The article discusses the performance of three Jordanian teams at the pan-Arab semi-finals of Microsoft's Imagine Cup technology competition for students. Two of the Jordanian teams placed in the top three in their categories - a team from the University of Jordan took second place in Innovation, while a team from Jubilee School secured third in Global Citizenship. The competition was held in Bahrain and saw national champions from 12 Arab countries compete. The winners will advance to the finals in Seattle. The article notes the creativity and enthusiasm shown by the Jordanian teams and their development of technologies for various platforms using non-Microsoft tools.
In most developed nations, corporate social responsibility
(CSR) initiatives center on issues such as environmental sustainability, alternative energy, clean technology, and social welfare. Driving these activities, more often than not, is a company’s desire to appeal to strong consumer sentiment. But in the Middle East and North Africa (MENA), CSR is becoming something fundamentally different.
The article discusses the rise of on-demand services through mobile apps and how this trend is disrupting traditional industries by enabling access to services with just a click. It notes that Uber's success has spurred many copycat startups that are offering on-demand services for things like healthcare, security, beauty services, chores, and more. However, this disruption has also caused unrest among workers in traditional industries who feel these new services threaten their livelihoods. The rapid growth of on-demand apps and startups signals that access to services via apps on short notice is becoming increasingly in demand.
The article discusses Jordan's struggling electricity companies and their high grid losses. In 2014, grid losses for Jordan Electricity Company and Irbid Electricity Company reached 14.22% of total power supplied, amounting to JD224 million in losses. Despite these losses and debts totaling JD4 billion, the electricity companies continue to pay out dividends. The article argues that priorities need to be set to reduce losses and debts before paying dividends.
The document outlines Project P.A.Y.E.D., an initiative to address youth unemployment in Africa through entrepreneurship education and access to capital. It notes that Africa has a youthful and growing population, with over 60% of Africans being under 25. In Nigeria specifically, 24 million new jobs need to be created over 10 years to reduce unemployment. Project P.A.Y.E.D. aims to inspire and empower 200,000 young African entrepreneurs annually and create 1 million jobs across the continent through training and business funding. In Nigeria, it hopes to empower 18,500 youth and create 92,500 jobs annually.
The document discusses the African Youth Entrepreneurship Development Alliance (AYEDA), an organization established to support African youth interested in business. It notes that Africa's youth population is growing rapidly but faces high unemployment rates, and many small businesses fail within 3-4 years. However, Africa shows potential as an investment destination due to its large market and economic growth. AYEDA aims to foster youth entrepreneurship through business mentoring and connecting African youth to investors. Its goal is to promote entrepreneurship as a path to sustainable development and economic prosperity in Africa.
This document summarizes Ernst & Young's 2013 Africa attractiveness survey. Some key points:
- While foreign direct investment projects in Africa declined in 2012, Africa's overall growth story remains strong, with its economy tripling in size since 2000. However, FDI numbers do not fully capture broader economic trends.
- FDI from emerging markets into Africa grew over 20% annually since 2007, compared to only 8% from developed markets. Intra-African investment grew over 30% annually. South Africa has been a major investor driving these trends.
- Investment is shifting toward sub-Saharan Africa and away from North Africa. It is also diversifying beyond natural resources into services, manufacturing, and infrastructure.
Jean-Claude Bastos de Morais shares his views on African innovation and the developments in the region's VC and banking sector in a recent interview with Banker Africa, a publication of CPI Financial. Read the full interview here.
Consumer to Creator: Advancing Entrepreneurship in the UAEWDU15
This document discusses advancing entrepreneurship in the UAE. It provides context on the UAE's commitment to building a knowledge economy and transitioning to innovation-driven growth. It analyzes the country's progress according to models of economic development. Specifically, it notes that while the UAE performs well in infrastructure and market efficiency, it needs to improve education, technology adoption and innovation to fully transition from efficiency-driven to innovation-driven. Small businesses are highlighted as important economic drivers that can aid this transition by igniting entrepreneurship.
In most developed nations, corporate social responsibility
(CSR) initiatives center on issues such as environmental sustainability, alternative energy, clean technology, and social welfare. Driving these activities, more often than not, is a company’s desire to appeal to strong consumer sentiment. But in the Middle East and North Africa (MENA), CSR is becoming something fundamentally different.
The article discusses the rise of on-demand services through mobile apps and how this trend is disrupting traditional industries by enabling access to services with just a click. It notes that Uber's success has spurred many copycat startups that are offering on-demand services for things like healthcare, security, beauty services, chores, and more. However, this disruption has also caused unrest among workers in traditional industries who feel these new services threaten their livelihoods. The rapid growth of on-demand apps and startups signals that access to services via apps on short notice is becoming increasingly in demand.
The article discusses Jordan's struggling electricity companies and their high grid losses. In 2014, grid losses for Jordan Electricity Company and Irbid Electricity Company reached 14.22% of total power supplied, amounting to JD224 million in losses. Despite these losses and debts totaling JD4 billion, the electricity companies continue to pay out dividends. The article argues that priorities need to be set to reduce losses and debts before paying dividends.
The document outlines Project P.A.Y.E.D., an initiative to address youth unemployment in Africa through entrepreneurship education and access to capital. It notes that Africa has a youthful and growing population, with over 60% of Africans being under 25. In Nigeria specifically, 24 million new jobs need to be created over 10 years to reduce unemployment. Project P.A.Y.E.D. aims to inspire and empower 200,000 young African entrepreneurs annually and create 1 million jobs across the continent through training and business funding. In Nigeria, it hopes to empower 18,500 youth and create 92,500 jobs annually.
The document discusses the African Youth Entrepreneurship Development Alliance (AYEDA), an organization established to support African youth interested in business. It notes that Africa's youth population is growing rapidly but faces high unemployment rates, and many small businesses fail within 3-4 years. However, Africa shows potential as an investment destination due to its large market and economic growth. AYEDA aims to foster youth entrepreneurship through business mentoring and connecting African youth to investors. Its goal is to promote entrepreneurship as a path to sustainable development and economic prosperity in Africa.
This document summarizes Ernst & Young's 2013 Africa attractiveness survey. Some key points:
- While foreign direct investment projects in Africa declined in 2012, Africa's overall growth story remains strong, with its economy tripling in size since 2000. However, FDI numbers do not fully capture broader economic trends.
- FDI from emerging markets into Africa grew over 20% annually since 2007, compared to only 8% from developed markets. Intra-African investment grew over 30% annually. South Africa has been a major investor driving these trends.
- Investment is shifting toward sub-Saharan Africa and away from North Africa. It is also diversifying beyond natural resources into services, manufacturing, and infrastructure.
Jean-Claude Bastos de Morais shares his views on African innovation and the developments in the region's VC and banking sector in a recent interview with Banker Africa, a publication of CPI Financial. Read the full interview here.
Consumer to Creator: Advancing Entrepreneurship in the UAEWDU15
This document discusses advancing entrepreneurship in the UAE. It provides context on the UAE's commitment to building a knowledge economy and transitioning to innovation-driven growth. It analyzes the country's progress according to models of economic development. Specifically, it notes that while the UAE performs well in infrastructure and market efficiency, it needs to improve education, technology adoption and innovation to fully transition from efficiency-driven to innovation-driven. Small businesses are highlighted as important economic drivers that can aid this transition by igniting entrepreneurship.
This document summarizes the key findings from Accenture's Innovation Index 2016, which measured innovation among South African companies. The main findings are:
- South African companies showed only marginal growth in innovation over the past two years according to the Index. Innovation needs to accelerate for South Africa to remain competitive.
- 57% of surveyed companies were considered "Innovation Laggards" that scored below 52 out of 100 on the Index. 29% were "Innovation Leaders" and 8% were "Innovation Value Champions" achieving over 40% returns on innovation investments.
- Innovation Value Champions invested on average 17.8% of revenues in innovation compared to the market average of 13.7%, and achieved
The document discusses enterprise development as a key way to address poverty and inequality. It notes that the International Labour Organization established an enterprise development department focused on cooperatives, corporate citizenship, and small business development. Enterprise development can help achieve the UN's Millennium Development Goals by creating jobs and economic growth. Examples provided include microcredit programs like Bangladesh's Grameen Bank that have helped millions escape poverty. The document then focuses on enterprise development strategies and policies in South Africa, including the government's Black Economic Empowerment program which aims to address racial inequalities through initiatives like enterprise development investments. It provides categories and definitions of small, medium and micro enterprises in South Africa and discusses support programs and challenges to enterprise growth.
The Knowledge-based Economy and the Arab Dream: What Happened?Wesley Schwalje
Many of the Arab countries may be pursing knowledge-based economic development strategies based on flawed practices from countries perceived to have made successful transitions to knowledge-based economies. Several countries presented as archetypal models of the knowledge-based economy transition face substantial economic development problems, such as record high youth unemployment rates, with tremendous societal implications.
The importation of the knowledge economy concept to the Arab region was accompanied by an emphasis on the welfare of individuals being tied directly to their success in gaining and maintaining higher qualifications and skills which could be sold in the labor market to match high wage employment opportunities expected to be generated by emerging high skill, knowledge-based industries. However, the high wage, high skills jobs associated with knowledge-based industries have not materialized in the region and are increasingly subject to competition from the emergence of low wage, high skill workers in other developing countries.
This document provides an overview of the pharmaceutical industry in India and discusses India's emergence as a global economic power. It notes that India has one of the fastest growing economies and populations in the world. The pharmaceutical industry and private sector have contributed significantly to India's economic growth. However, issues like corruption, poverty, and lack of infrastructure still pose major challenges to India realizing its full potential as a superpower. Partnerships between pharmaceutical and biotech companies are seen as important to further growth.
Oman India Trade & Investment Promotion GroupIndia Advisors
The Oman-India Trade & Investment Promotion Group (OITIPG) will be an international organization focused on promoting trade and investment between India and Oman. OITIPG will provide services to over 40,000 members without charge, apart from a token initial fee. It will promote mutually beneficial commerce, investment, industry collaboration and economic cooperation between businesses, entrepreneurs, and people in both countries. OITIPG will include representatives from governments, businesses, experts and interest groups from India and Oman to facilitate international trade and advise on business matters.
The document provides information about the 1st African Agri-Business Incubation Conference & Expo taking place in Kenya in September 2015. The conference aims to showcase successes in agribusiness incubation over the last four years and shape incubation strategies for the next five years. It will provide opportunities for businesses to hatch new opportunities, seal deals, and influence supportive policies. Participants can benefit through business deals, partnerships, expertise sharing, and learning about trends in agribusiness incubation. The document includes registration details, sponsorship opportunities, and contact information.
Ernst & Young’s Africa Attractiveness Survey 2013asafeiran
This document summarizes Ernst & Young's 2013 Africa Attractiveness Survey. Some key points:
- While FDI projects in Africa declined in 2012, Africa's share of global FDI flows increased. FDI from emerging markets into Africa grew, while flows from developed markets like Europe declined.
- There has been a shift in FDI toward sub-Saharan Africa and away from North Africa due to political issues. Countries attracting more investment include Ghana, Nigeria, Kenya, Tanzania, Rwanda, Mozambique, Mauritius and South Africa.
- Perceptions of Africa among investors have improved slightly, but a gap remains. Investors see opportunities but cite challenges like infrastructure, skills
While the non-oil private sector is relatively small in Saudi Arabia, it has potential to drive much of the growth. Already during the 2003–13 period, the non-oil private sector outperformed the economy as a whole, albeit starting from a low base. It grew at about 10 percent annually, much faster than the overall 6 percent GDP growth rate. Growth was broadly based, with consumption-based sectors such as transport, communications, retail and wholesale trade, and business services growing the fastest.
The Work Ahead: The Future of Business and Jobs in Asia Pacific's Digital Eco...Cognizant
Asia Pacific businesses are investing more in digital than their counterparts around the world -- and realizing far greater rewards, according to our recent study. There's more work to do, however, to seize the full gamut of digital opportunities.
Somalia India Trade & Investment Promotion GroupIndia Advisors
The Somalia-India Trade & Investment Promotion Group (SITIPG) will be an international organization focused on promoting trade and investment between India and Somalia. Unlike other trade bodies, SITIPG will exclusively focus on cross-border partnerships at the grassroots level. It will provide services and support to over 40,000 members without charges, aside from initial fees. Initially funded by sponsors, SITIPG aims to be self-sustaining over time through success fees. The organization will include a wide range of stakeholders from governments, businesses, experts and interest groups from both countries.
Report - The Prosperity Index In Africahamishbanks
Entrepreneurs play a key role in fostering wealth and wellbeing for ordinary Africans; entrepreneurs are "enablers of growth" who break down economic barriers and social constraints.
This document provides an overview of entrepreneurship in Bangladesh, beginning with a definition of startups and how they differ from small businesses. It then discusses how entrepreneurship has evolved over time and some famous startups throughout history. The next sections summarize how Bangladesh is growing fast and the factors behind the startup trend there, including pioneering startups, the emergence of student entrepreneurs, and information infrastructure development. Challenges facing startups like the investment climate and infrastructure issues are also outlined. The document concludes by recommending ways to raise awareness, strengthen the investment climate through incubators and accelerators, and help startups sustain long-term growth.
Z 24. na 21. miejsce podskoczyła polska gospodarka w zestawieniu gospodarek o największym potencjalne do długookresowego rozwoju – wynika z badania Global Dynamism Index, przeprowadzonego przez Grant Thornton.
This document discusses private equity as a solution for investing in small and growing businesses (SGBs) in Africa. It notes that while Africa's growth has been fast, it has not generated enough jobs and has not been sufficiently inclusive. SGBs are seen as key to large-scale job creation on the continent as they can create good quality formal sector jobs. However, SGBs in Africa face major obstacles around access to long-term finance, skills, and low governance/management practices. The document introduces private equity as a potential solution that is adapted to SGBs' needs, but notes its penetration of the African SGB segment remains limited.
The document provides insights from CEOs and PwC leaders in Africa about doing business on the continent. It discusses Africa's growth potential due to its young population and expanding middle class. However, CEOs face both opportunities and challenges, such as infrastructure gaps and policy uncertainty. The document highlights sectors driving growth like technology, consumer markets, and resources. It emphasizes that collaboration between government and business is needed to ensure sustainable, inclusive growth across Africa.
This document discusses opportunities for small and medium enterprises (SMEs) in Africa to support economic growth and job creation. It notes that while Africa has experienced economic growth in recent years, this growth has largely been driven by commodity exports and has not effectively reduced poverty or inequality. For growth to be more inclusive and sustainable, SMEs will need to play a larger role by diversifying economies, creating jobs, boosting skills development, and improving access to capital, markets, and infrastructure. The document advocates for solutions that support SMEs through skills training, financing, market access, and innovative business models.
This document summarizes a research paper that investigated the challenges facing women entrepreneurs in the Gauteng province of South Africa. The paper used qualitative research methods like interviews and focus groups. The main findings were that women entrepreneurs faced challenges related to lack of education and training, lack of access to finance, gender discrimination, negative attitudes, and inadequate resources. Recommendations were made to support women entrepreneurs and address these challenges.
Sri Lanka’s State Enterprises have burdened the taxpayer and have delivered little returns. Advocata's inaugural publication looks at the state of the state enterprises and looks at how they can be reformed.
This document provides examples of common phrasal verbs in English organized by the verb. It recommends studying phrasal verbs as you encounter them in context rather than trying to memorize many at once. Examples are given for phrasal verbs such as "ask someone out", "back something up", "blow up", "calm down", "dress up", "fall apart", "get away", and "look something over".
