Mexico divided over proposed tax reforms

Posted on January 14, 2014January 9, 2014 by Ashton Wenborn

Mexico is a booming country. Its economy grew 3.6 percent in 2012, and is set to grow again this year, according to the IMF (see Fig. 1). In a world still reeling from economic turmoil, those are impressive figures. However, Mexico is a developing economy, and as such it faces many challenges before sustainable and enduring prosperity. Central to President Enrique Peña Nieto’s development plan is a sweeping reform that will tackle many of the shortcomings in Mexico’s archaic and flawed tax system.

Mexican predicted GDP Growth

Luis Gerardo Del Valle, Managing Partner at Jáuregui and Del Valle, SC, a prominent Mexican law firm specialising in tax consulting and litigation, has many years of experience dealing with tax regulation and dodging the bullets of Mexico’s system. He believes that though archaic, the country’s system is not that different from other jurisdictions around the world.

“Having had experience working with different systems of the world, I consider that most systems work alike,” he says. “It’s just that there are systems that are more developed and systems that are less developed and in this case Mexico has the main principles, but is not as developed as other jurisdictions. There are systems like the British and the American ones that have many more anti-avoidance provisions and that have been developed through regulations.”

The ruling party in Mexico, PRI, is proposing sweeping changes designed primarily to raise revenue and close loopholes, but the change will also raise sales taxes on the regions bordering the US and include a raise in the top rate of income tax and a capital gains tax. Though there has been an unprecedented level of cooperation so far between PRI and PAN, the main opposition party, there have been growing calls for PAN to abandon negotiations and allow the tax reform to fail.

A system in flux
Del Valle is sceptical of the reforms and believes that Mexico can flourish under the current system. “Mexico would have less regulations and less precedents than the UK or the US,” he says. “There are a lot of loopholes. You just need to have a good attorney or a good tax council who can guide the transaction because there may be challenges in the interpretation of the law, [things] that are just not regulated and which the courts have not yet ruled on. So you need to have a council that understands clearly how the system has developed during the past 20 years and where it’s going in the future so that a client can receive the right advice.”

But it is undeniable that the tax system in Mexico is changing fast, even before the tax reform is fully approved. As a tax attorney, Del Valle has learned how to navigate the changes in order to offer the soundest legal advice possible for his clients.

“The environment is changing in the sense that we start out with an interpretation of a statute that establishes a tax, and in the past courts were much more literal in their interpretation of that statute. This environment favoured the taxpayer immensely and allowed tax structuring to take place,” he explains. “What is happening currently is that the tax authorities and the courts have brought in the possibilities and tools for interpretation of a statute. They went from being totally literal to justifying interpretations of the statute. The possibility for interpretation will be to the detriment of the taxpayer.”

I am optimistic in my view of the Mexican economy, because foreign investment is coming in and will finally translate into economic growth and development

For Del Valle, this change in approach can have the effect of pulling the rug out from under the taxpayer, who once relied on a literal interpretation of the law in order to structure their taxes and are now left at the mercy of subjective interpretation. “Now the tax authorities can [argue] and say ‘that’s not the way the statute should be interpreted’, and the down side of this for the tax payer is that the advice of an expert and a very capable professional with experience is required. And that means that the possibilities for the taxpayer to plan and restructure transactions are being restricted.

“We are still not close to where the English system is; there have been many precedents in the UK and we understand that they are still coming because it’s not totally clear where the line between authorised tax avoidance and unauthorised tax avoidance is. Clearly the Mexican tax system is heading more towards substance than form, while in the past it was the case that form would prevail over substance. But the principles under which Mexican taxes will evolve are still not clearly provided, either in the statutes or in precedents.”

It is a difficult place to be, and even more so because of the political implications a widespread tax reform would have. “From a policy perspective the Mexican tax system’s major role is to collect revenue, like any other tax system, and that is clearly the purpose of the Mexican tax reform as stated by the government,” explains Del Valle.

“The country is facing a deficit next year, so if the tax reform is not accepted as proposed by the government, the country will be facing even more of a deficit, and the government will have to spend less. It is not clear what that might imply from an economic perspective. What is clear is that there is a lot of investment coming into the country, but it’s still not being reflected in the numbers in terms of growth. But I am optimistic in my view of the Mexican economy, because foreign investment is coming in and will finally translate into economic growth and development.

“If the parties do not approve the tax reform then the government will just have less to spend, though I do not necessarily think that this will automatically mean less economic growth. There is an economic principle that dictates that resources are always better in the hands of the economy; that is, private entrepreneurs rather than the government. Of course if the tax reform is not approved it will affect the economy of the country in one way or another, but we will have to wait to see the results.”

Changing for the better
Mexico is currently tackling energy reform, tax reform and education reform, all at once. These are key policy changes for the current government. But political parties are failing to reach an agreement on many issues of these reforms.

“That just sends a message to foreign investors that the country is not as politically stable as the Mexican executive suggests,” says Del Valle. “But that does not mean that agreements cannot be achieved and the country is not ready to receive foreign investment. There are a lot of investment opportunities; I just don’t agree that by not approving the tax reform as proposed by the government, the executive will necessarily decrease economic growth. I also don’t consider that failing to approve the tax reform shows political instability – while that may be the message, in any democracy it is reasonable that different political forces opine differently. There just needs to be a compromise about the tax reform.”

In the meantime, while political parties scramble around legislation changing the tax codes, Jáuregui and Del Valle, SC has been investing in becoming the most comprehensive tax law firm it can be. In fact, the firm has recently announced a merger between Jáuregui, Navarrete y Del Valle, SC, and Del Valle Torres, SC, with Jauregui y Del Valle, SC as the surviving entity; another prominent Mexican firm. Together, their teams will be able to navigate the veritable minefield that is the Mexican tax code, and any future challenges tax reform might bring.

“We have decided to enter into a merger with Jáuregui Navarrete, and after the merger I will lead the firm as Managing Director,” says Del Valle. “Del Valle Torres, SC has vast experience in the tax field. Most of our staff have considerable experience in tax advice and litigation in Mexico, as well as cross border transactions with the US and Europe. Our biggest competitors are the so-called ‘Big Four’ consultancy firms, but we feel that we offer a robust alternative in the Mexican market. We feel that in the Mexican market, where the interpretation of tax statutes is so subjective, clients are better served by lawyers. We operate from a position of privilege in the Mexican market, where we offer expert opinions as lawyers and accountants who clearly understand the risk perspective from a comprehensive point of view. That’s where our added value is.”

Bank Aljazira: embracing sharia banking principles

Posted on January 14, 2014February 20, 2014 by Ashton Wenborn

Bank Aljazira (BAJ) in Saudi Arabia has a long heritage that goes back more than 36 years. During that time, BAJ has undergone several key transformations to become the bank it is today.

Global Islamic banking growth areas

Despite global economic challenges, BAJ put in place a number of initiatives that resulted in strong performance for various sectors. In addition, we managed to implement our strategy of diversifying income sources, as well as seizing favourable opportunities in pursuit of strengthening our presence and competitiveness. Today, BAJ is recognised as a leading and fast-growing sharia-compliant financial institution, and we pride ourselves on being a professional, client-driven, service-orientated bank, where we provide customers with innovative sharia-compliant services and products.

Globally, the Islamic banking industry continues to record robust growth (see Fig. 1), with the top 20 Islamic banks registering a growth of 16 percent in the last three years and Saudi Arabia emerging as the largest market for Islamic assets, according to the Saudi Gazette. Moreover, figures from Ernst & Young’s World Islamic Banking Competitiveness Report 2013 show that global Islamic banking assets held by commercial banks are set to cross $1.8trn in 2013, up from $1.3trn in 2011.

Currently there are three other fully sharia-compliant banks, all of which are growing at a faster rate than their conventional counterparts due to market demand and elevated customer awareness.

Bank Aljazira: The first of many
It was strategic decision by BAJ’s board of directors to convert the bank’s operations from conventional to sharia-compliant banking. This transformation required changes to our infrastructure, offerings and legal environment, among other aspects; and in order to remain competitive we invested heavily in product development as well as branch and ATM networks so as to capitalise on being the earliest fully sharia-compliant bank licensed in Saudi Arabia. In 2007, BAJ’s conversion into a sharia-compliant institution was complete. It simultaneously increased its paid-up capital to SAR 3bn, which came entirely from the bank’s profits.

From the early days of the transformation, BAJ established a sharia group within its core structure to ensure compliance with all sharia banking and financing principles; this led to the formation of a Sharia Advisory Board, which is composed of a number of scholars specialised in sharia-compliant banking.

Recognising that the company had a social responsibility towards the community, in 2006 BAJ launched a SAR 100m programme named Khair Aljazira Le Ahl Aljazira; since then, BAJ has been engaged in providing financial support to various charitable societies, launching apprenticeship programmes to develop young Saudi women and men. Today, we can proudly say that we have been successful in stimulating community welfare by sponsoring a vast number of productive family projects and cultural events, and we are looking forward to more.

On the business front, we achieved great success in diversifying and expanding the scope of our sharia-compliant offerings, and at the same time succeeded in developing our infrastructure by laying the foundations for governance, transparency, sharia-compliance and financial controls. BAJ pays special attention to the small- and medium-sized enterprises (SME) sector, which represents 93 percent of total awarded project value in Saudi Arabia, as per the latest statistics.

Additionally, to reflect our keenness in expanding our presence in this sector, we established commercial banking services independently from other business units to be the pivotal point in developing and tailoring sharia-compliant innovative products to best suit the sector, which will ultimately contribute to the economic growth of our nation. To that end, BAJ has financed and supported a number of entities and projects in collaboration with Kafalah Programme (sponsored by the Saudi Industrial Development Fund). Today, those entities have grown into successful organisations in their respective fields and they continue to be part of our valued customer base.

Developing infrastructure
On other fronts of business development, BAJ reached high levels by enhancing its customer experience through its various alternative delivery channels, where it has adopted state-of-the-art banking technologies, infrastructure, and standards. Among other achievements was the expansion of our retail network, resulting in attracting new customers, in addition to ATM network restructuring, online banking, telephone banking, and credit card offerings.

We continuously develop our employees and aim to attract the best talent through extensive training programmes, a culture of innovation and out-of-the-box thinking

The Treasury Group’s focus in 2010 was to develop its infrastructure, which includes human capital, premises, systems, policies and procedures and we continuously strive to achieve a better understanding of our customers’ needs to develop sharia-compliant products and sophisticated solutions. Treasury Group embarked on a substantial leap and implemented a full treasury banking solution, which included market and credit risk systems. Also, in line with BAJ growth plans and to expand our reach to our customers, a full treasury branch was opened in Riyadh and a sales office in the eastern region.

AlJazira Capital, the investment arm of BAJ, has a long success story in the Saudi Tadawul market, and has been the market leader for several years. With an objective to maintain that market leadership position, AlJazira Capital is expanding its brokerage capabilities to offer further value-added services, brokerage across the MENA region and international markets, and a full suite of securities business.

BAJ was also the first bank in Saudi Arabia to introduce Takaful Ta’awuni (a system of mutual cooperation for financial assistance and insurance based upon the sharia principles) and therefore commits itself voluntarily to conduct such business in full compliance with sharia principles, to adhere to ethical and moral values in its insurance operations and to satisfy the legal regulations and regulatory guidelines.

Risk and reward
With regards to risk management, BAJ maintains a prudent and balanced approach to risk and reward across its business activities, and considers risk management to be an integral part of the bank’s decision-making process. Today, much emphasis is placed on the use of sophisticated techniques to identify, measure and mitigate risk. In addition, it is through a robust corporate governance structure and leveraging on the collective experience of a disciplined management that a bank can expect to minimise risk at its source.

BAJ’s overall success is due to the loyalty of its customers, whom it serves through a network of more than 60 branches offering private banking, corporate advisory, sharia-compliant insurance and investment banking. That loyalty is earned by the bank’s most precious asset, its human capital. We continuously develop our employees and aim to attract the best talent through extensive training programmes, a culture of innovation and out-of-the-box thinking.

The collaborated efforts of the BAJ team have resulted in the successful issuance of BAJ subordinated (tier two) Sukuk certificates on March 29, 2011, the proceeds from which were used to strengthen its capital base. It is also worth mentioning that BAJ’s financial strength rating has been set at BBB with a stable outlook by Capital Intelligence and the bank’s long-term foreign currency rating has been set at BBB+.

The continuous success of BAJ could also be measured by looking at its net profit during the first nine months of 2013, which grew by 24 percent to SAR 500m from SAR 403m for the same period last year. The bank’s total assets as of September 30, 2013 stood at SAR 55.5bn against SAR 47.8bn for the same period in the previous year, an increase of 16 percent.

BAJ’s objectives when managing capital are to comply with the capital requirements set by regulators, to safeguard its ability to continue as an ongoing concern and to maintain a strong capital base. In this regard, capital adequacy and the use of regulatory capital are monitored on a regular basis to ensure that the capital is adequate for the risk inherent in its business activities.

Finally, I must take this opportunity, on the behalf of the whole bank, to recognise our shareholders, the board of directors and our customers for the confidence they placed in us. We also extend our gratitude to the Ministry of Finance, the Saudi Arabian Monetary Agency, the Capital Market Authority and the Ministry of Trade and Industry for their supervision and guidance.

TEB Private Banking launches angel investment platform

Posted on January 14, 2014January 9, 2014 by Ashton Wenborn

TEB Private Banking (TEB Private) has provided entrepreneurs and the world of private banking with a new point of view. World Finance spoke to Gökhan Mendi, the company’s Senior Assistant General Manager of Retail and Private Banking Group, about its banking platforms and business model.

What sort of business model is TEB Private based on?
As the first bank to introduce Turkey to private banking, we continue to offer our clients consultation services that include alternative investment products and innovative ideas. We believe that the ‘angel investor’ (one who provides capital for a business start-up) concept, which became possible in Turkey as the treasury began issuing private investor licenses, is going to gain in importance. For this reason, we began offering that concept to our clients as an alternative investment tool in May 2013.

At a time when traditional investment products are slowly losing their attractiveness, we regard alternative investment tools and new ideas such as becoming an angel investor as opportunities that shouldn’t be missed.

The first thing we did when we started out was to determine what our clients needed in order to become a private angel investor. Recognising our responsibility first and foremost as a bank, we designed specialised legal framework training for all of our client representatives and also trained our own personnel how to correctly anticipate and understand the questions and needs that our clients would have about the angel investor concept.

In the follow-up to this, in our capacity as the prime sponsor of meetings that would be taking place among the actors in this investing ecosystem, we decided it would be best to first understand the ecosystem and then decide what our own position in it should be. As a result, in May we created a platform that would allow us to accomplish three objectives: be beneficial both to clients and entrepreneurs; successfully bring potential angel investors and entrepreneurs together; and make both sides aware of each other. We also dubbed it the TEB Private Angel Investment Platform.

This web-based platform is built on the logic of enabling individuals to search for and categorise entrepreneurs according to their own concerns and areas of interest and then contact entrepreneurs directly if they so wish.

What kind of new projects are you involved in now the TEB Private Angel Investment Platform is up and running?
We regard the introduction of a venture-capital-specific legal basis in Turkey and the provision of tax and other incentives designed to increase the number of angel investors as an important step forward in the direction of invigorating the entrepreneurial ecosystem in our country. The new regulations make it possible for individuals to be licensed as an angel investor. We launched a major project to support such efforts and through that project we created the TEB Private Angel Investment Platform.

Besides offering our clients a brand new investment vehicle, this platform also enables us to gain new entrepreneurs for the Turkish economy by finding capital for projects that have a promising future. Our goal in this is to simultaneously benefit both TEB Private’s clients and the national economy.

Through this platform we are providing our clients with access to new ventures being undertaken in Turkey that can be financed from one of two sources at present. One of these sources involves sharing projects that are being supported through the TEB Incubation Centre. We will also see the entrepreneurs here, supported by TEB Incubation Centre, offering consulting, mentorship and training services under TEB startup banking business line. This probably represents the highest level of synergy between SME banking and private banking ever achieved in Turkey.

We have also begun making special presentations for TEB Private Banking clients at the TEB Incubation Centre and a very positive and enthusiastic climate is already taking shape there. We plan to conduct individual or small-group presentations in order to ensure that TEB Private’s clients have access to detailed information about these projects whenever they wish.

At a time when traditional investment products are slowly losing their attractiveness, we regard alternative investment tools… as opportunities that shouldn’t be missed

The other source of enterprise financing is through Etohum, with which we have a sponsorship agreement for that purpose. The promotion of outstanding startup projects selected in Turkey each year and the requirements and steps necessary for taking place in such projects as an investor will be realised thanks to Etohum’s support for this platform within the scope of TEB Private Angel Investment Platform.

TEB Private Angel Investment Platform members automatically become members of investor clubs according to the specific industries whose ventures they say they are interested in. As members of these clubs, they will also receive daily or monthly detailed reports about the ventures on offer.

TEB Private Relationship Managers, who will serve as the single contact point and main communication channel for clients wishing to be angel investors, are currently taking part in training seminars aimed at ensuring that they are up to speed on regulatory details. We continue to explore this new business line without any loss of appetite. TEB Private clients will be able to obtain all the information they need concerning the procedures they must follow in order to be angel investors. They will also, for the first time, be able to see the many e-commerce and other creative projects that are available from other sources in Turkey. We intend to invest in this area and to integrate a new and original business model into the private banking world in the second half of 2014, most likely.

Acting as a unique reference point for both angel investors and entrepreneurs in this sector is one of the greatest and most exciting goals we have identified for ourselves next year. Of course we also regularly share our local skills about such matters with our partner BNP Paribas Wealth Management. As a result of this sharing, we will soon be seeing a private banking-based business model in Turkey, which will focus on entrepreneurship and angel investment in Europe too.

The number of undertakings ready to support both e-commerce and the real sector in Turkey is growing almost day-by-day; the government is providing significant tax and other incentives in support of such effort; and our young people are playing an increasingly more active role in society. These are all indications that it will soon be possible to take medium-term decisions about investing in such areas. Turkey has begun to take steps to transform what we see as a serious potential into opportunity. We are showing our confidence in this area by continuing to invest in and incorporate the angel investor concept into as many of our products and services as possible.

How much support have you given so far? What are the criteria? What are your future plans and goals?
By supporting Startup Turkey 2013, organised by Etohum, which gave new impetus to technology- and economy-related investments and made them accessible to investors, TEB Private took its first step into this ecosystem in February 2013. To date we have supported the formation of environments in which complete details about the ‘regulation on private participation capital’ are explained to potential angel investors in both Startup Turkey and Startup Istanbul.

In 2014, we will be working on a different model in order to diversify the startup resources for our TEB Private Angel Investment Platform, bring potentials on several sectors and bring our investor clients together. As TEB Private Banking, we are designing a structure in which we will investigate entrepreneurs in real sectors who haven’t discovered startup resources in Turkey or are not aware of angel investment potential, and then get in contact with them.

We intend to conduct training programmes for TEB Private clients on all of these issues. We will also be employing our specialists to reach out to and inform as many potential angel investors as possible. To date we have been heavily involved in communication studies to inform our clients about this subject. In 2014, we plan to bring entrepreneurs and TEB Private investors together several times in different cities.

We also plan to develop and carry out projects compatible with the Startup and Angel Investor concepts through our highly innovative digital platform assets, which can be found at the URL below.

For futher information please visit www.tebozel.com or www.melekyatirimplatformu.com

UAE financial markets ‘a bridge between East and West’

Posted on January 14, 2014January 9, 2014 by Ashton Wenborn

The Dubai Financial Market and the Abu Dhabi Securities Exchange are ranked among the best performing markets in the world for 2013. World Finance spoke to Fathi Ben Grira, CEO of MENACORP, about his company’s operations.

What is your analysis of the performance of the Dubai Financial Market and the Abu Dhabi Securities Exchange?
The easiest answer to this question would be to say that these markets dropped so much since the financial crisis that the upside could only be important. I would prefer to say that the UAE’s markets, the DFM and the ADX, finally caught up with the good results of the country’s economy.

