www.abcc.org.uk
13 April 2011 Volume 34 Issue 7 business&projectnews Jersey sees increase in GCC bank deposits
About 12 per cent of the total £161.6 billion worth bank deposits held in Jersey, an offshore tax neutral jurisdiction, originate from the GCC, says a top official. Geoff Cook, chief executive of the Jersey Finance, a non-profit organisation representing Jersey's financial industry, said that there has been a surge in the deposits in the period ending 30 September 2010, compared with a year ago. "It is not because of higher return on deposits," he said. "What you get in Jersey is the fiscal neutrality, you don't have double taxation," he added. Jersey Finance, which represents over 200 banks, financial institutions, corporate services firms, trust companies and other specialised institutions, has opened its representative office in Abu Dhabi to promote the financial services it offers to sovereign wealth funds, high net worth individuals, family firms, high profile expatriate business executives
and NRIs. The office "will provide support services for regional companies in the banking, fund management, trust and legal industries with existing operations in Jersey, as well as acting as a hub to communicate the breadth and depth of its offshore financial services." The chief executive said that in order to diversify geographically, the association selected Abu Dhabi, which has a high growth potential for the future, following research in 2007. Jersey Finance will concentrate on promoting Jersey's expanding range of Shariah-compliant financial products, including Islamic asset management and fund domiciliation, Special Purpose Vehicles (SPVs), Sukuk structures and Islamic private wealth management. Jersey Finance marked the opening of its new representative office in Abu Dhabi with a reception
UK economy faces fragile recovery
The UK faces a fragile economic recovery, with a worrying overall picture, the latest quarterly survey from the British Chambers of Commerce (BCC) said. The BCC’s Quarterly Economic Survey (QES), released on 5 April, suggests that while the UK economy has returned to positive growth, disappointing results highlight the fragility of the recovery. The Q1 survey, combining 6,000 responses from businesses across the country, is likely to have been negatively affected by weather- related disruptions in December; however, this aside, the overall picture is still worrying. While balances for the manufacturing sector remain positive and exports are still strong, there has been a worsening across all the key balances, pointing to a difficult economic environment in Q1. The service sector shows mixed results.
Though many balances have risen in the last quarter, the improvement is slight and still inadequate. Export activity fell slightly but remains strong, particularly in the manufacturing sector. The manufacturing export sales balance fell seven points, to +30%. The manufacturing export orders balance fell 13 points, to +26%. Both manufacturing balances remain relatively high in absolute terms. For both sectors, the export balances remain stronger than the home balances. This suggests a sluggish domestic market in the UK, with businesses are more likely to see growth from overseas than at home. For further information see:
http://www.britishchambers.org.uk/zones/polic y/press-releases_1/bcc-disappointing- economic-survey-results-highlight-challenges-
ahead.html
Central Bank of Egypt drafts new bank law
The Central Bank has announced the drafting of a new banking law. The Board of Directors for the CBE will launch a global study to modify the bank's law issued in 2003. The decision aims to "modernize the law in the light of shortcomings that appeared in its application during the last years", a statement read. Farouq Al-Oqda, CBE governor, said the amendments will cover three main areas. The first is the governance of banks, particularly public ones. "The role of the board of directors of the bank should be defined in a better way," said Al-Oqda
in the press release. The second area involves defaulting, with the bank saying procedures will be accelerated that allow banks to recover funds in order "to protect depositers money". The third change will reinforce the rules of CBE supervision over other banks. The CBE chairman promised that a wide consultation with banks and experts will take place before the drafting of the amendment via an action group headed by Ziyad Bahaa Eddine, the former chairman of the Egyptian Financial Supervisory Authority. Ahram Online, 24/03/2011
at the British Embassy hosted by Ambassador Dominic Jermey CVO, OBE and for Senator Philip Ozouf, States of Jersey Deputy Chief Minister and a Jersey Finance delegation. Shaikha Lubna Al Qasimi, UAE Minister for Foreign Trade, was the guest of honour on this occasion. She said: "Growth in the UAE economy will continue to rely on the flow of capital throughout the world in a safe and regulated way." The Gulf and Jersey have links in terms of business bank deposits, family deposits, fund management, Sukuk structures, asset management and private wealth management. Banking institutions from the UAE with offices in Jersey include Emirates NBD, National Bank of Abu Dhabi and HSBC Middle East, among others, all offering a range of services to both the local and expatriate community. Khaleej Times, 24/03/2011
Abu Dhabi launches new tourism
ad campaign Abu Dhabi is stepping up its efforts to become a major tourism destination with a new advertising campaign targeting more than 1.8bn people. Phase 2 of the UAE capital's global advertising campaign will roll out this month, Abu Dhabi Tourism Authority said in a statement. The authority is aiming to attract two million hotel guests to the emirate in 2011, rising to 2.3 million in 2012. The campaign - a follow-up to the original push last year - will demonstrate Abu Dhabi's rich tapestry of cultural offerings, its natural and geographic assets, as well as its ever-expanding leisure attractions portfolio, ADTA said. The tourism drive also aims to boost sector revenues by increasing average length of stay. "This TV, print, radio and online campaign will put Abu Dhabi in front of high-end potential visitors and demonstrate the emirate's credentials as a luxury destination with market-leading product offerings," said Claire Micheletti, marketing division director, ADTA. The emirate's projected room supply is estimated to reach some 35,000 rooms by 2015, with 16,000 currently under construction. From April to December, the campaign will run in Europe with emphasis on France, Italy, the UK, Germany and Russia; Asia with emphasis on India, South East Asia, Japan and Korea, as well as Australia and North America. Print, online and TV advertisements are already underway throughout the GCC with an emphasis on the UAE, Saudi Arabia, Qatar and Kuwait. UAE Interact, 05/04/2011
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