This document summarizes the key findings from Accenture's Innovation Index 2016, which measured innovation among South African companies. The main findings are:
- South African companies showed only marginal growth in innovation over the past two years according to the Index. Innovation needs to accelerate for South Africa to remain competitive.
- 57% of surveyed companies were considered "Innovation Laggards" that scored below 52 out of 100 on the Index. 29% were "Innovation Leaders" and 8% were "Innovation Value Champions" achieving over 40% returns on innovation investments.
- Innovation Value Champions invested on average 17.8% of revenues in innovation compared to the market average of 13.7%, and achieved
The document discusses enterprise development as a key way to address poverty and inequality. It notes that the International Labour Organization established an enterprise development department focused on cooperatives, corporate citizenship, and small business development. Enterprise development can help achieve the UN's Millennium Development Goals by creating jobs and economic growth. Examples provided include microcredit programs like Bangladesh's Grameen Bank that have helped millions escape poverty. The document then focuses on enterprise development strategies and policies in South Africa, including the government's Black Economic Empowerment program which aims to address racial inequalities through initiatives like enterprise development investments. It provides categories and definitions of small, medium and micro enterprises in South Africa and discusses support programs and challenges to enterprise growth.
The Knowledge-based Economy and the Arab Dream: What Happened?Wesley Schwalje
Many of the Arab countries may be pursing knowledge-based economic development strategies based on flawed practices from countries perceived to have made successful transitions to knowledge-based economies. Several countries presented as archetypal models of the knowledge-based economy transition face substantial economic development problems, such as record high youth unemployment rates, with tremendous societal implications.
The importation of the knowledge economy concept to the Arab region was accompanied by an emphasis on the welfare of individuals being tied directly to their success in gaining and maintaining higher qualifications and skills which could be sold in the labor market to match high wage employment opportunities expected to be generated by emerging high skill, knowledge-based industries. However, the high wage, high skills jobs associated with knowledge-based industries have not materialized in the region and are increasingly subject to competition from the emergence of low wage, high skill workers in other developing countries.
This document provides an overview of the pharmaceutical industry in India and discusses India's emergence as a global economic power. It notes that India has one of the fastest growing economies and populations in the world. The pharmaceutical industry and private sector have contributed significantly to India's economic growth. However, issues like corruption, poverty, and lack of infrastructure still pose major challenges to India realizing its full potential as a superpower. Partnerships between pharmaceutical and biotech companies are seen as important to further growth.
Oman India Trade & Investment Promotion GroupIndia Advisors
The Oman-India Trade & Investment Promotion Group (OITIPG) will be an international organization focused on promoting trade and investment between India and Oman. OITIPG will provide services to over 40,000 members without charge, apart from a token initial fee. It will promote mutually beneficial commerce, investment, industry collaboration and economic cooperation between businesses, entrepreneurs, and people in both countries. OITIPG will include representatives from governments, businesses, experts and interest groups from India and Oman to facilitate international trade and advise on business matters.
The document provides information about the 1st African Agri-Business Incubation Conference & Expo taking place in Kenya in September 2015. The conference aims to showcase successes in agribusiness incubation over the last four years and shape incubation strategies for the next five years. It will provide opportunities for businesses to hatch new opportunities, seal deals, and influence supportive policies. Participants can benefit through business deals, partnerships, expertise sharing, and learning about trends in agribusiness incubation. The document includes registration details, sponsorship opportunities, and contact information.
Ernst & Young’s Africa Attractiveness Survey 2013asafeiran
This document summarizes Ernst & Young's 2013 Africa Attractiveness Survey. Some key points:
- While FDI projects in Africa declined in 2012, Africa's share of global FDI flows increased. FDI from emerging markets into Africa grew, while flows from developed markets like Europe declined.
- There has been a shift in FDI toward sub-Saharan Africa and away from North Africa due to political issues. Countries attracting more investment include Ghana, Nigeria, Kenya, Tanzania, Rwanda, Mozambique, Mauritius and South Africa.
- Perceptions of Africa among investors have improved slightly, but a gap remains. Investors see opportunities but cite challenges like infrastructure, skills
While the non-oil private sector is relatively small in Saudi Arabia, it has potential to drive much of the growth. Already during the 2003–13 period, the non-oil private sector outperformed the economy as a whole, albeit starting from a low base. It grew at about 10 percent annually, much faster than the overall 6 percent GDP growth rate. Growth was broadly based, with consumption-based sectors such as transport, communications, retail and wholesale trade, and business services growing the fastest.
The Work Ahead: The Future of Business and Jobs in Asia Pacific's Digital Eco...Cognizant
Asia Pacific businesses are investing more in digital than their counterparts around the world -- and realizing far greater rewards, according to our recent study. There's more work to do, however, to seize the full gamut of digital opportunities.
Somalia India Trade & Investment Promotion GroupIndia Advisors
The Somalia-India Trade & Investment Promotion Group (SITIPG) will be an international organization focused on promoting trade and investment between India and Somalia. Unlike other trade bodies, SITIPG will exclusively focus on cross-border partnerships at the grassroots level. It will provide services and support to over 40,000 members without charges, aside from initial fees. Initially funded by sponsors, SITIPG aims to be self-sustaining over time through success fees. The organization will include a wide range of stakeholders from governments, businesses, experts and interest groups from both countries.
Report - The Prosperity Index In Africahamishbanks
Entrepreneurs play a key role in fostering wealth and wellbeing for ordinary Africans; entrepreneurs are "enablers of growth" who break down economic barriers and social constraints.
This document provides an overview of entrepreneurship in Bangladesh, beginning with a definition of startups and how they differ from small businesses. It then discusses how entrepreneurship has evolved over time and some famous startups throughout history. The next sections summarize how Bangladesh is growing fast and the factors behind the startup trend there, including pioneering startups, the emergence of student entrepreneurs, and information infrastructure development. Challenges facing startups like the investment climate and infrastructure issues are also outlined. The document concludes by recommending ways to raise awareness, strengthen the investment climate through incubators and accelerators, and help startups sustain long-term growth.
Z 24. na 21. miejsce podskoczyła polska gospodarka w zestawieniu gospodarek o największym potencjalne do długookresowego rozwoju – wynika z badania Global Dynamism Index, przeprowadzonego przez Grant Thornton.
This document discusses private equity as a solution for investing in small and growing businesses (SGBs) in Africa. It notes that while Africa's growth has been fast, it has not generated enough jobs and has not been sufficiently inclusive. SGBs are seen as key to large-scale job creation on the continent as they can create good quality formal sector jobs. However, SGBs in Africa face major obstacles around access to long-term finance, skills, and low governance/management practices. The document introduces private equity as a potential solution that is adapted to SGBs' needs, but notes its penetration of the African SGB segment remains limited.
The document provides insights from CEOs and PwC leaders in Africa about doing business on the continent. It discusses Africa's growth potential due to its young population and expanding middle class. However, CEOs face both opportunities and challenges, such as infrastructure gaps and policy uncertainty. The document highlights sectors driving growth like technology, consumer markets, and resources. It emphasizes that collaboration between government and business is needed to ensure sustainable, inclusive growth across Africa.
This document discusses opportunities for small and medium enterprises (SMEs) in Africa to support economic growth and job creation. It notes that while Africa has experienced economic growth in recent years, this growth has largely been driven by commodity exports and has not effectively reduced poverty or inequality. For growth to be more inclusive and sustainable, SMEs will need to play a larger role by diversifying economies, creating jobs, boosting skills development, and improving access to capital, markets, and infrastructure. The document advocates for solutions that support SMEs through skills training, financing, market access, and innovative business models.
This document summarizes a research paper that investigated the challenges facing women entrepreneurs in the Gauteng province of South Africa. The paper used qualitative research methods like interviews and focus groups. The main findings were that women entrepreneurs faced challenges related to lack of education and training, lack of access to finance, gender discrimination, negative attitudes, and inadequate resources. Recommendations were made to support women entrepreneurs and address these challenges.
Sri Lanka’s State Enterprises have burdened the taxpayer and have delivered little returns. Advocata's inaugural publication looks at the state of the state enterprises and looks at how they can be reformed.
This document provides examples of common phrasal verbs in English organized by the verb. It recommends studying phrasal verbs as you encounter them in context rather than trying to memorize many at once. Examples are given for phrasal verbs such as "ask someone out", "back something up", "blow up", "calm down", "dress up", "fall apart", "get away", and "look something over".
This document provides specifications for the ST-601, an industry-grade 5-10KM wireless AV transmitter and receiver. The transmitter features an all-solid-state design for high stability, continuously adjustable output frequency, and power output isolation protection. It has integrated design, small size, and is used for reconnaissance, secret video, and point-to-point distance image transmission. The receiver has an input frequency range of 950.0-2050.0MHz, IF bandwidth of 27MHz, image attenuation of 40dB, and AGC for automatic gain control. Both units operate between -15°C and +55°C and have N-block output interfaces.
Este documento presenta una serie de ejercicios sobre sistemas tecnológicos. Los ejercicios incluyen identificar los elementos de un circuito eléctrico, dar ejemplos de sistemas simples y compuestos, nombrar ejemplos de diferentes tipos de sistemas como de telecomunicaciones y mecánicos, y describir los elementos de entrada, salida y lugares donde se encuentra un batidor eléctrico.
The BL-R7601MU2 is a 150Mbps wireless USB module that uses the IEEE 802.11n, 802.11g, and 802.11b wireless standards. It has a transmission rate of up to 135Mbps and works in both infrastructure and ad-hoc modes. The module connects to an external antenna and has a transmission distance of up to 100 meters indoors and 300 meters outdoors.
This document introduces the candidate sourcing company vsource. It describes how vsource uses technology like resume parsing, boolean logic, and data science to build pipelines of qualified candidates for its clients. This allows recruiters to maximize their time on high-value tasks like assessing candidates and making contact. The document also outlines a proposed 100 day pilot program where vsource would work with a client to analyze, optimize, and scale up their recruiting efforts through vsource's services.
This document outlines the planning and pitching for a magazine called "90's Flashback". Some key details include:
- The magazine will focus on pop music from the 1990s era
- It will be published every 3 months to allow for in-depth coverage of past bands
- The target reader is 25-34 years old, who grew up in the 90s and enjoys keeping up with reformed artists through social media
- The mission is to involve past and present readers in reliving memories of their childhood through coverage of 90s artists' reunions, new music, and exclusives
The magazine aims to provide a high-quality trip down memory lane for fans of 90s pop culture.
Streptococcus pyogenes and Staphylococcus aureus were identified in a wound swab sample through Gram staining and culture. S. pyogenes appeared as Gram-positive cocci in chains and caused beta hemolysis on blood agar. S. aureus appeared as Gram-positive cocci clustered in grape-like formations and caused beta hemolysis with double zone formation. Biochemical tests and antibiotic susceptibility testing were performed to confirm identification and determine resistance of the pathogens.
The document provides instructions for performing a physical examination of the nose. It describes using a nasal speculum to examine the nasal cavity and septum. Key things to note include crusting, discharge, deviations or perforations of the septum, and erythema or swelling of the mucosa. It also describes transilluminating the maxillary sinuses to check for secretions that could indicate sinusitis.
The article discusses corporate citizenship programs undertaken by large technology companies like Microsoft, Intel and Oracle to positively impact communities worldwide. It provides examples of initiatives like Microsoft's employment portal Ta3mal which offers online courses and job opportunities. The article argues that while corporate citizenship efforts may have underlying benefits for companies, they can also effectively serve public good by tackling important issues like youth unemployment. It notes that the Middle East has one of the highest youth unemployment rates globally, making such programs valuable. Overall, the piece presents how major tech firms are aiming to become good corporate citizens and enable social and economic development through their activities and resources.
Entrepreneurship: A game-changer post Arab Spring? Arabia Monitor publishes n...Mowgli Foundation
This press release summarizes a new report by Arabia Monitor on entrepreneurship in the Middle East and North Africa (MENA) region. It finds that while entrepreneurial activity in MENA is lower than other emerging economies, there are positive signs such as many entrepreneurs being young, educated and motivated by opportunity rather than necessity. However, obstacles to entrepreneurship in MENA include lack of access to capital, limited business training, and difficult regulatory environments. The report argues that fostering entrepreneurship could help address high youth unemployment in the region and lay the groundwork for economic growth.
Avoiding a Lost Generation (Part2): Ten key recommendations to support youth ...EY
Avoiding a lost generation: ten key recommendations to support youth entrepreneurship across the G20, contains both key recommendations and actionable guidance based on best practices adopted by governments across the G20.
It follows on from our previous report, Avoiding a lost generation: young entrepreneurs identify five imperatives for action, where we surveyed 1,000 entrepreneurs on a wide range of possible policy and other initiatives that would boost their activities.
For further information please visit: http://www.ey.com/GL/en/Services/Strategic-Growth-Markets/EY-Supporting-youth-entrepreneurship-across-the-G20
This document provides 10 key recommendations for G20 governments to support youth entrepreneurship based on a diagnostic framework for assessing youth unemployment challenges. The framework segments G20 countries into four quadrants based on their "speed of economic growth" and "quality of jobs for youth". Case studies of best practices from different countries are presented corresponding to the four quadrants. The 10 recommendations aim to address youth unemployment by nurturing young entrepreneurs and include improving access to funding, reducing taxes and regulations, developing entrepreneurship culture, and more.
Doing Business in Hargeisa 2012 measures regulations affecting businesses in Hargeisa, Somaliland and compares them internationally. Livestock is the main economic sector in Somaliland, contributing 60% to GDP. Relative peace has allowed a private sector to develop, with the diaspora providing most investment. The study analyzes regulations in 11 areas of business operation and identifies opportunities for improving the business environment. Access to electricity, finance, and political instability are major challenges for businesses in fragile states like Somaliland.
QNet released 3 press releases in November to enhance its reputation in Egypt. This included announcements about QNet venturing into Formula 1 racing for the third year, the success of QNet in allowing people without business backgrounds to prosper, and QNet's CSR activities winning an award. A total of 73 articles were published about QNet in November across major Egyptian print and online media, covering these announcements.
UAE - Swimming in foreign waters - Tuesday october 11 at EASMEChristophe Boeraeve
10 - 11 October, 2016 / Bruxelles, Belgium
SME INSTRUMENT INNOVATORS SUMMIT
b2B matching tool : https://events.b2match.com/e/innovators-summit-2016
09:00 Workshop
Room: River 3
United Arab Emirates: Swimming in foreign water- doing business abroad
Moderator: Mrs Isabel Nolle, Mr Ted Erikkson
Description: You want to grow and expand abroad Europe? Scaling up businesses implies important changes and challenges for enterprises from decision making, to people management, deploying abroad, finding partners and ensuring cash flow, expending your line production and sales/distributors on international level. How to approach the Chinese and Japanese market? Which legislation is relevant for me and what are the ‘golden (cultural) rules’ to respect?
How does it work? We want to access the "collective intelligence" or collective wisdom in the room. By using the so-called “world café” style we intend to facilitate open and intimate discussion, and link ideas within a group of maximum 30 people.
Input speakers:
Christophe Boeraeve - Law Right
TAX & CORPORATE Lawyer - Business Coach - EU EXPERT in the EU HORIZON 2020 PROGRAM
Avenue Brugmann, 183
1190 Brussels - Belgium
Tel: +32 2 643 11 00
Fax: +32 2 643 11 08
Mobiles: Belgium +32 485 69 50 22 - UAE +971 56 760 0925
Web: law-right.com
Youth entrepreneurship - recommendations for actionInnovation Tank
This document provides recommendations for supporting youth entrepreneurship. It discusses how youth entrepreneurship can help reduce unemployment and stimulate economic growth. The key recommendations are:
1) Businesses, governments, and civil society organizations should work together to address youth unemployment by promoting entrepreneurship opportunities.
