Abu Dhabi based company PAL Technology unveils latest generation humanoid Robot Reem B
posted on 13/06/2008
HH General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces attended yesterday launch of Reem B, a prototype for the development of one of the most sophisticated humanoid service robots in the world.
The launch event which was organised by Pal Technology on Reem Island in Abu Dhabi, was also attended by HH General Sheikh Saif bin Zayed Al Nahyan, Minister of Interior.
Reem B is the next generation prototype of a humanoid robot designed and built by Pal Technology, a UAE based multi disciplined business established in 2000. The 60kg robot's customized hardware and software development makes it a truly autonomous, self-contained service robot, able to communicate with humans and perform a number of unique and sophisticated tasks.
Reem B is the evolution of the first humanoid robot Reem A created by Pal Technology Robotics, Reem B has the unique ability to map and self localize itself, both elements that distinctly set it apart from Reem A. Although both robots can perform face recognition, object recognition, voice recognition and walking, Reem B, can also converse with humans, walk dynamically, recognize and grasp objects, accept voice commands, and even remind appointments.
Davide Faconti from Pal Technology said: "Our dedicated team of engineers has worked hard for four long years to get to where we are today. This is an extremely proud moment for all of those who have worked tirelessly in helping to develop Reem B. The event will showcase a number of Reem B's advanced skills, including the ability to proficiently navigate a room and steer around obstacles." "Reem B is equipped with an infrared laser on its feet, allowing it to find its way and generate autonomously a map of its environment onto a computer screen which guests are able to witness in real time." added Faconti.
Reem B is also able to carry up to 25% of its weight, making it the world's strongest humanoid robot. In addition, the 1.47 meter tall robot has a fingered hand with 12 motors, and is able to manoeuvre up and down stairs, with added sensors to ensure that it avoids any obstacles. Reem B also boasts the longest battery autonomy of any robot - an impressive 120 minutes.
Basar Shueb, General Manager of Pal Technology said: "Pal Technology's ultimate goal is to create a truly useful humanoid service robot that will be able to help humans in the future with sophisticated tasks. Reem B is clearly aligned with this vision, not only representing the next generation of humanoid robotics, but a robot designed to assist people and not replace them." – Emirates News Agency, WAM
Saturday, June 28, 2008
Monday, May 5, 2008
Saudi Women: Untapped Economic Powerhouse
Saudi Women: Untapped Economic Powerhouse
Fatin Bundagji, fatin@bundagji.com
The economic status of women around the world needs immediate attention of the authorities concerned with national development. It is said that even though women make up half of the world’s population they are burdened to perform nearly two-thirds of its work hours; receive only one-tenth of its income; and own only one hundredth of its property.
Any wonder then, why the United Nations initiated the global campaign for “women’s empowerment” by centerstaging this burning issue in its Millennium Development Goals?
In the Middle East and North African region, it is estimated that by the year 2025 over 100 million jobs will need to be created to accommodate the influx of Arab youth entering the work force. It is also estimated that in spite of the heavy investment most Arab nations have made in women’s education, working women in the region make up only 32 percent of the region’s total work force — and within these unemployment statistics, highly educated women are known to be the most unemployed.
As for the unemployment situation of women in Saudi Arabia, one can only speculate with the absence of reliable data. But thanks to events such as the Saudi National Dialogues, and with the conclusion of the most recent 7th one, the general public knows that unemployment in general, and women’s unemployment in particular, is a clear and present danger waiting to explode if there are no immediate interventions from the authorities.
Old news, repackaged once again. So what then can we, as a nation, do about it, aside from talking?
There is no better time than now for us to capitalize on the resourcefulness and contributions of women as major market-creators — but we can only do that if we work hard at dismantling the cultural stereotypes attached to women’s employment that have been haunting us for the last 20 years. Dare we dream of the day when equal employment opportunities are readily available in Saudi Arabia to both men and women? Dare we dream of the day when our youth no longer need to migrate to neighboring countries in search of better employment opportunities and better living conditions? Dare we dream of a day where my country, the Kingdom of Saudi Arabia, becomes the “employer” of choice for our local youth as well as for job seekers around the world? I dare say that we can.