Businesses (be they real estate, tourism and hospitality, industry, retail or manufacturing) are booming, supported by strong fundamentals. Investors, seeing that the economy was back on track, started to have faith in the markets again and soon realised that it was more than a rebound – it was a strong trend from which they could make good profits. Several listed companies were clearly undervalued, so it was a good opportunity to get a cheap entry ticket.

Other factors have to be taken into consideration as well, such as the upgrade by the MSCI Index of the UAE markets from a ‘frontier market’ classification to an ‘emerging market’ status. This upgrade, effective May 2014, will automatically attract more international financial institutions into UAE markets. This announcement created a positive momentum and reinforced investors’ confidence.

On a different note, Dubai was strong favourite to be the city hosting the International Exhibition in 2020. Dubai finally won its bid to host Expo 2020 over Izmir in Turkey, Sao Paolo in Brazil and Yekaterinburg in Russia. According to a report issued by Bank of America Merrill Lynch, Expo 2020 would increase Dubai’s economic growth by 0.5 percentage points per year and two percentage points in 2020. The same report put the total cost of financing the Expo at $8.4bn, or 8.9 percent of GDP.

Such figures have been confirmed by one of the most prominent business figures in the UAE (if not the world), HH Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Emirates. The event would also create more than 277,000 jobs in Dubai, 40 percent of which would be in the hospitality sector and 30 percent in construction, two of the key sectors of the local economy. Investors are well aware of all these figures and translated them into opportunities on the stock markets.

Our company, MENACORP, was a proud official bid supporter for Dubai Expo 2020. In this capacity, we recently organised an event on the Dubai Financial Market’s trading floor to voice our full support for Dubai’s bid a few days before the official result was announced. Investors, who were present at the DFM that day, were extremely bullish on the positive impact of the Expo and confirmed that it was one of the catalysts that encouraged them to come back to the market. MENACORP’s brokerage division is the leader for securities brokerage in UAE markets.

How did your firm benefit from the recent surge of activity on the DFM and ADX?
Our brokerage division is the largest in the country in terms of trading value, sales capabilities and size of clients’ portfolios. We are competing with 50 other brokerage firms, some of them being controlled by major international financial institutions or top tier UAE banks. In such a competitive environment, to reach 15 percent of market share is not bad at all. But I believe we can do more. All our employees are working hard for that. Our brokerage team, led by our Managing Director of Brokerage, Nabil Al Rantisi, is comprised of the finest professionals you can find in the Middle East and North Africa region.

With the strong surge in trading volumes, and because of the high scalability of our brokerage business, our profitability has increased substantially; crossing the 50 percent of net profit margin. The profits realised are reinvested, first to make sure that our clients receive a premier quality of service, and second to expand our activity to other markets and other products. The whole idea is to remain constantly ahead of the competition.

In recent months, a potential merger between the DFM and the ADX has been mooted. Is this something you expect to happen?
We have been hearing this for years now, but this time I think it’s pretty serious. The relevant authorities and all the parties involved seem to agree that a merger between these two exchanges is much needed and will increase the visibility of the country as a financial hub on the international stage. It will attract more liquidity and will encourage domestic companies tempted by a listing abroad to stay in the UAE. In terms of operations, it will also make everybody’s life easier. In my opinion it’s a question of months before a clear roadmap will be announced regarding this merger.

The UAE is also home to a third exchange, the Nasdaq Dubai. Could you tell us more about it?
The Nasdaq Dubai can be approached from two angles. First, this market presents itself as the international financial exchange of the Middle East: being based in the offshore zone of the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority, the Nasdaq Dubai benefits from state-of-the art infrastructure and a sophisticated regulatory framework that put it on par with the most reputable exchanges in the world.

The Nasdaq Dubai and the Dubai Financial Market co-brand themselves as ‘one exchange, two markets’

The second approach would be to consider it as a quasi domestic market. I like it. I like to see it as a local market with different rules due to its international vocation. The Nasdaq Dubai and the Dubai Financial Market co-brand themselves as ‘one exchange, two markets’, which is a good thing.

If in terms of activity, the Nasdaq Dubai remains behind the DFM and the ADX, it certainly competes in the same category in terms of creativity. I would even give a clear advantage to Nasdaq Dubai in that aspect. The new CEO, Hamed Ali, leads a very enthusiastic team of professionals who seem to have what it takes to establish Nasdaq Dubai as the market of choice for the region. I am sure that we are going to see several double listings on this market in the coming years if not months. It would be really nice to have companies listed in Istanbul, Mumbai, Cairo or Johannesburg choosing to be listed on the Nasdaq Dubai as well. At the end of the day, this is the positioning of Dubai on the global map: to be a bridge between East and West.

During one of your recent public interventions you said “Arab markets should be considered as one single market.” Can you be more specific?
When the crisis hit UAE markets few years ago, you could see the flow of cash leaving the country and going to Qatar or Saudi Arabia. Then, with the Arab Spring, we saw money leaving Egypt and Syria for Dubai and Abu Dhabi. In 2013, Saudi Arabia based investors, as well as several important investment funds from Kuwait, came back to Dubai. 2014, meanwhile, might be a good year for Bahrain, as we are noticing a renewed interest for the destination.

Our clients see it that way. We serve them that way. At the end of the day, we are talking about several countries with a population sharing the same language, culture and, for a vast majority, the same religion. This last factor is really important for the key role of Islamic finance in the region. UAE Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, has recently expressed his ambition to make Dubai the world capital for Islamic finance.

We can trust him for this to be a concrete reality: few leaders have his track record in terms of achievements, and I am convinced he will get the necessary things done to reach this ambitious goal and surpass potential competitors like London or Kuala Lumpur. MENACORP will play a role in building this vision. I received a clear mandate from our Chairman, Hamad Bin Ghanem Bin Hamoodah, to position our company as the preferred financial services firm for sharia-compliant investors.

Turkey’s banking sector enters 21st century

Posted on January 13, 2014January 9, 2014 by Ashton Wenborn

Turkey is a country with a history of boom and bust, and its government has spent the last few years doing its best to pursue a more prudent economic model. However, while it has looked to stabilise things, it is also keen to attract higher levels of foreign investment to help bolster its economic growth. In particular, the government has cited the traditionally closed-off banking sector as one suitable for increased competition.

The last year has seen a number of deals where foreign firms have seized stakes in local banks. In May last year, 71 percent of the domestic firm Alternatifbank was acquired by the Commercial Bank of Qatar in a deal worth $460m, after heavy competition from the Commercial Bank of China.

That firm, and many others, is now actively seeking a foothold in Turkey’s burgeoning banking sector. The news of Middle Eastern and Asian companies taking positions in Turkey comes as many Western firms retreat from the region. Towards the end of 2012, Citigroup sold half of its 20 percent stake in Turkey’s largest bank Akbank.

The first foreign bank to obtain a license in the country for more than 15 years was Odeabank, towards the end of 2011. A fully owned subsidiary of Lebanon’s Bank Audi, it was granted its license by the country’s regulator the Banking Regulation and Supervision Agency (BRSA), leading to its incorporation the following March, becoming the 49th player in the Turkish banking sector.

Odeabank: A case study
Creating a brand from scratch presents many challenges to companies in any industry, but with such a competitive banking sector in Turkey, it is especially difficult. According to Odeabank, it achieved this through a combination of strong capital structure, shareholder power, and first-rate employees.

Launching its operations in November 2012, the firm leveraged its natural strengths as an expert in trade and investment flows between Turkey,the Middle East and the North African region. Its aim is to act as a full service bank, providing its technological infrastructure and experienced human resources to the service of the Turkish economy.

Odeabank by numbers

£7bn

Assets

800 Employees

19 Locations

This involves building value-added franchises in areas such as retail banking and in providing a wide range of financial services for medium-sized Turkish firms. By January 2013, Odeabank’s branch network had expanded to six – mostly in major cities like Istanbul, Ankara and Izmir – while the company’s headcount reached 400 employees. Since then, the bank has expanded rapidly and by the end of September (12 months after the launch of its operations) it reached 19 branches and more than 800 employees. It has now built up assets of around $7bn, making it the 14th largest in the country.

Since its establishment, Odeabank has displayed considerable progress in terms of balance sheets within a short period of time. It achieved its aim to be ranked among the top 15 banks in Turkey by the end of the year, not only in terms of asset size, but also loan and deposit size.

Looking at a regional shift
Odeabank’s main shareholder, Lebanon-based Bank Audi, is a regional group with a presence in 11 different countries. With a universal bank profile, Bank Audi covers all segments of banking activities, including corporate, commercial, retail, investment and private banking. As of September 2013, Bank Audi’s consolidated assets reached $34.5bn.

Bank Audi’s group staff headcount exceeds 5,000 employees and its shareholders base encompasses more than 2,500 holders of common shares. Bank Audi ranks first among Lebanese banks and is positioned in the inner circle of top Arab banking groups in the MENA region, and it is listed on the Beirut Stock Exchange.

The government is also keen to transform Istanbul into a financial centre capable of rivalling London, New York and Hong Kong. Istanbul is the perfect meeting point for east and west, giving it a strategic advantage over other cities vying for the region’s new financial hub. Odeabank is well positioned to benefit from a range of synergies created by the international reach of Bank Audi.

Turkey has favourable conditions to underpin the growth of its banking sector

In recent years there has been a very discernible shift in the pattern of Turkey’s trade, with emerging market countries, especially those in the MENA region, becoming progressively more important. Concurrently, the EU’s share in Turkey’s total trade has declined. Imports between MENA and Turkey have increased nine times, while exports have increased by a factor of 12 in the last decade.

Given that Bank Audi has a presence in major MENA countries – including Qatar, the UAE, Jordan and Saudi Arabia – synergies will be easily generated across the group as a whole. Additionally, with its local network and knowledge, Odeabank is well positioned to act as an intermediary between investors in the region keen on increasing their exposure to the Turkish economy.

Turkey has favourable conditions to underpin the growth of its banking sector. No more apparent is this in its successful growth despite the global financial crisis. Relative political stability in Turkey is a rarity in the region, while its young population and its geopolitical location are other features that make Turkey attractive.

While the global economic crisis highlighted the weaknesses in many countries, Turkey’s relative strengths were in the spotlight too. This is in part thanks to the strength of its banking sector, and the improvement in its fiscal indicators means Turkey has been able to bring its chronically high real interest rates down to single digits.

Whether Turkey can continue to keep its real interest rates at comparatively low levels will by-and-large depend on how well these strengths are maintained both economically and politically. A well-capitalised, profitable, closely monitored and regulated banking sector should continue to increase its penetration rate.

Large strides for greater coverage
With the confidence and support of Bank Audi, Odeabank is taking stronger steps towards its target to be among ‘the giants league’ by 2017. It is proud of breaking new grounds in the sector. For example, in April last year, it established an investment platform tailored for the retail-banking segment, a first for the Turkish banking sector.

After analysing 400 mutual funds currently managed in Turkey in terms of 20 different criteria, it collaborated with esteemed portfolio companies, offering funds to its customers. Odeabank has also begun providing branch services within the chain stores. It opened branches in Topkapı and Bostancı, Ankara Sög˘ütözü, Izmir Bornova, Bursa Nilüfer, as well as the Adana stores of Vatan Computer, which is one of the biggest retail stores for electronic devices in Turkey. It expect this chain store service to continue to expand.

[O]deabank uses state-of-the-art touch-operated, wirelessly integrated systems in its infrastructure

In June last year the bank offered its first credit card – the Bank’O Card – to customers through a wide application channel. Being free of credit card fees, the Bank’O Card is an exclusive product that fulfils customers of the bank cash needs and also provides them with many additional services. Launching the Bank’O Card Axess in October, it offers a reward programme as well as instalment facilities within more than 250,000 Akbank Merchants.

Mainly, cardholders can get instant cash back through every purchase they make and redeem them at that moment. They can also get discounts and instalments from the merchants. Mobile banking is another service provided, whether at in-branch self-service banking areas, its internet branch or at Odeabank ATMs. Those customers using mobile banking can also access the OdeaCep mobile branch using their internet banking user information without the need to register again.

The bank has also been developing cutting edge technologies that allow customers to receive a bank card online in an instant, as well as the ability to speak to bank staff through a video call service. It also aims to make life easier for its employees who have access to internal video calls. What’s more, an automated cash counter and acceptance system has proven to increase efficiency by 40 percent.

In order to provide a comfortable working environment for its employees, and to offer a faster and much more efficient service to its customers, Odeabank uses state-of-the-art touch-operated, wirelessly integrated systems in its infrastructure. Its video conference system allows all branches and head office to communicate with each other quickly and effectively, and enables branch staff to complete customers’ business processes in real time.

Offering different services compared to its rivals, Odeabank has touch-screens located in branch windows, which may be used by anyone wanting information on its banking services. It also designs the waiting lounges in its branches with customers in mind, and offers tablet devices and touch-operated tables, through which customers can access a wide range of interactive applications and games, making the time spent in the branch more efficient and enjoyable.

The waiting lounges also have information screens that, as well as displaying sequence number and advertisements, show market data and news on current affairs. Customers performing transactions in the teller area may see details of their transactions, personalised campaigns, send e-receipts or evaluate the quality of the service they receive through Windows 8 tablets placed on the counters.

The firm is also aware of its responsibility to the environment, and so its branches are designed to have a minimal impact on the environment, and are as paper-free as possible. As a whole it has paperless and eco-friendly business processes and, using business intelligence applications, scorecards can be monitored and analyses can be executed over the related data.

In the coming year, Odeabank expects to continue growing, supported by its technological infrastructure, more than 1,000 enthusiastic employees and a branch network that had reached 32 outlets at the end of 2013.

World’s first Islamic bank continues to drive industry

Posted on January 13, 2014January 9, 2014 by Ashton Wenborn

Dubai Islamic Bank (DIB) created history in 1975 when it became the first modern commercial Islamic bank in the world. Since then the bank has led from the front, establishing itself as the undisputed leader in the UAE’s Islamic banking industry, while Islamic banking in general becomes more and more globally prominent.

Formed by a decree issued from then-ruler of Dubai, the late HH Sheikh Rashid bin Saeed Al Maktoum, DIB became the first bank in the world to offer services that incorporated the principles of Islam into all of its practices. Prior to the establishment of the bank, customers did not have access to sharia-compliant banking services. DIB pioneered this form of banking, establishing an alternative based on fairness and transparency.

AED90.6bn

DIB total assets 2011

AED95.4bn

DIB total assets 2012

Four decades later, DIB is still setting the standards for others to follow, as the concept of Islamic banking has gathered momentum in the Arab world and internationally. Today, the bank competes on an equal footing with the world’s largest conventional banks by providing high quality products and services at a competitive price under the sharia-compliant umbrella.

DIB has also grown its network globally and expanded its presence in key markets around the world. The expansion strategy began with the establishment of DIB Pakistan, a wholly owned subsidiary of DIB, which today has a network of 100 branches across 36 major cities in Pakistan. The bank has also increased its footprint by entering other promising markets, including Jordan, Sudan, Turkey and Bosnia.

Through its focus on innovation and excellence, DIB has progressed from being the pioneer of Islamic finance to attaining the status of the UAE’s largest Islamic bank with a customer base of over 1.4 million customers and a wide network of more than 85 branches.

Professional service
DIB serves consumer, commercial, corporate and institutional clients through dedicated divisions staffed by the industry’s best professionals. With a strong emphasis on providing unparalleled customer service, the bank continually invests in evolving its offerings to meet the changing needs of its customers. Its Johara ladies banking and Wajaha wealth management divisions are specialised departments dedicated to serving women and high-net-worth individuals respectively. Recently, the bank has launched its Takaful (Islamic insurance) business, while simultaneously creating a new offering for the fast-growing SME sector.

With the above and more, DIB boasts a product suite that encompasses all areas of commercial and investment banking, positioning it as a major player in the overall banking and finance sector in the region.

Additionally, DIB has incorporated several subsidiaries in real estate development and other related financial services companies, including Deyaar Development in 2002, DIB Capital in 2006, and Dar Al Sharia Legal and Financial Consultancy in 2008. In 2013, the bank completed the acquisition of Tamweel, the largest home finance provider in the UAE, having previously been the majority shareholder, allowing DIB to play a more active role in supporting the country’s rapidly growing mortgage market.

The bank is committed to improving the quality of life and providing job opportunities for people in the UAE

The bank has also continued its ambitious plans to expand its physical presence across the UAE, including its in-mall network, which enables customers to conveniently combine banking with shopping activities. This is in line with DIB’s aim to enhance the range of banking channels for its customers. To this end, the bank has improved and developed new e-banking services, including a mobile application and partnerships with organisations like Emaar and Western Union.

As DIB’s branch network has expanded, as have the number of alternative banking channels available to customers, such as internet banking, telephone banking and e-branches. DIB offers online and mobile telephone banking facilities, giving customers greater flexibility to manage their relationship with the bank.

DIB has also shown that it is a bank of firsts time and time again. The bank launched Emirates REIT, Dubai’s first real estate investment trust, and was an arranger in the first fully UAE Islamic bank aircraft financing deal for the purchase of an A340-500 by Emirates Airline. In addition to this, DIB has also been involved in several benchmark sukuk transactions over the past year. In March 2013, the bank successfully tapped the capital markets with a tier one sukuk amounting to $1bn (AED 3.7bn), which was oversubscribed 14 times by local and international fixed income investors. With a rating of ‘Baa1’ from Moody’s and ‘A’ from Fitch, and with both ratings carrying a stable outlook, DIB is recognised as a critical pillar in the UAE financial sector.

DIB’s focused strategy to strengthen its balance sheet, diversify risk, and establish a robust platform for growth has yielded huge dividends in 2013. In the first nine months of 2013, the bank surpassed its full year profit number for 2012, with profits up 33.5 percent. With asset quality improving and business growing, the bank’s customer base continues to expand, with deposits reaching AED 79.6bn as of September 30, 2013, giving rise to the best liquidity position in the country.

The bank is also active in promoting Emiratisation, with the aim of encouraging UAE nationals to participate in and improve the economy of the country. DIB has achieved 100 percent Emiratisation at branch manager level and, across the organisation, the figure stands at 46 percent. This achievement was recognised in 2013, when the bank received the Dubai Human Development Award for its proven track record of developing and nurturing UAE National talent.

Community leader
A key component of DIB’s strategy has been to support the advancement of the local community and the development of the UAE. In this regard, the bank has been characterised by a strong commitment to corporate social responsibility and support for programmes aimed at developing the country. From inception, DIB has been guided by outstanding individuals who understand that the bank has a wider role to play in society than simply offering banking services.

As the country has started to recover from the financial crisis, DIB’s contribution to the local community has been vital. The DIB Foundation, a non-profit, social, humanitarian and charitable organisation that distributes millions of dirhams to critical causes at home and abroad each year, has worked tirelessly to support disadvantaged people. The organisation has helped families through a range of social and financial difficulties by helping them with education fees, paying rent on homes, settling fees for medical cases and providing medical equipment to hospitals and health centres.

Education, in particular, has been a significant area of focus. The bank is committed to improving the quality of life and providing job opportunities for people in the UAE. DIB launched the Shaatir Savings Account, a unique savings account just for children, which aims to help them develop their financial knowledge from a young age. The bank’s Masrafi programme, meanwhile, provides unique opportunities for promising young Emirati nationals by training and helping them develop a career in banking.

Worldwide recognition
For its contribution to the banking industry and the wider community, DIB has earned the respect of its peers around the world. The bank’s leading position has been reaffirmed by the more than 175 local, regional and international accolades that it has won since 2004. In 2013, the bank won 11 awards across diversified areas, including retail, corporate and investment banking, as well as corporate social responsibility and consultancy services.

Recent awards include being named ‘Best Islamic Retail Bank’ at the Banker Middle East Industry Awards, ‘Best Sukuk House’ at the EMEA Finance Middle East Banking Awards and receiving the ‘Dubai Human Development Award’ from the Department of Economic Development.