2) Entrepreneurship training and support programs can provide long-term benefits for young entrepreneurs and the wider economy.
3) While entrepreneurship is not for everyone, many young people can succeed as entrepreneurs if given the proper encouragement and resources. Coordinated action from all sectors of society is needed to help unlock young people's potential.
This document is the June 2015 issue of Venture Magazine. It includes the following articles:
- An article about a new scientific research facility in Jordan called SESAME that could help advance scientific study in the country.
- An article marking World Refugee Day that examines how to address the Syrian refugee crisis and features interviews with two UNHCR representatives.
- An interview with the CEO of Orange Jordan who outlines the company's strategic plan for the next five years.
- Other regular sections include opinions on topics like disruption in the telecom industry, cuts to hotel electricity rates, and press freedom in Jordan. There are also articles on business, technology products, cars and the stock exchange. An ob
This document provides a summary of discussions from the 2013 Jeddah Economic Forum on affordable housing. Key topics discussed include:
1) The urgent need to address housing shortages in rapidly growing cities in the MENA region.
2) Developing competitive, attractive, and sustainable cities is important to drive economic growth and require strategic urban planning.
3) A solid foundation for successful housing requires affordable financing for both developers and homeowners.
4) Countries discussed their different approaches to providing affordable housing at scale, including Singapore's emphasis on research, urban planning, and creating mixed-income communities.
The document provides an overview of key concepts in international marketing. It discusses global brands, top cities for doing business, and definitions of international marketing. International marketing involves adapting the marketing mix to different country environments. The main challenges are overcoming the self-reference criterion, where marketers rely too heavily on their own culture, and ethnocentrism, believing one's own culture is superior. Successful international marketing requires understanding cultural differences and adapting to different customer needs and business conditions in foreign markets.
This document summarizes a McKinsey Global Institute report on job creation in Africa. Some key points:
- Africa's workforce is growing rapidly and will be the largest in the world by 2035, but most workers currently have unstable employment in subsistence farming or informal jobs.
- The report estimates Africa could create 54-72 million new stable wage-paying jobs by 2020 through growth in sectors like manufacturing, agriculture, and retail/hospitality.
- Achieving this level of job growth would raise the share of wage-earning workers to 32-36% and help Africa benefit from a potential "demographic dividend" of increased workers and declining dependency ratios. However, focused strategies are needed to overcome barriers
The document summarizes the opportunities and challenges facing Arab countries in achieving the UN Sustainable Development Goals (SDGs) by 2030. It outlines that Arab countries need to (1) promote a modern digital economy to create jobs for youth, (2) maximize finance for development by unleashing the private sector, and (3) prioritize human capital investments and climate adaptation. Key challenges include high youth unemployment, reliance on oil revenues, water scarcity exacerbated by climate change, and displacement crises from conflicts. Arab countries also lag in areas like innovation, gender equality, and returns on spending in health and education. Regional integration and public-private partnerships are seen as important to address these challenges.
India, Singapore, Middle East and Africa – quarterly reviewBrunswick Group
This quarterly newsletter focuses on the three overarching themes impacting the region: Connectivity, Commodities and Energy, and the Rising New Middle Class. The unprecedented connectivity between these nations is enabling unprecedented movement of people, goods, services, and ideas accelerated by innovation and new technologies. Their economies are driven by commodities and energy fueling economic growth and creating future opportunity, while presenting long-term challenges from pollution to climate change.
This document discusses arguments for and against development aid to poorer countries. It explores whether a more business-oriented approach could be an alternative. The authors provide examples from their experience of development projects in countries like Kenya, Zanzibar, and Ghana. While some aid is still necessary, there is a growing consensus that business also has a role to play. However, there are challenges to consider regarding issues like ensuring local benefits, fair trade policies, and balanced growth across countries.
The document discusses India's "Make in India" initiative launched by Prime Minister Modi to promote manufacturing in India. It aims to attract foreign and domestic investment in 25 key sectors by improving infrastructure, easing regulations, and developing workforce skills. The initiative seeks to address barriers that have hindered manufacturing growth such as regulatory hurdles, inadequate infrastructure, labor laws, and skills gap. While services have driven India's growth, the country needs to increase manufacturing to absorb its growing workforce and improve its trade deficit. Critics argue the initiative may not create sufficient jobs or value addition given infrastructure constraints and global economic conditions. Supporters counter that manufacturing is vital to drive broad economic growth through multiplier effects.
Smes role in reduction of the unemployment problem in the area located in sa...prjpublications
This study examines the role of small and medium enterprises (SMEs) in reducing unemployment in northern Saudi Arabia. It analyzes survey responses from 1,370 SME workers. The study finds: 1) SMEs positively contribute to economic development and solving unemployment; 2) Low SME salaries discourage local workers; 3) Government support is needed to encourage SMEs and reduce unemployment. The study recommends that the government increase SME funding, wages, and support to provide jobs and reduce unemployment in northern Saudi Arabia.
Smes role in reduction of the unemployment problem in the area located in sa...prj_publication
This study examines the role of small and medium enterprises (SMEs) in reducing unemployment in northern Saudi Arabia. It analyzes survey responses from 1,370 SME workers. The study finds: 1) SMEs positively contribute to economic development and solving unemployment; 2) Low SME salaries discourage local workers; 3) Government support is needed to encourage SMEs and reduce unemployment through loans and higher wages. The study recommends government sponsorship of SMEs to create jobs and increase loan support for SMEs to reduce unemployment.
Retail marketing strategies for Middle East and moreMichael Leander
Clipping from Middle East Retail Forum taking from the Images Annual Edition mentioning Michael Leander (speaker) and many retail owners and CEO's of retail businesses in the Middle East
Retail marketing strategies for Middle East and more
July
1.
2.
3.
4. CONTENTS
07.15
42”Right from the
beginning we had
ambition and we never
planned to stop at just
one Cozmo branch.”
Imad Bukhari, Founder of the
Cozmo supermarket chain and Chief
Executive Officer of The Group.
6 | VENTURE MAGAZINE | JULY 2015
5. CONTENTS
07.15
52 Business
Easing Investment in Iraq
Mawared Investments Jo Managing Director Khaled Kanaan outlines his plan to break down barriers to entry into Iraq.
By Dina Al-Wakeel
58 Management
Valuing Good HR
How quality human resource management is undervalued in Jordan’s corporate culture.
By Jane Hosking
features
46Cover story
Uber Arrives in
Amman
What reception will the
popular but controversial ride-
hailing app get in the capital?
By Laith Abou-Ragheb
8 | VENTURE MAGAZINE | JULY 2015
6. 60
regulars
CONTENTS
14OPINION
The Economist
Wasted Youth
Even though the economy appears to
be bouncing back, youth unemployment
remains a huge challenge.
By Khalid W. Wazani
16 The Strategist
Building Up Dubai
Despite past volatility, the city’s real
estate sector remains a safe bet for
investors.
By Nader Museitif
18 Tech Talk
Tech Talent Tournament
Jordanian students proved their worth at
Microsoft’s Imagine Cup semi-finals.
By Zeid Nasser
20 The Analyst
Dubai Metro: Mass Transit
Done Right
Cities all over the region can learn
a lot from Dubai’s excellent public
transportation system.
By Jawad J. Abbassi
40 Media and Society
Cutting through the Noise
Faced with a barrage of divergent news
sources, how can we be sure what’s
really happening in the world?
By Osama Al Sharif
MONEY
36 Amman Stock Exchange
Financials Drag Index
Down
While the services and industrial indices
gained, a decline in the financials sector
pushed the General Index down.
By Aram Rabadi
Review
Hot Wheels
Supercar Station Wagon
Audi’s remarkable RS6 Avant delivers
supercar-bothering performance, but
is still spacious enough to lug around a
family of five in complete comfort.
By Ghaith Madadha
31
Rudi Jagersbacher, Hilton
Worldwide’s MEA President
22
32 30
38
Ali al-Husry, Chairman of Endeavor Jordan
BMW i8
10 | VENTURE MAGAZINE | JULY 2015
7. Managing Director
Qais Elias
qais@jo.jo
Senior Associate
Dina al-Wakeel
dina@venture-mag.com
Editor
Laith Abou-Ragheb
laith@jo.jo
Staff Writers
Jane Hosking
jane@venture-mag.com
Elisa Oddone
elisa@venture-mag.com
Senior Designer
Ahmad Aliah
Ahmad@venture-mag.com
Photography
Alaa’ al-Sukhny
Contributing Writers
Aram Rabadi, Ghaith Madadha, Jawad
Abbassi, Khalid W. Wazani, Nader Museitif,
Osama al-Sharif, Robert Carroll, Sadad
Talhouni, Zeid Nasser
Editorial Venture Magazine
P.O. Box 941426 Amman 11194 Jordan
Tel: +962 6 5630430
Fax: +962 6 5630440
Printing
National Press
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Al-Faridah for Specialized Publications
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hakam@alfaridah.com.jo
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Comments and questions are welcome
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twitter: @VentureJO
www.venturemagazine.me
Published Monthly by
This month’s cover story deals with
the launch of Uber in Amman. As an
exciting a development as this may
be, the ride-hailing service will still
likely prove out of reach for many
residents of the capital unable to pay
the required premium to be ferried
about in one of its cars. Sadly, these
people will still have to make-do with
existingsubparmasstransportoptions.
For years, Ammanis have been
crying out for a decent integrated
transportation network to replace
the current chaotic system, which is
mostlybasedaroundafleetofpoorly-
maintainedbusesthatappeartoabide
by no set timetable or route map. And
let’s not even mention the menace of
those speeding Toyota coasters.
We’ve received numerous assurances
from the Greater Amman Municipality
(GAM) that a better system would
be introduced. GAM seems to be
delivering on its promise by finally
getting the long-delayed BRT project
up and running again. But work
needs to be ramped up if we have any
hope of tackling Amman’s growing
congestion problem before it gets
really out of hand. For an idea of
the transportation model we should
ultimately be aiming for, we need
look no further than Dubai. Each day,
the city’s metro transports around
450,000 passengers, while more than
a million use other forms of public
transportationlikebusesandlightrail.
(For more on this see Jawad Abbassi's
The Analyst column).
We genuinely appreciate recent
efforts by GAM to make it easier
to get around Amman (the initial
teething problems with the Eighth
Circle traffic lights notwithstanding).
But a much more ambitious and
comprehensive overhaul of the city’s
public transportation network is
needed now more than ever.
editor'sletter
Dina al-Wakeel Senior Associate
Let’s Get Amman Moving
12 | VENTURE MAGAZINE | JULY 2015
8. Every six months, the World
Bank publishes the Jordan Economic
Monitor. The wide-ranging report
provides a snapshot of how the
Kingdom’s economy is performing
via a large variety of indicators. The
latest edition, which was published
last month, focuses on the steady
recovery of the Jordanian economy
following the Arab Spring,
falling unemployment, lower
fiscal deficit, improvements
in the balance of payments’
externaltradefigures,andthe
comfortable level of foreign
reserves at the central bank.
Macroeconomic indicators
are hard to dismiss. They’re
usually used as a testimony
to the robustness of the
economic policies of any
government, not only in
Jordan, but all over the
world. However, focusing on
macroeconomic indicators
alone is insufficient when
trying to devise economic
development policies that
attempttotargetthebroadest
segment of society. In the
case of Jordan, this segment
comprises the many people
on low or middle incomes.
In this context, Jordan’s targeted
economic development policies are
worth highlighting. The government
claimed a breakthrough when the
unemployment rate fell despite the
presence of almost 150,000 Syrian
refugeelaborersworkinginthemarket,
legally or illegally. The International
Labor Organization said Jordan has
thehighestunemploymentrateamong
youth (30 percent), and the shortage
in job openings in the public sector
(there are only about 10,000 jobs
available regularly for every 100,000
new jobseekers in the market). The
report was brave enough to say the
drop in the unemployment rate from
12.6 percent to 11.9 percent between
2013 and 2014 wasn’t a result of an
increase in economic activities, but
ratherwasaresultofadropinthelabor
force participation rate to 36.4 percent
in 2014, compared to 37.1 percent in
2013. Policy makers should pay close
heedtothesefigures,astheyshowthat
almost 1 percent of our youth who are
supposedtolookforjobsaredropping
out of the labor market, or out of the
actively participating population.
It’s important to ask what’s becoming
of these people? It’s clear they are
now classified as discouraged workers,
and are becoming susceptible to
radical ideologies, crime, and drug
addiction.Sointhiscontext,thedropin
unemploymentrateinJordanisanearly
warning signal, not an achievement
for the government to brag about.
Actually, this is one of the outcomes
of the demand-side policies that the
governmenthasbeenpursuingforthe
last three years.
These policies have focused on
imposing more taxes and lifting
subsidies more than improving the
supply-side of the economy through
encouraging investments and
expanding the local market for the
current investors, or by encouraging
investors from hot spot areas around
the region in Syria, Iraq, Libya, Yemen,
among others, to move to a safe and
stable economy like ours.
If we continue on this path, we could
pushtheseyoungdiscouragedworkers,
or disappointed active population,
towards three streams of social
unrest: drugs, violence, and
radicalism.Inthesamecontext,
some international and local
reportssaidtheunemployment
rateamongJordaniansbetween
the ages of 20 and 24 is around
30percent,whichisthehighest
percentageintheMENAregion
and worldwide.
This is another wake-up call
for policy makers about the
importanceofabsorbingyoung
people into the labor market.
This shouldn’t necessarily
mean finding them jobs, but
can also involve helping them
createtheirownjobs.Thelatter
means incentivizing startups.
But young people need access
to finance to create their own
jobs instead of looking for jobs.
And as the previous edition of
the Jordan Economic Monitor
report pointed out, the trend in access
to finance in Jordan is weak across all
firms and sectors.
Nevertheless, the window is still wide
open if the government decides to use
someoftheGulfgranttocreateamicro
and small enterprise financing fund,
with special focus on youth projects
in all governorates, not only Amman.
Also, special attention should be given
tojointinitiativesundertakenbyyoung
women and men.
TheEconomist Khalid W. Wazani
KhalidW.Wazani is the Chief
Economist/ Strategist and CEO of
IssnaadConsulting. Dr.Wazani can
be reached at kwazani@issnaad.com
and his twitter account @khwazani
Jordan’s economy might be improving, but youth unemployment remains a pressing challenge.
WastedYouth
gateway
VENTURE MAGAZINE | 1514 | VENTURE MAGAZINE | JULY 2015
9. Everyone loves chatting about
Dubai’s real estate sector, even
those who don’t actually live in
the city, which is now synonymous
with outlandish mega projects and
glittering skyscrapers. The desert
continues to be pushed back and
replaced with sprawling residential
and commercial undertakings that
target the city’s thousands upon
thousands of customers, employees,
and residents. And trying to keep
track of the latest shopping malls,
restaurants,andotherleisurehotspots
is almost an impossible task.
The subject is especially relevant
now given the recent decline in real
estate prices. This year has witnessed
a slowdown in buying activity due
to several factors. Some related to
local demand control like increasing
fees and mortgage down-payments.
Others related to global dynamics
like inconsistent global growth,
drop in oil prices, and therefore
GCC investor sentiment, and falling
currencies against a strengthening
dollar in markets like Russia, Africa,
and Europe.
After reaching unprecedented lows
in 2009, the market started a steady
improvement in 2011 and 2012 and
wentonanacceleratedboomtrendin
late 2013 (after Dubai won the Expo
2020). By 2014 it was safe to say
that the market made up its previous
losses and reached new highs in
some segments. This year has seen
varying degrees of correction. All
this is called volatility. And guess
what? It’s normal.
