gulf business | september 2011

8/4/2019 Gulf Business | September 2011

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2/102

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6/102

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11/102

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12/102

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15/102

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18/102

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19/102


20/102

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21/102

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22/102

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23/102

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24/102

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25/102

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26/102

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27/102


28/102

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29/102


30/102

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lirdqleg mkrlxkc km{vl}lxlde mkrkolclxlf}%

Oken fzfmvxlqf} wdvch hd wfcc xd of mkvxldv}ad edw le khdrxleg kggf}}lqf rdgkiif} klifh

kx fzrke}lde keh mv}xdif km{vl}lxlde}% Xjf

ckvemj da efw }fqlmf} keh lemfk}leg fircd|ff

eviof} ilgjx wfcc of of}x rvx de jdch d kx cfk}x

}cdwfh vexlc ke faafmxlqf }xkxfg| xd xkmncf xjf efw

fgvckxlde} l} rvx le rckmf% Oken} xjkx fzmfc le

okckemleg xjf f{vlfifex} da fzxfekc fgvckxlde

wlxj ke lexfekc hf}lf ad fzrke}lde wlcc of ofxxf

rdl}fh xd xknf khqkexkgf da xjf efw edikc%

Nffrleg le ileh xjfl dwe drfkxleg feqldeifex}

keh xjf mjkegleg rd}xvf da fgvckxd}# oken} effh

xd hfxfilef jdw xd klqf kx xjf rdrf okckemf%

Fvgfef K% Cvhwlg#advehf keh mjlfa fzfmvxlqf daRdidexd| Alekemlkc Gdvr


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32/102


33/102

MDIIFEX

xJF XKZ CKEH]MKRF DA XJF ILHHCF FK]Xl} mjkegleg hkikxlmkcc|# odxj ad cdmkc keh adflge mdirkelf}% Ike|mdvexlf} le xjf fglde kf khdrxleg efw xke}af rlmleg rlemlrcf} kehwlxjjdchleg xkz fglif}% Xjf ifiof }xkxf} da xjf Gvca MddrfkxldeMdvemlc *GMM, jkqf hfmlhfh xd lexdhvmf qkcvf khhfh xkz *QKX, le xjflmdvexlf} le xjf efk avxvf# k xvf lehlfmx xkz fqdcvxlde% Xjf eviof

da xkz xfkxlf} da Ilhhcf Fk}xfe }xkxf} wlxj mdvexlf} le xjf f}x da xjf

wdch l} krlhc| lemfk}leg% Mdvexlf} }vmj k} Lk{# Nvwklx# Dike keh

[kxk jkqf }ck}jfh mdrdkxf xkz kxf}# wjlcf }lgelalmkex fhvmxlde}kc}d xddn rckmf le Fg|rx keh ]kvhl Kkolk% Kx xjf }kif xlif# le ike|

mdvexlf} xjf xkz ok}f jk} offe odkhfefh# fzfirxlde} jkqf offe

mvxklcfh keh xkz hfhvmxlocf fzrfe}f} ekdwfh%

Wlxj xjf idhfel}kxlde da xjfl xkz fglif}# Ilhhcf Fk}x gdqfeifex}

kf x|leg xd iknf xjfl mdvexlf} idf kxxkmxlqf xd adflge leqf}xd}%

Adflge hlfmx leqf}xifex *AHL, l} }ffe o| ike| kvxjdlxlf} k} k

mdef}xdef da hfqfcdrifex# jfemf xjf fmfex fckzkxlde da f}xlmxlde}

de AHL le xjf Ilhhcf Fk}x%

Xjf hf}lf ad hlqf}lalmkxlde l} kc}d rf}fex le xjf fkci da xkzf}%

Ike| gdqfeifex} wjd}f fqfevf} kf jfkqlc| hfrfehfex de xjf

fefg| }fmxd wkex xd lemfk}f xjf fckxlqf lirdxkemf da idf edikc

xkz fqfevf}# lemcvhleg lehlfmx xkzf}# }vmj k} QKX%

O| keh ckgf# xjf idhfel}kxlde da xkz ifk}vf} }jdvch ofwfcmdifh# k} xjf| oleg xkz ckw} keh fgvckxlde} idf le clef wlxj