While the bank will always have a historical position as the first Islamic bank, DIB has always had its eyes set firmly on the future. With a challenging goal to become the most progressive Islamic financial institution in the world, DIB is devoted to entrenching its position even further as a cornerstone of the industry. With these objectives in mind, the bank is committed to supporting Dubai’s aim of becoming the capital of the global Islamic economy, which is currently estimated to be worth around $6.7trn.

DIB is excellently positioned to support and benefit from the increasing demand for the products and services that it has pioneered. The consumer segment will likely continue to drive much of that expansion, while the rise of Islamic insurance, or takaful, will also make a lasting contribution. Sukuk, Islamic mortgages and Islamic pension funds represent other key areas of growth.

Since 1975, the landscape of the UAE has changed almost beyond recognition. New roads and bridges have sprung up everywhere, as have awe-inspiring hotels, shopping malls and real estate developments, including, of course, the world’s tallest building. One of the few constants amid this sea of change has been Dubai Islamic Bank. As the future continues to be a promising one for the country, DIB stands firm in its commitments to be a critical part of this growth.

Angolan banks work to reduce national oil dependency

Posted on January 13, 2014January 9, 2014 by Ashton Wenborn

The Angolan economy has seen its fortunes take an oil-inspired upward turn after the conclusion of a costly civil war at the turn of the century. 10 years ago, Angola’s GDP stood at just $10bn, according to the World Bank, but has since swelled to $110bn and become the third-most prosperous economy in the Sub-Saharan region. The country’s success story is in large part due to the oil industry, so much so that economic boom and bust is inextricably tied to changes in oil prices, leading many to raise the issue of Angola’s lack of economic diversity.

Recognising that the country must diversify if it is to ensure a sustainable form of growth, resident Angolan firms and the country’s government are taking steps to supplement the country’s existing economic strength with alternative channels of growth. Banco Angolano de Investimentos (BAI) is just one of many domestic companies whose influence can not only be seen in the financial sector, but in the rise of local SMEs and the betterment of the communities in which they operate.

Founded in 1996, BAI remains the biggest bank in Angola by asset size – approximately $12bn total assets – and is well positioned to negotiate the numerous challenges posed by a financial landscape in the midst of change, with 500,000 domestic clients and a network of 120 branches and seven corporate centres.

The bank’s mission is to uphold and advance the national economy and at all times abide by a fivefold ethos of respect, transparency, customer centricity, ethicality and professionalism. Put another way, BAI promises to deliver efficient and personalised results in all it does, which reinforces its reputation as an essential partner for doing business in Angola.

Aside from offering exemplary banking products and services to individual retail customers and SMEs, BAI is also highly regarded among corporates and the Angolan community at large. However, what differentiates BAI from local competitors is its steadfast understanding of the ways in which oil props up the national economy and why it is that the country must diversify if it is to grow.

Oil contribution to Angola

45%

Of GDP

75%

Of government revenue

90%

Of export earnings

The importance of oil
Many in Angola are directing their attention towards industries other than oil and gas in an attempt to bolster the many sectors that can also offer the country opportunities for expansion. Nonetheless, the importance of the oil sector to Angola’s economy is plain to see; World Bank figures show that the industry accounts for around 45 percent of the country’s GDP, 75 percent of government revenues and an incredible 90 percent of overall export earnings.

To further illustrate the changes of this past decade, Angolan oil production increased at an average rate of nine percent between 2000 and 2012, averaged at over 1.7 million barrels per day in 2013 and is on course to reach a rate of two million barrels per day as of 2015, according to the country’s oil minister.

One of the primary ways in which the financial sector is hoping to benefit from the oil sector is through the introduction of a new law requiring foreign oil companies to pay suppliers from funds drawn from local Angolan banks. Although the policy will no doubt benefit Angolan credit markets – with the Economist Intelligence Unit estimating that it could bring an added $10bn to Angolan shores – many believe that the law could lead to delays and reductions in short-term oil production. Regardless of these concerns, however, the fact remains that financial institutions such as BAI will most definitely thrive in the face of additional liquidity.

The development will likely serve to boost Angolan coffers and provide both business and government with the necessary liquidity to invest in additional projects. Although the changes will complicate dealings, BAI boasts an in-depth, specialist knowledge of oil transactions and is well equipped to increase its operational efficiency.

In terms of facilitating finances for those in the oil industry, BAI has offered its extensive services to a great many oil companies operating in and around the region, whether on a company or individual basis. One of BAI’s biggest partners is Angola’s national oil company SONANGOL, with BAI having structured many of the organisation’s financing needs and offered a number of investment banking services in liaison with a select few international players in the field.

Bettering the community
Aside from BAI’s dealings with the oil industry, the bank’s central focus lies in advancing the wider economy and facilitating those in the local investment space. BAI has been supporting government and local businesses since its establishment, with the intention of contributing to the diversification of Angola’s economy. The most notable of these schemes is entitled Angola Investe, and draws on an annual fund of $50m to supplement those with ideas for local projects that could potentially serve to offset the need to import so many foreign goods.

Another of BAI’s goals is to bring banking to those without access to financial services in many of Angola’s local communities. According to the Angolan Central Bank, as of 2012 only 22 percent of the Angolan population had access to these services, which represents a huge challenge for all of Angola’s financial institutions and highlights an issue that has plagued neighbouring nations in the region for quite some years now.

BAI’s concerns lie not only with business but also in developing the local community

In response to this issue, BAI has delivered on many of these challenges through its subsidiary BAI Banco Micro Finanças (BAI BMF), which microfinances small businesses and entrepreneurs and has also brought banking branches and financial services for the first time to many of Angola’s unbanked population. Propelled by a substantial investment in its people, training and motivation, alongside a strong emphasis on consolidating its balance sheet, BAI BMF currently has 19 branches across the country.

In addition to BAI BMF, BAI has other member companies in its group, namely: Academia BAI (education, Angola); BAI Europa (banking, Portugal); BAI Cabo Verde (banking, Cape Verde); Nossa Seguros (insurance, Angola); Griner (construction, Angola); and Imogestin and Novinvest (real estate development and promotion, Angola). This conglomerate of companies provides synergies to Angolan businesses and acts as a platform from which they can grow outside of Angolan borders.

BAI’s concerns lie not only with business but also in developing the local community, and the bank is not only demonstrating social responsibility through its actions, but is embedding corporate social responsibility in the core values and principles of the whole organisation.

Inspired in large part by the country’s enduring social deficits, BAI dedicates its attention and resources to numerous sectors spanning education, health, sports and culture, provided that each of these projects promises a degree of sustainability and balanced development for the community in question.

The future for Angolan banking
In order to maintain its leadership in the Angolan banking sector, BAI is looking to invest a great deal more time and resources in bettering its services and products and reaching a greater share of Angola’s population.

The bank’s priorities for the coming year will be: consolidating its balance sheet, with an increase in provisions for credit; maintaining the high quality of its banking services; training and retaining employees; enhancing technological and operational support; and streamlining budget control processes. Put simply, BAI is preparing itself to consolidate its holding company so that it is adequately equipped for the challenging economic times ahead.

For the foreseeable future, the Angolan financial sector will be challenged by new market entrants as well as reduced profit margins. Therefore, banks that understand the market’s tendencies and demands while managing their balance sheets accordingly will most probably prosper.

As is always the case, attraction and retention of the best human resources, within the described business context, will be one of the key challenges posed to the boards of financial institutions – these being not just technical but also behavioural. Put in a broader context, BAI will continue to support government initiatives, businesses and local communities by investing in its people and in turn delivering professional financial services with a loyalty to local relationships.

Chalhoub Group: building brands in the Middle East

Posted on January 13, 2014February 20, 2014 by Ashton Wenborn

The adventure started almost 60 years ago with the opening of the first Christofle boutique in Damascus. Since then a lot has changed. Today, with the strength of over five decades of expertise in the luxury industry, the Chalhoub Group is the leading player in the region in the beauty, fashion and gifts sectors. Over the years, the group has been able to build brands in the region, acting as a bridge while making sure to bring value to each brand.

While Dubai will remain the retail heart of the UAE, the drivers of growth are now shifting towards Abu Dhabi, Saudi Arabia, Qatar and Kuwait

To reach where it stands today, various efforts were undertaken by the Chalhoub Group to offer service excellence to all its partners and a unique experience to its customers. Three main activities exist at a group level: distribution, retail and marketing services. The group facilitates direct access to regional markets through its distribution companies and strategic alliances with major international groups.

The group also has 25 years of experience in the travel retail business, which is part of the distribution activities. In fact, Chalhoub Group acts as a leading supplier to various duty frees and exclusive airlines. It also manages in-flight and airport duty frees. Another activity is marketing services, which helps creating a link between the brand and the consumer. The group also acts as a brand representative, maximising opportunities and minimising risks for the brands operating in the region.

Models of business
Within the retail sector, the group operates through three types of business models: joint ventures, franchises and ‘own concepts’. The joint venture, a regional agreement between the brand and the group, allows a co-management with the brand. Some of Chalhoub’s joint ventures include Louis Vuitton, Dior Couture, Sephora, Fendi, Louboutin and Berlutti.

The franchise model, where the Chalhoub Group manages the brand following international guidelines, ensures excellent results. Some of the group’s franchises include Saks Fifth Avenue, Loewe, Carolina Herrera, Swarovski, Lacoste and Michael Kors. ‘Own Concepts’, a specific Chalhoub model, fills a gap in the market.

Tanagra was the first Chalhoub concept store, and was created more than 30 years ago. It is an inspiring, refined array of unique lifestyle gifts and art de vivre under one roof, targeting customers with discerning taste, from contemporary, iconic and chic to classic and collectible.

Tanagra, The Avenues, Kuwait — The Chalhoub Group’s first concept store, Tanagra, is located in Kuwait

In 1986, Faces was created, a beauty haven filled to the brim with a tantalising array of fragrances, makeup and skincare products. Faces offers a vibrant choice of luxury, unconventional niche and specialty brands, as well as expert advice to fulfil every need of the beauty savvy.

Katakeet is a children’s wear store conceived around the idea of storytelling. The store was developed to ensure a unique retail experience for both parents and children. Level Shoe District, meanwhile, is the world’s finest shoe metropolis, targeting the luxury consumer through its unparalleled collection of exclusive footwear and bespoke services.

This iconic district, spanning 96,000 square feet, is recognised as a global fashion destination, with a curated space divided into 40 designer boutiques and four multi-brand areas: women’s designer, contemporary, men’s, and trend. Bespoke services comprise a VIP Lounge, Vogue designer eateries, a luxury sole lounge, a high-end cobbler, shoe stylists and the latest in retail technology. All these stores are multi-brand concepts unique in their own way.

Strategy and opportunity
Another element ensuring the group’s success is its knowledge of changing market dynamics, especially the distribution and retail landscape, and consumers’ attitudes and behaviour. In fact, the group’s philosophy focuses on consistently building and adding value by considering long-term strategies vs. short-term opportunities and investing in core activities such as infrastructure, IT, business intelligence, but most importantly in developing employee skillsets.

Chalhoub Group by numbers

9,000+

Workforce

14 Countries of operation

470 Retail outlets

Chalhoub’s accomplishments rely on the skilled and dedicated people projecting its values of respect, excellence and entrepreneurial spirit. With a growing workforce of more than 9,000 people, presence in 14 countries, and operating over 470 retail outlets, the group is continuously growing. These highly skilled and dedicated teams symbolise the professionalism and passion that fuel the group’s competitive edge in today’s market.

The group has focused on developing the personnel within the company. Therefore, the Chalhoub Retail Academy was established in 2007 in Dubai and in 2009 in Saudi Arabia. Nevertheless, Chalhoub’s Co-CEO, Patrick Chalhoub, believes that the real growth is yet to come, and the group is aiming to expand its franchise and own concepts networks.

“New brands, ventures and doors will join the group in the next couple of years while the market evolution and trends will keep on feeding us to create and develop our own concepts and likewise, tap market gaps and answer our consumers’ needs and aspirations,” says Chalhoub.

“In this world, change is the only constant,” he adds. “Change is happening around us at all levels – social, political, economic, and behavioural – especially in the Middle East and the Gulf with its young and dynamic population. As such, we need to permanently deepen our knowledge of the environment, the market, and the consumer, capture the evolving dynamic and then make sure that we adapt and evolve accordingly.”

This is why 10 years ago the group established a Business Intelligence Unit to monitor, capture and analyse these evolutions.

Value through experience
In order to better understand regional trends, the group recently published its first white paper to share its expertise with its partners and contributors. This document focuses on the Middle East, making the region known to the world while referencing Chalhoub’s position as an expert on luxury.

The group’s ambition is to bring value to its customers through an unparalleled experience that they would not find anywhere else. To that end, it is focused on developing new ways of offering a personalised service – a necessity in today’s evolving market. There has been a shift from a customer focused on price two decades ago, to a consumer now looking for choice. Consumer assertiveness has increased, and is leading to a quest for personalised service and a holistic shopping experience.

“Dubai will remain the retail heart of the GCC, yet gradually the other emirates are rising,” says Chalhoub. “While Dubai will remain the retail heart of the UAE, the drivers of growth are now shifting towards Abu Dhabi, Saudi Arabia, Qatar and Kuwait, especially with secondary cities.”

The Chalhoub Group has placed education at the heart of its corporate social responsibility (CSR) strategy. The group aims to empower the youth living in the Arab world by supporting academic institutes in the Middle East and Europe. These investments are holistic but widespread in their approach, ranging from building a library at the International College in Lebanon, the alma mater of Anthony and Patrick Chalhoub, to developing a professorship in luxury brand management with the American University of Sharjah (AUS).

The group’s dynamic role is reinforced by a specialised internship programme for only those students attending partner universities, allowing for a designated space for career development.

By being committed to implementing sustainable practices into their business, the Chalhoub Group has been recognised by the Dubai Chamber of Commerce and was awarded the CSR Label in 2013. Being a frontrunner in luxury retail, a pioneer in brand building, a reference point in philanthropy, the Chalhoub Group remains one of the Middle East’s most prominent luxury leaders.

Latin American banks need to embrace mobile technology

Posted on January 13, 2014February 26, 2014 by Ashton Wenborn

Many banks in Latin America are facing major challenges, while going through one of the most prosperous economic periods in recent history. Despite the global turmoil affecting the US, Asia and most of Europe, Latin America has maintained stable fiscal results.

In this region, portfolios are growing at a constant double-digit rate. At Banco Occidental de Descuento (BOD), we have observed a strengthening of the equity base, which has increased corporate income and profitability, while maintaining margins to deal with adversity.

The prudence of Latin American bankers is to – among other factors – maintain enough liquid reserves to allow a positive response to national and international economic downturns by being precautious. These precautions have allowed greater capitalisation and an increase in credit and regional bank expansion, according to the latest reports by the Latin American Banks Federation, Felaban.

Gaining a wider client reach
The challenge now is to attain a larger coverage of individual and entrepreneurial clients. This is ascertained by reaching out to the production sector – particularly small to middle-size companies – while looking for larger opportunities, with a strong awareness of risk assessment and sourcing innovation.

I personally think that a greater availability of reasonably priced financial services, including services of a higher effective usage is still needed in the region. Until now, access to formal financial services has been implemented with a particular emphasis on non-traditional channels.

Additionally, in several countries in the region, non-banking correspondents already outnumber traditional channels, and have since continued to grow. Given that trend, new channels for financial access are required.

As the President of Cartera de Inversiones Venezolanas – a Venezuelan entrepreneurial holding that extends to several Caribbean countries – I am able to assure you that with the present situation, there are a number of challenges in innovation that once they are solved, would provide more customers and company growth.

It is impossible to bank without technology, and even harder to compete in the global economy without it. I understand that for this very reason, banks in Latin America are largely focusing their technology investments in innovation.

In order to take advantage of the emerging technological opportunities used to generate growth, companies in Latin American are reducing costs, improving product quality and customer experience.

Harnessing social media
In the industry we need to develop new access channels, oriented towards fostering inclusion for non-banking segments. We should take advantage of social media and networks in order to connect, communicate and collaborate with customers in real time and in multiple ways.

Overall mobile penetration

According to a recent study by Gartner, almost 60 percent of Latin American banks project to increase their investment in updatable applications, especially in core systems and service-oriented architectures. This is in order to improve the integration levels across all of their apps, reduce costs, and improve the ‘time to market’ ratio, therefore winning over a larger competitive advantage. In this regard, I consider that the Latin American banking industry needs to tackle important challenges in the years to come by implementing changes.

These are to reduce the low banking-inclusion levels in the region, reduce risks and fight fraud. There is a need to reinvent the banking model, fostering the adoption and use of new technologies in order to reduce branch-office transactions and improve its role as a centre for financial advice and doing business.

To achieve this, emerging technologies offer a world of opportunities. Proof of that is the case of the cell phones’ ever-increasing presence, and the advances this entails for mobile banking. Cell phone usage in Latin America is already reaching levels close to 100 percent, and has grown exponentially in the last few years. This has also been the case with the use of 3G and 4G technologies and smart phones, which have been growing dramatically – especially in Brazil, Argentina and Mexico – according to a report on the future of Mobile Banking in Latin America, published by the Deloitte consultancy (see Fig. 1 and Fig. 2).

3G Usage

In 2010, cell phone connections in Latin America already exceeded 563 million, with an average of 1.02 connections per capita, and it is estimated that by 2015 mobile banking will have 140 million users and a penetration of mobile payments close to six percent, similar to penetration levels expected in other regions.

Collaborative development
This mobile penetration – together with important developments attained in the region by non-banking correspondents – has encouraged government policies to support the development of mobile technology. We will also develop and deepen the financial support in the banking industry, especially in the low-income areas.

In fact, a study by Gartner reveals that almost 45 percent of Latin American countries now offer the so-called G2P – Government To Person – operations, for payments of social benefits and other subsidies. Of course, if we go beyond cell phones, we find that other technologies also offer great opportunities to shift service operations from branch offices to self-service channels that are more convenient for the customers.

Such is the case of kiosks and multi-function ATMs that today allow operations such as payment of utilities and services, the purchase of travel tickets, cash and check deposits, cell-phone card reloads, among others. Banks are changing their services portfolio so that many include new transaction possibilities, such as web, IVR and other modalities, 365 days a year, 24 hours a day. This service frees up branch offices, optimising response time for specialised services.

Technological advances have allowed banks to rapidly get in touch with their customers in order to offer new products and services

Currently, internet penetration in the region is close to 38 percent, with more than 220 million users. It is expected that by 2014 this will reach 47 percent. If we consider internet access over mobile devices, this could reach 65 percent by 2015, according to a projection by Deloitte. This penetration level will allow the development of financial and business models over social media, networks, blogs, video streaming and others, making use of every advantage offered by the web in order to leverage the growth of the banking business in the region, and to improve contact experience with all of our current and potential customers.

Technological advances have allowed banks to rapidly get in touch with their customers in order to offer new products and services, while also competing with other institutions to capture a larger market share. Banks must also compete with companies that offer financial services, and to achieve this they should regularly survey the market, ready to make timely decisions, by relying on their strengths and experience in the banking and financial sector as well as on the necessary investments required for updating technology, and recruit qualified personnel.

In terms of attacking the scourge of fraud, Latin America is one of the regions that have rapidly adopted the EMV or “smart card” technology, worldwide. According to figures published by EMVCO, the adoption of such cards and suitable terminals has already surpassed 49 percent and 78 percent respectively, with over 400 million cards in use and more than 5.6 million terminals. The region is now behind only Europe in this regard.

On another front, many banks in the region are implementing biometric authentication systems and digital certifications, to reinforce security in their channels. In general and based on the experience of the banks I preside in, I consider that technology has transformed and will keep on transforming the banking industry.