A developed market will always feel
the swings of the global economy.
Yet a smart market will optimize
its exposure to global forces. The
UAE was dealt a heavy blow during
the 2009 crash and Dubai’s real
estate was probably hit hardest. But
the city’s engine never stopped;
infrastructure projects continued,
with highways, bridges, metros and
trams popping up all over the place.
Tourism was promoted and millions
of visitors took advantage of falling
prices. The market rebounded faster
than most others. The short-term
investors made a fortune, and so did
the long-term endurance investors
who entered pre-crisis.
Cycles will occur indefinitely—even
in officially non-capitalist markets.
Dubai’s cycles are no different; if
anythingtheymightbestrongergiven
the state of growth it undergoes and
the speculative nature of investors.
But the economic engine that kept
rolling post 2009 is bigger and now
supposedly more resilient to shocks.
Cycles will continue but they may
be headed towards a range and an
equilibrium that rewards long-term
players and, at times, the short-term
return hunters.
THESTRATEGIST Nader Museitif
Nader Museitif is a director of Merg-
ers and Acquisitions and franchising
at Aramex.You can contact him at
nader.museitif@gmail.com
Despite recent volatility, Dubai's real estate sector is proving to be more resilient than ever.
BuildingUpDubai
gateway
the economic engine that kept rolling
post 2009 is bigger and now supposedly
more resilient to shocks
16 | VENTURE MAGAZINE | JULY 2015
10. gateway
The Imagine Cup is Microsoft's
global technology competition for
students between the ages of 16
and 24. Since it began in 2003, a
significant number of Arab teams
have made their mark at the closely-
fought event.
Three Jordanian teams made it to
the pan Arab semi-finals of this
year’s tournament, which was held
in Bahrain between May 31 and
June 2. They were Jordan’s national
champions in the categories of
Games, Innovation, and Global
Citizenship. They were competing
against national champions from 11
other Arab countries. The winners
will go on to compete in the finals,
slated to take place in Seattle later in
the year.
Of the three Jordanian teams at the
pan Arab competition, two came
in the top three in their chosen
categories. Clinching second place
in the Innovation category was the
University of Jordan's WeLink team,
which produced a glove for people
withhearingdisabilitiesthatconverts
sounds into vibrations.
Securing third place in the Global
Citizenship category was the
Captiosus team from the Jubilee
School. The year eleven students
createdaWindowsPhoneapplication
that serves as a personal assistant for
the vision-impaired.
The CodeFathers team, which was
made up of fourth year IT students
from the Middle East University,
failed to win in the Games category.
But even so, they still brought a
unique and well presented creation
to the competition. Wadro is a 2
dimensional multi-level adventure
game which aims to raise awareness
of water conservation. It features a
dropofwaterwhichgoesonajourney
through a maze of pipes, changing
from liquid to solid to gas state.
All the teams showed bags of energy
and enthusiasm, a fact which wasn’t
lost on John Scott Tynes, Student
Developer Evangelism Program Lead
at Microsoft, who runs the Imagine
Cup worldwide. "All of you here are
winners,” he told the competitors.
“Your participation in the Imagine
Cup will reflect positively on your
professional life and your chances in
progress in the fields of information
technology. This is the ultimate goal
of educational programs and events
at Microsoft.”
It’simportanttonotethecompetitors’
creations were developed for various
platforms, not just for Windows,
and utilized various non-Microsoft
programming tools. Hana Habayeb,
the Open Source Strategy Lead at
Microsoft Middle East and Africa
said: “Regardless of the technology
that students, startups, or enterprises
prefer to use, Microsoft wants to be
there for them. We have a legacy of
being the platform and productivity
company, therefore we want to grow
the pie for everyone in this Mobile
First, Cloud First world.”
TECHTALK Zeid Nasser
Zeid Nasser is a tech and media
writer and commentator since the
1990s. He’s also the founder of vari-
ous local and regional media projects.
zanasser@gmail.com
As a high profile showcase for Jordan's brightest young minds, Microsoft's Imagine Cup is hard to beat.
TechTalentTournament
Of the three Jordanian teams at the pan
Arab competition, two came in the top
three in their chosen categories
18 | VENTURE MAGAZINE | JULY 2015
11. The Dubai Metro is an
engineering marvel. As one of its
frequent users, I am constantly
impressed by its spotless, luxurious
air-conditioned stations and its
driverless trains. I also love how
its platforms are closed from the
tracks by doors that only open when
the trains arrive, offering security
measures not present in most other
city metro systems.
The metro’s passenger numbers are
equally as impressive. Last year, it
carried over 164 million passengers,
up 19 percent from 2013. Passenger
numbers exceeded 44 million in the
first quarter of 2015, growing by
9 percent over the same period in
2014. Assuming one round trip per
passenger per day, one can deduce
thatthemetroserved225,078unique
passengers per day in 2014, and
243,133 unique passengers per day
in the first three months of 2015,
which amounts to 10.45 percent of
Dubai’s population of 2.326 million
people by the end of 2014.
The metro’s effect in reducing street
congestion in Dubai is very clear.
Assuming one daily round trip per
passenger, and two passengers per
car, the metro reduced car traffic by
over 243,000 car-trips (or 121,500
car round trips) every day in the first
quarter of 2015.
Reportedly, the metro still hasn’t
broke even since it was launched
in 2009. But Dubai’s Road and
Transport Authority expects this
to happen by 2017. Still, the metro
offers many positive economic
externalities to Dubai’s economy
which justifies the massive cost. For
example, Dubai received 13.2 million
tourists in 2014, up from 11 million
in 2013, a growth rate of 20 percent.
A big segment of these tourists
are conferences and exhibitions
attendees. The World Trade Center,
which hosts most big exhibitions in
Dubai,hasametrostationthatcarried
3.76 million passengers in 2014, up
from 2.67 million passengers in 2013
(a growth rate of 40 percent). This
busy metro station that serves the
exhibitions hub in the city underpins
Dubai’s attraction as the leading
exhibitions hub in the region.
I recall that, before the metro was
set up, delegates of GITEX wanting
toleavetheannualtechnologyshow
had to wait hours for a taxi, and
would then quickly get stuck in a
massive traffic jam.
Tourism is also another clear
beneficiary. The metro stations at
Dubai International Airport served
over 5 million passengers in 2014.
Moreover, five metro stations that
cater to Dubai’s mega malls served
close to 20 million passengers in 2014,
reducing pressure on parking spaces
and reducing street congestions.
Businesses benefit, too. The metro
stations serving the business hubs of
Dubai Internet City, Dubai Media
City, and Dubai Financial Center
carried over 22 million passengers
in 2014, up from 19.9 million in
2013—a growth rate of 12 percent.
Clearly, a state of the art public
transport system is a massive
and expensive undertaking. The
relatively long payback period of
such infrastructure investments,
coupled with their clear positive
external benefits, make them ideal
candidates for long-term public
sector investment.
Dubai Metro will serve the city’s
population and visitors for decades,
and will eventually generate a
positive return on investment
as a stand-alone project. Yet its
contributiontobusinessandtourism-
related sectors already benefit the
economy and enhance government
tax receipts.
Finally, a successful public transit
system allows any city to grow
sustainably with less pollution and
congestion problems. Dubai Metro’s
success story should be a case study
for Amman and other cities already
suffering from traffic congestion.
THEANALYST JAWAD J. ABBASSI
Jawad J. Abbassi is the founder and
GM of Arab Advisors Group. Contact
him on jawad@arabadvisors.com.
Dubai’s metro system has radically reduced the city’s congestion problems and secured its position as the region’s
leading convention and business hub. Its example should be adopted everywhere.
DubaiMetro:MassTransitDoneRight
gateway
a successful public transit system
allows any city to grow sustainably
with less pollution and congestion
Source: RTA annual report
Dubai
Metro
Passengers
Growth
Growth (%)
109,491,741 137,759,258
28,267,517
26%
164,307,080
26,547,822
19%
40,655,978 44,371,860
3,715,882
9%
2012 2013 2014 Q1 2014 Q1 2015
20 | VENTURE MAGAZINE | JULY 2015
13. What is it?
Mobile Number Portability (MNP) is the ability to
keep your mobile phone number when switching
from one telecom operator to another.
Why does it matter?
MNP is particularly important for business users,
many of whom find value in keeping a particular
mobile number over the long-term, but don’t
necessarily want to remain wedded to one provider.
Furthermore, if implemented well, MNP should
in theory increase competition between telecom
operators by forcing them to improve the price,
quality, and range of their services to attract and
retain customers.
Do we have MNP in Jordan?
Even though countries like Saudi Arabia managed
to put MNP in place years ago, the practice has
yet to be implemented here despite several
concerted attempts over the past decade. But
Mohammad al Taani, the CEO of the Kingdom’s
Telecommunications Regulatory Commission,
is now reportedly trying to get Jordan’s three
main telecom providers to sit down at a specially
convened meeting to discuss ways of finally
making MNP a reality for Jordan’s millions of
mobile phone users.
How much demand is there for MNP?
It’s hard to pinpoint an exact figure, but it’s safe to
assume there are a significant number of Jordanian
mobile users that are annoyed by not being able
to keep their number while shopping around for
the best deals. But it’s important to also consider
that technology has moved on greatly since MNP
first began being implemented in telecom markets
around the world. More and more users are now
arguably more interested in communicating via
mobile apps like Twitter and WhatsApp than bog-
standard voice calls.
Mobile Number
Portability CheatSheet
gateway news&views
J
“The refugee crisis is one of the
defining challenges of the twenty-
first century, but the response of
the international community has
been a shameful failure.”
Amnesty International Secretary
General Salil Shetty said after the
human rights organization
released a report on the
global refugee crisis.
“We recognize the world has
changed and we need to change
with it.”
Stuart Gulliver, HSBC
chief executive, on the
restructuring of the bank
that involves closing
hundreds of branches
and axing 25,000 jobs
around the
world.
“Everyone must respect the
will of the people.”
Turkish President Recep
Tayyip Erdogan
said after his ruling
AKP party lost its
parliamentary
majority in
a general
election.
"This home of ours is being
ruined and that damages
everyone, especially the
poor."
Pope Francis said in a
papal declaration
on the need to
protect the
environment.
QUOTED
ordansaidlastmonthitwasgoing
to issue its first ever sovereign
sukuk,orsharia-compliantbonds,soon.
The long anticipated issuance is
expected to rake in some JD400
million to finance real estate projects,
a source familiar with the topic told
The Jordan Times. The source also
predictedthesovereignissuancetobe
a dinar-dominated offering.
Though Jordan passed the Islamic
Finance Sukuk Law in 2012, allowing
both public and private entities to
issue sukuk, it was only in April that
the government vetted the Islamic
Corporation for the Development of
the Private Sector, an arm of the
Jeddah-based Islamic Development
Bank,tosupportthecountry'smaiden
security bonds issuance.
Only one corporate sukuk had been
issuedintheKingdombefore:aseven-
year JD85 million security launched
by Al Rahji Cement in 2011.
The Governor of the Central Bank of
Jordan Ziad Fariz told the Oxford
Business Group earlier this year that
interest in Islamic bonds would help
reverse a trend of typically low
activityamongstprivatecompaniesin
the debt markets.
Jordan’s banks are generally hesitant
to trade on bonds and economists
hope that a successful issuance of an
Islamic bond may encourage
businesses to take a closer look at
raising their capital through the debt
market. “This could be especially
appealingforthoseprivatecompanies
which don’t want to borrow directly
from banks and want to diversify the
way they finance themselves,” said
economist Jawad Anani.
But the sukuk issuance may also
prove to be successful on the
secondarymarket,wherethesebonds
are traded. “Private and sovereign
issuance have not succeeded on
Jordan’s secondary market,” Anani
said. “Most of them have been traded
solely on the primary market without
creating the secondary market the
government hoped for, with people
often purchasing and holding them
until maturity.”
More Jordanians feel at ease with the
Islamic security, the economist said,
as they’re sharia-compliant. While
their return is lower than on
government bonds, their liquidity
factor might make them more
appealing on the secondary market.
Several countries have launched
maiden sukuks in 2015, including the
UK and South Africa. “Islamic
financial instruments are growing in
size in general,” Anani said. “By the
year 2020, estimation sees that their
market would exceed $2.5 trillion.
Though this is not a huge number in
terms of international market for
financial instruments, many
international banks have started to
find them appealing in light of the
safety they bear.”
And while some investors made
losses using other financial
instruments during the international
financial crisis in 2008, the sukuk
market was different, Anani said, as
they are not affected by the ups and
downs of interest rates. –EO
Finance
Jordan Expected to Issue Debut Sukuk
s part of Jordan’s second round of national
renewable energy IPPs, Arabia Group said it
has been shortlisted to construct a 50 MWp plant.
The company said it’s one of four solar developers
that will be selected to provide a combined capacity
of 200 MWp in power plants located in Azraq,
Mafraq, and Safawi. They will sell electricity at
record low tariffs; $0.0613, $0.0649, $0.0691, and
$0.0767 per kWh, respectively. The cheapest
international prices for electricity generated from
solar energy range from $0.059 to $0.11 per kWh.
“This second round will prove to be extremely
beneficial to the country in many ways and has
alreadysetanewbalancebetweenpricesandcosts,”
said Arabia Group’s Project Development Director
Tareq Khalifeh, whose company’s record-breaking
bid was made in partnership with construction giant
Saudi Oger. “The government set a ceiling tariff of
$0.169 per kWh in round one to incentivize the
sector. The prices in round two set instead a new
benchmark for tariffs in the market today. It is clear
now that if you are above these prices, there’s a very
low chance of being involved in this sector.”
Arabia Group, the only developer successfully
involved in both rounds, is also developing a project
as part of Jordan’s first 180 MW renewable energy
IPP. The company is set to begin work soon on a 10
MW solar energy plant in southern Jordan.
As part of a drive to diversify its energy basket,
Jordan aims to generate 15 percent of its energy
needs from renewables by 2020. Round one plants
will make up about 4.5 percent of Jordan’s energy
requirements, while renewable power in round two
will account for some 5 percent. –EO
energy
Four Companies Selected in
Second Renewables Tender
A
VENTURE MAGAZINE | 2524 | VENTURE MAGAZINE | JULY 2015
14. UAE
Property in Excess
Rising residential unit supply pushed Dubai rental and property prices down
in the second quarter of the year, Phidar Advisory said.
Data from the Dubai-based real estate consultancy said apartment lease
rates decreased by 2.4 percent, while sale prices decreased 1.5 percent.
But Phidar Advisory Managing Director Jesse Downs said the drop was
no cause for worry. “If we consider only under construction and
launched projects, the majority of the development pipeline is justified
due to sufficient total demand,” he said. “However, overbuilding in the
mid-high income segment will likely increase competition and lead to
supply reordering.”
QATAR
Media Onside in FIFA Scandal
Members of the GCC have called on their media outlets to show support
for Qatar’s hosting of the 2022 World Cup tournament, as speculation
grows that the state’s successful bid could be annulled amidst the FIFA
corruption scandal.
“GCC information ministers renewed their call for the media to counter all
those who seek to question the right of the State of Qatar to host the 2022
World Cup,” a statement carried by the official Qatar News Agency said. It
added that the ministers were “stressing GCC states full solidarity with the
state of Qatar and encouraged media in the GCC to continue countering
these campaigns at home and abroad.”
Qatar has strenuously denied allegations that any of its officials paid bribes
to win the right to host the 2022 World Cup.
SAUDI ARABIA
Oil Price Drop Begins to Bite
The IMF said Saudi Arabia was considering issuing government bonds to
ease the downward pressure on the country’s foreign reserves, Arabian
Business reported.