Savvy investors will be quick to notice that the first two paragraphs of my article describe a situation that seems catastrophic at first glance but beneath the surface lies a ripe investment opportunity waiting to be plucked. I think we all agree that it is high time that the private sector began to make its mark on our national economy by becoming more proactive in deciding who they can or cannot employ. After all, any — or all — current employment opportunities are made by them and as key stakeholders they have the legitimate right to make sure that their business objectives are met by those they believe are qualified and able to do so.
Women have tremendous economic and social power.
Recent surveys in a variety of countries show that women make up 80 percent of their families’ purchasing decisions. By employing women, companies will have the advantage of acquiring first-hand insight into the decision-making process of their key client, “the woman consumer”. Through the insight and perspectives brought on by women employees, managers, and CEOs, companies will be able to tap into new markets, develop new products and become better local and global competitors.
Even though I am advocating the integration of women into the work force, the core purpose of my argument is not only to do so for the sake of gender equality per se, but more for the sake of providing practical solutions for the benefit of all parties concerned: My country, our youth and our private sector enterprises. Toward this end, I will conclude with the following three points. First, integrating women into the national labor force is by default the reason behind the 50-year-old decision taken by our leadership to educate women; it is also by default the object of the 5-year National Development Plans initiated in the 1970s and still in progress today.
Secondly, based on that decision, it is payback time. The heavy investment of free education for Saudi women for over half a century needs to bear its fruits now — or else we will continue to add more women onto the backlog of unemployment that we are suffering from now.
And finally, and more importantly, the “second income” generated by respectable employment is to most Saudi women the critical dividing line between a lifestyle of poverty and the hope for a middle class one — and this fact alone is reason enough to convince all parties concerned that the ultimate benefits and prosperity brought on by the employment of women will fall on none other than on our nation itself.
Fatin Bundagji, fatin@bundagji.com
The economic status of women around the world needs immediate attention of the authorities concerned with national development. It is said that even though women make up half of the world’s population they are burdened to perform nearly two-thirds of its work hours; receive only one-tenth of its income; and own only one hundredth of its property.
Any wonder then, why the United Nations initiated the global campaign for “women’s empowerment” by centerstaging this burning issue in its Millennium Development Goals?
In the Middle East and North African region, it is estimated that by the year 2025 over 100 million jobs will need to be created to accommodate the influx of Arab youth entering the work force. It is also estimated that in spite of the heavy investment most Arab nations have made in women’s education, working women in the region make up only 32 percent of the region’s total work force — and within these unemployment statistics, highly educated women are known to be the most unemployed.
As for the unemployment situation of women in Saudi Arabia, one can only speculate with the absence of reliable data. But thanks to events such as the Saudi National Dialogues, and with the conclusion of the most recent 7th one, the general public knows that unemployment in general, and women’s unemployment in particular, is a clear and present danger waiting to explode if there are no immediate interventions from the authorities.
Old news, repackaged once again. So what then can we, as a nation, do about it, aside from talking?
There is no better time than now for us to capitalize on the resourcefulness and contributions of women as major market-creators — but we can only do that if we work hard at dismantling the cultural stereotypes attached to women’s employment that have been haunting us for the last 20 years. Dare we dream of the day when equal employment opportunities are readily available in Saudi Arabia to both men and women? Dare we dream of the day when our youth no longer need to migrate to neighboring countries in search of better employment opportunities and better living conditions? Dare we dream of a day where my country, the Kingdom of Saudi Arabia, becomes the “employer” of choice for our local youth as well as for job seekers around the world? I dare say that we can.