The adoption of cell phone-based technologies, mobile payments, and electronic transactions over the internet, ATMs and points of purchase will soon cast aside the use of cash and cheques. Imagination is limitless, and with it, new trends will blossom in the banking industry to reach and service more customers, and for transforming the business of banking into a more innovative, high quality, and reliable experience than it already is.

ICB sees Bangladeshi economy go from strength to strength

Posted on January 13, 2014January 9, 2014 by Ashton Wenborn

Since 1976, the Investment Corporation of Bangladesh (ICB) has been a catalyst in fostering rapid economic growth. Now the local economy is growing at full tilt, with the ICB reaping the financial rewards. Bangladesh’s economy grew by above six percent on average over the last four years and is set to continue growing by six percent this year.

This is due to decades of hard work and investments by a number of institutions; chief among them is the ICB, which has been tasked with “encouraging private enterprise and investment” with “investment-driven institutional support to meet the equity gap of first generation industrial entrepreneurs,” according to its Managing Director, Mohammad Fayekuzzaman.

Socialist and nationalist cohesion
Fostering development is still a main challenge in Bangladesh, and for some time the government strategy has been to privatise the numerous companies that were nationalised after independence.

“Bangladesh had a socialist economy after its independence in 1971, and around that time it nationalised all industries. However, the country has since revisited its economic policy as it undergoes reforms to stimulate at the creation of experienced entrepreneurs, managers, administrators, engineers, and technicians due to lack of private initiatives,” explains Fayekuzzaman.

“ICB emerged as a state-led corporation that played a fundamental role alongside the government and regulatory authorities to transform the economy of Bangladesh and develop a new industrial capacity.”

Today ICB continues to perform this vital role, but it has also evolved into one of the most prominent financial institutions in the country. It aims to provide responsible and environment-friendly services and to develop as a company “that competitors and society keep an interest in, acknowledge, admire and emulate as a successful and ideal model in the sector,” says Fayekuzzaman.

“ICB is the pioneer organisation for initiating mutual funds, unit funds, building efficient portfolios and providing other financial solutions in Bangladesh. ICB’s contribution to the development of the local capital market by creating demand and supply of securities has been remarkable.”

Bangladesh has a lot of potential for rapid economic growth. Over the past 20 years the country’s GDP has expanded on average five percent a year (see Fig. 1) and is now considered one of the most attractive destinations for investment in the region. It has already surpassed other South East Asian countries in a number of fundamental economic and development indicators.

The Bangladesh Chamber of Commerce and Industry has recently announced that it expects that by 2030 Bangladesh should be among the 30 largest economies in the world – it’s currently the 58th largest – and that this should be a goal for the country. ICB is perfectly positioned to develop its business during this unprecedented growth spurt.

“ICB is one of the fastest growing institutions in the country. As it operates in the economic and financial sectors, it can successfully reap benefits of the economic growth of the country,” explains Fayekuzzaman.

“It can also contribute greatly to the economic development of the country. Investors and the other stakeholders have a lot of confidence in ICB. They trust the corporation because it is backed by the government and has a track record in delivering a high quality of service and governance. Therefore, there is huge potential for foreign investment in many areas of the Bangladesh economy through ICB,” he says.

Institutions such as ICB are vital in developing markets similar to Bangladesh. ICB today not only fosters growth and development, but also delivers substantial returns to its main stakeholders. According to Fayekuzzaman, the corporation has experienced strong growth across all areas of business since undergoing reforms in 2002. “The net profit of BDT 107m in 2002 increased to BDT 3.76bn in 2013, registering a 35 times growth in just 10 years.”

During that time, ICB single-handedly orchestrated the launch of the Bangladesh Fund, a BDT 50bn open ended mutual fund – the biggest ever in the history of Bangladesh – in 2010. “ICB took this initiative because it was of national interest, despite a lot of risks,” says Fayekuzzaman.

In order to continue performing soundly, ICB has recently undergone a series of reforms initiated by the local government and the Asian Development Bank. As a result, ICB Capital Management, ICB Securities Trading Company and ICB Asset Management Company have been created and incorporated as subsidiaries of ICB to carry out merchant banking, stock brokerage functions and mutual fund operations respectively.

“The subsidiary companies are operated by independent boards and management pursuant to their own memorandum and articles of association,” explains Fayekuzzaman.

“The three subsidiaries of ICB have already outperformed expectations and emerged with a very promising outlook and wonderful working environments. The restructuring of ICB is one of the most successful reforms in the financial sector of Bangladesh to date.”

A well-hedged operation
Over the years, ICB has expanded its business lines and revenue streams in order to ensure that it remains flexible and efficient. As a leading institutional investor, today ICB is mostly involved in trading securities.

“ICB has built up a strong and diversified portfolio of listed and non-listed securities,” says Fayekuzzaman. “These portfolios are managed by expert teams so that they are balanced and adequately hedged to absorb any share market bumps.”

In addition to this professional management of all investments, the corporation has also introduced the mark to market system of accounting for valuing investments in marketable securities. It has been a tremendous success according to Fayekuzzaman.

“It is a point of satisfaction that there was no equity price risk on ICB’s investment in securities as of 30 June, 2012, as the market price of the securities were higher than that of the cost price despite prolonged share market crash that started in 2010.”

ICB is extremely strict about its operations, in the sense that it seeks to maximise returns without compromising its approach towards risks

ICB is extremely strict about its operations, in the sense that it seeks to maximise returns without compromising its approach towards risks. The corporation has intentionally diversified its product range in order to naturally hedge against potential downturns in particular sectors.

“The corporation’s presence in the relatively volatile equity segment is balanced by its presence in the moderately stable project financing business. ICB’s main project finance platforms are the extension of bridge loans, debenture loan, share buy-back agreement, trustee and custodian services, leasing and consumer credit,” says Fayekuzzaman.

“Similarly, its presence in the mutual funds industry, issue management and other brokerage services is expected to be contra-cyclical to its presence in the equity business.”

The corporation operates across a variety of areas within the financial services space, therefore each operation is conducted under separate subsidiary companies and is regulated by a different authority.

“ICB operates primarily under the Banking Division of the Ministry of Finance,” explains Fayekuzzaman. “Our subsidiaries are registered and regulated by Bangladesh Securities and Exchange Commission for merchant banking, stock broking, depository participants, portfolio management and mutual fund businesses. We are also registered with the Bangladesh Bank.”

The corporation’s presence in a variety of financial segments requires constant vigilance on the compliance side with the evolving requirements of its various regulators. Any violation or transgression could invite censure, affecting the corporation’s reputation and so, a zero tolerance policy is maintained in governance and compliance issues.

The company has also developed a number of social development projects aimed at fostering entrepreneurism alongside the Bangladeshi government. It currently manages the government’s flagship Equity and Entrepreneurism Fund (EEF), an extremely popular scheme aimed at providing financing for “promising young, educated, skilled and low-income rural people to develop businesses in agro-based, fisheries, food-processing and software projects for poverty reduction at mass level,” according to Fayekuzzaman.

“So far, under the EEF scheme more than 1000 projects have been sanctioned, which are providing significant contributions to GDP and have generated about 35,000 permanent and seasonal jobs.”

ICB invests over BDT 500m a year in this initiative alone, though it is by no means its only CSR project. “We allocate a huge amount for CSR activities every year in education, health and sanitation, disaster management and other noble welfare initiatives to benefit employees, customers and the community at large.”

Fayekuzzaman is keen to restate the important role that ICB has to play within the financial services industry in Bangladesh.

“Our vision is to continue to be the leading, responsible and environment friendly financial institution operating in such a way that our fellow competitors and the society watch, acknowledge, admire and emulate us as a successful and ideal model in the sector,” he says. “Our principal mission is for ICB to be recognised as a responsible institution, a financial architect, an innovative solution provider and a performance leader.”

Leadership development through coaching: a case study

Posted on January 13, 2014February 20, 2014 by Ashton Wenborn

Training, executive education and leadership development programming are part of many organisations’ overall talent-management packages, providing key and rising leaders with structured opportunities for skills development and general self-improvement. There’s no doubt about it: investing in learning and leadership development is a win-win for the organisations and individuals who benefit from it.

However, a growing body of evidence shows that training and leadership development programmes are more effective when they include a coaching component. Because coaching is client-driven, it is inherently open to individualisation. As such, it is the perfect complement to already existing programming, providing a structured opportunity to set and pursue goals and put learning from mentoring conversations and classroom training into action.

Putting coaching to the test: The Defence Acquisition University
The Defence Acquisition University (DAU) provides a powerful example of how coaching can reinforce and enhance an already-world-class training and development programme. As the corporate university for the US’ defence acquisition workforce, the DAU provides in-person and virtual learning opportunities and leadership development to the 152,000 military and civilian professionals associated with the largest buying enterprise in the world. In late 2007, the DAU began to explore the possibility of adding a coaching service to its portfolio of offerings in order to improve acquisition outcomes and enhance the leadership capacity of key leaders.

The DAU’s coaching programme impacts leaders in all functional areas of the defence acquisition workforce

After extensive research and benchmarking, the following year the DAU piloted a rigorous coach-training programme oriented around the International Coach Federation’s (ICF) Core Competencies and Code of Ethics and adapted to the unique needs of the defence acquisition workforce. The DAU’s coaching programme impacts leaders in all functional areas of the defence acquisition workforce, including governance and oversight, programme management, contracting, systems engineering, business and financial management, production and quality management, testing and evaluation, and life cycle logistics.

To date, more than 49 DAU faculty members have completed the university’s training programme and deployed their services to meet the needs of nearly 60 major buying organisations. Through one-on-one and team coaching engagements, these coaches – all of whom are themselves senior faculty members and seasoned defence acquisition professionals – have reached more than 220 key leaders at the strategic and organisational levels. Meanwhile, nearly 3,000 supervisors and mid- and senior-grade leaders have benefitted from a portfolio of targeted leadership development courses designed to extend the understanding and use of coaching skills throughout the defence-acquisition workforce.

Success and progress
In recognition of the DAU’s outstanding use of coaching to augment existing training programmes and empower key leaders to achieve personal and organisational goals, ICF Global awarded the organisation an honourable mention through the 2013 ICF International Prism Award programme. The International Prism Award programme honours organisations that have achieved a standard of excellence in the implementation of coaching programmes; fulfilling rigorous professional standards, addressing key strategic goals, shaping organisational culture, and yielding discernible and measureable positive impacts.

DAU coaching clients have reported a high return on expectations in areas including organisational change, networking, strategic thought and leadership, leadership confidence, teamwork, communication, and time management. This is consistent with ICF research around the benefits of coaching. According to the 2009 ICF Global Coaching Client Study, coaching clients have cited positive impacts on self-confidence (80 percent), communication skills (72 percent), interpersonal skills (71 percent), overall work performance (70 percent) and team effectiveness (51 percent).

The DAU has also cited coaching success stories within the defence acquisition workforce. In the DAU’s International Prism Award application, ICF Associate Certified Coach and DAU Director of Leadership Programmes and Coaching, Richard Hansen, told the story of an admiral who spoke at a recent Wounded Warriors banquet about the key role executive coaching played in helping her reach her current rank.

“People say that culture trumps strategy,” Hansen wrote. “Our coaching initiative is realising a synergy between strategy and culture as our leaders embrace the positive impact of coaching.”

An aircraft programme manager who was initially sceptical of coaching reported “immediate and astonishing” results from his engagement with a DAU coach. In a testimonial, he wrote that coaching helped him turn a well-run programme into a benchmark programme where people knew their value and were empowered to “accelerate through change and land on top.”

330%

DAU’s non-financial return on investment in coaching

743%

DAU’s financial return on investment in coaching

Savings and efficiencies
With an annual acquisition budget of $350bn, the defence acquisition operating environment demands a high return on every investment of time, manpower and money. The DAU’s initiative has met this demand, with measurable results throughout the coaching programme’s 60 client organisations. One hi-tech programme manager who regularly oversaw projects with annual budgets of more than $5m reported that coaching was instrumental in yielding millions of dollars in cost savings and efficiencies.

Meanwhile, the DAU has tracked the workforce-wide impacts of its coaching programme and calculated a non-financial return on investment of 330 percent and a reported financial return on investment of 743 percent.

For more information about how coaching can augment your organisation’s executive education and leadership development programming, visit ICF’s ‘Need Coaching?’ resource at the URL below. This information-packed booklet will help make the case for coaching to decision-makers in your organisation with a concise explanation of what coaching is (and what it isn’t), and a host of compelling data showing that, in organisations of all sizes and across all sectors, coaching works.

For more information, visit coachfederation.org/need or coachfederation.org/prism

Trust Insurance Cyprus prospers despite financial crisis

Posted on January 13, 2014January 9, 2014 by Ashton Wenborn

Foreseeing a large-scale financial crisis is something that not many can claim genuine credit for. While some have insisted they knew all along that an economic downturn was on the horizon, there are only few examples of companies preparing for such a devastating event. There is no more obvious an example of a country burying its head in the sand than that of Cyprus.

While the Mediterranean island became a heaven for international investors over the last decade, successive governments during this period have been blamed for not updating the regulatory framework and curbing excessive spending in order to prepare for any eventual downturn.

The country’s insurance industry has seen steady growth for a number of years, but as with the rest of the economy, was badly affected by the financial crisis that struck in 2012. However, Trust Insurance Cyprus had the good foresight to take a cautious approach in the boom years leading up to the crisis.

World Finance spoke to Christos Christodoulou, the company’s CEO, about the long overdue reforms the country is undergoing, how the insurance market is growing, and why Trust Insurance Cyprus is set to play a leading role in its future.

The chance to start anew
When the crisis hit Cyprus in 2012, many of the country’s leading financial institutions faced a catastrophic collapse in the value of their assets. However, such a scenario could have been avoided, if political leaders and heads of those financial institutions had not been so profligate during the preceding years.

As a result of the crisis and the €10bn bailout it received from the EU, the newly installed government has begun to implement a number of structural reforms to its economy. Christodoulou believes that things are likely to get worse before they get better, but sees this as an opportunity to learn from past mistakes.

Cypriots are hard-working people, the island still has very strong competitive advantages to offer as a service centre, we have bright minds and excellent professionals and I am sure at the end we will make it

“Cyprus is going through significant changes as a result of the latest bail in and public finance issues. We expect that the financial crisis will slow the economy, or even decrease it. Nevertheless we should take this as a challenge to correct some incongruities. After all it’s the right time to build some new solid foundations for our economy.”

He adds that the coming year is likely to show just how much more reform is needed.

“2014 will show how the economy will behave. If the economy behaves as expected and no more taxes will be implemented, I think we are looking at a couple more years of recession and then things will start to pick up again. If more drastic measures have to be taken, such as higher taxes, then it’s a different story.”

According to Christodoulou, when Cyprus gained EU membership in 2004, the government should have instigated sweeping reforms to the market to bring it in line with its European counterparts.

“These corrective measures are long overdue. In 2004, when we joined Europe, we should have had reforms. Cyprus had to compete in a new environment and the parliament failed to realise that changes were necessary. A small nation joining a big society of nations couldn’t just stay behind. However, we failed to do the necessary changes at the time and so the financial crisis was inevitable.”

He adds that the reforms – many of which are being pushed forward by outside forces – mean that finally the government can tackle issues like employment, which they would have previously been too scared to do.

“Now some third parties are coming in and forcing these changes, such as facing down the unions. Also, slowing down the pace of increasing staff costs, which was not related to productivity. No one has the political courage to connect staff costs to productivity.”

Despite the unprecedented financial situation the country is facing today, Christodoulou sees light at the end of the tunnel.

“Cypriots are hard-working people, the island still has very strong competitive advantages to offer as a service centre, we have bright minds and excellent professionals and I am sure at the end we will make it. And not only that but with the momentum of gas findings the Cyprus economy will flourish again in the years to come. It’s just that we have to make the cycle. The earlier we turn things the better. This is why Trust is investing, and will continue to invest in Cyprus. We believe in the island, and its people. After all we share some very important values and this cannot be ignored.”

Internationally-led productivity
Cyprus’s insurance industry has long been linked to that of the UK. When the country was granted independence from Britain in 1960, the market itself was operated from London for a number of years. However, since 1969, a local industry has sprung up and now there are around 30 insurance companies on the island.

“Awareness of insurance has increased and the level of services offered is higher. They are now comparable to the more developed European nations, like the UK. This is a drastic change in the insurance industry. The quality of service is very much comparable to other regions,” Christodoulou explains.

There is however, still an international presence. “A lot of international companies started here, and there are also a lot of companies owned by or affiliated with international groups, and that helps local companies to develop faster. In Cyprus, insurance accounts for between four and five percent of our GDP, whereas in other countries across Europe this figure is about nine percent. So there is room for development, and that is the reason why there is interest from international companies to set up in Cyprus.”

Although the rest of the economy has suffered a difficult 18 months, the insurance industry has had a less stormy time. Christodoulou says the growth rates have slowed, but only by between three and five percent. “We do not think this is significant. In fact, the insurance industry is steady.”

The industry however, is facing a number of reforms in the coming years, nonetheless the Solvency II rules. “The biggest challenge – even greater than the financial crisis – is Solvency II. A lot of companies have lost assets through the bail in, such as the drop in real estate prices and the shareholding in the banks. The likely consequence of the financial crisis is that companies that were preparing for the Solvency II capital requirement rules will now struggle to meet them, forcing a level of industry consolidation.

“The capital requirements of Solvency II will push a lot of the companies to merge. We expect to see over the next few years in the industry changes with regards to who the key players are. There will be a lot of consolidation. The industry has been preparing for the past three or four years for Solvency II. However, now with the financial crisis, I am not sure whether some companies will be facing worse problems, as a result of their assets decreasing.”

Covering a number of bases
Established in 1990, yet only starting domestic operations in Cyprus in 2009, Trust was relatively unscathed by the financial crisis because many of its assets were based abroad. Although the new regulations and the crisis have placed great pressure on the industry, Trust was well prepared for both.

“We have been preparing for the last four years. We have a risk management team preparing our procedures and the structure of the company so that is in line with Solvency II. Most of our assets were abroad, so we were not affected so much by the financial crisis in a way that would slow down the growth of the company.”

We see the financial crisis as an opportunity to grow and become a leader in the Cyprus insurance industry

In fact, the company sees the crisis positively, “We see the financial crisis as an opportunity to grow and become a leader in the Cyprus insurance industry. We’ve invested heavily in technology, we keep investing in our people and try to be innovative when it comes to products and services.”

Currently focused on the general, travel and health insurance sectors, Trust is increasingly signing up more corporate clients. This is seen as a huge opportunity because the banks that usually offered the services are scaling back their operations. Trust also hopes to enter the life insurance business in the future, says Christodoulou.

“However, we need to have a separate company to do that, so currently we’re looking in the market to see if there are any potential companies that we could buy or to start our own company.”

As part of the international Nest Group, Trust has a strong financial backer and broad network within the global insurance industry. They hope, however, to persuade Nest that Cyprus should be the hub of its global insurance operations.

“Our plan is to convince the Nest Group to consider Cyprus as their insurance centre. Nest owns eight insurance companies. We want to show that we have the know-how and expertise that can be transferred to other countries.”

Having the financial security that comes from being part of a recognised international group of insurance companies like the Nest Group means that Trust is able to court new customers with confidence.

“Currently in Cyprus, an insurance company has to be financially strong in order to inspire security to its customers. Trust is financially strong, as it is part of the global power of Nest Group. We are a financially sound organisation, unaffected by the economic crisis. We have convinced the market that we can sustain high growth rates, but at the same time be able to respond to how the market changes.

“At the same time, we offer innovative products and are trying to be unbeatable with regards to customer service. Day by day we are proving to customers that we are the next generation of insurers.”