“The sense we had is this year,” Tim Callen, chief of the IMF mission to
Saudi Arabia said of the timetable for the potential issuance.
The drop in oil prices, which has slashed Saudi oil export revenues, has
caused net foreign assets at the central bank to fall to $679 billion in April
from $737 billion in August. The government last issued a development
bond in 2007.
GULFROUNDUPInflation watch
Inflation in May dropped by 0.22
percent over the same month
last year. Indicators for Rent rose
by 5.8 percent, Education by 3.7
percent, Communication by 0.2
percent, and Clothing and Footwear
by 4.9 percent. However,
Transportation, and Fuel and
Lighting dropped by 13.1 percent
and 11.8 percent respectively.
Food Items
CLOTHING AND FOOTWEAR
HOUSING
COMMUNICATION
EDUCATION
FUEL AND LIGHTING
TRANSPORTATION
0.21 0.22 0.23 0.2
3.66 3.7 3.7 3.7
-13.12 -12.16 -12 -11.8
-18.85 -15.8 -13.1-13.9
1.22 1.4 1.5 1.4
7.03 6.7 5 4.9
-0.09 0.11 -0.16 2.4
Month on month Percentage
of change in major consumer
categories
(DepartmentofStatistics,2015)
FEB'15 MAR'15 APR'15 MAY'15
FEB'15 MAR'15 APR'15 MAY'15
FEB'15 MAR'15 APR'15 MAY'15
FEB'15 MAR'15 APR'15 MAY'15
FEB'15 MAR'15 APR'15 MAY'15
FEB'15 MAR'15 APR'15 MAY'15
FEB'15 MAR'15 APR'15 MAY'15
gateway news&views
TECH SUPPORT
Travel Apps
Travefy
Skyscanner
Hotel Tonight
TripAdvisor Offline City Guides
Foodspotting
Whether you’re traveling for business or pleasure, these five apps will take the hassle and stress out of
planning your trip so you can enjoy your time on the road.
By Jane Hosking
There are few better ways to plan a trip and collate all your travel details into a seamless
itinerary than Travefy. This new app allows you to enter in your flight details, hotel
bookings, places you plan to visit, and restaurants you want to try, so that all the information
you need is located together in one place. And the best thing about this app is that you can
link up with the people you are traveling with to discuss ideas, split costs, and put your
itinerary together.
Available on: iOS
Price: Free
If you’re booking flights and you’re after the best time or the cheapest deal, but don’t have
time to sift through multiple airline websites, Skyscanner is the app for you. This handy travel-
booking tool pulls together flights from almost all of the top airlines and low cost carriers,
allowing you to compare prices, flight times, and airlines in a matter of seconds. Skyscanner
also provides a monthly chart view of your search so you can see the cheapest days to travel.
Available on: iOS, Android, and Windows Phone
Price: Free
You never know when you’ll find yourself setting out on a spontaneous holiday or business
trip without having a chance to book a hotel in advance. And if you do, there’s no better place
to turn than Hotel Tonight. This hotel-booking tool provides last-minute discounts on the best
budget and top-range hotels that have empty rooms, making your choice not only quick and
easy, but affordable as well.
Available on: iOS, Android, and Windows Phone
Price: Free
Most people have heard of TripAdvisor but few have heard of their Offline City Guides app.
These downloadable travel guides mean that even if you don’t have a local sim or you want
to avoid costly Internet roaming charges, you can still have the best travel advice and crowd-
sourced reviews in your pocket so you’ll know where to eat, stay, what attractions to visit,
and more. Just make sure you download the guides you need before you leave.
Available on: iOS and Android
Price: Free
There’s certainly no shortage of food apps around, but Foodspotting has brought something
differenttothetable.Instead ofbasingyoursearchonthetypeofrestaurantyouare after,thisapp
allows you to search for the type of food you want to eat, by either the closest option or the best.
Available on: iOS, Android, Windows Phone, and Blackberry
Price: Free
VENTURE MAGAZINE | 2726 | VENTURE MAGAZINE | JULY 2015
15. Universities to Launch Digital Learning Platform
ordan’s public universities are
aiming to increase their Internet
presence through a new online
platform that will pool lectures,
examinations, and lesson plans.
The Jordan Universities Network
(JUNet), in partnership with Microsoft
Jordan, will launch the Jordan Open
Courseware Platform—www.
elearning.edu.jo—in the autumn.
The move is part of JUNet’s
“commitment to simplifying and
accelerating the procedure of
attaining information needed by
university students for teaching and
learning processes, as well as for
completing their researches,” JUNet
Executive Director Faruq al-Omari
said in a statement.
The platform will be developed later
to become a research hub for all the
Kingdom’s universities that will also
helpeasetheexchangeofinformation
between students. Further services
will also include web-based classes,
exams, a digital library, and cross
research activities.
Microsoft Office Manager in Jordan
HusseinMalhas said throughthisstep
hiscompanywasseeking“toenhance
local higher education standards on
par with worldwide educational
systems, as well as empower youth to
excel within their respective majors.”
Jordan’s Minister of Information and
Communications Technology
Majd Shweikeh said the platform was
a positive step towards further
integratingtechnologyinthelearning
process, which would help advance
the standards of higher education
across the country. –EO
Education
ast month marked the release of
the Russian-made YotaPhone 2
intheJordaniansmartphonemarket,
withOrangeselectedastheexclusive
provider of the dual-screen handset.
The launch of the 4G-enabled
YotaPhone 2 “demonstrates our
continued efforts to provide our
customers with a diverse range of
4G-capabledevicesthatcatertotheir
every need,” said Orange’s Chief
Commercial Officer Patrice Lozé.
The YotaPhone 2's main 5-inch
1080p AMOLED screen is designed
forweb-browsing,socialnetworking,
and photography. While the 4.7 inch
rear screen utilizes energy-saving
e-ink technology for when the user
simply wants to quickly check
notifications, read a book, or access
other simple applications.
The device itself is slim and light at
just 145 grams in weight and 114 x
69.5 x 8.9 mm in dimensions, but
also quite sturdy with Gorilla Glass
covering the front and back. In terms
of overall specs, the YotaPhone
2 is pretty basic, coming with a
Qualcomm Snapdragon 801 chip,
Adreno 330 GPU, 2 GB of RAM, and
32 GB of internal storage that cannot
be expanded upon. The cameras are
also standard, with 8 MP on the back
and 2.1 MP on the front. –ST
ith Project Soli, Google has developed a new gesture-tracking
technologywhichcouldpotentiallyrevolutionizethewayweinteract
with everyday devices.
Instead of a physical button, gamepad, or touchscreen, the radar-enabled
chipthatGooglehas developed allows simplehandmovementstocontrol
anything from a smartphone to a games console.
How does the Project Soli system work?
The chip
The 5x5 mm silicon radar chip is a new type of interaction sensor, which
runs at 60 GHz and is capable of capturing motions of our fingers at
resolutions and speeds that haven’t been possible before—up to 10,000
frames per second.
The radio waves
Project Soli has reduced the size of radio frequency sensors traditionally
used in the likes of submarines and satellites, making it small enough
to be used in everyday devices. The chip works by transmitting a radio
wave towards the user of a device, which then bounces off their hands and
back to the device. Unlike cameras, which are often used in other motion
sensing technology, radar has extremely high, 3D positional accuracy that
can capture sub-millimeter motions.
Hand gestures
By using certain hand gestures—turning, pressing, sliding etc.—Project Soli
enablesustocontroldevices.Thisincludesturningaswitchordial,navigating
amap,andbrowsingonatouchscreen.Evenpressingourtwofingerstogether
could represent pressing a button to turn a device on or off. –JH
Orange Launches
Dual-Screen
YotaPhone 2
Project Soli: Next-Gen Gesture Sensing
Technology from Google
L
W
gateway news&views
TechnologyTechnology
J
VENTURE MAGAZINE | 2928 | VENTURE MAGAZINE | JULY 2015
16. MW’s Jordanian distributor Abu
KhaderAutomotivelaunchedthe
i8 plug-in hybrid supercar in Jordan
last month along with the i3, the first
all-electric vehicle to be commercially
available in the Kingdom.
The i3 is a zero-emission, four-seat
hatchback made from carbon fiber
reinforced plastic. It can reach a
maximum speed of 150 km/h on a
motor that delivers 125 kW/170 hp.
In daily traffic, the i3 is estimated to
offer a range of about 130 km, and
can be charged through a BMW I
Wallbox, a complimentary charging
device that uses a domestic electrical
outlet that can supposedly fully
charge the vehicle in around three–
and-a-half hours.
The i8 attempts to combine the
performance and design of a sports
car with the fuel consumption and
emissions of a small car. It’s powered
by a three-cylinder, 1.5 liter
TwinPower Turbo petrol engine and
an electric engine that delivers a
combined 362 hp to all four wheels.
This enables the i8 to accelerate from
0 to 100 km/h in 4.4 seconds using
just 2.1 liters of petrol per 100 km.
According to the Managing Director
of BMW Group Middle East Johannes
Seibert, there’s real demand in Jordan
for BMW’s electric cars—from public
sector for the i3 and the retail
customer sector for the i8. “We see
that we will have a medium to long-
termsustainabledemandforacertain
volume that qualifies the market for
BMW I,” Seibert said at the launch
event in Amman.
Abu Khader Automotive General
Manager Fahed Naber said his
dealership expects to sell between 25
and 30 units by the end of this year.
To incentivize the use of electric
vehicles, import taxes will be
eliminated for the BMW i3, while the
plug-in hybrid i8 will receive only the
reduced 25 percent import tax (even
though it is technically not a hybrid
vehicle). According to Naber, the
government has promised that this
will not change for the next three to
five years. The i3 is expected to retail
from JD33,000, while the i8 will cost
over JD180,000.
The launch of the two vehicles comes
in tandem with the Kingdom’s plan to
diversify its resources with renewable
energy, as the Royal Court signed an
MOU to add BMW i3 vehicles to its
fleet. “The government is investing
heavily in promoting sustainability
and eco-living as a genuinely viable
option,” said Naber. He added there
were plans to set up charging stations
across Jordan within the year with
GAM and other companies. For
now, for electric vehicle owners, the
charging station at the King Hussein
Business Park will have to suffice. –ST
automotive
BMW Launches i8 and i3 Electric Cars
gateway news&views
B
hile Jordan isn’t lacking in
creative talent, attracting
investmentformediaandartbusiness
ventures is no easy task. In order to
grow the Kingdom’s creative
economy, an industry body is needed
to fight its corner, said Ali al-Husry,
chairman of the Endeavor Jordan
entrepreneur support network.
“We need some kind of umbrella
that will get all of this industry under
one roof to see what are the needs,
requirements, and challenges,” he
told Venture on the sidelines of
Endeavor’s Catalyzing Conversations
event last month.
Al-Husry, who is also the director
of Hikma Pharmaceuticals,
believes that while there are a lot
of initiatives to support creative
projects, these are scattered and
lack collective coordination. “We
have a lot of great initiatives that are
happening but they are haphazard
and all over the place,” he said.
He also called on individuals and
corporates to invest more in creative
projects until the industry is able
to stand on its own feet. “We need
to have more of a concerted effort
of funds being committed to this
industry,” al-Husry said, adding that a
hybridapproachtoinvestment,which
involves a philanthropic element,
is required. “Some projects will be
creating profits and returns for the
investors, but other ventures will not
havethecapabilityofturningaprofit.
It needs support to hopefully get to a
level where it’s sustainable.”
While it may still be too early to tell
how it has done financially, al-Husry
is hopeful that award-winning
JordanianfilmTheebcouldbetheone
toopenthedoortogreaterinvestment.
“This was one of the most successful
ventures or films that have come
out of the area,” he said. “I’m very
hopefulthattherewillbesomeserious
returns on investment, or at least a
return of the money to investors, and
that this will enable them and the
whole industry to say that if you are
going to produce a high quality film
with the following ingredients you
will be able to make money.” –JH
Endeavor Chairman Calls for Creative Industry body
W
Economy
GOFIGURE
Telecommarketindicatorsforthefirstquarterof2015:
Source:TelecommunicationsRegulatoryCommission
Internet subscriptions: Mobile phone users: Fixed-line phone users:
Ali al-Husry, Chairman of Endeavor Jordan
Pre-paid:10,670,516
Residential:244,477
Postpaid:893,150
Business:131,996
Internet penetration rate: 76 percent
Mobilebroadband:1,587,549
ADSL:218,459
Wi-Max:121,754
Dial-up:359
BMW i8
BMW i3
VENTURE MAGAZINE | 3130 | VENTURE MAGAZINE | JULY 2015
17. gateway executiveinterview
Hilton’sHighHopesforDeadSeaResort
Hilton’s regional chief says his new Dead Sea resort will be open this summer, ready to take on the
competition in Jordan’s increasingly competitive hospitality market.
By Dina AlWakeel
Hilton is set to expand its presence in
Jordan this summer with the opening
of a new 285-room Dead Sea resort.
The new hotel sits next to the King
Hussein Bin Talal Convention Center
that it has operated for several years
alongwithahotelinAqababelonging
to its DoubleTree brand.
Rudi Jagersbacher, Hilton
Worldwide’s MEA president, said
the new Dead Sea resort and the
increased competition will prove
beneficial to Jordan.
There were several delays to
your Hilton Dead Sea Hotel’s
opening date. What was the
reason for that and when will it
finally be open?
It will be open in the summer. We had
slight delays because when you build
a big hotel like this you might face
developmentandconstructiondelays,
so it’s only very normal.
How do you see it competing
against the other five star hotels
in the area?
We have our own market. We are one
of the largest, with a pipeline of 1,115
new hotels. I think it’s very important
that we are competing in a market
which we are good at, and others will
dothesame.SoIthinkasadestination
you will benefit from all of this.
For a company as big as Hilton,
how do you consider the
Jordanian market?
We already signed a deal with the
JordanGateproject,whicharethetwo
famous towers. I think that one of the
key issues that we are in discussions
with the local investors and
government about is to try and speed
up the completion date. It’s a very big
financial budget. Before the crisis it
was fairly easy to finance, whereas
after there were some hiccups. We
run this on a very asset light strategy
which we do throughout the Middle
East and Africa. We bring in our team
andourbrand,whichareourstrength,
then we have an investor who puts in
the capital. There’s a whole array of
investors involved in this project but I
cannot disclose who they are. But we
havenotifiedseniorofficialsonseveral
occasions, trying to help us to resolve
this situation.
Have you been given any rough
estimation when work on the
Jordan Gate might restart?
It’s a little frustrating that it was never
completed. But looking at it from a
positive perspective it will probably
only take a year to finish because a
lot of the functionality has been done.
When we talk to the municipality and
the investors, there seems to be a very
positive approach because clearly
Jordanisdoingwelleconomically.And
therefore being a mixed development
that feeds hotel numbers and offices it
will take care of itself. Today we need
toworkasateamtotryandgetitdone.
If your project in Amman
doesn’t take off, do you plan
on moving to a different
location?
A contract is a contract. But the
contract is only related to [one of our
brands], which is Hilton. It still gives
us the opportunity to develop other
hotels so we’ve looked at projects for
the last two years, both operating and
new and because of our strategy we
are making sure that the project has
a financial ability. You can build but
youneedtomakemoney.Sowewon’t
touch anything until it is financially
stable. We are actually in negotiation
with some hotels and developers for
anotherhotelbutIcan’tdisclosemore
about it.
Do you think there’s a need for
more hotel rooms in Jordan?