Savvy investors will be quick to notice that the first two paragraphs of my article describe a situation that seems catastrophic at first glance but beneath the surface lies a ripe investment opportunity waiting to be plucked. I think we all agree that it is high time that the private sector began to make its mark on our national economy by becoming more proactive in deciding who they can or cannot employ. After all, any — or all — current employment opportunities are made by them and as key stakeholders they have the legitimate right to make sure that their business objectives are met by those they believe are qualified and able to do so.
Women have tremendous economic and social power.
Recent surveys in a variety of countries show that women make up 80 percent of their families’ purchasing decisions. By employing women, companies will have the advantage of acquiring first-hand insight into the decision-making process of their key client, “the woman consumer”. Through the insight and perspectives brought on by women employees, managers, and CEOs, companies will be able to tap into new markets, develop new products and become better local and global competitors.
Even though I am advocating the integration of women into the work force, the core purpose of my argument is not only to do so for the sake of gender equality per se, but more for the sake of providing practical solutions for the benefit of all parties concerned: My country, our youth and our private sector enterprises. Toward this end, I will conclude with the following three points. First, integrating women into the national labor force is by default the reason behind the 50-year-old decision taken by our leadership to educate women; it is also by default the object of the 5-year National Development Plans initiated in the 1970s and still in progress today.
Secondly, based on that decision, it is payback time. The heavy investment of free education for Saudi women for over half a century needs to bear its fruits now — or else we will continue to add more women onto the backlog of unemployment that we are suffering from now.
And finally, and more importantly, the “second income” generated by respectable employment is to most Saudi women the critical dividing line between a lifestyle of poverty and the hope for a middle class one — and this fact alone is reason enough to convince all parties concerned that the ultimate benefits and prosperity brought on by the employment of women will fall on none other than on our nation itself.
Saturday, April 19, 2008
New capital city planned for UAE
New capital city planned for UAE
by Amy Glass on Thursday, 17 April 2008
zoomCAPITAL PLAN: The UAE will have a new capital city by 2028. (Getty Images)The UAE will have a new capital city by 2028 under development plans being unrolled through Abu Dhabi’s urban strategy framework.
The city, to be developed in Khalifa City near Abu Dhabi, will be a contemporary Arab city reflecting a sustainable economy rather than uncontrolled growth, UAE daily Khaleej Times reported on Thursday.
Design work has started on the new capital, which will span an area of 4,900 hectares and be located about 15km from Abu Dhabi city, the newspaper said.
Falah Al Ahbabi, director of Abu Dhabi’s Urban Planning Council, told the newspaper the new city would be able to accommodate three million people in less than 25 years.
The headquarters of all federal authorities, ministries and local government offices will be relocated to the new city to decrease pressure on Abu Dhabi city.
The city will also host residential units and office space, in a bid to meet the growing demand for Abu Dhabi commercial and residential property space.
Abu Dhabi launched its development plan last year, Plan Abu Dhabi 2030. The urban development strategy provides a framework for the UAE capital to guide planning decisions.
Under the plan, the city's population is projected to grow from 930,000 to over three million people by 2030.
by Amy Glass on Thursday, 17 April 2008
zoomCAPITAL PLAN: The UAE will have a new capital city by 2028. (Getty Images)The UAE will have a new capital city by 2028 under development plans being unrolled through Abu Dhabi’s urban strategy framework.
The city, to be developed in Khalifa City near Abu Dhabi, will be a contemporary Arab city reflecting a sustainable economy rather than uncontrolled growth, UAE daily Khaleej Times reported on Thursday.
Design work has started on the new capital, which will span an area of 4,900 hectares and be located about 15km from Abu Dhabi city, the newspaper said.
Falah Al Ahbabi, director of Abu Dhabi’s Urban Planning Council, told the newspaper the new city would be able to accommodate three million people in less than 25 years.
The headquarters of all federal authorities, ministries and local government offices will be relocated to the new city to decrease pressure on Abu Dhabi city.
The city will also host residential units and office space, in a bid to meet the growing demand for Abu Dhabi commercial and residential property space.