The extraordinary progress of the hedge fund industry

Posted on January 10, 2014 by Ashton Wenborn

Headstart Advisers has been active in the hedge fund industry since 1990 and has witnessed first-hand how it has evolved and adapted to new challenges, be they on the investment front or from a business perspective. Industry progress has been extraordinary over this period, growing from approximately 610 funds managing around $20bn to over 10,000 funds managing around $2.5trn today (see Fig. 1). This growth has come despite some of the most tumultuous markets in history, including the crash of 1998, the bursting of the dotcom bubble and subsequent bear market of 2000-2002, and most recently the 2008 credit crisis, the aftermath of which is still impacting markets. The industry has also had to survive some high profile failures such as Long-Term Capital Management, which nearly collapsed the global financial system, and more recently the downfalls of a number of prominent, well known, multibillion-dollar firms, not to mention its fair share of high profile frauds.

It has been widely reported that hedge funds have been forced to institutionalise. Firms have invested huge sums in building out their infrastructure, back office systems, compliance and improving their transparency to deal with the demands of a more sophisticated investor, as well as a more involved regulatory regime with both SEC registration and the AIFMD. Hedge fund firms are ultimately entrepreneurial, and while the 2008 financial crisis uncovered a number of shortcomings for the hedge fund industry as a whole, there are a wide number of firms that survived the crisis and learnt valuable lessons. While no crisis is ever the same, the ability to survive and learn from past experiences is hugely valuable. The steps that both investors and the hedge funds themselves have implemented place the industry on a firm footing.

Performance on an industry-wide basis, as reported by the various fund of hedge funds indices, remains anaemic. However, many funds have bucked this trend, taking advantage of an increased opportunity to produce attractive returns. No hedge fund or fund of hedge funds is the same and investing in them requires detailed understanding. The significant gulf between the performance of the top-performing managers and the fund of funds index can be highlighted by comparing the return of the Headstart Fund of Funds and the HFRI FOF Index since January 1 2009. Through October 31 2013, based on almost five years of data, the Headstart Fund of Funds has returned 71 percent with a Sharpe Ratio of 1.81; meanwhile, the HFRI FOF Index returned an estimated 25 percent with a Sharpe Ratio of approximately one.

Navigating markets
After a 30-year bull market for bonds, interest rates are at historic lows. Meanwhile, global equity markets are at or approaching all-time highs. This is at a time when governments continue to intervene in markets and capital allocators are faced with the significant issue of having to re-allocate vast amounts of capital away from what was previously considered a risk-free fixed income market which is producing a negative real yield. In this environment a well-managed portfolio of hedge funds can offer a truly diversifying return stream uncorrelated to traditional assets, having proven itself capable of navigating across market cycles.

While the case for investment in hedge funds is particularly compelling given the investment landscape, history has shown that you should not invest in a hedge fund on the basis of size or brand name (a misconceived safety), a ‘star manager’ or past track record alone, and that in-depth due diligence, transparency, experience and a portfolio approach is required. In addition, many of the most established, successful and well-known hedge fund firms have seen their assets under management rise to all-time highs, both reaching capacity and closing to new investment or in some cases returning outside capital in part or entirely, and transitioning to a family office. The vast majority of these funds continue to have draconian investment terms with typically poor liquidity and high fees, as well as there being a direct correlation between a significant growth in assets and the degradation of returns. Simply, very large hedge funds can often find themselves paralysed by their size and find it significantly more difficult to create attractive risk adjusted returns. There are, however, a number of high quality managers who have remained closed to new investment for many years. These managers have typically controlled the growth of their assets under management and maintain significant investments in their funds, aligning their interests with investors. In addition, since 2008, a number of these managers have also improved the liquidity terms of their funds. Fund of hedge funds can offer their investors exposure to these managers that they would not otherwise have access to.

[M]any of the most established, successful and well-known hedge fund firms have seen their assets under management rise to all-time highs, both reaching capacity and closing to new investment

Investing directly in hedge funds requires more than just capital. Many fund of hedge fund portfolios, such as the Headstart Fund of Funds, are effectively not replicable. Hedge funds should be considered long-term investments. It is vitally important for the hedge fund investor to build a relationship with the hedge funds and their management in order to best understand their trading strategies, positioning and how that fund fits within the investor’s portfolio.

Managing a portfolio of hedge funds is just as much art as it is science and comes down to experience and a strong understanding of the strategies of the underlying managers and how they correlate to one another. It is important that within a portfolio you have true diversification. Managers should not all be making money at the same time otherwise the likelihood is that they are all correlated to one underlying risk factor. The skill is in identifying managers who, when there is a lack of opportunity in their strategy, do not chase returns and thus increase risk. This enhances the stability of returns within the overall portfolio, limiting drawdowns and allowing for the compounding of returns at the portfolio level. One of the most important aspects of managing a portfolio of hedge funds is understanding the right time to redeem. While hedge fund investments are ideally long-term in nature, changes in the investment landscape or at the asset manager can happen quickly, and the management of the portfolio requires an active approach.

The hedge fund cycle
The ability to offer exposure to a seasoned balanced portfolio of funds is a key benefit that a fund of funds can continue to offer to an underlying investor who does not possess the capital, experience and infrastructure to manage a portfolio directly. Importantly, however, a fund of hedge funds can offer an investor the ability to invest into the next generation of hedge fund managers. One of the major developments that we are witnessing is the ability to access a new array of talent leaving existing prominent firms and starting new hedge funds.

Having the necessary contacts and importantly experience allows a fund of funds a first mover advantage, where the prize is the ability to gain capacity as well as attractive fee breaks in talented managers when they are at their most nimble, asset wise. However, correctly identifying the right early stage manager requires experience.

Typically, a hedge fund requires a strong business model and a repeatable investment process. Having managed a successful hedge fund strategy, Headstart is in a position to better assess the trading hurdles, of which there are many that managers will inevitably encounter. Managing a hedge fund is as much managing a business as a trading strategy and requires a significant investment from the principals in both capital and time.

Legal Awards 2014

Posted on January 10, 2014August 7, 2019 by Ashton Wenborn

Algeria

Best Banking & Finance Firm
Cabinets d’Avocats Samir Hamouda

Best M&A Firm
Law Office of Yamina Kebir

Best Tax Firm
Ben Abderrahmane & Partners

Best Tax Consultant
Dahmane Ben Abderrahmane at Ben Abderrahmane & Partners

Best Corporate & Commercial Firm
Law Office of Yamina Kebir

Best Dispute Resolution Firm
Lefèvre Pelletier & associés

Best Property Firm
Lefèvre Pelletier & associés

Best Intellectual Property Firm
Cabinet Sator

Best Competition & Anti-trust Firm
Lefèvre Pelletier & associés

Best Insolvency & Restructuring Firm
Lefèvre Pelletier & associés

Best Employment Firm
Hamza & Associates Law Firm

Best Lawyer
Amine Ghellal at Ghellal & Mekerba

Best Transfer Pricing Firm
Ben Abderrahmane & Partners

Best Capital Markets Firm
Cabinets d’Avocats Samir Hamouda

Best Private Equity Firm
Aidoud Law Firm

Best Litigation Department
Ghellal & Mekerba

Best PPP Firm
Ghellal & Mekerba

Best Cross-border Transactions Firm
Ghellal & Mekerba

Best In-House Legal Team
Cevital

Best White Collar Firm
Aidoud Law Firm

Best Energy Firm
Cabinets D’Avocats Samir Hamouda

Angola

Best Banking & Finance Firm
Eduardo Vera-Cruz Advogados

Best M&A Firm
FBL Advogados

Best Tax Firm
Fátima Freitas Advogados

Best Corporate & Commercial Firm
AVM Advogados

Best Dispute Resolution Firm
FBL Advogados

Best Property Firm
GLA

Best Intellectual Property Firm
FCB&A

Best Competition & Anti-trust Firm
GLA

Best Insolvency & Restructuring Firm
GLA

Best Employment Firm
MG Advogados

Best Lawyer
Fátima Freitas at Fátima Freitas Advogados

Best Transfer Pricing Firm
Fátima Freitas Advogados

Best Foreign Investment Firm
Fátima Freitas Advogados

Best Capital Markets Firm
Eduardo Vera-Cruz Advogados

Best Private Equity Firm
Eduardo Vera-Cruz Advogados

Best Litigation Department
MG Advogados

Best PPP Firm
FBL Advogados

Best Cross-border Transactions Firm
AVM Abogados

Best In-House Legal Team
Angonave UEE

Best White Collar Firm
FBL Advogados

Best Energy Firm
Baker Botts

Argentina

Best Banking & Finance Firm
Bruchou, Fernández Madero & Lombardi

Best M&A Firm
Marval O’Farrell Mairal

Best Tax Firm
Teijeiro y Ballone Abogados

Best Tax Consultant
Ruben O Asorey at Asorey & Navarrine

Best Corporate & Commercial Firm
Estudio Beccar Varela

Best Dispute Resolution Firm
Estudio Trevisán

Best Property Firm
Zang, Bergel & Viñes Abogados

Best Intellectual Property Firm
Sanchez, Lupi & Associates

Best Competition & Anti-trust Firm
Estudio Beccar Varela

Best Insolvency & Restructuring Firm
Abeledo Gottheil Abogados

Best Employment Firm
Funes de Rioja & Asociados

Best Transfer Pricing Firm
Abeledo Gottheil Abogados

Best Foreign Investment Firm
Alfaro Abogados

Best Capital Markets Firm
Bruchou, Fernández Madero & Lombardi

Best Private Equity Firm
Marval O’Farrell Mairal

Best Litigation Department
M & M Bomchil

Best PPP Firm
Marval O’Farrell Mairal

Best Cross-border Transactions Firm
Bruchou, Fernández Madero & Lombardi

Best In-House Legal Team
Accenture

Best White Collar Firm
Fontán Balestra & Asociados

Best Energy Firm
Errecondo González Funes Abogados

Australia

Best Banking & Finance Firm
King & Wood Mallesons SJ Berwin

Best M&A Firm
Allens

Best Tax Firm
Greenwoods & Freehills

Best Tax Consultant
Larry Magid at Allens

Best Corporate & Commercial Firm
Allens

Best Dispute Resolution Firm
King & Wood Mallesons SJ Berwin

Best Property Firm
Herbert Smith Freehills

Best Intellectual Property Firm
Allens

Best Competition & Anti-trust Firm
Gilbert + Tobin

Best Insolvency & Restructuring Firm
Henry Davis York

Best Employment Firm
Minter Ellison

Best Lawyer
Philippa Stone at Herbert Smith Freehills

Best Transfer Pricing Firm
Corrs Chambers Westgarth

Best Foreign Investment Firm
Corrs Chambers Westgarth

Best Capital Markets Firm
King & Wood Mallesons SJ Berwin

Best Private Equity Firm
Gilbert + Tobin

Best Litigation Department
Herbert Smith Freehills

Best PPP Firm
Clayton Utz

Best Cross-border Transactions Firm
Ashurst

Best In-House Legal Team
Commonwealth Bank

Best White Collar Firm
Herbert Smith Freehills

Best Energy Firm
King & Wood Mallesons SJ Berwin

Bahamas

Best Banking & Finance Firm
Graham Thompson & Co

Best M&A Firm
Higgs & Johnson

Best Tax Firm
Baycourt Chambers

Best Tax Consultant
Arthur K Parris, Jr at ParrisWhittaker

Best Corporate & Commercial Firm
Dupuch & Turnquest & Co

Best Dispute Resolution Firm
McKinney, Bancroft & Hughes

Best Property Firm
McKinney, Bancroft & Hughes

Best Intellectual Property Firm
JD Sellier+Co

Best Competition & Anti-trust Firm
McKinney, Bancroft & Hughes

Best Insolvency & Restructuring Firm
Higgs & Johnson

Best Employment Firm
Lennox Paton

Best Lawyer
Michael Paton at Lennox Paton

Best Transfer Pricing Firm
Lennox Paton

Best Foreign Investment Firm
Lennox Paton

Best Capital Markets Firm
Graham Thompson & Co

Best Private Equity Firm
Higgs & Johnson

Best Litigation Department
Callenders & Co

Best PPP Firm
Chancellors Chambers

Best Cross-border Transactions Firm
Higgs & Johnson

Best In-House Legal Team
Bahamas Oil Refining Company International

Best White Collar Firm
Callenders & Co

Bahrain

Best Banking & Finance Firm
ASAR

Best M&A Firm
Hassan Radhi & Associates

Best Tax Firm
ASAR

Best Tax Consultant
Qays Zu’bi at Zu’bi & Partners

Best Corporate & Commercial Firm
Zu’bi & Partners

Best Dispute Resolution Firm
Hassan Radhi & Associates

Best Property Firm
Trowers & Hamlins

Best Intellectual Property Firm
Zu’bi & Partners

Best Competition & Anti-trust Firm
Freshfields Bruckhaus Deringer

Best Insolvency & Restructuring Firm
Haya Rashed Al Khalifa, Attorneys at Law & Legal Consultants

Best Employment Firm
Haya Rashed Al Khalifa, Attorneys at Law & Legal Consultants

Best Lawyer & Legal Consultants
Jalila Sayed at Jalila Sayed Attorneys

Best Transfer Pricing Firm
ASAR

Best Foreign Investment Firm
Zu’bi & Partners

Best Capital Markets Firm
ASAR

Best Private Equity Firm
Blake, Cassels & Graydon

Best Litigation Department
Hassan Radhi & Associates

Best PPP Firm
Zu’bi & Partners

Best Cross-border Transactions Firm
Haya Rashed Al Khalifa, Attorneys at Law & Legal Consultants

Best In-House Legal Team
Al Ahlia Insurance

Best White Collar Firm
Hassan Radhi & Associates

Bangladesh

Best Banking & Finance Firm
Dr Kamal Hossain & Associates

Best M&A Firm
SIA&A

Best Tax Firm
Dr Kamal Hossain & Associates

Best Tax Consultant
Nihad Kabir at SIA&A

Best Corporate & Commercial Firm
Dr Kamal Hossain & Associates

Best Dispute Resolution Firm
Huq & Co

Best Property Firm
Akhtar Imam & Associates

Best Intellectual Property Firm
Remfry & Son

Best Competition & Anti-trust Firm
The Law Counsel

Best Insolvency & Restructuring Firm
A Hossain & Associates

Best Employment Firm
Dr Kamal Hossain & Associates

Best Lawyer
Ajmalul Hossain at A Hossain & Associates

Best Transfer Pricing Firm
Amir & Amir Law Associates

Best Foreign Investment Firm
The Law Counsel

Best Capital Markets Firm
The Legal Circle

Best Private Equity Firm
The Legal Circle

Best Litigation Department
Huq & Co

Best PPP Firm
Doulah & Doulah

Best Cross-border Transactions Firm
The Legal Circle

Best In-House Legal Team
ACI

Best White Collar Firm
Akhtar Imam & Associates

Best Energy Firm
Dr Kamal Hossain & Associates

Barbados

Best Banking & Finance Firm
LEX Caribbean

Best M&A Firm
Clarke Gittens Farmer

Best Tax Firm
Chancery Chambers

Best Tax Consultant
Andrew Ferreira

Best Corporate & Commercial Firm
Chancery Chambers

Best Dispute Resolution Firm
LEX Caribbean

Best Property Firm
Clarke Gittens Farmer

Best Intellectual Property Firm
Clarke Gittens Farmer

Best Insolvency & Restructuring Firm
LEX Caribbean

Best Employment Firm
George Walton Payne & Co

Best Lawyer
Trevor A Carmichael at Chancery Chambers

Best Transfer Pricing Firm
George Walton Payne & Co

Best Foreign Investment Firm
LEX Caribbean

Best Capital Markets Firm
Chancery Chambers

Best Private Equity Firm
LEX Caribbean

Best Litigation Department
Clarke Gittens Farmer

Best PPP Firm
Clarke Gittens Farmer

Best Cross-border Transactions Firm
LEX Caribbean

Best In-House Legal Team
Goddard Enterprises

Best White Collar Firm
LEX Caribbean

Best Energy Firm
Egorov Puginsky Afanasiev & Partners

Belarus

Best Banking & Finance Firm
Vlasova Mikhel & Partners

Best M&A Firm
SORAINEN

Best Tax Firm
Stepanovski, Papakul and Partners

Best Tax Consultant
Alexander Botian at Borovtsov & Salei

Best Corporate & Commercial Firm
Egorov Pugisky Afanasiev & Partners

Best Dispute Resolution Firm
Verkhovodko & Partners

Best Property Firm
Vlasova Mikhel & Partners

Best Intellectual Property Firm
Verkhovodko & Partners

Best Competition & Anti-trust Firm
Stepanovski, Papakul and Partners

Best Insolvency & Restructuring Firm
Stepanovski, Papakul and Partners

Best Employment Firm
bnt attorneys-at-law

Best Lawyer
Dmitry Bokhan at Verkhovodko & Partners

Best Transfer Pricing Firm
SORAINEN

Best Foreign Investment Firm
Glimstedt & Partners

Best Capital Markets Firm
Vlasova Mikhel & Partners

Best Private Equity Firm
SORAINEN

Best Litigation Department
Stepanovski, Papakul and Partners

Best PPP Firm
Borovtsov & Salei

Best Cross-border Transactions Firm
Egorov Pugisky Afanasiev & Partners

Best In-House Legal Team
BelCel

Best White Collar Firm
Glimstedt & Partners

Belgium

Best Banking & Finance Firm
Buyle Legal

Best M&A Firm
Clifford Chance

Best Tax Firm
Afschrift Law Firm

Best Tax Consultant
Daniel Garabedian at Liedekerke Wilters Waelbroeck Kirkpatrick

Best Corporate & Commercial Firm
Eubelius

Best Dispute Resolution Firm
Hanotiau & van den Berg

Best Property Firm
Allen & Overy

Best Intellectual Property Firm
Altius

Best Competition & Anti-trust Firm
Cleary Gottlieb Steen & Hamilton

Best Insolvency & Restructuring Firm
White & Case

Best Employment Firm
Stibbe

Best Lawyer
Thierry Afschrift at Afschrift Law Firm

Best Transfer Pricing Firm
EY

Best Foreign Investment Firm
McDermott Will & Emery

Best Capital Markets Firm
Allen & Overy

Best Private Equity Firm
Allen & Overy

Best Litigation Department
Covington & Burling

Best PPP Firm
DLA Piper

Best Cross-border Transactions Firm
VVGB

Best White Collar Firm
Afschrift Law Firm

Best Energy Firm
DLA Piper

Benin

Best Banking & Finance Firm
Cabinet Cakpo-Assogba

Best M&A Firm
Cabinet Djogbenou

Best Tax Firm
Cabinet Cakpo-Assogba

Best Tax Consultant
Thierno Olory-Togbe at OTL CONSEILS

Best Corporate & Commercial Firm
Cabinet Djogbenou

Best Dispute Resolution Firm
Cabinet Djikui

Best Property Firm
Cabinet Cakpo-Assogba

Best Intellectual Property Firm
OTL CONSEILS

Best Competition & Anti-trust Firm
Cabinet Djogbenou

Best Insolvency & Restructuring Firm
OTL CONSEILS

Best Employment Firm
Cabinet Robert M Dossou

Best Lawyer
Alfred Pognon at Cabinet Me Alfred Pognon

Best Transfer Pricing Firm
Cabinet Cakpo-Assogba

Best Foreign Investment Firm
Cabinet Cakpo-Assogba

Best Capital Markets Firm
Cabinet Djogbenou

Best Private Equity Firm
Cabinet Djogbenou

Best Litigation Department
Cabinet Me Alfred Pognon

Best PPP Firm
Cabinet Djogbenou

Best Cross-border Transactions Firm
Cabinet Me Alfred Pognon

Best In-House Legal Team
SHB-Bohicon

Best White Collar Firm
Cabinet Djogbenou

Best Energy Firm
Cabinet Me Alfred Pognon

Bermuda

Best Banking & Finance Firm
Appleby

Best M&A Firm
Conyers Dill & Pearman

Best Corporate & Commercial Firm
Conyers Dill & Pearman

Best Property Firm
Attride-Stirling & Woloniecki

Best Intellectual Property Firm
Conyers Dill & Pearman

Best Insolvency & Restructuring Firm
Attride-Stirling & Woloniecki

Best Employment Firm
Appleby

Best Transfer Pricing Firm
Appleby

Best Foreign Investment Firm
Appleby

Best Capital Markets Firm
Conyers Dill & Pearman

Best Private Equity Firm
Conyers Dill & Pearman

Best Litigation Department
Appleby

Best PPP Firm
Appleby

Best Cross-border Transactions Firm
Conyers Dill & Pearman

Best In-House Legal Team
Bermuda Container Line

Best Energy Firm
Conyers Dill & Pearman

Botswana

Best Banking & Finance Firm
Armstrongs

Best M&A Firm
Armstrongs

Best Tax Firm
Kantor & Immerman

Best Corporate & Commercial Firm
Khan Corporate Law

Best Dispute Resolution Firm
Minchin & Kelly (Botswana)