There are a lot of new hotels coming
up. If you have too many rooms what
happens is that you’re not going to
make the return which you promised
your investors and therefore we
will look at this stand alone. I think
one needs to be very careful. The
market which we are looking at is the
internationalmarket,thereforeweneed
to inbound traffic which has a lot to
do with generating demand. If you go
through this situation in Qatar, Dubai,
orAbuDhabitheygenerallyhavehuge
inbound through their carriers. But
you don’t have that here. One of the
advantageshereisdoingbusiness.You
cancomeinthemorningandthenleave
the next day, so you have to provide
them with things to do. Therefore you
have a lot of possible activities like
visiting the Baptism Site and Petra.
Jordan’s hotels have been
suffering a lot of late. The
government has tried to help
them by significantly cutting
their energy bills. Is this enough
though?
It’s best to pay no taxes. If you look
at the sector in Dubai, they have just
done something different. Because the
majority of the market provides luxury
service, there’s now a tax break that’s
been introduced if you build a four star
hotel. That generates investor interest.
If you look now at the development
pipeline within that particular market
segment, it is huge. That should be
appliedinJordan,too.Everybodywants
tostayinluxurioushotelsbuttodaynot
everybodyhasthosekindofresources.I
think it’s an excellent offering.
How’s the DoubleTree hotel
faring in Aqaba?
Exceptionally well. Interestingly
it’s been doing well from day one
and going from strength to strength.
There’s a double digit growth each
year. Aqaba is at more of a standstill
with all the huge developments so in
this particular location the brand has
done surprisingly well.
How has your growth been in
the rest of the region?
In 2011 when I came to MEA, we were
operating just around 40 hotels. Today
we are actually operating and building
150. We are opening new hotels in
Egypt and Morocco, so going forward
on average we open a hotel every
month. The UAE is very strong, so
are Qatar and Kuwait. In the GCC the
internal tourism is growing massively.
Also, we finally see a double digit
growth in Egypt in terms of customers
compared to when it stopped in 2011.
If you have too many rooms what
happens is that you’re not going to
make the return which you promised
your investors
Rudi Jagersbacher, Hilton
Worldwide’s MEA President
VENTURE MAGAZINE | 3332 | VENTURE MAGAZINE | JULY 2015
18. Earlier this year Deloitte published its
Human Capital Trends 2015 report,
which examines how workforces
around the world are evolving.
Karim Nabulsi, Deloitte Jordan’s office
managing partner, believes companies
need to adapt to these new workplace
realities in order to survive and thrive.
What is the most notable trend
that Deloitte has observed in the
workforce in the last 10 years,
both globally and in Jordan?
Nowadays human capital is different
from 10 years ago and it’s constantly
evolving. Generation Y is completely
different from the previous generation.
There has been a shift in their mindset
andtheirneedsaredifferentthanpeople
of 10 or 20 years ago. They don’t just
want to work hard in their career. They
want more of a work-life balance and
they want an experience. So nowadays
companies need to think differently
abouthowtoattracttalent,howtoretain
talent,andhowtoempoweremployees.
What are the biggest challenges
facing Jordan in the workforce at
the moment?
I think the first challenge for Jordan
is the immense number of people
graduating on a yearly basis and the
very high unemployment rate. It is at
almost 13 percent, and for the younger
generation the rate is much higher.
There’s also a gap in expectations
between the employer and the skills
being produced. Then you have brain
drain, where skilled people who you
want in the market are leaving the
country either for higher education
or better career opportunities. So
companies need to tap into that talent
pool and use creative tools to attract
these people.
What specific actions can
companies in the region take to
attract and retain talent?
I think that a real opportunity exists for
companiestotakethereignsbycreating
the conditions and commitment
neededtoattracttalentandencourage
innovation in the work environment.
First of all, they need to have a great
environment to work in. They also
needtoestablishanatmospherewhere
employeesarerespected,givenflexible
time, and provided with work-life
balance.Afirmalsoneedstobeaplace
where employees’ opinions count and
where they believe that their work has
a meaningful purpose. Among many
other actions needed, uppermost in
my viewpoint is to take a corporate
responsibility approach with schools
and universities to lessen the skills gap
and build learning environments to
create leaders.
Jordan has for years exported
talent to the Gulf, but do you
think that nowadays Jordanians
are becoming less competitive in
the job market there?
I think the Gulf always looks to the
Levant for talent. Now, however, there
are many foreign people coming to
work in the Gulf due to the economy
in Europe and the United States. As a
result, more people are seeing the Gulf
asanattractiveplacetoworkandhence
thecompetitionisbecomingveryhigh
andthat’swhyit’sbecomingharderfor
Jordanians to migrate there.
The Work Place 2.0Deloitte Jordan’s managing partner says companies must learn to navigate a new world of work.
Soundbite
By Jane Hosking
Karim Nabulsi, Deloitte Jordan’s
Office Managing Partner
34 | VENTURE MAGAZINE | JULY 2015
19. MarketBrief
FinancialsDragIndex
Down
May 20, 2015 – Jun 17, 2015
BY ARAM RABADI
T
he services and industrial
indices gained, but a decline
in the financials sector
pressured the General Index
down by 0.68 percent to close at 2,154
points;theGeneralIndex is now down
by0.52percentonayear-to-datebasis.
In the meantime, close to 192 million
shares were traded at a value of JD212
million and the average daily trading
volume reached JD10.6 million.
The financials sector accounted for
71 percent of the market’s activity,
leaving the services and industrial
sectors to account for 16 percent and
13 percent of the period’s trading
activity, respectively.
The Services Index gained 1.58
percent on the back of the strong
performance of the utilities &
energy, commercial services, health
care services, and educational
services indices. At the other end,
the transportation, technology &
communications, and media indices
suffered some losses. Most of
the services sector’s activity was
concentrated in the utilities & energy
and transportation sectors. The
utilities & energy sector was the most
active services sector with JD18.6
million, representing 54 percent of
the sector’s activity, and the trading
of the transportation sector reached
JD11.8 million.
The Commercial Services Index
gained4.18percenttoleadtheservices
sector’s sub-indices. Nopar for Trading
and Investment (NOTI) was the best
performing commercial services stock
COMPANY
BEST PERFORMERS
WORST PERFORMERS
MOST ACTIVE
CLOSE
(JOD)
CHANGE
(%)
TURNOVER
(JOD)
TRADING ACTIVITIES
AMI: AB Invest Market Index
ASMI: AB Invest Smaller Market
Index
ASE: Amman Stock Exchange Index
Trailing P/E: Market capital weighted
P/E of index elements
MARKET BREADTH
64 98 60
ADVANCERS
DECLINERS
UNCHANGED
CLOSE
CHANGE (%)
YTD (%)
Y-o-Y (%)
Trailing P/E
ASEINDEX
2154.16
-0.68
-0.52
0.68
14.16
VOLUME (SHARES)
191,818,706
VOLUME (JD)
212,448,671
VOLUME (US$)
299,552,626
INDUSTRIES13%
SERVICES16%
FINANCIALS71%
TRADING VALUE
COMPREHENSIVE LAD DEVELOPMENT & INVESTMENT
NUTRI DAR
COMPREHENSIVE MULTIPLE PROJECTS
2.46
0.72
1.42
0.42
0.54
1.92
1.26
2.46
0.76
90.70
89.47
86.84
-23.64
-19.40
-16.16
9.57
90.70
-14.61
19,304,231
23,013
149,734
3,501,787
105,243
184,669
40,099,605
19,304,231
16,937,727
BARTER FOR INVESTMENT & TRANSPORT
SHARECO BROKERAGE COMPANY
ARAB ALUMINUM INDUSTRY
AD-DULAYL INDUSTRIAL PARK & REAL ESTATE
COMPREHENSIVE LAND DEVELOPMENT & INVESTMENT
AL-TAJAMOUAT FOR CATERING & HOUSING PR
after gaining 30.77 percent to close
at JD0.68. Meanwhile, the Utilities
& Energy Index gained 3.24 percent
as Jordan Petroleum Refinery (JOPT)
gained 3.39 percent to close at JD6.10,
and Jordan Electric Power (JOEP)
gained 3.76 percent to close at JD2.76.
JOPT was also the most active service
stock with JD16.5 million in trading.
The Health Care Services Index gained
3.54 percent and the Educational
Services Index gained 2.01 percent as
Ibn al-Haytham Hospital (IBNH) led
thehealthcareservicessectorwitha50
percent gain to close at JD1.56. Arab
International Company for Education
and Investment (AIEI) led the
educational services sector with a 3.91
percent gain to close at JD4.25.
At the other end, Jordan Telecom
(JTEL) shed 3.59 percent in the
technology & communications
to close at JD2.95, and the
Transportation Index retreated
4.62 percent to become the worst
performing services sub-index.
Barter Company for Investment and
Transport (NAQL) was the worst
performingtransportationstockafter
shedding 23.64 percent to close at
JD0.4. Moreover, the Media Index
shed 3.42 percent and Jordan Press
and Publishing (JOPP) dropped 5.71
percent to JD0.33, as Jordan Press
Foundation (PRES) lost 3.03 percent
to JD1.28.
The Industrial Index gained 0.41
percentdespitetheretreatofthemining
& extraction and electric industries
sectors, which are two of the most
prominent industrial indices. The
Mining & Extraction Index dropped
1.87 percent as Arab Aluminum
Industry (AALU) posted a 16.16
percent drop to become the worst
performing industrial stock for the
period. In addition, Jordan Phosphate
Mines (JOPH) and Jordan Steel (JOST)
dropped by 3.47 percent and 9.52
percent, respectively. JOPH and JOST
were the two most active stocks in the
mining&extractionsector.Atthesame
time the Electrical Industries Index
dropped 4.36 percent as United Cable
Industries (UCIC) posted a sector worst
7.55 percent drop to close at JD0.49.
At the opposite end, the Food &
Beverages Index led the industrial
sector with a 5.19 percent gain on the
back of a near 90 percent gain by Nutri
Dar (NDAR), which closed at JD0.72
and was the market’s second best
performer for the period. NDAR issued
a statement stating that the strong
performance of the stock is exclusively
duetothemarket’sdemandandsupply
dynamics. At the same time, the
Chemical Industries Index gained 5.02
percent as Comprehensive Multiple
Project Company (INOH) led the sector
with a near 87 percent gain to close at
JD1.42, becoming the market’s third
best performer.
The Banking Index dropped 2.37
percentanddraggeddowntheFinancial
Index by 1.73 percent despite gains
of 2.83 percent and 1.96 percent by
the diversified financial services and
real estate indices. Comprehensive
Land Development and Investment
(ATTA) played a big role in the strong
gains of the Real Estate Index after it
led the market with a near 91 percent
gain to close at JD2.46. ATTA was
also the market’s second most active
stock with JD19.3 million in trading.
ATTA announced that it entered into
a partnership to develop one of its
land lots in one of Amman’s busiest
streets. The most active stock for the
period was AD-Dulayl Industrial Park
and Real Estate Investment (IDMC),
which had JD40 million in trading
as it gained 9.57 percent to close at
JD1.26. In the meantime, Al-Amal
Financial Investment (AMAL) led the
diversifiedfinancialservicessectorwith
a 54 percent gain to close at JD1.14.
In other news, Cairo Amman Bank
(CABK) listed 35 million new shares
on June 3 to increase the bank’s
capital to 160 million, and in related
news and on June 17, Bank al-Etihad
(UBSI) listed 15 million new shares
to bring the bank’s capital up to 125
million shares.
PROVIDED BY:
AL ARABI INVESTMENT GROUP
“Member of the Arab Bank Group”
research@ab-invest.net
brokerage@ab-invest.net
The General Index
is now down by 0.52
percent on ayear-to-
date basis
VENTURE MAGAZINE | 3736 | VENTURE MAGAZINE | JULY 2015
20. n May 25, Aqaba’s port
received its first cargo of
LNG at its new purpose-
built facility named after
Kuwait’s emir, Sheikh
Sabah Al Ahmad Al
Sabah. The gas supplies are set to
play a major role in Jordan’s efforts
to meet its pressing energy needs.
However, the heightened activity
at Aqaba has underscored the need
for Jordan to improve connectivity
between the country’s only port
and the north, where the capital and
many businesses are located, and
reduce the strain on its roads.
Aqaba Port was responsible for
around 55 percent of Jordan’s entire
export trade in 2013, while handling
some 73 percent of total imports
during the year, according to the
OxfordBusinessGroup
WordsByOliver Cornock
Oliver Cornock, Regional Editor
THE INSIDE EDGE
www.oxfordbusinessgroup.com
Gas to Tracks
Besides helping Jordan achieve energy security, Aqaba’s
newly launched liquefied natural gas terminal is also
spurring on efforts to develop the Kingdom’s rail network.
Department of Statistics. The area
is also home to the Aqaba Special
Economic Zone, an industrial site
including airport and maritime
facilities, factories, workshops, and
businesses in and around the Red
Sea city.
However, given the instability in
neighboring Syria and Iraq, pressure is
likely to increase at Aqaba due to the
factthatoverlandtradehasbeenlargely
frozenbyborderattacksfrominsurgents.
In April, Jordan closed Jaber, its
only working border crossing with
Syria, with the loss of trade routes
hurtingbothimportersandexporters.
This forced Jordanian traders with
commitments in Syria or Iraq to
rely on sea routes either via Haifa in
Israel or on the long journey through
the Suez Canal to Aqaba.
While the port itself is facing
greatertraffic,thetwooverstretched
highways which link the port to the
north of the country, where most
of Jordan’s population is located in
or around the capital Amman, are
also under strain, leading to calls for
alternative solutions.
Rail has emerged as the front-run-
nerindiscussionsaimedatexploring
alternativeformsoftransport.Jordan
already possesses two rail networks,
both of which are managed by
government-owned entities. The
Hejaz Railway Corporation (HRC)
operates 217 km of track, while the
second 293 km line falls under the
responsibility of Aqaba Railway
Corporation (ARC).
HRC’s main route runs from the
Syrian border to the Modawara cross-
ing on the Saudi border, although the
conflict in Syria has severely restricted
the service. The ARC, meanwhile,
transports cargos of phosphates from
mines in the southern interior to
loading bays at Aqaba.
The government is now looking
to develop the network further, with
the aim of connecting the port with
the capital. “The first phase of the
railway network would be to connect
Aqaba and Amman,” said Transport
Minister Lina Shbeeb. “This would
includeaconnectiontoMa’an,where
we would like to have a dry port.”
The rail link would speed up
the process of getting goods from
Aqaba to Amman, the minister said.
In another move aimed at
reducing delays, the planned
dry port at Ma’an is set to be
a designated hub for clearing goods,
away from the main site. The minister
also said her government was “eager
to engage the private sector in proj-
ects regarding the railway network.”
The Aqaba-Ma’an-Amman project
is the cornerstone of a JD2 billion
plan for the network unveiled by
Shbeeb in April. The rollout for the
three-part scheme is set to begin
with the construction of the Aqaba-
Ma’an stretch and the Ma’an dry
port, followed by the Ma’an-Amman
phase of the project. Phase three will
link the capital to Mafraq, where
another dry port is to be built.
The railway project has wide-
spread backing amongst transport
and logistics firms. Aside from
improving connectivity, the service
isexpectedtoreducetransportcosts,
making Jordanian exports more
competitive and imports cheaper.
The dry ports will also go some way
towards cutting clearance times,
while also bringing new investment
and jobs to Ma’an and Mafraq.
Despite these positives, Jordan’s
networkplanfacessomeuncertainty.
Established road hauliers, particu-
larly those in Ma’an, may see rail as
unwelcomecompetition.Inaddition,
the authorities’ success in securing
private investment for such a large
infrastructure project could be
determinedinpartbywhatisoffered
in terms and conditions, with much
hangingontheshapeofthecontracts
the ministry will be drawing up.