Abu Dhabi launched its development plan last year, Plan Abu Dhabi 2030. The urban development strategy provides a framework for the UAE capital to guide planning decisions.
Under the plan, the city's population is projected to grow from 930,000 to over three million people by 2030.
Saturday, March 29, 2008
Dubai carves new cultural landscape
Dubai carves new cultural landscape
by Lynne Roberts on Thursday, 27 March 2008
CULTURAL BRIDGE: The Sheikh Rashid bin Saeed Crossing will provide entry and exit points for the Creek Island on which an opera building will be constructed.A massive cultural project is to transform the banks of Dubai Creek into a ‘living museum,’ with an opera house, galleries, theatres and arts workshops covering over 20 kilometres, it was announced on Wednesday.
‘Khor Dubai,’ a national project to be built by the public and private sectors, will include more than 10 thematic museums, starting with the Messenger Mohammed Museum, and nine public libraries dedicated to poetry, music and literature.
Commencing at Shindagha, Dubai’s oldest neighbourhood at the mouth of Dubai Creek, it will stretch to the commercial district Business Bay, creating “the most comprehensive cultural destination in the world,” according to DIFC governor Omar Bin Sulaiman.
“Khor Dubai will be a unique area that will combine the past and the present to lay down the foundations for the future, merging the cultures of the world with icons of literature, art and creativity,” chairman of the recently established Dubai Culture & Arts Authority Sheikh Majid bin Mohammed bin Rashid Al Maktroum said at the launch.
by Lynne Roberts on Thursday, 27 March 2008
CULTURAL BRIDGE: The Sheikh Rashid bin Saeed Crossing will provide entry and exit points for the Creek Island on which an opera building will be constructed.A massive cultural project is to transform the banks of Dubai Creek into a ‘living museum,’ with an opera house, galleries, theatres and arts workshops covering over 20 kilometres, it was announced on Wednesday.
‘Khor Dubai,’ a national project to be built by the public and private sectors, will include more than 10 thematic museums, starting with the Messenger Mohammed Museum, and nine public libraries dedicated to poetry, music and literature.
Commencing at Shindagha, Dubai’s oldest neighbourhood at the mouth of Dubai Creek, it will stretch to the commercial district Business Bay, creating “the most comprehensive cultural destination in the world,” according to DIFC governor Omar Bin Sulaiman.
“Khor Dubai will be a unique area that will combine the past and the present to lay down the foundations for the future, merging the cultures of the world with icons of literature, art and creativity,” chairman of the recently established Dubai Culture & Arts Authority Sheikh Majid bin Mohammed bin Rashid Al Maktroum said at the launch.
Tuesday, March 25, 2008
GCC states to invest $120b in power and water sectors
Khaleej Times - 23/03/2008 [-] Text [+]
(MENAFN - Khaleej Times) The Gulf region is seeing an annual average increase in demand for power of around 8 per cent, according to industry experts.
With renewable water availability expected to fall and population rising rapidly, the region's authorities have to continuously increase supplies, said Neil Walker, an energy expert.
"With all the GCC countries requiring significant growth in the power and water sectors, an estimated $120 billion investment is anticipated in the industry over the next 10 years," he said.
The first phase of the GCC interconnection grid is due to come on-line in 2008, providing inter-connected states with the chance to improve the economic and operational efficiency of their local power systems, while strengthening supply reliability and security.
An estimated 8 per cent of all Arab investment will be going into the power sector over the next few years, providing excellent business opportunities across the Gulf region.
With over 120 exhibitors and over 3000 visitors expected from over 50 countries, Power-Gen Middle East will be the most important annual meeting place for international power and water executives from the MENA region.
Khaleej Times - 23/03/2008 [-] Text [+]
(MENAFN - Khaleej Times) The Gulf region is seeing an annual average increase in demand for power of around 8 per cent, according to industry experts.
With renewable water availability expected to fall and population rising rapidly, the region's authorities have to continuously increase supplies, said Neil Walker, an energy expert.