Best Property Firm
Bookbinder Business Law

Best Intellectual Property Firm
Armstrongs

Best Competition & Anti-trust Firm
Armstrongs

Best Insolvency & Restructuring Firm
Minchin & Kelly (Botswana)

Best Employment Firm
Minchin & Kelly (Botswana)

Best Lawyer
Jeffrey Bookbinder at Bookbinder Business Law

Best Foreign Investment Firm
Minchin & Kelly (Botswana)

Best Capital Markets Firm
Armstrongs

Best Private Equity Firm
Collins Newman & Co

Best Litigation Department
Armstrongs

Best PPP Firm
Collins Newman & Co

Best Cross-border Transactions Firm
Bookbinder Business Law

Best In-House Legal Team
Arup Botswana

Best Energy Firm
Minchin & Kelly (Botswana)

Brazil

Best Banking & Finance Firm
Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados

Best M&A Firm
Andrioli, Giacomini, Porto e Cortez Advogados

Best Tax Firm
Sevilha Contabilidade

Best Tax Consultant
Vicente Sevilha at Sevilha Contabilidade

Best Corporate & Commercial Firm
Andrioli, Giacomini, Porto e Cortez Advogados

Best Dispute Resolution Firm
Pinheiro Neto Advogados

Best Property Firm
Campos Mello Advogados

Best Intellectual Property Firm
Bhering Advogados

Best Competition & Anti-trust Firm
Magalhães e Dias

Best Insolvency & Restructuring Firm
Renato Mange Advogados Associados

Best Employment Firm
Demarest Advogados

Best Lawyer
Antonio S Giacomini Jr at Andrioli, Giacomini, Porto e Cortez Advogadoss

Best Transfer Pricing Firm
Deloitte – Brazil

Best Foreign Investment Firm
Campos Mello Advogados

Best Capital Markets Firm
Lefosse Advogados

Best Private Equity Firm
Souza, Cescon, Barrieu & Flesch

Best Litigation Department
FCDG

Best PPP Firm
Veirano Advogados

Best Cross-border Transactions Firm
Campos Fialho Canabrava Borja Andrade Salles Advogados

Best In-House Legal Team
Klabin

Best White Collar Firm
Moraes Pitombo Advogados

Best Energy Firm
LO Baptista, Schmidt, Valois, Miranda, Ferreira, Agel

Cameroon

Best Banking & Finance Firm
JING & Partners

Best M&A Firm
Cabinet Marie-Andrée Ngwe

Best Tax Firm
CAC International

Best Corporate & Commercial Firm
Cabinet Marie-Andrée Ngwe

Best Dispute Resolution Firm
Cabinet Ekobo

Best Property Firm
Cabinet Marie-Andrée Ngwe

Best Intellectual Property Firm
Nico Halle & Co Law Firm

Best Competition & Anti-trust Firm
Boyo & Associates

Best Insolvency & Restructuring Firm
JING & Partners

Best Employment Firm
Cabinet Ngassam Njike

Best Lawyer
Marie-Andrée Ngwe at Cabinet Marie-Andrée Ngwe

Best Transfer Pricing Firm
CAC International

Best Foreign Investment Firm
ETAH-NAN & Co

Best Capital Markets Firm
Cabinet Marie-Andrée Ngwe

Best Private Equity Firm
Cabinet Marie-Andrée Ngwe

Best Litigation Department
Cabinet Ekobo

Best PPP Firm
Henri Job Law Firm

Best Cross-border Transactions Firm
Cabinet Ngassam Njike

Best In-House Legal Team
AES-SONEL

Best White Collar Firm
Cabinet Marie-Andrée Ngwe

Best Energy Firm
ETAH-NAN & Co

Canada

Best Banking & Finance Firm
BD&P

Best M&A Firm
McCarthy Tétrault

Best Tax Firm
Dentons

Best Tax Consultant
Robert Couzin at Couzin Taylor

Best Corporate & Commercial Firm
Davies Ward Phillips & Vineberg

Best Dispute Resolution Firm
Lenczner Slaght

Best Property Firm
McCarthy Tétrault

Best Intellectual Property Firm
Smart & Biggar/Fetherstonhaugh

Best Competition & Anti-trust Firm
Dentons

Best Insolvency & Restructuring Firm
Gowlings

Best Employment Firm
Filion Wakely Thorup Angeletti

Best Lawyer
Niels Ortved at McCarthy Tétrault

Best Transfer Pricing Firm
McCarthy Tétrault

Best Foreign Investment Firm
Stikeman Elliott

Best Capital Markets Firm
Goodmans

Best Private Equity Firm
Fasken Martineau

Best Litigation Department
BLG

Best PPP Firm
Heenan Blaikie

Best Cross-border Transactions Firm
Cassels Brock Lawyers

Best In-House Legal Team
Resolute Forest Products

Best White Collar Firm
Blake, Cassels & Graydon

Best Energy Firm
BLG

Cayman Islands

Best Banking & Finance Firm
Conyers Dill & Pearman

Best M&A Firm
Walkers

Best Tax Firm
Stuarts Walker Hersant

Best Tax Consultant
George PE Giglioli at Giglioli & Company

Best Corporate & Commercial Firm
Ogier

Best Dispute Resolution Firm
Mourant Ozannes

Best Property Firm
Bodden & Bodden

Best Intellectual Property Firm
Solomon Harris

Best Competition & Anti-trust Firm
J Barry Smith

Best Insolvency & Restructuring Firm
Ritch & Conolly

Best Employment Firm
Travers Thorp Alberga

Best Lawyer
Paul Scrivener at Solomon Harris

Best Transfer Pricing Firm
Stuarts Walker Hersant

Best Foreign Investment Firm
Maples and Calder

Best Capital Markets Firm
Conyers Dill & Pearman

Best Private Equity Firm
Maples and Calder

Best Litigation Department
Mourant Ozannes

Best PPP Firm
Conyers Dill & Pearman

Best Cross-border Transactions Firm
Harneys

Best In-House Legal Team
Asia Cassava Resources Holdings

Best White Collar Firm
Walkers

Best Energy Firm
Appleby

Chile

Best Banking & Finance Firm
Claro & Cia

Best M&A Firm
Philippi, Yrarrázaval, Pulido & Brunner

Best Tax Firm
Carey

Best Tax Consultant
Arnaldo Gorziglia at Portaluppi Guzmán & Bezanilla

Best Corporate & Commercial Firm
Bofill Mir & Alvarez Jana Abogados

Best Dispute Resolution Firm
Rodríguez, Vergara & Cía

Best Property Firm
Fontaine & Cía Abogados

Best Intellectual Property Firm
Sargent & Krahn

Best Competition & Anti-trust Firm
FerradaNehme

Best Insolvency & Restructuring Firm
Cariola Díez Pérez-Cotapos & Cía

Best Employment Firm
UH&C

Best Lawyer
Diego Peralto at Carey

Best Transfer Pricing Firm
Philippi, Yrarrázaval, Pulido & Brunner

Best Foreign Investment Firm
Avendaño Merino Abogados

Best Capital Markets Firm
Morales & Besa

Best Private Equity Firm
Cariola Díez Pérez-Cotapos & Cía

Best Litigation Department
Carey

Best PPP Firm
Reymond & Fleischmann

Best Cross-border Transactions Firm
Barros & Errázuriz Abogados

Best In-House Legal Team
Agricola Chorombo

Best White Collar Firm
Vergara, Labarca & Cía

Best Energy Firm
Philippi, Yrarrázaval, Pulido & Brunner

Colombia

Best Banking & Finance Firm
Gómez-Pinzón Zuleta

Best M&A Firm
Brigard & Urrutia

Best Tax Firm
Lewin & Wills

Best Tax Consultant
Alfredo Lewin at Lewin & Wills

Best Corporate & Commercial Firm
Lloreda Camacho & Co

Best Dispute Resolution Firm
Gómez-Pinzón Zuleta

Best Property Firm
Prietocarrizosa

Best Intellectual Property Firm
Cárdenas & Cárdenas

Best Competition & Anti-trust Firm
Esguerra Barrera Arriaga

Best Insolvency & Restructuring Firm
Lloreda Camacho & Co

Best Employment Firm
Godoy Cordoba Abogados

Best Lawyer
Andrés Forero at Forero Medina & Abogados Asociados

Best Transfer Pricing Firm
Brigard & Urrutia

Best Foreign Investment Firm
Brigard & Urrutia

Best Capital Markets Firm
Posse Herrera Ruiz

Best Private Equity Firm
Posse Herrera Ruiz

Best Litigation Department
Martínez Neira Abogados

Best PPP Firm
Posse Herrera Ruiz

Best Cross-border Transactions Firm
Parra Rodríguez Sanín

Best In-House Legal Team
Interconexion Electrica

Best White Collar Firm
Fowler Rodriguez

Best Energy Firm
Prietocarrizosa

Costa Rica

Best Banking & Finance Firm
Cordero & Cordero Abogados

Best M&A Firm
Lang & Asociados

Best Tax Firm
Pacheco Coto

Best Tax Consultant
Diego Salto at AFC

Best Corporate & Commercial Firm
Central Law Quiros Abogados

Best Dispute Resolution Firm
Batalla

Best Property Firm
Arias & Muñoz

Best Intellectual Property Firm
Zürcher Odio & Raven

Best Competition & Anti-trust Firm
Nassar Abogados

Best Insolvency & Restructuring Firm
Pacheco Coto

Best Employment Firm
BDS Asesores

Best Lawyer
Humberto Pacheco Alpizar at Pacheco Coto

Best Transfer Pricing Firm
AFC

Best Foreign Investment Firm
LLM Abogados

Best Capital Markets Firm
Gómez & Galindo Abogados

Best Private Equity Firm
Cordero & Cordero Abogados

Best Litigation Department
Facio & Cañas

Best PPP Firm
BLP Abogados

Best Cross-border Transactions Firm
Arias & Muñoz

Best In-House Legal Team
Atlas Electrica

Best White Collar Firm
Arias & Muñoz

Best Energy Firm
Central Law Quiros Abogados

Cyprus

Best Banking & Finance Firm
Stelios Americanos & Co

Best M&A Firm
Dr K Chrysostomides & Co

Best Tax Firm
Neocleous & Co

Best Tax Consultant
Stavros Pavlou at Patrikios Pavlou & Associates

Best Corporate & Commercial Firm
Patrikios Pavlou & Associates

Best Dispute Resolution Firm
Neocleous & Co

Best Property Firm
George Z Georgiou & Associates

Best Intellectual Property Firm
Andreas Neocleous & Co

Best Competition & Anti-trust Firm
George Z Georgiou & Associates

Best Insolvency & Restructuring Firm
Chrysses Demetriades & Co

Best Employment Firm
Antis Triantafyllides & Sons

Best Lawyer
Pambos Ioannides at Ioannidis Demetriou Law Office

Best Transfer Pricing Firm
PricewaterHouseCoopers

Best Foreign Investment Firm
Michael Kyprianou & Co

Best Capital Markets Firm
Georgiades & Pelides

Best Private Equity Firm
Chrysses Demetriades & Co

Best Litigation Department
Andreas Neocleous & Co

Best PPP Firm
Patrikios Pavlou & Associates

Best Cross-border Transactions Firm
Michael Kyprianou & Co

Best In-House Legal Team
Astarti Development

Best White Collar Firm
Chrysses Demetriades & Co

Best Energy Firm
Andreas Neocleous & Co

Egypt

Best Banking & Finance Firm
Zulficar & Partners

Best M&A Firm
Helmy, Hamza & Partners

Best Tax Firm
Zaki Hashem & Partners Attorneys at Law

Best Tax Consultant
Mohamed Dawood at Hafez

Best Corporate & Commercial Firm
Zaki Hashem & Partners Attorneys at Law

Best Dispute Resolution Firm
Kosheri, Rashed & Riad

Best Property Firm
Mena Associates

Best Intellectual Property Firm
NAL & Partners

Best Competition & Anti-trust Firm
Karim Adel Law Office

Best Insolvency & Restructuring Firm
Nassar Law

Best Employment Firm
Sarwat A Shahid Law Firm

Best Transfer Pricing Firm
Sherif Saad Law Offices

Best Foreign Investment Firm
Hassouna & Abou Ali

Best Capital Markets Firm
DLA Matouk Bassiouny

Best Private Equity Firm
Ibrachy & Dermarkar

Best Litigation Department
Dentons

Best PPP Firm
Shalakany Law Office

Best Cross-border Transactions Firm
Zaki Hashem & Partners, Attorneys at Law

Best In-House Legal Team
Commercial International Bank

Best White Collar Firm
Kosheri, Rashed & Riad

Best Energy Firm
Sherif Saad Law Offices

Georgia

Best Banking & Finance Firm
BGI Legal

Best M&A Firm
MKD

Best Tax Firm
BLC Law Office

Best Tax Consultant
Natela Otaridze at DLA Piper Georgia

Best Corporate & Commercial Firm
Gvinadze & Partners

Best Dispute Resolution Firm
VBAT

Best Property Firm
MKD

Best Intellectual Property Firm
VBAT

Best Competition & Anti-trust Firm
Begiashvili & Co

Best Insolvency & Restructuring Firm
CFS Legal, Guledani & Partners

Best Employment Firm
Getsadze & Pateishvili

Best Lawyer
Ketti Kvartskhava at BLC Law Office

Best Transfer Pricing Firm
DLA Piper Georgia

Best Foreign Investment Firm
BLC Law Office

Best Capital Markets Firm
BGI Legal

Best Private Equity Firm
Business Legal Bureau

Best Litigation Department
Gvinadze & Partners

Best PPP Firm
Business Legal Bureau

Best Cross-border Transactions Firm
Begiashvili & Co

Best In-House Legal Team
Bank of Georgia

Best White Collar Firm
BGI Legal

Germany

Best Banking & Finance Firm
Hengeler Mueller

Best M&A Firm
Noerr

Best Tax Firm
Noerr

Best Tax Consultant
Prof Dr Alexander Hemmelrath at Norton Rose Fulbright

Best Corporate & Commercial Firm
Oppenhoff & Partner

Best Dispute Resolution Firm
Heuking Kühn Lüer Wojtek

Best Property Firm
Gehrke Zumbroich & Partner

Best Intellectual Property Firm
Gulde Hengelhaupt Ziebig & Schneider

Best Competition & Anti-trust Firm
Gleiss Lutz

Best Insolvency & Restructuring Firm
GÖRG

Best Employment Firm
Kliemt & Vollstädt

Best Lawyer
Prof Dr Alexander Hemmelrath at Norton Rose Fulbright

Best Transfer Pricing Firm
Oppenhoff & Partner

Best Foreign Investment Firm
P+P Pöllath + Partners

Best Capital Markets Firm
Freshfields Bruckhaus Deringer

Best Private Equity Firm
P+P Pöllath + Partners

Best Litigation Department
Hengeler Mueller

Best PPP Firm
Watson, Farley & Williams

Best Cross-border Transactions Firm
Hengeler Mueller

Best In-House Legal Team
Volkswagen Group

Best White Collar Firm
Noerr

Best Energy Firm
Noerr

Ghana

Best Banking & Finance Firm
Bentsi-Enchill, Letsa & Ankomah

Best M&A Firm
Fugar & Co

Best Tax Firm
Reindorf Chambers

Best Tax Consultant
Theophilus Emuwa at ÆLEX

Best Corporate & Commercial Firm
Kimathi & Partners Corporate Attorneys

Best Dispute Resolution Firm
Blay & Associates

Best Lawyer
David Ofosu-Dorte, AB& David

Best Property Firm
Heward Mills & Company

Best Intellectual Property Firm
AB & David

Best Competition & Anti-trust Firm
Bentsi-Enchill, Letsa & Ankomah

Best Insolvency & Restructuring Firm
Kimathi & Partners, Corporate Attorneys

Best Employment Firm
Oxford & Beaumont Solicitors

Best Transfer Pricing Firm
ÆLEX

Best Foreign Investment Firm
Oxford & Beaumont Solicitors

Best Capital Markets Firm
AB & David

Best Private Equity Firm
Bentsi-Enchill, Letsa & Ankomah

Best Litigation Department
Beyuo & Co

Best PPP Firm
Reindorf Chambers

Best Cross-border Transactions Firm
Bentsi-Enchill, Letsa & Ankomah

Best In-House Legal Team
Aluworks

Best White Collar Firm
Fugar & Company

Best Energy Firm
JLD & MB Legal Consultancy

Greece

Best Banking & Finance Firm
M & P Bernitsas Law Offices

Best M&A Firm
Kyriakides Georgopoulos

Best Tax Firm
Dryllerakis & Associates

Best Tax Consultant
Vissaria Kalamaki at Remantas & Linardakis Law Firm

Best Corporate & Commercial Firm
Dryllerakis & Associates

Best Dispute Resolution Firm
Kyriakides Georgopoulos

Best Property Firm
M & P Bernitsas Law Offices

Best Intellectual Property Firm
Kyriakides Georgopoulos

Best Competition & Anti-trust Firm
Dryllerakis & Associates

Best Insolvency & Restructuring Firm
Koutalidis Law Firm

Best Employment Firm
Lixouriotis – Theodosis & Partners Law Firm

Best Lawyer
Dimitris G Tsibanoulis at Tsibanoulis & Partners

Best Transfer Pricing Firm
Stavropoulos & Partners

Best Foreign Investment Firm
Dryllerakis & Associates

Best Capital Markets Firm
POTAMITISVEKRIS

Best Private Equity Firm
Zepos & Yannopoulos

Best Litigation Department
Dryllerakis & Associates

Best PPP Firm
M & P Bernitsas Law Offices

Best Cross-border Transactions Firm
Rokas

Best In-House Legal Team
Motor Oil

Best White Collar Firm
POTAMITISVEKRIS

Best Energy Firm
Kyriakides Georgopoulos

Hong Kong

Best Banking & Finance Firm
Gallant YT Ho & Co

Best M&A Firm
Oldham, Li & Nie

Best Tax Firm
Deacons

Best Tax Consultant
Michael Olesnicky at Baker & McKenzie

Best Corporate & Commercial Firm
Woo Kwan Lee & Lo

Best Dispute Resolution Firm
Tanner De Witt

Best Property Firm
DLA Piper

Best Intellectual Property Firm
Yu & Partners in association with Rouse Legal

Best Competition & Anti-trust Firm
Fangda Partners

Best Insolvency & Restructuring Firm
Fangda Partners

Best Employment Firm
Oldham, Li & Nie

Best Lawyer
Milton Cheng at Baker & McKenzie

Best Transfer Pricing Firm
DLA Piper

Best Foreign Investment Firm
O’Melveny & Myers

Best Capital Markets Firm
DeHeng Law Offices

Best Private Equity Firm
Kirkland & Ellis

Best Litigation Department
King & Wood Mallesons SJ Berwin

Best PPP Firm
White & Case

Best Cross-border Transactions Firm
Fried, Frank, Harris, Shriver & Jacobson

Best In-House Legal Team
Poly Property

Best White Collar Firm
Haldanes

Best Energy Firm
Jun He Law Offices

India

Best Banking & Finance Firm
Dave & Girish & Co

Best M&A Firm
Bharucha & Partners

Best Tax Firm
Lakshmikumaran & Sridharan

Best Tax Consultant
Porus Kaka

Best Corporate & Commercial Firm
Trilegal

Best Dispute Resolution Firm
PH Parekh & Co

Best Property Firm
Poovayya & Co

Best Intellectual Property Firm
Anand & Anand Advocates

Best Competition & Anti-trust Firm
Archer & Angel

Best Insolvency & Restructuring Firm
Sibal & Co

Best Employment Firm
Luthra & Luthra Law Office

Best Lawyer
Harish Salve

Best Transfer Pricing Firm
Economic Laws Practice

Best Foreign Investment Firm
Amarchand & Mangaldas & Suresh A Shroff & Co

Best Capital Markets Firm
AZB & Partners

Best Private Equity Firm
AZB & Partners

Best Litigation Department
Karanjawala & Co

Best PPP Firm
Amarchand & Mangaldas & Suresh A Shroff & Co

Best Cross-border Transactions Firm
Nishith Desai Associates

Best In-House Legal Team
Reliance Industries

Best White Collar Firm
MZM Legal

Best Energy Firms
Link Legal

Indonesia

Best Banking & Finance Firm
ABNR

Best M&A Firm
Hadiputranto, Hadinoto & Partners

Best Tax Firm
Mochtar Karuwin Komar

Best Tax Consultant
Wimbanu Widyatmoko at Hadiputranto, Hadinoto & Partners

Best Corporate & Commercial Firm
Hiswara Bunjamin & Tandjung

Best Dispute Resolution Firm
Frans Winarta & Partners

Best Property Firm
Makarim & Taira S

Best Intellectual Property Firm
Cita Citrawinda Noerhadi & Associates

Best Competition & Anti-trust Firm
Lubis Ganie Surowidjojo

Best Insolvency & Restructuring Firm
Lubis, Santosa & Maramis

Best Employment Firm
Kemalsjah & Associates

Best Lawyer
Luhut Pangaribuan at LMPP

Best Transfer Pricing Firm
Hadiputranto, Hadinoto & Partners

Best Foreign Investment Firm
Hiswara Bunjamin & Tandjung

Best Capital Markets Firm
Assegaf Hamzah & Partners

Best Private Equity Firm
Melli Darsa & Co

Best Litigation Department
KarimSyah

Best PPP Firm
Soemadipradja & Taher

Best Cross-border Transactions Firm
ABNR

Best In-House Legal Team
Bakrie Sumatera Plantations

Best Energy Firm
SSEK

Italy

Best Banking & Finance Firm
Legance

Best M&A Firm
Bonelli Erede Pappalardo

Best Tax Firm
Tremonti Vitali Romagnoli Piccardi e Associati

Best Tax Consultant
Vittorio Salvadori di Wiesenhoff at Freshfields Bruckhaus Deringer