Yet the need for the railway is
widely acknowledged. Furthermore
the government’s commitment to
pushingitthroughisanencouraging
sign for both investors and future
transport users.
The rail link would speed upthe process
of getting goods from Aqabato Amman
O
38 | VENTURE MAGAZINE | JULY 2015
21. Cuttingthrough
theNoise
hepreponderanceofold,
new, and online media
outlets in today’s world
has created a number
of challenges for news
consumers. The choices we have
available to us, from newspapers
and 24/7 TV, to radio stations and
countless websites, have combined
toensureaconstantflowofnewsand
information, anytime and anywhere.
But how do we decide which news
outlet to follow and on which terms?
Who really knows what’s
happening in Iraq, Syria, Yemen,
or Libya these days? Our choice of
news outlets also determines our
political leanings. Totally unbiased
and objective news providers don’t
really exist. In the United States, the
audience is polarized and in the TV
WordsByOsamaal-Sharif
MediaandSociety
With so many divergent news sources to choose from, how
can we be sure what’s really happening in the world?
T
news market you have FOX News,
reflecting conservative Republican
Party ideology and positions, and
MSNBC speaking for liberals and
rooting for Democrats. This same
split exists in the world of print
between The Wall Street Journal and
The New York Times.
The other day I was engaged in
a heated debate with another news
junkie friend of mine over Syria and
Yemen. It soon became clear that
when it came to finding out what was
happeninginthesetwoconflict-ridden
states, he only trusted a single news
provider,andonewhichconveniently
shared his own political outlook.
In his case, it was the Iranian-
funded, Beirut-based Al Mayadeen
channel. He’s not a unique case. I
know many people who rely on one
newssourceonly;againanoutletthat
matches their own outlook on the
world. It might be the Qatar-based
Al Jazeera, or the official channel of
Hezbollah in Lebanon, Al Manar.
The same phenomenon applies to
newspapers, both local and regional.
Such audience polarization is not
new, but the conflicts of the past few
years, especially in the bloody wake
of the Arab Spring, have deepened
the divide. The advent of sectarian
struggle in most war-torn countries
in the region has helped entrench
audiences. In Iraq, there are now tens
of TV channels and news websites.
Almost all of them speak to a specific
ethnic or religious group, and each
promotesitsownideologicalagenda.
Sadly, the situation in Lebanon is not
much different, with each religious
sect, political party, or ethnic group
in control of its own cluster of media
outlets including newspapers, radio,
and TV and online sites.
In today’s Arab world, there are
few truly independent news outlets,
if any. Few report both sides of the
story in an objective manner. It gets
more complicated with coverage of
controversial issues such as Syria,
Iraq, and Yemen. My friend, with
whom I had the heated debate,
insisted on reciting the official Syrian
regime,pro-Iran,anti-Saudistoryline.
He was unwilling to listen to the
contrarian view point. I had similar
experiences with many Egyptian
friends who are also divided on
issues such as the 25 January 2011
uprising, the victory of the Muslim
Brotherhoodinsubsequentelections,
and the military coup that deposed
the first freely elected civilian
president there. Again and until the
banning of Muslim Brotherhood
media outlets in Egypt, each
was hooked on a medium that
reflected his or her own point of
view.
But is this healthy? Entrenchment
resultsinpoliticalgrandstandingand
ideological brinkmanship that leads
to intellectual extremism. My job as a
politicalcommentatorandanalystfor
over 30 years has taught me to read,
listen to, and watch all points of view
before forming an educated opinion.
Iwastrainednottobebiased,despite
the difficulty of this, and to approach
every position carefully and with an
open mind.
To form an educated opinion on
Syrian events, for example, I would
accessmanywebsiteswithdivergent
political leanings, watch as many
newschannelsaspossible,including
government-runones,sothatIcould
contemplate the bigger picture. But
that is what I do. It is my job. For
ordinary citizens it would be difficult
to expect them to switch between
Al Mayadeen and Al Arabiya in
order to comprehend what is truly
going on in Syria. It’s sad that some
news stations have become hostage
to their own political agenda. Al
Jazeera, for instance, has become
so obsessed with the new regime in
Egypt,whichitvehementlyopposes,
that much of its news coverage is
dedicatedtoregimeopponents,even
when there is little or no news value
for the viewer.
The political fragmentation that’s
taking place on the ground in many
Arab countries is itself reflected in
thechaoticstateofArabmediatoday.
No single news outlet will give you
the complete picture. Those who
seek to know the truth about Yemen,
Iraq, Libya, or Syria, in addition to
other issues, will have to have an
open mind and check as many media
outlets as possible. Otherwise, the
state of polarization will provide
half facts and half lies and leave
audiences in the trenches detached
from the truth.
The choices we have availableto us,
from newspapers and 24/7TV,to radio
stations and countless websites, have
combinedto ensure a constant flow of
news and information
Totally unbiased and objective news
providers don’t really exist
40 | VENTURE MAGAZINE | JULY 2015
22. Retail
W
hen Cozmo first began
business in Jordan back in
2003, there were only a few
players in a largely underdeveloped
market,allowingthepopularsupermar-
ketchaintobringsomethingnewtothe
table in terms of products and service.
By tapping into the growing con-
sumerdemand,Cozmoexpandedfrom
one large store at the Seventh Circle to
six, after opening five smaller ‘Simply
Cozmo’ neighborhood convenience
storesin2010.Lastmonth,thisnumber
grew to seven, with the opening of
a large Cozmo store in Taj Mall that
replaced a branch of Spinneys, a
regional supermarket chain owned by
Dubai’s Abraaj Group.
“Right from the beginning we had
ambitionandweneverplannedtostop
at just one Cozmo branch,” explained
Imad Bukhari, chief executive officer
of THE Group, the umbrella company
which owns the Cozmo brand, as well
as the BHS and Hamleys franchises.
Cozmo’s
customer base
in Jordan has
more than
quadrupled
over the last
10 years
With the opening of a major new branch in
Amman’s Taj Mall, Cozmo is forging ahead with an
expansion plan that aims to cement its position as
one of Jordan’s leading supermarket chains.
By Jane Hosking
Photography by Alaa’ al-Sukhny
Cozmo:Shopping
for Success
VENTURE MAGAZINE | 4342 | VENTURE MAGAZINE | JULY 2015
23. Retail
An Ambitious Expansion
Plan
It appears as though these initial plans
of expansion are now in full swing.
Next year in spring, the Jordanian
company will open another large store
in Abdali Mall and is also increas-
ingly looking to expand in the region.
Already THE Group opened its first
Cozmo store in Kurdistan last year.
“That’s the beginning of an ambi-
tious expansion plan in that part of the
world,” said Bukhari, adding that while
Kurdistan is the focus for now, they
will look further afield in the future.
“As soon as we are ready, we will start
moving forward with these plans. We
alreadyhavethebrandregisteredacross
the Arab world,” he said.
According to Bukhari, Cozmo’s
customer base in Jordan has more
than quadrupled over the last 10 years,
productturnoverhasincreasedaround
four to five times, and the Cozmo
Center at Seventh Circle, including the
BHS store, has an average daily footfall
of around 4,500 people.
But how did Cozmo reach this level
of success in the first place? “When we
began, the market environment was
extremelyfragmented,shoppingtrends
werepurelyfunctional,andthemarket
was very promotional. So anybody
would shop anywhere,” explained
Bukhari. “We could see there was an
opportunityforexperientialshoppingto
be introduced into Jordan.”
Bukhari said providing top notch
customer service has been at the
heart of Cozmo’s business strategy
since its inception. He added that his
chain’s 700-strong workforce greatly
outnumbersthatofitscompetitors.“We
have more staff to serve the customers
and make sure that the products are
available all the time,” he said.
Breaking into the market and main-
taining a strong foothold has required
Cozmo to respond quickly to changing
customer demands and tastes. “In the
past, customers were held captive to a
small number of industry players, but
theycannowseebeyondthat,andwhat
they want is quality,” said Bukhari, add-
ingthatwithsomanyshoppingoptions
emerging, consumers have become
more demanding over the years.
This has meant catering to a wide
array of demands when it comes to
products. “We have a huge variety of
products in our supermarkets,” said
Bukhari, explaining that this includes
both imported high-end products as
wellasthemoremainstreamproducts.
According to Bukhari, their customers
have increasingly developed a taste
for products with an added value. As a
result, Cozmo has gone out of its way
to stock health and organic items.
“It’s never been our attitude to push
products on our customers, feeding
them whatever we want,” Bukhari
said, adding that Cozmo has a depart-
ment that looks for new products
continuously, which takes on board
suggestionsfromcustomers.Inhisrole
as the CEO, Bukhari also makes sure
he is involved in this process as well.
“I frequently travel with the team to
exhibitions all over the world in search
of new products,” he said.
To bring in high quality products
from around the world, Cozmo has
developed a number of partnerships
with popular global brands. This
includes a recent agreement with
Britishmultinationalsupermarketchain
Tesco. These partnerships, Bukhari
explained, are more effective for
Cozmo than creating their own brand.
“Many other supermarkets have their
ownbrandlabel,butourcustomersare
brand-drivenconsumers,soitwouldn’t
makesensetoputtheCozmonameon
a tuna can or on a cereal box,” he said,
adding that they prefer to partner with
strongbrandstheyknowtheycantrust.
Competition is Good
While Cozmo has no doubt achieved
huge success in the Jordanian market,
the competition is never far from
Bukhari’s mind. “We have our own
goals, ideas and ambitions, so we
tend to follow our own path, but we
always keep an eye on the competi-
tion as well,” he said. Bukhari credits
Carrefour’s entrance into Jordan as
helping to structure the market, but
he knows that Cozmo can’t afford to
be complacent. “This is a dynamic
business where you can’t just sit back
and say: ‘I’m doing well’,” he said.
“You have to continuously improve
what you’re offering.”
There’s no official word as to why
Spinneys closed its branch at Taj
Mall. But some customers found
its maze-like layout confusing, and
there were clearly access issues
related to its location in a busy shop-
ping mall that only has underground
parking. Even so, Bukhari is confi-
dent that the new Cozmo store will
be a success. “There are a number of
challenges related to operating a su-
permarket inside a mall. Fortunately
we have already addressed the
bigger logistical challenges, in order
to make it easier for our customers to
navigatetheirshoppingexperience.”
This has included redesigning the
entire layout of the store and a free
valet service. “We would not have
gone into it unless it was researched
and studied,” said Bukhari.
As Cozmo moves ahead with its
expansion plans, Bukhari is aware
that they must continue to adapt to
the changing trends in the market.
He believes that as people’s lives
become faster and busier they are
increasingly looking for a fast shop-
ping experience. “I think customers
are starting to prefer smaller stores,
closer to where they work or live.
This has been the trend internation-
ally and I believe that we can see it
taking off here as well,” he said, ex-
plainingthatsupermarkets,compact
markets, and even neighborhood
storesarewinningoutoverthemuch
larger hypermarkets. But Cozmo,
with its ‘Simply Cozmo’ stores is
alreadyreadyforthischangeandap-
pears prepared to take on any future
challenge that comes their way.
We have our
own goals,
ideas and
ambitions,
so we tend
to follow
our own
path, but we
always keep
an eye on the
competition as
well
Produce in one of Amman's
Simply Cozmo stores
VENTURE MAGAZINE | 4544 | VENTURE MAGAZINE | JULY 2015
24. coverstory
Uber recently launched its massively in-demand smartphone app
in Amman, allowing passengers in the capital to hail a ride at the
touch of a button. But will it encounter the same resistance as it
has elsewhere? And with several other similar services already
available, what are its chances of finding major success?
By Laith Abou-Ragheb
PHOTOGRAPHY BY ALA'A SUKHNY
Uber Arrives
in Amman
or a growing number of
Ammanis, the days of having
towaitonastreetcornertoflag
down a cab are becoming a
fast fading memory. This is thanks to
the recent proliferation of ride-hailing
apps and hotlines from the likes of
Easy Taxi, Careem, and Taoseal Taxi,
which quickly connect passengers
with nearby drivers using location
tracking technology.
The latest ride-hailing service to
be launched in Amman comes from
Uber,acompanycurrentlygenerating
ahugeamountofglobalbuzz(andnot
a little controversy). Since launching
its services in San Francisco in 2009,
Uber has quickly spread to 311 cities
across 58 countries. There are now
more Uber cars driving around the
streets of New York than the city’s
classic yellow taxis. The company has
been attracting mind-boggling levels
of investment along the way, with
some reports suggesting Uber is now
looking to raise up to $2 billion in
venture funding that would value the
company at greater than $50 billion.
If successful, it would become the
world’s most valuable startup.
Uber has branched out to most
major cities in the region, including
Cairo, Abu Dhabi, and Jeddah. So
why did the company decide to add
Amman to its list? “With Amman’s
obviouscongestionissues,wewanted
to make sure that commuters had
another transportation option which
they could use,” Uber said in an email
interview. “Amman was also an
ideal market for us due to its young
population and fast-growing tech
community, making it an exciting and
vibrant city for our operations.”
Uber said demand for its service
in the city had been “amazing” since
its April launch. Even though they
declinedtoprovidespecificnumbersto
back this up, there’s clearly significant
consumer interest in ride-hailing
services in Amman. Easy Taxi’s
Middle East CEO Mahmoud Fouz told
Venture in March that his competing
ride-hailing app had topped 50,000
monthly downloads, with one-third of
Amman’s 12,000 licensed taxi drivers
also having signed up to the service.
Transportation consultant Hazem
Zureiqathasbecomearegularuserof
Uber since its launch, and welcomes
its arrival in the capital. “I think it’s
great that they started up in Amman.
I think it raises the standard for this
kind of transportation,” he said.
“At the end of the day in terms of
transport, we need mass transit and
good public transportation. But it
definitely doesn’t hurt to have these
kinds of ride sharing services. I’ve
heard people say they might not use
their car for certain trips and use
Uber instead. That translates into
fewer cars on the road, fewer parking
spaces that are occupied, so it has its
benefitsintermsofeasingcongestion.”
ZureiqatagreeswithUber’sassertion
that its service will prove particularly
attractive to Ammanis who are forced
to commute by taxis because the
alternatives are so unappealing. “In
Amman, because we lack a proper
public transportation system, yellow
taxis have played a role as a commuter
mode. You don’t take a taxi to work
every day if you’re in Europe or
New York, for example,” he said.
“But the level of service offered by
yellow taxis (in Amman) is not the
Uber has branched out to most major cities
in the region,including Cairo,Abu Dhabi,
and Jeddah
F
VENTURE MAGAZINE | 4746 | VENTURE MAGAZINE | JULY 2015
25. best. So Uber has been able to offer a
kind of premium service and can also
potentially be used as a commuter
mode. The prices are reasonable, so to
a certain extent they could be used for
regular trips and not just be seen as a
‘luxury’ service.”
It’s crucial to remember that Uber
doesn’t actually own any of its cars,
whichisprettyremarkableconsidering
itsstratosphericvaluation.Rather,Uber
merely teams up with a local transport
provider that agrees to abide by its
standards and guidelines.
Unlike other cities, Uber is currently
only offering its cheapest service—
UberX—in Amman. This means the car
that’s sent to pick up passengers will
likely be a no-frills Korean or Japanese
mid-sized sedan. “The lower rates of
UberX makes our technology more
accessible to more people and allows
us to partner with a wider network
of transportation providers who, as a
result, can help grow their business,”
Uber said. The company declined to
state how many of its vehicles were in
operation, but it did stress that its goal
wasto“matchsupplywithdemand.”At
thetimeofwriting,thereappearedtobe
eightUbercarsavailableforhireonthe
Uber app’s GPS map screen.
