustainable energy deemed vital to address the growing needs of people for water and electricity. Al Ruwais Energy will provide ADWEA with water and electricity as per the 25-year contract signed by two parties, he said. Privatisation of water and electricity attracts leading international corporations Experts state that Abu Dhabi s experience in utility privatisation is one of the pioneering examles worldwide, given the sheer amount of produced water and electricity, the value of foreign investment compared to the Emirate s GDP, as well as the funding deals inked by some of the big local, regional and international corporations which are considered amongst the top privatisation deals in the world. One of the key drivers to ensure a successful privatisation programme by ADWEA is Abu Dhabi s strong economy and high transparency policy adopted by the Emirate when embarking on project development. The move of Abu Dhabi to privatise water and electricity sector has fuelled all the Government s other privatisation programmes, raising stakeholders trust on such a plan that is deemed to success. As Abu Dhabi s population grows to an anticipated three million over the next 20 years, ADWEA is looking for the right partners to plan and implement a practical, flexible and sustainable view of the future of water and electricity. ADWEA believes time is ripe to innovate new ideas and technologies as the very high level of demand on water and electricity sources couple with unprecedented drive to preserve the environment. Sustainable energy, uninterrupted services, excellent customer services and world-class operational standards are the key drivers behind the ADWEA s endevours for new methods. Most importantly, ADWEA is committed to enhancing Abu Dhabi s infrastructure and ensuring its progress in order to meet the needs of socio-economic development of the Emirate. ADWEA s projects and initiatives are in line with Abu Dhabi 2030 Vision and it economic, environmental, cultural and social development priorities whist ensuring excellent level of services for residents and prosperous future for the Emirate as a whole. ADWEA therefore excels in providing sustainable water and electricity services to support Abu Dhabi s Vision and ensure ideal control over the operational expenses and best use of investment revenues. This is being implemented in a way that ensures all expectations and rights of strategic partners are carefully taken into consideration with an end aim to provide quality water and electricity services. In addition, ADWEA implements a world-class environment, health and safety programme and keen to maintain long-term and mutually beneficiary relations with stakeholders. The ADWEA strategy is driven by its mission to ensure the sustainable supply of water and electricity to support the vision of the Abu Dhabi Government. To achieve its mission, in the coming years, ADWEA will focus on three strategic themes: support the growth of the Emirate with focus on sustainability, provide excellent service that meets customer expectations and delver cost effective, safe and reliable of water and electricity. Ultimately, ADWEA realized that achieving these strategic themes will be in continuing to develop the necessary capabilities to maintain ADWEA as a high performing organization. 11

12 Money & Businesses Global Marketplace Abu Dhabi: an international investment window Abu Dhabi - Economy Today Global Marketplace Abu Dhabi has been designed to be a specialized hub, working alongside the four existing major global timezone markets, namely, Sydney-Tokyo, Singapore-Hong Kong, London, New York-Chicago and will offer, for the first time in the Middle East, a new trading option, reducing risk and increasing global liquidity. Bankers and businessmen stated that the new marketplace is a strong profile addition to both the UAE and the Emirate of Abu Dhabi, boosting the local economy whilst opening the door wide for investments and investors worldwide to communicate. Benefiting from its strategic location, Abu Dhabi has been engaged preparing the necessary infrastructure for the Marketplace such as world-class legal environment similar to the ones adopted by international markets. Besides, the Marketplace has been decided to be established at Maryah Island, which possesses all state- of- the- art facilities for business boom: close proximity from the City s vital locations such as Abu Dhabi international Airport (30 minutes drive), the cutting-edge

infrastructure such as state of the art technologies and telecommunications, modern transportation system, residential and commercial buildings, hotels, healthcare facilities and services as well as very attractive benefits offered to companies operating there, making it a truly robust environment to accommodate the Marketplace. One of the key advantages of the Marketplace that will be clearly felt following the launch is the provision of employment for the young local and Arab talents. His Highness General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has issued a decision on reforming the Board of Directors of Global Marketplace Abu Dhabi, chaired by Ahmed Ali Mohammed Al Sayegh. The decision stipulated that the Board of Directors included Mohammed Darwish Mohammed Al Khouri, Ali Majid Mubarak Al Mansouri, Ibrahim Obaid Al Za abi and Mohammad Najm Al Qubaisi as members of the Board. 13