Best Corporate & Commercial Firm
Gattai, Minoli & Partners

Best Dispute Resolution Firm
Pedersoli e Associati

Best Property Firm
Gianni, Origoni, Grippo, Cappelli & Partners

Best Intellectual Property Firm
Avv Prof Adriano Vanzetti e Associati

Best Competition & Anti-trust Firm
Grimaldi Studio Legale

Best Insolvency & Restructuring Firm
Lombardi Molinari e Associati

Best Employment Firm
Trifirò & Partners

Best Lawyer
Bruno Gattai at Gattai, Minoli & Partners

Best Transfer Pricing Firm
Maisto e Associati

Best Foreign Investment Firm
NCTM Studio Legale Associato

Best Capital Markets Firm
Studio Legale Riolo Calderaro Crisostomo e Associati

Best Private Equity Firm
Chiomenti Studio Legale

Best Litigation Department
Lombardi Molinari e Associati

Best PPP Firm
Macchi di Cellere Gangemi

Best Cross-border Transactions Firm
Chiomenti Studio Legale

Best In-House Legal Team
Exor

Best White Collar Firm
Giliberti Pappalettera Triscornia e Associati

Best Energy Firm
Gianni, Origoni, Grippo, Cappelli & Partners

Ivory Coast

Best Banking & Finance Firm
SCPA DOGUE-ABBE YAO & Associés

Best M&A Firm
Bilé-Aka, Brizoua Bi & Associés

Best Tax Firm
AnyRay & Partners

Best Tax Consultant
Theodore Hoegah at Cabinet Hoegah & Etté

Best Corporate & Commercial Firm
Bile-Aka, Brizoua-Bi & Associés

Best Dispute Resolution Firm
Bile-Aka, Brizoua-Bi & Associés

Best Property Firm
Cabinet Hoegah & Etté

Best Intellectual Property Firm
KSK Société d’Avocats

Best Competition & Anti-trust Firm
Bile-Aka, Brizoua-Bi & Associés

Best Insolvency & Restructuring Firm
Bile-Aka, Brizoua-Bi & Associés

Best Employment Firm
FDKA

Best Lawyer
Karim Fadika at FDKA

Best Transfer Pricing Firm
AnyRay & Partners

Best Foreign Investment Firm
SCPA DOGUE-ABBE YAO & Associés

Best Capital Markets Firm
KSK Société d’Avocats

Best Private Equity Firm
Cabinet Hoegah & Etté

Best Litigation Department
Elisha & Associés

Best PPP Firm
Cabinet Jean-François Chauveau

Best Cross-border Transactions Firm
SCPA DOGUE-ABBE YAO & Associés

Best In-House Legal Team
FDKA

Best White Collar Firm
Elisha & Associés

Best Energy Firm
AnyRay & Partners

Jordan

Best Banking & Finance Firm
Khalifeh & Partners

Best M&A Firm
Ali Sharif Zu’bi Advocates & Legal Consultants

Best Tax Firm
Nabulsi & Associates

Best Tax Consultant
Rajai KW Dajani at Rajai KW Dajani & Associates

Best Corporate & Commercial Firm
Obeidat & Freihat

Best Dispute Resolution Firm
Dajani & Associates

Best Property Firm
Hashem Law Office

Best Intellectual Property Firm
PETRA for Law and Intellectual Property

Best Competition & Anti-trust Firm
Aljazy & Co

Best Insolvency & Restructuring Firm
Obeidat & Freihat

Best Employment Firm
Hashem Law Office

Best Lawyer
Omar N Nabulsi at Nabulsi & Associates

Best Transfer Pricing Firm
Khalifeh & Partners

Best Foreign Investment Firm
Ali Sharif Zu’bi Advocates & Legal Consultants

Best Capital Markets Firm
Khalifeh & Partners

Best Private Equity Firm
IBLAW

Best Litigation Department
Beiruti Attorneys & Counselors at Law

Best PPP Firm
Ali Sharif Zu’bi Advocates & Legal Consultants

Best Cross-border Transactions Firm
Tamimi & Company

Best In-House Legal Team
Khalifeh & Partners

Best White Collar Firm
Sanad Law Group in association with Eversheds KSLG

Best Energy Firm
IBLAW

Kenya

Best Banking & Finance Firm
Anjawalla & Khanna

Best M&A Firm
Coulson Harney

Best Tax Firm
TripleOKlaw Advocates

Best Tax Consultant
Eric Kinoti at PwC Kenya

Best Corporate & Commercial Firm
Anjawalla & Khanna

Best Dispute Resolution Firm
Oraro & Company Advocates

Best Property Firm
Walker Kontos

Best Intellectual Property Firm
Coulson Harney

Best Competition & Anti-trust Firm
Iseme, Kamau & Maema Advocates

Best Insolvency & Restructuring Firm
Daly & Figgis

Best Employment Firm
Kaplan & Stratton

Best Lawyer
Michael Kontos at Walker Kontos

Best Transfer Pricing Firm
Kaplan & Stratton

Best Foreign Investment Firm
Daly & Figgis

Best Capital Markets Firm
Anjawalla & Khanna

Best Private Equity Firm
Coulson Harney

Best Litigation Department
Hamilton Harrison & Mathews

Best PPP Firm
Anjawalla & Khanna

Best Cross-border Transactions Firm
Daly & Figgis

Best White Collar Firm
Oraro & Company Advocates

Best Energy Firm
Anjawalla & Khanna

Kuwait

Best Banking & Finance Firm
Al Markaz Law Firm

Best M&A Firm
DLA Piper Kuwait in association with (NEN) Al-Wagayan, Al Awadhi and Al-Saif

Best Tax Firm
Al Markaz Law Firm

Best Tax Consultant
Mary Ann Sharp at Dentons

Best Corporate & Commercial Firm
Al-Twaijri & Partners Law Firm

Best Dispute Resolution Firm
Al-Twaijri & Partners Law Firm

Best Property Firm
The Law Office of Bader Saud Al-Bader & Partners

Best Intellectual Property Firm
ASAR in association with Stephenson Harwood

Best Competition & Anti-trust Firm
International Legal Group in association with Dentons

Best Insolvency & Restructuring Firm
Abdullah Kh Al-Ayoub & Associates

Best Employment Firm
Al-Hekook Law Firm

Best Lawyer
Ahmed Barakat at ASAR

Best Transfer Pricing Firm
DLA Piper Kuwait in association with (NEN) Al-Wagayan, Al Awadhi and Al-Saif

Best Foreign Investment Firm
Abdullah Kh Al-Ayoub & Associates

Best Capital Markets Firm
AlBisher Legal Group

Best Private Equity Firm
Al Markaz Law Firm

Best Litigation Department
ASAR in association with Stephenson Harwood

Best PPP Firm
Al Tamimi & Co

Best Cross-border Transactions Firm
AlBisher Legal Group

Best In-House Legal Team
KIPCO

Best White Collar Firm
ASAR in association with Stephenson Harwood

Lebanon

Best Banking & Finance Firm
AMNCC

Best M&A Firm
Alem & Associates

Best Tax Firm
Moghaizel Law Offices

Best Tax Consultant
Carlos Abou Jaoude at Abou Jaoude & Associates Law Firm

Best Corporate & Commercial Firm
Badri and Salim El Meouchi Law Firm

Best Dispute Resolution Firm
Obeid Law Firm

Best Property Firm
Nabil Abdel-Malek Law Offices

Best Intellectual Property Firm
Obeid Law Firm

Best Competition & Anti-trust Firm
AMNCC

Best Insolvency & Restructuring Firm
AMNCC

Best Employment Firm
Raphaël & Associés

Best Lawyer
Salim El Meouchi at Badri and Salim El Meouchi Firm

Best Transfer Pricing Firm
Alem & Associates

Best Foreign Investment Firm
Nabil Abdel-Malek Law Offices

Best Capital Markets Firm
AMNCC

Best Private Equity Firm
Ramzi Joreige & Partners

Best Litigation Department
Raphaël & Associés

Best PPP Firm
Abousleiman & Partners

Best Cross-border Transactions Firm
Alem & Asscoiates

Best White Collar Firm
Marcel Sioufi Law Office

Macedonia

Best Banking & Finance Firm
CAKMAKOVA Advocates

Best M&A Firm
DDK

Best Tax Firm
Attorneys office Trpenoski

Best Tax Consultant
Ivan Debarliev at DDK

Best Corporate & Commercial Firm
Polenak Law Firm

Best Dispute Resolution Firm
Polenak Law Firm

Best Property Firm
CAKMAKOVA Advocates

Best Intellectual Property Firm
Pepeljugoski Law Office

Best Competition & Anti-trust Firm
CAKMAKOVA Advocates

Best Insolvency & Restructuring Firm
Attorneys office Trpenoski

Best Employment Firm
CAKMAKOVA Advocates

Best Lawyer
Valentin Pepeljugoski at Pepeljugoski Law Office

Best Transfer Pricing Firm
DDK

Best Foreign Investment Firm
Lawyers Antevski

Best Capital Markets Firm
Polenak Law Firm

Best Private Equity Firm
Karanovic & Nikolic

Best Litigation Department
Polenak Law Firm

Best PPP Firm
Law Office Knezović & Associates

Best Cross-border Transactions Firm
DDK

Best Energy Firm
Georgi Dimitrov Law Office

Mexico

Best Banking & Finance Firm
Oscos Abogados

Best M&A Firm
Creel, García-Cuéllar, Aiza y Enríquez

Best Tax Firm
Jáuregui and Del Valle

Best Tax Consultant
Luis Gerardo Del Valle Torres at Jáuregui and Del Valle

Best Corporate & Commercial Firm
Creel, García-Cuéllar, Aiza y Enríquez

Best Dispute Resolution Firm
González de Castilla, Abogados

Best Property Firm
Nader, Hayaux & Goebel

Best Intellectual Property Firm
Arochi, Marroquín & Lindner

Best Competition & Anti-trust Firm
Barrera, Siqueiros y Torres Landa

Best Insolvency & Restructuring Firm
Oscos Abogados

Best Employment Firm
Natividad Abogados

Best Lawyer
Dario Oscos at Oscos Abogados

Best Transfer Pricing Firm
Ortiz, Sainz y Erreguerena

Best Foreign Investment Firm
Gimenez & Asociados

Best Capital Markets Firm
Mijares, Angoitia, Cortés y Fuentes

Best Private Equity Firm
Ritch Mueller

Best Litigation Department
Von Wobeser & Sierra

Best PPP Firm
Mijares, Angoitia, Cortés y Fuentes

Best Cross-border Transactions Firm
Creel, García-Cuéllar, Aiza y Enríquez

Best In-House Legal Team
FEMSA

Best White Collar Firm
Bufete Zamora-Pierce

Best Energy Firm
López Velarde, Heftye & Soria

Morocco

Best Banking & Finance Firm
Benzakour Law Firm

Best M&A Firm
Hamzi Law Firm

Best Tax Firm
Benzakour Law Firm

Best Tax Consultant
Mohamed Dhid at Saaidi & Hdid Consultants

Best Corporate & Commercial Firm
Benzakour Law Firm

Best Dispute Resolution Firm
Kettani Law Firm

Best Property Firm
Cuatrecasas, Gonçalves Pereira

Best Intellectual Property Firm
Hamzi Law Firm

Best Competition & Anti-trust Firm
Garrigues

Best Insolvency & Restructuring Firm
Garrigues

Best Employment Firm
Chassany Watrelot & Associés

Best Lawyer
Azzedine Kettani at Kettani Law Firm

Best Transfer Pricing Firm
Benzakour Law Firm

Best Foreign Investment Firm
Hamzi Law Firm

Best Capital Markets Firm
Garrigues

Best Private Equity Firm
Kettani Law Firm

Best Litigation Department
Benzakour Law Firm

Best PPP Firm
Mernissi-FIGES

Best Cross-border Transactions Firm
Hajji & Associés

Best In-House Legal Team
Banque Centrale Populaire

Best White Collar Firm
Kettani Law Firm

Best Energy Firm
Naciri & Associés Allen & Overy

Netherlands

Best Banking & Finance Firm
Stek

Best M&A Firm
Stek

Best Tax Firm
Loyens & Loeff

Best Tax Consultant
Dick Hofland at De Brauw Blackstone Westbroek

Best Corporate & Commercial Firm
Stek

Best Dispute Resolution Firm
Pels Rijcken

Best Property Firm
Lexence

Best Intellectual Property Firm
Brinkhof

Best Competition & Anti-trust Firm
Brinkhof

Best Insolvency & Restructuring Firm
RESOR

Best Employment Firm
Van Doorne

Best Lawyer
Hester De Vries at Kennedy Van der Laan

Best Transfer Pricing Firm
Hamelink & Van den Tooren

Best Foreign Investment Firm
BarentsKrans

Best Capital Markets Firm
Stibbe

Best Private Equity Firm
CORP

Best Litigation Department
Lemstra Van der Korst

Best PPP Firm
Pels Rijcken

Best Cross-border Transactions Firm
BarentsKrans

Best In-House Legal Team
Royal Dutch Shell

Best White Collar Firm
Boekel De Nerée

Best Energy Firm
De Brauw Blackstone Westbroek

Nigeria

Best Banking & Finance Firm
Olaniwun Ajayi

Best M&A Firm
Jackson, Etti & Edu

Best Tax Firm
Adepetun Caxton-Martins Agbor & Segun

Best Tax Consultant
Damilola Adetunji at Odujinrin & Adefulu

Best Corporate & Commercial Firm
Adepetun Caxton-Martins Agbor & Segun

Best Dispute Resolution Firm
Abdulai Taiwo & Co

Best Property Firm
Aluko & Oyebode

Best Intellectual Property Firm
ÆLEX

Best Competition & Anti-trust Firm
Olaniwun Ajayi

Best Insolvency & Restructuring Firm
Olaniwun Ajayi

Best Employment Firm
Udo Udoma & Belo-Osagie

Best Lawyer
Konyinsola Ajayi at Olaniwun Ajayi

Best Transfer Pricing Firm
ÆLEX

Best Foreign Investment Firm
Olaniwun Ajayi

Best Capital Markets Firm
Aluko & Oyebode

Best Private Equity Firm
Udo Udoma & Belo-Osagie

Best Litigation Department
Udo Udoma & Belo-Osagie

Best PPP Firm
Abdulai, Taiwo & Co

Best Cross-border Transactions Firm
ÆLEX

Best In-House Legal Team
Olaniwun Ajayi

Best White Collar Firm
Udo Udoma & Belo-Osagie

Best Energy Firm
Templars

Norway

Best Banking & Finance Firm
Simonsen Vogt Wiig

Best M&A Firm
Selmer

Best Tax Firm
Wikborg Rein

Best Tax Consultant
Per Sandvik at Kluge

Best Corporate & Commercial Firm
Schjødt

Best Dispute Resolution Firm
Kluge Advokatfirma

Best Property Firm
Steenstrup Stordrange

Best Intellectual Property Firm
Thommessen

Best Competition & Anti-trust Firm
Schjødt

Best Insolvency & Restructuring Firm
Brækhus Dege

Best Employment Firm
BA-HR

Best Lawyer
Christian Fredrik Michelet at Arntzen de Besche

Best Transfer Pricing Firm
PricewaterHouseCoopers

Best Foreign Investment Firm
Wiersholm

Best Capital Markets Firm
CLP

Best Private Equity Firm
Arntzen de Besche

Best Litigation Department
Schjødt

Best PPP Firm
Kyllingstad Kleveland

Best Cross-border Transactions Firm
Selmer

Best In-House Legal Team
DNB

Best Energy Firms
Simonsen Vogt Wiig

Peru

Best Banking & Finance Firm
Miranda & Amado Abogados

Best M&A Firm
Marroquin & Merino

Best Tax Firm
Ferrero Abogados

Best Corporate & Commercial Firm
Rubio Leguía Normand

Best Dispute Resolution Firm
Bullard Falla Ezcurra Abogados

Best Property Firm
Rodrigo, Elías & Medrano Abogados

Best Intellectual Property Firm
Barreda Moller

Best Competition & Anti-trust Firm
Muñiz, Ramírez, Pérez-Taiman & Olaya

Best Lawyer
Victor Marroquin, Marroquin & Merino

Best Transfer Pricing Firm
KPMG

Best Foreign Investment Firm
Estudio Navarro, Ferrero & Pazos Abogados

Best Litigation Department
Estudio Olaechea

Best Cross-border Transactions Firm
Rey & de los Ríos Lawyers

Best Energy Firm
Santiváñez Abogados

Portugal

Best Banking & Finance Firm
VdA

Best M&A Firm
PLMJ

Best Tax Firm
Morais Leitão, Galvão Teles, Soares da Silva & Associados

Best Tax Consultant
Fernando Castro Silva at Garrigues

Best Corporate & Commercial Firm
Carlos Aguiar, Ferreira de Lima & Associados

Best Dispute Resolution Firm
JA Pinto Ribeiro & Associados

Best Property Firm
PLMJ

Best Intellectual Property Firm
ABBC

Best Competition & Anti-trust Firm
SLCM

Best Insolvency & Restructuring Firm
VdA

Best Employment Firm
ABBC

Best Lawyer
Luís Sáragga Leal at PLMJ

Best Transfer Pricing Firm
Abreu Advogados

Best Foreign Investment Firm
Teixeira de Freitas, Rodrigues e Associados

Best Capital Markets Firm
SRS Advogados

Best Private Equity Firm
Cuatrecasas, Gonçalves Pereira

Best Litigation Department
Sérvulo & Associados

Best PPP Firm
Ferreira de Almeida, Luciano Marcos & Associados Sociedade de Advogados