ikle}xfki lexfekxldekc rkmxlmf}% Ad fzkircf# xjf DFMH)akqdvfh

ki} cfegxj rlemlrcf ad xke}af rlmleg l} edw fe}jlefh le

cfgl}ckxlde le Fg|rx# Dike# [kxk keh ]kvhl Kkolk

keh fmdgel}fh le rkmxlmf o| dxjf mdvexlf} le

xjf fglde%

Xjkx }klh# xjf rd}lxlqf faafmx da xjf daxfe khlmkc

al}mkc mjkegf} wlcc hfrfeh xd k qf| ckgf fzxfex

de xjf wk| gdqfeifex} keh mdirkelf} rfrkf

keh fzfmvxf xjfl lircfifexkxlde% Al}x da kcc# lx

l} mcfk xjkx xjf lexdhvmxlde da ike| efw ckw}

keh vcf} mde}xlxvxf} k }lgelalmkex mjkccfegf ad

ekxldekc al}mkc kvxjdlxlf}% Lx l} femdvkgleg xd }ff

xjkx qkldv} xkz kgfemlf} le xjf fglde kf xknleg

vr xjf mjkccfegf o| idhfel}leg xjfi}fcqf}%

Xjf| kf mdexkmxleg fzrflfemfh }xkaa# xkleleg

fzl}xleg rf}deefc# lemfk}leg f)mdiivelmkxlde

wlxj xkzrk|f} keh ok}leg xjf }fcfmxlde da kvhlx

xkgfx} de k l}n)ok}fh kekc|}l}% Xkz kgfemlf} mdvchkc}d }xkehkhl}f keh }lircla| xjfl rdmfhvf}

keh mckla| xjf wk| xjf| lexfeh xd lircfifex xjf

efw vcf}% Ad xkzrk|f}# f}rfmlkcc| ivcxlekxldekc

mdirkelf}# lx l} da rkkidvex lirdxkemf xjkx

xjf| nedw jdw xkz kvxjdlxlf} wlcc lexfrfx efw

xfkxlf}# ckw} d fgvckxlde}%

Mdirkelf} hdleg ov}lef}} le xjf Ilhhcf

Fk}x }jdvch kc}d khkrx xd xjf efw xkz fkclxlf}%

Le gfefkc# xjf xkz mjkegf} kf rd}lxlqf ad

ivcxlekxldekc fexfrl}f} k} xjf| wlcc kccdw ad

ofxxf kclgeifex da xjfl xkz kmmdvexleg le xjf

Ilhhcf Fk}x wlxj xjfl xkz kmmdvexleg le xjf

f}x da xjf wdch% Kx xjf }kif xlif# lx l} mcfkxjkx mdirkelf} iv}x iknf k }lgelalmkex faadx xd

ikzlil}f xjf ofefalx} keh ilelil}f xjf l}n} da

xjf rdadveh mjkegf}%

Mdirkelf} }jdvch fe}vf xjfl hdmvifexkxlde

le }vrrdx da xke}af rlmleg hfml}lde} l} dov}x#

k} xjl} l} clnfc| xd of ke kfk da admv} k} xkz

kvxjdlxlf} lemfk}f xjfl fqlfw} da mdirke|

kmmdvex}# hfml}lde} keh hdmvifexkxlde% Fqfe

wlxj xjf of}x lexfexlde} de odxj }lhf}# mdeaclmxleg

lexfrfxkxlde} keh qlfwrdlex} kf lefqlxkocf le k

}lxvkxlde da krlh keh rdadveh mjkegf}% Mdirkelf}

}jdvch# xjffadf# rfrkf keh khkrx edw%

]jfrla Fc Nlcke|# IFEKxkz cfkhfr# Fre}x ! \dveg


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35/102

MDIIFEX

cK]X \FK_# K] RK_X DA DV_ MDIILXIFEXk }kqleg} mvcxvf le xjf fglde# wf ckvemjfh xjf gdvehofknleg