"With all the GCC countries requiring significant growth in the power and water sectors, an estimated $120 billion investment is anticipated in the industry over the next 10 years," he said.
The first phase of the GCC interconnection grid is due to come on-line in 2008, providing inter-connected states with the chance to improve the economic and operational efficiency of their local power systems, while strengthening supply reliability and security.
An estimated 8 per cent of all Arab investment will be going into the power sector over the next few years, providing excellent business opportunities across the Gulf region.
With over 120 exhibitors and over 3000 visitors expected from over 50 countries, Power-Gen Middle East will be the most important annual meeting place for international power and water executives from the MENA region.
Monday, March 24, 2008
HSBC Bank predicts a business boom for 2008
HSBC Bank predicts a business boom for 2008
By Mohamed Al Kady on Sunday, March 23 , 2008
The increase in wealth generated by oil and gas revenues in the GCC, especially in the UAE, is creating high growth rates in business opportunities and accordingly creating more potential for commercial banking in the region. Keith Bradley, regional head of commercial and transaction banking at HSBC Bank Middle East, told Emirates Business he expects between 15,000 and 18,000 new businesses to enter the UAE market this year due to the attractive business environment.
What is your outlook for the business environment in the GCC?
The oil and gas wealth, which the region is generating, is being largely reinvested in the GCC, which is fantastic for commercial banking because the wealth is flowing from government institutions and infrastructure programmes into the private sector, offering increasing opportunities for enterpreurers. For example, we have seen an increase in projects launched by nationals and young enterpreurers during the past four years. Young nationals and entrepreneurs are entering the market. We also see foreign investors and multinational businesses coming to the UAE.
What is the relative size of the small and medium enterprises (SMEs) sector in the UAE and the Middle East?
We carried out a study in early 2007 and we estimated there are around 120,000 businesses in the UAE. We estimated that this number has probably increased in 2007 by 15,000 to 18,000. We also expect the number of businesses in the UAE will grow at the same rate in 2008.
HSBC Commercial Banking also conducted surveys of the small business sector in key countries and territories around the globe. In Asia-Pacific, we found businesses are generally optimistic about local economic growth in the first half of 2008. In a similar survey of other markets around the world, UAE respondents indicated a very high level of confidence and 82 per cent, out of 339 respondents, said they expect local economic growth to accelerate in the first half.
Only nine per cent said they expect growth to slow. That confidence is translating into their business strategy as 78 per cent of SMEs in the UAE said they plan to grow their businesses in the first half and 76 per cent said they plan to recruit more staff. And they are also bullish on international trade as 84 per cent said they expect international trade to increase in the first half of 2008.
The confidence in this sector is exciting for HSBC because growth in trade and the diversification of the economy will lead to sustainable growth in the region.
What are the main drivers of growth for UAE businesses?
The business confidence in the UAE market is very high and it is growing. The government created an environment that allows a lot of freedom in terms of business. There are less restrictions and low taxes. Also, energy prices are lower than global rates. We see expansions in the Jebel Ali Free Trade Zone that other countries are copying now.
We also see the establishment of the Dubai International Financial Centre (DIFC), which is turning Dubai into the financial centre of the region. We have seen a lot of global financial institutions, asset management companies and large investment banks coming to the region after the creation of the DIFC. It is now becoming clearer that Dubai will be a major financial hub.
Other factors include the increasing domestic consumption as a percentage of the UAE’s gross domestic product. Look at the increasing number of shopping malls in the country and their high performance. And not only the increasing shopping malls, we have talked with owners of shops inside malls and they said that sales are increasing per square foot.
Despite these developments, the World Bank ranked the UAE 68th for “doing business”. What are your thoughts on that?
The report was surprising because businesses are happy with the environment in the country and global businesses are investing heavily in the UAE. Regarding small businesses, we have seen a significant portion of new businesses are start up entities. However, financial laws can always be improved in any country. One thing I am confident about in the UAE is that the government has taken this report and is reviewing it critically and it will take proper measures.