14 Money & Businesses Ahmed Sayegh: Supporting and developing the emirate s economy by creating an integrated environment to attract financial investments and providing an added value to the financial and global services According to the decision, the membership of the Board of Directors will extend over five years, subject to renewal. Prominent role Al Sayegh stated that His Highness trust is a great responsibility and honour that the Board is keen to undertake with an aim to attain the objectives of the Marketplace of promoting the UAE worldwide, helping achieve the economic diversification plans whilst filling the time gap in the key financial markets. The Global Marketplace Abu Dhabi aims to promote Abu Dhabi as a leading global market, develop the emirate s economy as well as to enhance the economic environment to attract financial investment and more effectively contribute to international financial services, he said. The Marketplace is created to promote the right economic environment to attract financial investments. It will eliminate the time gap among global financial markets 7-11am, UAE time Abu Dhabi has transformed into a cornerstone for global markets whist providing all kinds of services for financial institutions, trade institutions and producer institutions for goods and minerals from all sources, Al Sayegh stressed. One of the key responsibilities of the Board is to appoint three independent bodies, called the Global Market s Authorities: the Registrar (Global Market s Registration Bureau), the Regulator, and the Global Market s Courts. Al Sayegh lauded and thanked ADS holding for its role in establishing the ADGM. He also thanked Allen & Overy for their efforts in preparing the legal framework for the Marketplace, which matched the best international standards. Vital role The functions of the Board of Directors of the Abu Dhabi Global Marketplace are as follows: the issuance the global market systems to organise its work, achieve its objectives, propose draft laws, appoint and relieve head of office of global market registrar, head of the Office of Financial Services, head of the courts and judges of the global marketplace, and the formation of advisory committees, the establishment of departments and individual institutions, offices, councils needed to achieve the objectives of the global marketplace and specification of their powers and functions. The Board of Directors is also entrusted to develop relationships with free zones and others whether inside or outside the Emirate, and issue the organisational structure of the global marketplace and the authorities of the global marketplace. It also specifies the terms of reference and functions and meetings of any boards, departments and administrative units at the global marketplace.

Mahmoud Ibrahim Al- Mahmoud: Due to global demand for a fifth global market in the Middle East, ADS Holding has established Abu Dhabi Global Market Market raises the profile of the UAE internationally, bridging time zone gap in main financial markets Market industry Mr. Mahmood Ebraheem Al Mahmood, the executive chairman of ADS Holding, the lead and strategic advisor for Marketplace Abu Dhabi, expressed his appreciation to His Highness Sheikh Khalifa bin Zayed Al Nahyan, the UAE s President, and General Sheikh Mohammed Bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of UAE Armed Forces for their constant support to establish the Market. He also congratulated the newly formed Board for the Marketplace, wishing them all success. We recognised the global demand for a financial market in the Middle East which could work alongside the four existing major global timezone markets (Sydney-Tokyo, Singapore-Hong Kong, London, New York-Chicago). This is a very ambitious project which could only be achieved with the backing, commitment and resources of Abu Dhabi. The combination of the geographical location, financial adequacy, stability and vision were all essential in developing this initiative. he added. He highlighted that the location of the Marketplace at the Maryah Island provides a world-class and integrated business environment for leading international banking and financial institutions as they will benefit from the state of the art infrastructure such as cutting-edge technologies, transportation network and building to tap into other markets. ADS Holding has been able sett up the world s fifth key marketplace by means of world-class legal framework, financial services and state of the art infrastructure to eliminates the time gap among global financial markets 7-11am, UAE time. The Marketplace then will provide in the remaining 20 hours financial services and solutions to support the operations of local, regional and international bourses and to be a cornerstone to these financial markets. Historical initiative Mr. brahim Mubaydeen, the managing partner of the Abu Dhabi office of Allen & Overy said: We are honoured to have acted as sole legal advisers on the historic creation of Abu Dhabi s first Financial Free Zone. We are particularly pleased to have had the opportunity to work alongside ADS Holding, the lead and strategic adviser on the project, whose commercial and technical expertise and insight has been instrumental in the successful creation of the new Abu Dhabi Global Market. 15