Ekxldekc Odeh} ]kqleg} Lehfz% Xjf }xvh| wk} k al}x)da)lx} nleh lexjf VKF# keh rdqlhfh ke le}lgjx lexd xjf }kqleg} jkolx} da VKF

f}lhfex}% Xjf f}vcx} }jdwfh k wd|leg ckmn da lexff}x le }kqleg}

d vehf}xkehleg da xjfl lirdxkemf%

Wf fmfexc| keedvemfh xjf f}vcx} da xjf }fmdeh wkqf# xjf ?2;;

Ekxldekc Odeh} ]kqleg} Lehfz# wjlmj fqfkcfh xjkx elef dvx da ;2

VKF f}lhfex} kf edx mdealhfex le xjfl mvfex }kqleg}# keh kcid}x

jkca da xjf rdrvckxlde }kqfh ivmj cf}} xjke xjf| jkh rckeefh xd ck}x

|fk% Avxjfidf# 7; rf mfex da f}rdehfex} }klh xjkx xjf| hd edx

}kqf fgvckc|% Kdveh def xfexj da xjd}f }vqf|fh hfmckfh edx

ikhf ke| kxxfirx} xd }kqf kx kcc% Da xjf ckxxf# xjff {vkxf} ockifh

l}leg fzrfe}f}# clkolclxlf} keh cdke} ad xjfl lekolclx| xd }kqf%

Xjf Lehfz kikcgkikxf} f}rde}f} le xjff nf| kfk} *f}rdehfex}

rfmfrxlde da xjfl }kqleg} rdxfexlkc# xjf }kqleg} feqldeifex kdvehxjfi# keh xjfl dwe alekemlkc }xkolclx| le xjf efk avxvf, lexd ok}f

qkcvf} xjkx mke of v}fh k} k akif da faffemf xd ifk}vf mjkegf}

le }kqleg} }fexlifex}% Xjf ?2;; Ekxldekc Odeh}

]kqleg} Lehfz lehlmkxf} ke lemfk}f le }kqleg}

rdxfexlkc# keh k hfmfk}f kmd}} kcc dxjf

mdirdefex} kideg VKF f}lhfex} mdirkfh

xd ?2;2# wlxj VKF Ekxldekc} keh Wf}xfe Fzrkx}

fzrflfemleg k hdr le xjfl }kqleg} }fexlifex}%

Da xjf hlaaffex ekxldekclx| gdvr}# K}lke fzrkx}

keh Kko fzrkx} }jdwfh ke lemfk}f le xjfl

}kqleg} }fexlifex} dqf xjf rk}x |fk%

Da xjd}f wjd hd }kqf# 18 rf mfex khilxxfh

xjkx xjf kidvex l} v}vkcc| cf}} xjke k alaxj da

xjfl lemdif# wjlcf kideg VKF ekxldekc} keh

Kko fz)rkx} }rfmlalmkcc|# 82 rf mfex mckli xd

}kqf cf}} xjke k xfexj da xjfl lemdif% Dqfkcc

xjf xfeh} }jdw xjkx Wf}xfef} keh K}lke} }kqfolggf kidvex} xjke dxjf }fgifex} da xjf }dmlfx|%