The government is very conscious about what it needs to do to continue economic progress. It has a fantastic record in taking steps to create infrastructure and a sound business environment. We support a large number of small businesses here and we have a big team to look after small business in the country.
We face some problems but the vast majority of small businesses in the country are doing very well. We are supporting about 15,000 businesses in the UAE and another 15,000 all over the Middle East. The number of small businesses that are being supported by HSBC increased by 40 per cent last year and we expect the same growth in 2008.
What is the impact of changes in global trade corridors from the West to the East?
These changes created new challenges for commercial banking. Historically, banks were not supportive of customers when they changed their operations from one country to another. An estimated 10 per cent to 11 per cent of GCC outward investment is going into Asia and this is expected to grow. HSBC has created centres to finance trade between China, India, Europe and Latin America.
Recognising there are important changes in international trade, we have put in place some new systems and a range of policies so that we can make sure we are much better placed to support customers who want to work in new countries. We have a very strong presence in Asia, the Middle East and Europe, and we are ideally located to support companies who are investing overseas in these areas.
Most regional banks are introducing Basel II regulations. What is the impact of these regulations on commercial banking?
The key challenge for bankers is to raise awareness among customers and businesses about the requirements of Basel II and its new regulations. There are significant changes that will have a very important impact on businesses including the way we look at our clients and how much we need to charge them according to risk prices for different customers.
There is a lot of complexity regarding financial adequacy rules and clients need to understand how these new regulations are going to work. In commercial banking under Basel I, all business had the same risk pricing rate and we provided the same rates for all business. But under Basel II, this changed and the risk pricing of capital required will change according to, among many other factors, the strength of the balance sheets of borrowers.
We will see reprising of risks among different segments of companies during the next two years. For large companies, there will be no changes because we will not need to provide more capital for the same services we offer them, but for companies with a weak balance sheet, banks will need to provide more capital for Central Banks and this will reflect in the risk pricing for them during the coming years.
What has been the impact of the sub-prime crisis on HSBC?
Despite the fact that we have substantial writing downs from our consumer lending business in the United States, we saw profits go up by 10 per cent in 2007 and this was a result of the growth we achieved in the Middle East and Asia. This is the benefit of being a global bank. In the Middle East, we are growing fast as HSBC has made a commitment to invest more in emerging markets and the Middle East is part of this expansion.
Keith Bradley
HSBC
Keith Bradley is the regional head of commercial and transaction banking for HSBC Bank Middle East. He joined the HSBC Group in January 1989 as an international manager. He took over his current position in July 2006. Prior to that his last assignment was senior executive for global commercial banking in Hong Kong. Bradley has worked in a variety of strategy, sales, product development and credit roles in Hong Kong, Vancouver, London and Jakarta. Educated in the United Kingdom, Bradley has a Master’s degree in business administration from Brunel University in the UK.
Last Update at 9:35 am on March 23, 2008
By Mohamed Al Kady on Sunday, March 23 , 2008
The increase in wealth generated by oil and gas revenues in the GCC, especially in the UAE, is creating high growth rates in business opportunities and accordingly creating more potential for commercial banking in the region. Keith Bradley, regional head of commercial and transaction banking at HSBC Bank Middle East, told Emirates Business he expects between 15,000 and 18,000 new businesses to enter the UAE market this year due to the attractive business environment.
What is your outlook for the business environment in the GCC?
The oil and gas wealth, which the region is generating, is being largely reinvested in the GCC, which is fantastic for commercial banking because the wealth is flowing from government institutions and infrastructure programmes into the private sector, offering increasing opportunities for enterpreurers. For example, we have seen an increase in projects launched by nationals and young enterpreurers during the past four years. Young nationals and entrepreneurs are entering the market. We also see foreign investors and multinational businesses coming to the UAE.
What is the relative size of the small and medium enterprises (SMEs) sector in the UAE and the Middle East?