16 Businesses Abu Dhabi: 2nd best business city in the world Abu Dhabi - Economy Today

A recent study by Epsos Mori encompassing 48 main cities worldwide has placed Abu Dhabi on the top of preferred destination for business and living in 2013. Abu Dhabi, indeed came second as the best business destination in the world, surpassing Hong Kong, Tokyo, and London, while it was classified as the fourth preferred city to live, ahead of some of the world s leading cities such as Sidney. The study has gathered feedbacks of 18000 people from 24 cities where they were asked to classify 48 key cities in the world into five categories: most preferred cities, best places to live, best European cities, best business destinations, and best visitor attracting cities. New York topped the list as the most preferred city and best to do business. Zurich came number one as the best cities to live in whilst London has been classified as the best European city. Paris, on the other hand, was voted as the most attractive destination for visitors. In the same survey, the Brazilians stated they prefer Abu Dhabi to Rio and they opt to visit the Emirate rather than London or Los Angeles. The Spaniards showed they like to live Abu Dhabi more than in Madrid. The Italians also prefer Abu Dhabi to their Capital, Rome. Abu Dhabi has confirmed its status as one of the best cities in the region and worldwide alike in various disciplines, especially with regards to best standards for business, living and residence as one of one of the most attractive touristic destination. Armed with its world-class assets and attractions, Abu Dhabi has transformed into a truly global tourism hub. Besides, the city is revving up to be one of the world s leading cultural centre, a drive fuelled by some future milestones, namely the building of Louvre and Guggenheim Museums, which are expected to open by 2015. Sustainability and quality of life Plan Capital 2030 Update recently unveiled by Abu Dhabi Urban Planning Council, which is built upon the original plan that was announced in 2006, is a quantum leap to ensure brighter future for the Emirate. The project encompasses tools to implement and manage the required resources, timelines, outcomes and standards whilst defining roles and responsibilities for update teams. Plan Abu Dhabi 2030 is the first of its kind milestone, offering a practical and flexible vision for the future whilst centring upon the unique culture, identity and environment of Abu Dhabi to allow urban development that accomodate the population constant growth in a balanced manner culturally and environmentally Emirate-wide 17