Best Cross-border Transactions Firm
Gómez-Acebo & Pombo

Best In-House Legal Team
EDP Energias de Portugal

Best White Collar Firm
Cuatrecasas, Gonçalves Pereira

Best Energy Firm
FCB&A

Qatar

Best Banking & Finance Firm
Law Offices of Gebran Majdalany

Best M&A Firm
Law Offices of Gebran Majdalany

Best Tax Firm
Sultan Al-Abdulla & Partners

Best Tax Consultant
Ali M Qandil at Rouhani & Co

Best Corporate & Commercial Firm
Hassan A Al-Khater Law Offices

Best Dispute Resolution Firm
Sultan Al-Abdulla & Partners

Best Property Firm
Levant Law Practice

Best Intellectual Property Firm
Al-Ansari & Associates

Best Competition & Anti-trust Firm
Dentons

Best Insolvency & Restructuring Firm
Al Tamimi & Company in association with Advocate Mohammed Al-Marri

Best Employment Firm
Behzad Law Offices

Best Lawyer
Alaa Hamad at Arab Law Bureau

Best Transfer Pricing Firm
Sultan Al-Abdulla & Partners

Best Foreign Investment Firm
Rouhani & Co

Best Capital Markets Firm
Law Offices of Gebran Majdalany

Best Private Equity Firm
Law Offices of Gebran Majdalany

Best Litigation Department
Sultan Al-Abdulla & Partners

Best PPP Firm
Badri and Salim El Meouchi Law Firm

Best Cross-border Transactions Firm
Hassan A Al-Khater Law Offices

Best In-House Legal Team
Law Offices of Gebran Majdalany

Best White Collar Firm
Latham & Watkins

Best Energy Firm
A Rahman Mohamed Al-Jufairi Advocates & Legal Consultants

Russia

Best Banking & Finance Firm
ALRUD

Best M&A Firm
Egorov Puginsky Afanasiev & Partners

Best Tax Firm
Pepeliaev Group

Best Tax Consultant
Sergey G Pepeliaev at Pepeliaev Group

Best Corporate & Commercial Firm
Goltsblat BLP

Best Dispute Resolution Firm
Egorov Puginsky Afanasiev & Partners

Best Property Firm
ALRUD

Best Intellectual Property Firm
Gorodissky & Partners

Best Competition & Anti-trust Firm
ALRUD

Best Insolvency & Restructuring Firm
Egorov Puginsky Afanasiev & Partners

Best Employment Firm
ALRUD

Best Lawyer
Innokenty Ivanov at Freshfields Bruckhaus Deringer

Best Transfer Pricing Firm
Pepeliaev Group

Best Foreign Investment Firm
ALRUD

Best Capital Markets Firm
Linklaters

Best Private Equity Firm
Squire Sanders Moscow

Best Litigation Department
MZS

Best PPP Firm
Kachkin & Partners

Best Cross-border Transactions Firm
Cleary Gottlieb Steen & Hamilton

Best In-House Legal Team
Gazprom

Best White Collar Firm
Mirzoyan & Sordia Law Office

Best Energy Firm
Muranov, Chernyakov & Partners

Saudi Arabia

Best Banking & Finance Firm
Law Office of Dr Mujahid M Al-Sawwaf

Best M&A Firm
Al-Jadaan & Partners Law Firm in co-operation with Clifford Chance

Best Tax Firm
Law Offices of Dr Mujahid Al-Sawwaf

Best Tax Consultant
Dr Mujahid M Al-Sawwaf at Law Offices of Dr Mujahid Al-Sawwaf

Best Corporate & Commercial Firm
Hatem Abbas Ghazzawi & Co

Best Dispute Resolution Firm
Hatem Abbas Ghazzawi & Co

Best Property Firm
Majed Al Shamlany Law Firm in association with Saudi Lebanese Legal Services

Best Intellectual Property Firm
Fahad Al-Suwaiket & Bader Al-Busaies Attorneys at Law

Best Competition & Anti-trust Firm
Dr Saud Al-Ammari Law Firm in association with Blake, Cassels & Graydon

Best Employment Firm
Al-Enezee in association with Squire Sanders

Best Lawyer
Hassan M S Mahassni at Law Firm of Hassan Mahassni

Best Transfer Pricing Firm
Law Offices of Dr Mujahid Al-Sawwaf

Best Foreign Investment Firm
Law Firm of Hassan Mahassni

Best Capital Markets Firm
Zeyad S. Khoshaim Law Firm in association with Allen & Overy

Best Private Equity Firm
Law Office of Dr Mujahid M Al-Sawwaf

Best Litigation Department
Law Office of Dr Mujahid M Al-Sawwaf

Best PPP Firm
Hatem Abbas Ghazzawi & Co

Best Cross-border Transactions Firm
Al-Jadaan & Partners Law Firm in co-operation with Clifford Chance

Best In-House Legal Team
Almarai

Best White Collar Firm
Al-Jadaan & Partners Law Firm in co-operation with Clifford Chance

Best Energy Firm
The Office of Looaye M Al-Akkas in association with Vinson & Elkins

Singapore

Best Banking & Finance Firm
Allen & Gledhill

Best M&A Firm
WongPartnership

Best Tax Firm
KhattarWong

Best Tax Consultant
Nand Singh Gandhi at Allen & Gledhill

Best Corporate & Commercial Firm
Stamford Law

Best Dispute Resolution Firm
Rajah & Tann

Best Property Firm
Rodyk & Davidson

Best Intellectual Property Firm
Bird & Bird

Best Competition & Anti-trust Firm
Drew & Napier

Best Insolvency & Restructuring Firm
Shook Lin & Bok

Best Employment Firm
Colin Ng & Partners

Best Lawyer
Suhaimi Zainul-Abidin of Allen & Gledhill

Best Transfer Pricing Firm
Baker & McKenzie.Wong & Leow

Best Foreign Investment Firm
Allen & Gledhill

Best Capital Markets Firm
WongPartnership

Best Private Equity Firm
WongPartnership

Best Litigation Department
Drew & Napier

Best PPP Firm
WongPartnership

Best Cross-border Transactions Firm
Rajah & Tann

Best In-House Legal Team
UOL Group

Best White Collar Firm
Rajah & Tann

Best Energy Firm
Wikborg Rein

South Africa

Best Banking & Finance Firm
ENS

Best M&A Firm
Peter Dachs at ENS

Best Tax Firm
Webber Wentzel

Best Tax Consultant
Richard Glyn at Glyn Marais

Best Corporate & Commercial Firm
Bowman Gilfillan

Best Dispute Resolution Firm
Werksmans Attorneys

Best Property Firm
Bowman Gilfillan

Best Intellectual Property Firm
Spoor & Fisher

Best Competition & Anti-trust Firm
Webber Wentzel

Best Insolvency & Restructuring Firm
Bowman Gilfillan

Best Employment Firm
Rödl & Partner

Best Lawyer
Michael Dale at Norton Rose Fulbright

Best Transfer Pricing Firm
ENS

Best Capital Markets Firm
Cliffe Dekker Hofmeyr

Best Private Equity Firm
Werksmans Attorneys

Best Litigation Department
Werksmans Attorneys

Best PPP Firm
Webber Wentzel

Best Cross-border Transactions Firm
ENS

Best In-House Legal Team
Standard Bank

Best Energy Firm
Tabacks

Sweden

Best Banking & Finance Firm
Vinge

Best M&A Firm
Mannheimer Swartling

Best Tax Firm
Mannheimer Swartling

Best Tax Consultant
Peter Nordquist at Peter Nordquist Advokatbyrå

Best Corporate & Commercial Firm
Gernandt & Danielsson

Best Dispute Resolution Firm
Hannes Snellman

Best Property Firm
Lindahl

Best Intellectual Property Firm
Sandart&Partners

Best Competition & Anti-trust Firm
Cederquist

Best Insolvency & Restructuring Firm
Setterwalls

Best Employment Firm
Hamilton

Best Lawyer
Hélen Waxberg at Mannheimer Swartling

Best Transfer Pricing Firm
Delphi

Best Foreign Investment Firm
Gärde Wesslau Advokatbyrå

Best Capital Markets Firm
Roschier

Best Private Equity Firm
Roschier

Best Litigation Department
Mannheimer Swartling

Best PPP Firm
Delphi

Best Cross-border Transactions Firm
Mannheimer Swartling

Best White Collar Firm
KLA

Best Energy Firm
Wistrand

Tunisia

Best Banking & Finance Firm
JURISMED

Best M&A Firm
Adly Bellagha & Associates

Best Tax Firm
Ferchiou & Associés

Best Tax Consultant
Radhouane Elaiba at Elaiba Law Firm

Best Corporate & Commercial Firm
CWA Tunisia

Best Dispute Resolution Firm
Ferchiou & Associés

Best Property Firm
Ferchiou & Associés

Best Intellectual Property Firm
Al Mensi & Associés

Best Competition & Anti-trust Firm
Ferchiou & Associés

Best Insolvency & Restructuring Firm
JURISMED

Best Employment Firm
Ferchiou & Associés

Best Lawyer
Salaheddine Caid Essebsi

Best Transfer Pricing Firm
Adly Bellagha & Associates

Best Foreign Investment Firm
Cabinet Donia Hedda Ellouze

Best Capital Markets Firm
Caid Essebsi & Partners

Best Private Equity Firm
JURISMED

Best Litigation Department
Abdelly & Associés

Best PPP Firm
JURISMED

Best Cross-border Transactions Firm
Cabinet Donia Hedda Ellouze

Best In-House Legal Team
Nordea Bank

Best Energy Firm
Caid Essebsi & Partners

Turkey

Best Banking & Finance Firm
Herdem & Co Attorneys at Law

Best M&A Firm
Hergüner Bilgen Özeke Attorney Partnership

Best Tax Firm
ADMD Law Office

Best Tax Consultant
Orhan Yavuz Mavioglu at ADMD Law Office

Best Corporate & Commercial Firm
Akol Avukatlik Bürosu

Best Dispute Resolution Firm
Çakmak Avukatlik Bürosu

Best Property Firm
Hergüner Bilgen Özeke Attorney Partnership

Best Intellectual Property Firm
Mehmet Gün & Partners

Best Competition & Anti-trust Firm
ELIG Attorneys at Law

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Climate change, gender equality on WEF 2014 agenda

Posted on January 10, 2014 by Ashton Wenborn

In early 2014 Davos-Klosters plays host to the 44th Annual Meeting of the World Economic Forum (WEF). Over 2,500 attendees will congregate in the picturesque alpine municipality to discuss and debate global political, economic, technological and environmental issues.

Political scientist Samuel Huntington coined the term “Davos Man” to describe those who are not limited by nationality or national boundaries. He said that they “see national governments as residues from the past whose only useful function is to facilitate the elite’s global operations”.

Overlooking global concerns from afar
The Davos Man and Woman will meet on neutral ground, high up in the Swiss Alps, to participate in workshops, panels and discussions concerning the world below them. For more than four decades, various politicians, academics, business leaders, members of civil society and the press have attended the event.

[T]he annual WEF meeting at Davos is a platform for ideas, experience and insight to be exchanged

The WEF was founded 42 years ago as a non-profit organisation by University of Geneva business professor Klaus Schwab. The inaugural meeting in Davos saw around 400 European business executives come together to discuss matters of economic concern.

“When we started, it was a small, family affair, with not more than 400 people, focused mainly on management issues,” said Schwab, in an interview with the Financial Times in 2008.

Originally named the European Management Forum, the name was changed to the WEF to reflect the organisation’s varied international objectives. Davos isn’t just a gathering of “fat cats in the snow,” as Bono famously said in 2006; the annual WEF meeting at Davos is a platform for ideas, experience and insight to be exchanged.

“I always insist the Forum is not a decision-making body. The WEF is a body that enlightens people, helping them to make better-informed decisions. The rest is up to them,” said Shwab, speaking to the FT in 2008. “The big global challenges cannot be met by governments, businesses or civil society alone. A cooperative platform, a global forum is needed, which unites societal forces to improve, as our mission states, the state of the world.”

Davos 2013: Resilient Dynamism
The theme for the last meeting was Resilient Dynamism. Explaining the reason for focusing on this theme, Schwab wanted to focus on progress.

“I am convinced that instead of being mired in pessimism and burnt out by crisis management, we have to look at the future in a much more positive, much more constructive, or in other words a much more dynamic manner.”

WEF 2013 in numbers

50 Heads of state

500 Members of the press

1,500

Business leaders

He adds: “At the same time the complexity, interconnectivity and velocity of the global system represents ever increasing systemic risks combining a dynamic, upbeat approach, bold vision and even bolder action with the necessary measures to strengthen risk resilience is critical for a successful future, thus our theme Resilient Dynamism.”

The 2013 meeting saw 50 heads of state, 500 members of the press and more than 1,500 business leaders from the Forum’s 1,000 partner and member companies in attendance. Some of the primary issues that were focused on were published in the 2012 Global Risks Report in the weeks preceding the event.

Challenges described in the report included the increasing gap between rich and poor or “income disparity,” economic inequality measured by the Gini coefficient. Rising government debt was also on the agenda in the midst of the eurozone crisis. Other issues outlined included growing unemployment and the wider recovery from the global economic downturn as well as rising carbon emissions.

Each year at Davos, speakers from business, politics and civil society take the stage to share thoughts with the audience, giving reporters a few lines of quotable quips and candour. Speaking at the Global Education Imperative, UN Secretary General Ban Ki-Moon, stressed the importance of education.

“As a boy, I studied in the dirt. There was no classroom. Education made me what I am; it made my dream come true… I shared my message with refugee children: Don’t lose hope, study hard. I did it, you can do it too.”

In his Special Address, UK Prime Minister David Cameron expressed his disdain for the euro. “When you have a single currency you move inexorably towards a banking union and forms of fiscal union, and that has huge implications for countries like the UK who are not in the euro and are frankly never likely to join.”

Davos often attracts mainstream media attention due to the attendance of high profile celebrities from the entertainment and tech world. In 2013 Charlize Theron accepted an award at the opening Crystal Awards ceremony for her humanitarian work carried out with the Charlize Theron Africa Outreach Project.

Theron told the audience “I feel like I’m getting smarter just by osmosis.” Adrian Monck interviewed the inventor of the World Wide Web, Tim Berners-Lee, in a one-on-one session about the problems with social networking. “A hacker to me is someone creative who does wonderful things,” said Berners-Lee.

Dialogue at Davos 2014
The 2014 WEF meeting will attempt “to develop and shape global, regional and industry agendas”. The theme will focus on The Reshaping of the World: Consequences for Society, Politics and Business. The Forum describes the aims of the 2014 event to “develop insights, initiatives and actions necessary to respond to current and emerging global challenges.” The executive summary outlines key areas that will be focused on regarding global, regional, economic, industry and business, and the future.

Conflict and political unrest have been prevalent running up to the 2014 meeting. In the wake of the Arab spring, incessant unrest in North Africa and the Middle East continue to limit the potential for peace and economic prosperity in the region. The war in Syria has resulted in more than two million refugees seeking safety in neighbouring countries, such as Lebanon, Jordan and Turkey.

The 2014 WEF meeting will attempt “to develop and shape global, regional and industry agendas

These nations are beginning to struggle with the magnitude of the crisis. According to the UN, close to nine million Syrian people are in desperate need of foreign aid. These are but some of the challenges faced by political and business leaders in their pursuit of making the world a better place.

Apart from the various socio-economic dilemmas that have developed as a result of conflict and political unrest, dialogue at Davos is also likely to be shaped by global environmental, social and economic issues such as climate change, multilateral trade as well as the post-2015 development agenda. Climate change in particular will be a top priority at Davos in 2014.

Writing for Business Green, Dominic Waughray – Senior Director and Head of Environmental Initiatives at the WEF – stressed the importance of promoting dialogue about the changing climate.

“While it is important to appreciate that the Forum does not itself form policy or reach decisions, and is instead a catalyst for ideas and solutions, it is dedicating an unprecedented number of sessions at the next Annual Meeting in Davos-Klosters in early 2014 to climate change,” wrote Waughray.

“The World Economic Forum could be the ideal place to bring together scientists, government leaders and private sector actors to better understand the problem and find ways to address it.”

Multilateral trade is also expected to be the subject matter of many conversations, in light of several global free trade agreements that are currently being negotiated. The first of which is the Transatlantic Trade and Investment Partnership (TTIP) between the EU and the US.

Secondly, there are talks under way between Pacific nations for the Transpacific Partnership (TPP). The post-2015 development agenda will also be at the top of the list as the eight UN Millennial Development goals come to an end in 2015. There have been several notable parliamentary elections in 2013, for example in Iran, Italy and Australia and as the new members of government begin to implement their policies, business leaders and decision makers will want their voices to be heard as they begin to form new relationships with their foreign counterparts. Following the release of the WEF Global Gender Gap Report 2013, the matter of gender equality is expected to be of utmost importance at Davos 2014.

Gender equality
Introduced in 2006, the Global Gender Gap Report measures the progress of 136 countries in the last year by means of ‘economic, political, education and health based criteria.’

The ranking system used in the report is “designed to create greater awareness among a global audience of the challenges posed by gender gaps and the opportunities created by reducing them.” Gender equality is a matter of great concern due to the political and economic landscape being dominated by men in most of the world.

In a blog post written for the WEF, authors Deborah Steinborn and Uwe Jean Heuser stress the importance of greater female representation for the benefit of the wider economy. “It makes sense for companies to open their cultures to both genders. This is perhaps the last great economic adventure, and one which can be profitable for all,” write the authors of Think Again! How the Economy is Becoming More Feminine.

Certain developed countries such as the US and Australia, ranking at numbers 23 and 24 respectively, are lagging behind developing nations like Lesotho and South Africa, who sit at 16 and 17.

[T]here is possibly no better stage for the most influential men and women to meet and discuss how to make the world a better place

Assumptions about who might be at Davos is never wise – as attendance cannot be guaranteed for the incredibly busy Davos Man, however one distinguished attendee is Africa’s richest man, Aliko Dangote, who has been appointed co-chair of the annual meeting. As of March, 2013 his wealth was estimated by Forbes to be in the region of $16.1bn.

A dedicated philanthropist and the founder of Dangote Group, West Africa’s largest publicly listed corporation, Dangote was also recently appointed to the United Nations’ Global Education First Initiative (GEFI) launched by Ban Ki-Moon.

Echoing the UN Secretary General’s advocacy for improving access to education, the GEFI basically aims to put every single child in school. Klaus Schwab wrote in his invitation letter to Dangote that his “participation as co-chair will contribute significantly to the substance and relevance of exchanges between global leaders from government, business, academia, civil society, and the media at the forum.”

In spite of the media attention Davos receives for the protests, the exclusivity, the lavish dinners, the alleged million dollar parties thrown by tech billionaires and the speculation about the private words exchanged outside of the official sessions; there is possibly no better stage for the most influential men and women to meet and discuss how to make the world a better place. When one is able to see the wealth and influence of the participants as a force for positive change, Davos-Klosters can be seen as a platform for incredible political, social and economic progression.

As idealistic as this may seem, the young global leaders, social entrepreneurs, tech pioneers, media leaders and spiritual and cultural leaders representing their countries, businesses and communities at Davos really do have the power to eradicate starvation, resolve conflict, educate every child and ensure that our earth is habitable for generations to come.

Bill Gates, a humanitarian and regular Davos attendee, has told of a letter sent from his mother to Melinda Gates before their wedding. She wrote “from those to whom much is given, much is expected.” As the WEF’s motto is “committed to improving the state of the world,” Gates’ mother’s words may be well be considered by Davos Man and Woman as they arrive in Switzerland in January for their annual meeting.