We carried out a study in early 2007 and we estimated there are around 120,000 businesses in the UAE. We estimated that this number has probably increased in 2007 by 15,000 to 18,000. We also expect the number of businesses in the UAE will grow at the same rate in 2008.
HSBC Commercial Banking also conducted surveys of the small business sector in key countries and territories around the globe. In Asia-Pacific, we found businesses are generally optimistic about local economic growth in the first half of 2008. In a similar survey of other markets around the world, UAE respondents indicated a very high level of confidence and 82 per cent, out of 339 respondents, said they expect local economic growth to accelerate in the first half.
Only nine per cent said they expect growth to slow. That confidence is translating into their business strategy as 78 per cent of SMEs in the UAE said they plan to grow their businesses in the first half and 76 per cent said they plan to recruit more staff. And they are also bullish on international trade as 84 per cent said they expect international trade to increase in the first half of 2008.
The confidence in this sector is exciting for HSBC because growth in trade and the diversification of the economy will lead to sustainable growth in the region.
What are the main drivers of growth for UAE businesses?
The business confidence in the UAE market is very high and it is growing. The government created an environment that allows a lot of freedom in terms of business. There are less restrictions and low taxes. Also, energy prices are lower than global rates. We see expansions in the Jebel Ali Free Trade Zone that other countries are copying now.
We also see the establishment of the Dubai International Financial Centre (DIFC), which is turning Dubai into the financial centre of the region. We have seen a lot of global financial institutions, asset management companies and large investment banks coming to the region after the creation of the DIFC. It is now becoming clearer that Dubai will be a major financial hub.
Other factors include the increasing domestic consumption as a percentage of the UAE’s gross domestic product. Look at the increasing number of shopping malls in the country and their high performance. And not only the increasing shopping malls, we have talked with owners of shops inside malls and they said that sales are increasing per square foot.
Despite these developments, the World Bank ranked the UAE 68th for “doing business”. What are your thoughts on that?
The report was surprising because businesses are happy with the environment in the country and global businesses are investing heavily in the UAE. Regarding small businesses, we have seen a significant portion of new businesses are start up entities. However, financial laws can always be improved in any country. One thing I am confident about in the UAE is that the government has taken this report and is reviewing it critically and it will take proper measures.
The government is very conscious about what it needs to do to continue economic progress. It has a fantastic record in taking steps to create infrastructure and a sound business environment. We support a large number of small businesses here and we have a big team to look after small business in the country.
We face some problems but the vast majority of small businesses in the country are doing very well. We are supporting about 15,000 businesses in the UAE and another 15,000 all over the Middle East. The number of small businesses that are being supported by HSBC increased by 40 per cent last year and we expect the same growth in 2008.
What is the impact of changes in global trade corridors from the West to the East?
These changes created new challenges for commercial banking. Historically, banks were not supportive of customers when they changed their operations from one country to another. An estimated 10 per cent to 11 per cent of GCC outward investment is going into Asia and this is expected to grow. HSBC has created centres to finance trade between China, India, Europe and Latin America.
Recognising there are important changes in international trade, we have put in place some new systems and a range of policies so that we can make sure we are much better placed to support customers who want to work in new countries. We have a very strong presence in Asia, the Middle East and Europe, and we are ideally located to support companies who are investing overseas in these areas.
Most regional banks are introducing Basel II regulations. What is the impact of these regulations on commercial banking?
The key challenge for bankers is to raise awareness among customers and businesses about the requirements of Basel II and its new regulations. There are significant changes that will have a very important impact on businesses including the way we look at our clients and how much we need to charge them according to risk prices for different customers.
There is a lot of complexity regarding financial adequacy rules and clients need to understand how these new regulations are going to work. In commercial banking under Basel I, all business had the same risk pricing rate and we provided the same rates for all business. But under Basel II, this changed and the risk pricing of capital required will change according to, among many other factors, the strength of the balance sheets of borrowers.