18 Businesses Core principles Plan Capital 2030 Update advocates some of core principles to develop the Capital such as Estidama (sustainability), which aims to comprehends the forecast population growth without excessive vertical structures or demolishing cultural buildings so as to preserve the precious natural resources and heritage assets. Besides, one element of ensuring sustainability is to depend more on renewable resources whilst promoting diversified economy to achieve sustainable and long-term social and economic development. This can be achieved by carefully studying the cultural and environmental assets of the Capital, setting project locations that ensure balance between environment protection and development needs. Livability is one of the key principles for the Plan Update. This can be achieved by defining new developments that accommodate population growth whilst offering a modern and dynamic lifestyle where the people will enjoy quality and integrated community facilities and services in safe, convenient and accessible surroundings. Sustainability, upholding identity and livability are core principles of Plan 2030 Standards and benchmarks With regard to upholding the identity and promoting progressive culture, the Plan states that urban developments should take into account the Arab identity of the city that is inspired by the spirit of the desert, the sea and the traditional lifestyle; yet is it a culturally welcoming city that set standards to the modern 21st Century capitals. Abu Dhabi 2030 Plan is delicate and highly flexible as it touches all details of the city whilst setting a number of ambitious objectives for the future. Besides, it defines the guidelines of both current and future in a well-planned timeline and with clearly defined roles and responsibilities through the stepby- step assessment of all achievemnets. It is also very flexible, allowing officials to make amendments to any update and in all stages to ensure best possible results. Quality life According to a recent survey, the UAE has gone seven rankings up in the quality of life index for 2013, taking up the 3rd position and gaining wider popularity amongst the Brits. The study, titled quality of life undertaken by Nat West International Personal Banking Limited, shows that the UAE has steadily jumped in the last four years to be the top countries that offer the resident Brits a quality life. The Survey showed that countries like France, Spain and Portugal have become less attractive for expatriates. Australia on the hand has kept its status on the top of preferred destination as per the analysis of feedbacks gathered from 1800 Brits. Canada came second and the UAE third (the Country was ranked on the 10th position in 2010, the 9th in 2011 and jumped to the 6th last year). The Study shows that the British residents to the UAE benefit from tax free income, thereby encouraging them to enjoy a truly luxury life unmatched in their home country. The most popular cities for them are Dubai, Abu Dhabi, and Sharjah where they can find employment opportunities in construction, petroleum, banking and tourism. A spokesperson by Nat West said that 75% of UK residents to the UAE have been encouraged by employment opportunities whilst 149 of respondents voiced their desire to live in the Country permanently. Happiest community 59% participants from the UAE in a survey stated that are pleased with their current life while 13% explained they are very happy. The Happiness and Wellbeing in the MENA survey conducted by Bayt. com, the Middle East s number one job site, and YouGov, an independent research and consulting organization, has revealed that respondents in the UAE are highly satisfied with life in general. In fact, the UAE ranks number one in the region in many attributes, including general safety and security (66%), stability of political environment (60%), the availability of entertainment ave-

nues (55%), opportunities to socialize (26%), access to healthcare facilities (36%), availability of public transport (44%), general infrastructure (45%), and availability of employment opportunities (14%). The UAE ranks second in terms of attitude and behavior of people in general (23%), ability to lead a stable financial life (21%) and ability to maintain healthy personal relationships with family and friends (29%). Over 73% of the UAE population indicates they are in good to excellent health, with another 20% indicating they are in somewhat average health and 6% citing some degree of health issues which they claim are predominantly under control. Yet, while 40% of the surveyed employees in the UAE claim to be somewhat satisfied or extremely satisfied with their job, 60% of respondents claim to be stressed by everyday life (with 17% claiming to be extremely stressed and 43% claiming to be somewhat stressed ). Three quarters of respondents indicate the number one cause of stress in the UAE is, as across the rest of the region, the increasing Abu Dhabi was ranked as fourth most preferred city in the world, ahead of Sydney cost of living, Other leading causes are work-related issues (as stated by 60% of respondents) and the inability to maintain a good work-life balance (as stated by 50% of respondents). In terms of recognition received at work, 17% of UAE professionals are extremely satisfied, while 15% are extremely satisfied with working hours, 14% are extremely satisfied with support received from colleagues and 13% are extremely satisfied with work-life balance. Data for the Bayt.com Happiness and Wellbeing in the MENA survey was collected online from June 6th -20th 2013, with 11,170 respondents aged 21+, representing Algeria, Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Pakistan, Qatar, Saudi Arabia, Syria, Tunisia and the UAE. With regards to their personal life, respondents from the MENA region are generally satisfied with their current mental and physical health. In fact, 75% claim they are in good overall health, and around half of the respondents say that they are extremely satisfied with the current relationship they have with their family. On the other hand, the highest dissatisfaction noted by respondents is with financial independence across all three regions (GCC, Levant, and North Africa). People in the MENA are also not too satisfied with their professional lives, with 45% of respondents across the region claiming they are somewhat dissatisfied with the remuneration they receive. There is also a general sentiment that there are not too many opportunities for career advancement (this is particularly seen in Syria, Jordan, Algeria, and Morocco). When asked about overall satisfaction with current job, generally it is low across the region, with Morocco being the lowest. Only 15% of respondents claim they are extremely satisfied with their current work/life balance. 19