The service charges a minimum
fare of JD2. It then charges a base fare
of JD0.70, followed by JD0.16 per
kilometer.Uberconcedesthisishigher
than a yellow taxi, but it believes
a significant number of passengers
are willing to pay a premium for its
services. “We are giving Amman
residents and visitors an alternative
choice in transport, and our goal is
to deliver on safety, reliability, and
convenience and the overall quality
of service,” Uber said. Also at the
time of writing, Uber was offering
one-way trips between Amman and
the Queen Alia International Airport
for a mere JD15, much lower than the
JD20-22 or so typically charged by
a standard yellow taxi. Here, Uber is
nodoubtgoingaftervisitorstoJordan
familiar with using its app in their
home countries.
Driving Disruption
Uber hasn’t achieved its rapid
expansion without treading on a few
toes. Licensed taxi drivers around
the world have staged protests over
an Uber service which effectively
allows anyone to use their private
car to pick up passengers, and
charge them a considerably cheaper
fare. Many city governments have
moved to ban this service, with Uber
launching legal appeals.
When it comes to Jordan, Uber, like
the rest of ride-hailing competitors,
has opted for a more softly-softly
approach to entering the Kingdom’s
heavily-regulated transport sector.
It hasn’t tried to introduce the same
freelance-style service that has
attracted so much ire from existing
taxi drivers in cities like Paris.
Uber said it is licensed to operate in
Jordan as a technology company and
currently contracts out the use of its
platform to local transport companies,
including “well known” car rental
companies.WhereasUber’scompetitor,
Easy Taxi, only connects passengers
with existing licensed yellow cabs.
Ever since it was set up, Uber has
been very clear about what type of
company it should be bracketed as.
“As a technology company, we don’t
employ or license drivers but only
work with the existing licensed supply
to provide them with the efficiency
and reliability of the Uber app, helping
customers get safe rides when they
need it,” Uber said.
But Uber’s assertion that it’s not
a transport company and therefore
shouldn’t be regulated as one is being
challenged. “Uber is a technology, but
it is a technology that has an impact
on transportation … We’re taking
our time to analyze, see, and study,”
European Commission spokesman
Jakub Adamowicz said at a news
conference in April, after European
Union regulators were asked to review
complaints filed by Uber against
nationallawsitsaidareanticompetitive
andwereunfairlylimitingitsgrowthon
the continent.
Uber said it hasn’t encountered
any push-back against its services so
far in Jordan. But it’s not clear if this
will remain the case going forward
when the company likely tries to
expand—a move which could attract
greater scrutiny of its business model,
especially from taxi firms that pay
thousands of dinars for their operating
licenses. “It’s yet to be seen if there’s
going to be any reaction from the taxis
and their union, the Land Transport
Regulatory Commission, and GAM,”
said Zureiqat.
GAM’s Director of Transport and
Traffic Management Ayman Smadi
appeared a little wary of Uber’s
arrival. “Uber claims to offer some
of the missing service qualities in
certain markets, but it comes with
a lot of controversy, including the
use of private vehicles, security, and
insurance, to name a few,” he said.
In late March, Uber quickly moved
to introduce new passenger safety
measures following allegations of
sexual assault made against a driver
in India. “Safety is our number one
priority, and we’re always working
hard to improve our safety processes
to ensure that we are connecting
riders with the safest ride on the
road,” Uber said. “We have a zero
toleranceapproachtoinstanceswhere
rider safety is compromised and we
immediately terminate partnerships
with these drivers. Drivers are aware
of this zero tolerance approach and
accordingly the system encourages
professional and safe conduct by
drivers.” In addition, Uber said all
the drivers that they partner with
are licensed and vetted by the local
authorities, and safety features built
into their app allow riders to see the
driver’s name, photo, and car license
plate before they get into the vehicle
car. Riders can also share the route
and estimated time of arrival with
family and friends.
Fundamentally, Smadi believes
the answer to Amman’s transport
challenges lay in the better utilization
of existing resources, rather than
adding more vehicles to the mix.
“We believe Amman already has a
large number of taxis but more work
is needed on upgrading the mode of
operation, such as call-in services and
stricter driver and vehicle standards,”
he said. “Although the regulations are
in place to accomplish this upgrade,
market forces and fragmented
ownership severely handicap more
effective services.” Smadi added that
GAM was working with a group of
transportoperatorsandtechcompanies
to implement a city-wide taxi hailing
servicethatwillincludenavigationand
tracking features.
Besides regulatory challenges,
another potential hurdle standing in
the way of Uber achieving wide-
spread popularity is its decision not
to accept cash payments for journeys
in Amman. All of its competitors do,
though. Zureiqat believes this means
Uber will not in the immediate-term
achieve the same mass appeal,
or have quite the same disruptive
business effect, as it’s had in other
countries. “Many people here don’t
have credit cards and bank accounts.
I don’t think it will reach a critical
mass where it will represent serious
competition to yellow taxis at this
stage,” he said.
On this point, Uber insists it’s
ahead of the curve: Jordan is steadily
and inevitably becoming a cashless
economy, so it believes its digital
payment-only stance will win out
in the end. “Uber riders all over the
world have embraced this system,
and we think the fact that we are
cashless is extremely valuable. In this
region in particular, there is a general
trend towards digital payments,” the
companysaid.“Withthissystem,riders
don’t have to worry about carrying
cash, and can use the same Uber app
and payment options in any of the 300
citiesaroundtheworldthatweoperate
in. So while we are always exploring
additional payment options, we also
believethatweareattheleadingedge
of technology.”
There’s no doubt that Uber will
find a ready market for its services
in Amman, especially among its
wealthier residents willing to pay a
premiumforalittleextracomfortand
convenience. Ride-hailing apps of its
sort are proving incredibly popular
elsewhere (Google is now even
looking to develop one), and there’s
no reason to assume Jordan will be
any different. But given that, if Uber
ever intends to expand its presence
in Amman and push for mass market
appeal, it will be interesting to see
how successfully this disruptive
company will navigate the city’s
transport sector, which remains both
heavily regulated and dominated by
vested business interests.
coverstory
"Many people here don’t have credit cards
and bank accounts. I don’t think it will
reach a critical mass"
"We are givingAmman residents and
visitors an alternative choice in transport,
and our goal is to deliver on safety,
reliability,and convenience"
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26. Who are you targeting in the
Jordanian market?
We don’t really have a target
audience. Transport is a daily
necessity for most people and we
are here to provide another choice
in moving around the city, safely,
and reliably via our technology.
For riders, we are providing a very
high level of safety, transparency,
and reliability in getting around.
We get lots of feedback from riders
about this being one of the most
convenient ways they have gotten
around Amman. For drivers, we
are providing additional economic
benefits and flexible work hours.
In addition to bringing quality of
safety and reliability to the market
via our technology, we think we
will be empowering drivers; helping
make their time more efficient, and
even more flexible so that they are
working at times that best suit them.
Furthermore, 80 percent of every trip
goes back to the driver.
How worried are you about
going up against other ride-
hailing services like Easy Taxi
and Careem?
Firstly, we think competition is a
good thing. It makes us all up our
game, work hard, and in the end it
is the riders and drivers we partner
with that stand to win. We operate
in over 310 cities around the world;
that means you can use the Uber app
in any of those cities in the exact
same way you use it at home. It
makes traveling to foreign countries
much easier when you don’t know
the language or how to get around.
All you have to do is make a request,
enter the destination, and you are
there, hassle-free. We also like to
think outside being a technology
in the transport space—if we can
deliver a car to you in under 10
minutes, think what else we are able
to do.
You partner with local transport
companies in Jordan. How do
you go about selecting which
firms can use your technology
and how do you ensure they
abide by your guidelines?
We partner with local transport
companies and the drivers and cars
they provide. Each driver goes
through a rigorous screening and
background check by a member of
our team, in addition to providing
a valid driver’s license, as well as a
clearjudicialrecorddocument,before
they can start. When a rider requests
a ride, they see the driver’s name,
photo, and car license plate before
even getting in the car. They can then
share their route with family and
friends via the GPS enabled map.
Riders rate and give feedback
at the end of each trip so that we
continue to improve and offer you
the ultimate experience.
Why has Uber encountered so
much opposition from licensed
taxi drivers and city officials
around the world? Are their
objections at all justified?
Uber is changing a market that
has been traditionally quiet. We’re
proud and excited to be bringing
more innovative mobility options
to Amman as part of its existing
transport market. In many of the
global markets, transport policies
were drafted before smartphones
and apps even existed and we’re
looking to work with regulators to
updateregulationforthesmartphone
era in those places. We’re
committed to working with policy
makers to promote the benefits
that platforms like Uber can bring
to cities, and help them recognize
how new technology can increase
mobility in both urban centers and
rural communities.
What impact do you hope Uber
will have on Amman’s transport
network?
One of our visions is to make
transportsafeandreliableenoughthat
morepeoplechoosetoleavetheircars
at home and opt to request a ride via
Uber instead.
coverstory
in the driving seatSebastien Wakim, Uber General Manager for Amman and Beirut
VENTURE MAGAZINE | 5150 | VENTURE MAGAZINE | JULY 2015
27. haledKanaan,anambitious
and proactive Jordanian
businessman, has been
a frequent visitor to Iraq
since 1989. He started off small
through a partnership with General
Electric, supplying Iraq’s Ministry of
Healthwithmedicalequipmentduring
what he calls the “gold rush” period
that followed the end of the Iraq-Iran
war when investment began to flow
back into Baghdad.
Kanaan, who was 24 at the time,
spent his days going back and forth
betweenAmmanandBaghdad,even
after the Iraqi invasion of Kuwait
andthroughoutthe13-yeareconomic
sanctions.Thebusinesswasoperated
through a Jordanian branch office
registered in Iraq, which by 2003 had
employedapermanenttechnicalteam
numbering 40 fully trained techni-
cians, all of whom were Iraqis, and
havingservicedandinstalledmedical
equipmentinmorethan200hospitals
across the country.
Come the US-led invasion, Kanaan
shifted interest, operating and
managing a sister company that
offered logistics and life support
services to US troops residing in
over eight camps across Iraq. The
company provided them with all
types of services, including cleaning,
laundry, sanitation, general supplies,
recreationfacilities,andconstruction.
He takes particular pride in the fact
that his company was one of the first
Jordanian firms to have ventured
into the volatile Iraqi market. “We
differentiated ourselves from others
in that we are a company that had
invested in Iraq, while others traded
with Iraq. That always gave us some
Easing
Investment
in IraqMomentum seems to be building behind Khaled Kanaan’s ambitious plan to
break down barriers of entry into Iraq to promote greater cross-border trade,
investment, and cooperation. But the prominent Jordanian businessman admitted
that convincing more of his peers to bet on the war-torn but opportunity-rich
country wasn’t easy.
By Dina Al-Wakeel
K
There is a clear
consensus that
Iraq lacks just
about every type of
service
VENTURE MAGAZINE | 5352 | VENTURE MAGAZINE | JULY 2015
28. sort of a distinguishing edge.”
Today, Kanaan, the managing
director of Mawared Investments, is
leading the Iraq-Jordan-US (IJUS)
roundtable initiative which he de-
signed last year to facilitate the work
ofJordanianandUScompanieswant-
ing to invest and do business in Iraq,
a promising and ripe market offering
limitless development opportunities.
As part of the wide-ranging drive,
Kanaan is encouraging Jordan’s
business community, particularly
companies that provide soft services,
to step into the breach and cover for
what’s clearly lacking in Iraq’s highly
underserved market. So far, Kanaan’s
initiative has attracted the backing of
scores of blue chip firms, banks, and
business groups, including Microsoft,
Ernst & Young, and Aramex.
But Kanaan faces
big challenges
putting the IJUS
into practice.
Businesses need
stability and
a stimulating
investment
climate to thrive.
And unfortu-
nately, both seem
to be missing in
Jordan’sneighbor,
which is oil-rich
but war-ravaged.
The ISIS threat
still looms large, preventing the Iraqi
government from trying to conceive
and implement more welcoming
investment regulations and policies.
Despitetheseobstacles,Iraqremains
a lucrative market for many inves-
tors. Its GDP went from $500 in
2003 to $6,800 a decade later, while
its oil production reached a record
high in April with 3.08 million bpd,
generating $4.8 billion in revenue,
according to Reuters.
Building an Alliance
There is a clear consensus that
Iraq lacks just about every type of
service, and it being one of Jordan’s
main trade partners and a country
that the Kingdom shares borders,
culture, and a language with makes
it more convenient for Jordanians to
invest there.
The IJUS initiative aims to promote
Jordanian expertise to cover for
infrastructure constraints across six
service sectors, including finance
and insurance, legal and profes-
sional, engineering, healthcare, ICT,
and logistics and transportation.
The initiative also urges Jordanian
businessmentocooperatewiththeir
Iraqi peers to help Iraq with its
developmentdriveinsteadofdealing
with the government directly.
“The problem has always been that
when we dealt with Iraq, we focused
on approaching the government
directly. The power is very central-
ized and it’s a procurement type of
business. This is where Iraq failed,”
he said. “There was no [sufficient]
infrastructure of
local supporting
services; efficient
SMEs were
scarce, it was
difficult to qualify
a law firm capable
of international
legalproceedings,
and procuring
services of an
accounting firm
operatingoninter-
nationalstandards
wouldhaveposed
a challenge.
This is where my initiative comes
in; Jordanian businesses can assist
in filling or at least substantively
narrowing the gap.”
What differentiates this from other
initiatives, believes Kanaan, is that
it suggests a delivery mechanism.
“For instance, if you have a project
like building a road, you will require
particulartoolstohelpyoudeliverthe
job; banking, insurance, legal service,
logistics, and transportation.”
One might ask what’s in it for the
Americans and Iraqis? According
to Kanaan, for US firms who are
already operating in Iraq on larger
contractsorwishingtopenetratethe
Iraqi market, they will need partners
or subcontractors to support them
with essential soft services, which
the Jordanians have a good track
record in. As it is too expensive and
too risky for them to deploy their
people,Jordanianshavetheexpertise
and could be willing to be their
“boots on the ground,” he said.
Kanaan approached some 15 to 20
US firms and organizations that have
operatedinIraq,toaskthemaboutthe
obstacles that made their work harder
to implement. They all confirmed that
the lack of supporting infrastructure
was one of the biggest hurdles.
As for the Iraqis, this initiative is
built on Jordanian-Iraqi private sec-
tor cooperation. “Iraq is fragmented,
each city and region has its own
power brokers, there’s no way that
anyone from outside can manage a
relationshipwitheveryone.However
a local partner can manage this
relationship in a more efficient
manner,” he said.
Great Opportunities
Already, besides Kanaan, some
Jordanian businesses have also
ventured into the Iraqi market.
One such example is Capital Bank,
which has invested in Iraq since
2010. They are the only Jordanian
bank that has a presence in Iraq,
thanks to a 62 percent ownership of
the National Bank of Iraq.
“Ourbusinesshasalwaysbeenexport
and finance, so it’s only normal that
Iraq is the most important market,”
thebank’sGeneralManagerHaytham
Kamhiyah, told Venture.
Kamhiyah is also a supporter of
Kanaan’s initiative, believing that
there’s a lot for Jordanian business-
men to do in Iraq. “After the war,
Iraq’s infrastructure was badly
damaged,sothereisaneedforevery-
thing. Jordanian businessmen across
Jordanian
businessmen
across all sectors
can benefit a lot,
whether it is in
food supplies,
pharmaceuticals,
banking, and trade
Despite the lucrative opportunities it
offers, many Jordanian businessmen
have restricted their investment to
Kurdistan
Since the US-led invasion, Iraq's infrastructure
and services sectors have been badly damaged
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