We will see reprising of risks among different segments of companies during the next two years. For large companies, there will be no changes because we will not need to provide more capital for the same services we offer them, but for companies with a weak balance sheet, banks will need to provide more capital for Central Banks and this will reflect in the risk pricing for them during the coming years.
What has been the impact of the sub-prime crisis on HSBC?
Despite the fact that we have substantial writing downs from our consumer lending business in the United States, we saw profits go up by 10 per cent in 2007 and this was a result of the growth we achieved in the Middle East and Asia. This is the benefit of being a global bank. In the Middle East, we are growing fast as HSBC has made a commitment to invest more in emerging markets and the Middle East is part of this expansion.
Keith Bradley
HSBC
Keith Bradley is the regional head of commercial and transaction banking for HSBC Bank Middle East. He joined the HSBC Group in January 1989 as an international manager. He took over his current position in July 2006. Prior to that his last assignment was senior executive for global commercial banking in Hong Kong. Bradley has worked in a variety of strategy, sales, product development and credit roles in Hong Kong, Vancouver, London and Jakarta. Educated in the United Kingdom, Bradley has a Master’s degree in business administration from Brunel University in the UK.
Last Update at 9:35 am on March 23, 2008
UAE to spend $4.4b on infrastructure
UAE to spend $4.4b on infrastructure
Last Updated : Sunday 23 Mar, 2008 -
print this article email this article next story post your commentsUAE president Sheikh Khalifa bin Zayed al-Nahayan has allocated $4.4 billion for infrastructure projects in parts of the country, WAM said yesterday. The funds will go towards setting up new towns and intercity highways as well as stormwater and sewage systems in the northern emirates, WAM said without identifying which emirates will benefit from the projects.
Abu Dhabi and Dubai are both spending billions of dollars on their infrastructure. But northern emirates, including Ajman, Fujairah, Ras al-Khaimah, Sharjah and Umm al-Qaiwain, are growing at a much slower pace.
In a recent opinion survey conducted by DSL Exhibitions to gauge consumer concerns and satisfaction levels in the wake of the UAE property boom, researchers found several startling results that clearly demonstrated residents’ rising confidence in infrastructure development.
“We believe that the UAE is at an important turning point in its journey of development,” said Tessa Morris, marketing director of DSL Exhibitions - organisers of The Local Property Show. Most respondents felt that infrastructure development across the UAE had improved the property landscape
in terms of accessibility and facilities.
However, huge concerns remained over traffic congestions and inter-emirate travel, as 86 per cent felt traffic had either worsened or remained the same, while a whopping 63 per cent felt that travel across the various parts of the UAE had worsened. These were areas respondents felt policy makers should focus on urgently.
Last Updated : Sunday 23 Mar, 2008 -
print this article email this article next story post your commentsUAE president Sheikh Khalifa bin Zayed al-Nahayan has allocated $4.4 billion for infrastructure projects in parts of the country, WAM said yesterday. The funds will go towards setting up new towns and intercity highways as well as stormwater and sewage systems in the northern emirates, WAM said without identifying which emirates will benefit from the projects.
Abu Dhabi and Dubai are both spending billions of dollars on their infrastructure. But northern emirates, including Ajman, Fujairah, Ras al-Khaimah, Sharjah and Umm al-Qaiwain, are growing at a much slower pace.
In a recent opinion survey conducted by DSL Exhibitions to gauge consumer concerns and satisfaction levels in the wake of the UAE property boom, researchers found several startling results that clearly demonstrated residents’ rising confidence in infrastructure development.
“We believe that the UAE is at an important turning point in its journey of development,” said Tessa Morris, marketing director of DSL Exhibitions - organisers of The Local Property Show. Most respondents felt that infrastructure development across the UAE had improved the property landscape
in terms of accessibility and facilities.
However, huge concerns remained over traffic congestions and inter-emirate travel, as 86 per cent felt traffic had either worsened or remained the same, while a whopping 63 per cent felt that travel across the various parts of the UAE had worsened. These were areas respondents felt policy makers should focus on urgently.
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