20 H.H. Sheikh Hamed bin Zayed Al Nahyan, Chairman of Abu Dhabi Crown Prince s Court presents the award to H.E. Nasser Ahmed Khalifa AlSowaidi, the Chairman of the NBAD Board. The National Bank of Abu Dhabi Wins Sheikh Khalifa Excellence Award The National Bank of Abu Dhabi (NBAD), has won the highly prestigious Sheikh Khalifa Excellence Award- Diamond Category confirming the Bank s position as a leader in the financial industry. H.H. Sheikh Hamed bin Zayed Al Nahyan, Chairman of Abu Dhabi Crown Prince s Court presented the award to H.E. Nasser Ahmed Khalifa Alsowaidi, Chairman of the NBAD Board. We are proud to win this prominent and coveted award. Winning the Sheikh Khalifa Excellence Award is a valuable recognition of the many exceptional accomplishments and contributions that NBAD has made to the development of not only NBAD but the financial services industry, says Alex Thursby, the Group Chief Executive Officer of NBAD. The Sheikh Khalifa Excellence Award is an effective gauge of distinction and merit. The Bank s successes have distinguished NBAD as the leading bank and company. A Leading Role Mr. Thursby adds: The UAE sits at the heart of West-East Corridor and NBAD s strategy is to gain a leading role in this space to promote the interest of Abu Dhabi and the UAE in this

vital and rising super-region. NBAD s many achievements and successes that were considered for the Award included the Bank s annual Global Financial Markets Forum, which contributes to making Abu Dhabi the financial Gateway to MENA; NBAD s exemplary risk management framework that have made NBAD one of the World s 50 Safest Banks and the Safest Bank in the Middle East; NBAD i-trade, an example of NBAD s innovative products to create value for clients; NAFURA secure online channel for Corporates clients provides instant access; and NBAD s partnership with the UAE Ministry of Finance to create E-Dirham payment system. Greater Successes and Accomplishments Winning the Sheikh Khalifa Excellence Award is a genuine victory for NBAD and it compels us to strive for greater successes and accomplishments, says Abdulla M.S. Abdul Raheem, the Group Deputy Chief Executive Officer of NBAD. NBAD s other successful strategies that were considered for Sheikh Khalifa Award are the NBAD Academy in developing a learning culture at NBAD; integrated Processes and Performance management through QPR system; the Bank s strong proactive compliance culture; Key Operational Excellence initiatives; and the journey from Corporate Social Responsibility to Strategic Corporate Sustainability at NBAD. Excellence is an on-going journey and it is about putting best practice into action to benefit our customers and our stakeholders. We will continue to utilise the SKEA Diamond Award excellence framework as the springboard for further improvements to create great value for our customers. We will redouble our efforts to work as One NBAD Team to deliver our customer value proposition and to secure NBAD s position in the West-East Corridor, says Mr. Thursby. A Network of 125 Branches (NBAD) was incorporated in 1968 and is listed on the Abu Dhabi Securities Exchange (ADX), under stock code (NBAD). NBAD Head Office Alex Thursby: Winning the Sheikh Khalifa Excellence Award is a valuable recognition of the many exceptional accomplishments Ranked as one of the top 50 safest banks in the world since 2009, NBAD currently operates across 17 countries on five continents. NBAD has a network of 125 branches and more than 580 ATMs to provide banking services to customers all over the UAE. Besides bricks& mortar branches, NBAD provides 24 hour internet banking access through Nbad Online and Nbad Direct, the SMS-based payment service (Arrow) as well as account access and personalised customer support through its 24-hour Call Centre. NBAD provides its customers with a wide variety of financial services targeting all segments of the consumer and corporate markets. Abdulla M.S. Abdul Raheem: Sheikh Khalifa Excellence Award is a genuine victory for NBAD and it compels us to strive for greater successes NBAD aims to support the long-term prosperity of our people, our customers and the communities in which we do business by being transparent and responsible. The Bank is ranked 3rd on the S&P/Hawkamah ESG Pan Arab Index out of the top 50 Pan Arab companies based on their performance on nearly 200 environment, social, and governance metrics. NBAD is rated senior long term/short term AA-/A-1+by Standard & Poor s (S&P), Aa3/P1 by Moody s, AA-/F1+ by Fitch, A+ by Rating and Investment Information Inc (R&I) Japan, and AAA by RAM (Malaysia), giving it one of the strongest combined rating of any Middle Eastern financial institution. 21

22 ADEEB GROUP: FACILITIES MANAGEMENT SERVICES & MEP CONTRACTING SKEA of Appreciation is the milestone achievement for our organization Adeeb Group, a leading ISO 9001:2008 certified and TQM awarded Facilities management and MEP Contracting Services company headquartered at Abu Dhabi, established in the year 1994, a part of M/s. Sultan Bin Rashed(SBR) Group of Companies owned by H.E. Sultan Bin Rashid Al Dhaheri and he is a Member of the FNC and also one of the most recognized and respected businessman in the UAE. Adeeb Group was established in the year 1994 in Abu Dhabi and was initially focusing on the ELV System and part of FM activities. However, the emerging market was highly focusing the FM industry as the requirement was growing rapidly for its necessity. Our reputed clients were in need of the FM solution from our company as we are service and quality oriented. Mr.Jayakumar, Managing Director, has put his tremendous effort to establish the company since the establishment. Adeeb has started its MEP division in the year 2006, in order to meet our clients requirements. Adeeb was specializing in ELV System and gradually developed its operation by diversifying into related engineering operations such as FM, MEP Installation and maintenance, etc.,.the company witnessed further growth after Eng.Ansari, Managing Partner had taken control as General manager to run and develop the operation in the year 2007. The company s managerial staff (GM, Manager and Projects Managers) were having wide experience in the field of MEP and were consistently focusing and studying on market requirements and subsequently launched its division at the right time. We have our branch offices and Service Centre in Dubai, Alain and Mussafa in order to serve our clients with flawless performance and commitment. We are currently supporting a various number of Blue Chip companies in UAE and our performance & quality commitment have achieved the customer retention over the number of years with good relations. Adeeb is dedicated to providing quality consulting and contracting at a rational cost. Adeeb is proud to have achieved the Sheikh Khalifa Excellence Award of Appreciation at its 12th Cycle and it has been the milestone achievement for our organization. According to our Managing Director, the company has come along the way of superior in quality service providers which has helped our sustainability and win on our company s vision with constant approach. Our achievement of appreciation from SKEA is just a journey towards excellence and we always plan for continual improvements and keep exploring best practices to satisfy our entire stakeholders, General Manager Says. Adeeb s Team of workers is its biggest assets as they contribute to develop the company to a greater extent, General Manager adds. Adeeb has achieved an International quality award from U.S.A for TQM (Total Quality Management) for our Quality standards. Adeeb has attained the status of Corporate Membership with Middle East Facility Management Association (MEFMA) and Emirates Green Building Council (EGBC). Adeeb is also focusing on creating Environmental preservation awareness and Sustainability by actively coordinating with renowned personnel of the industry, councils, and Associations. Besides, Adeeb frequently participates various events and workshops related to Waste Management, Sustainability, Environmental protection, Green Building and Quality FM management. Adeeb is providing in-house and external regular training for all its staff covering various topics such as Code of Ethics, HSE awareness, Facilities Management, ISO Audit, Environmental protection, Sustainability, Waste Management, Corporate Behavioral patterns and other on-the-job and Off-the-Job trainings etc.,

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