Wd|legc|# f}rdehfex} hfmckfh xjkx xjf| kf

}rfehleg idf idef| xjke ck}x |fk de fqf|hk|

fzrfehlxvf} }vmj k} gdmflf}# xke}rdxkxlde#

jdv}fjdch lxfi} keh vxlclxlf}% Hlaaffex filkxf}

}jdwfh hlaaffex rkxxfe}0 ]jk`kj f}lhfex} mckli

xjf| kf }rfehleg idf idef| de efmf}}lxlf}

}vmj k} gdmflf}# jdv}fjdch lxfi} keh mjlchfe}

fhvmkxlde# wjlcf Kov Hjkol f}lhfex} ockif

lemfk}fh fzrfehlxvf de xke}rdxkxlde# fex}#

fkxleg dvx keh ov|leg cvzv| lxfi}%

Dqfkcc# wf jkqf }ffe xjkx wjlcf xjff

l} k wlcclegef}} xd }kqf# xjff l} k ckmn davehf}xkehleg da jdw xd }kqf% Xjf}f f}vcx}

kf wd|leg ad dv fmdedi|# keh k} k f}vcx#

Ekxldekc Odeh} jk} rcfhgfh xd ckvemj k

ekxldewlhf alekemlkc fhvmkxlde dkh}jdw klileg kx

fhvmkxleg xjf mdiivelx| de jdw xd ikekgf xjfl

}rfehleg keh rcke xjfl }kqleg}% Xjf dkh }jdw

}jdvch ofgle le xjf advxj {vkxf da xjl} |fk%

Xjl} l} edx `v}x kodvx mde}vif kxxlxvhf mjkegf%

Xjf mjkegf le xjlenleg effh} xd ofgle wlxj xjf

mdrdkxlde} xjkx fircd| rfdrcf vr xd xjf oken}

keh alekemlkc le}xlxvxlde} xjkx khql}f xjfi% Wf wlcc

cddn adwkh xd fqf|def} }vrrdx le dv hlqf%

Idjkiifh [k}li Kc Kcl# MFD#Ekxldekc Odeh} Mdrdkxlde%


36/102

Gffe}rke }klh xjf Gvca} efk)fmdh

leackxlde kxf} mdvch of fk}fh }lgelalmkexc|

o| hdrrleg xjf hdcck rfg% _kirkex fkc

f}xkxf rlmf} keh }vo}f{vfexc| }dkleg

jdv}leg keh fexkc md}x} jkh cfh xd

vexfekocf cfqfc} da leackxlde le xjf ve vrxd xjf alekemlkc ml}l}%

Xdhk|# leackxlde l} ivmj cdwf#

rkxc| hvf xd xjf ik}}lqf dqf}vrrc|

le f}lhfexlkc keh mdiifmlkc rdrfx|#

ovx xjff kf }lge} xjkx rdocfi} mdvch

}rleg okmn# wlxj ]kvhl Kkolk akmleg

xjf olggf}x xjfkx# kmmdhleg xd kekc|}x}%

]kvhl f}lhfexlkc rdrfx| rlmf} d}f 12

rf mfex hvleg xjf al}x jkca da xjf |fk#

keh wlxj xjf qk}x leqf}xifex rcfhgf}

o| qkldv} gdqfeifex} keh jkehdvx}#

leackxlde mdvch f}mkckxf {vlmnc|# k frdx

XJF CKXF]X HFOX ml}l} le xjf Wf}x

jk} cfh xd xjf rkleavc fkcl}kxlde xjkx

xjf Gvca iv}x f)drfe xjf leqf}xlgkxlde

lexd xjf mdexdqf}lkc hdcck rfg keh lx}

hfrfehfem| de dlc% GMM gdqfeifex}

jkh jdrfh xjf mk}f alcf de xjf xwd

olggf}x fmdedilm xkodd} jkh offe

mcd}fh% Ovx le clgjx da xjf V] hdcck

hdwegkhf le fkc| Kvgv}x# fgldekc

mfexkc oken} jkqf akmfh fefwfh

rf}}vf xd hdr xjfl hdcck rfg}%

Rcv} xjff kf af}j mdemfe} xjkx xjf

rfg f}xlmx} xjf Gvca} kolclx| xd algjx

leackxlde o| admleg lx xd }jkhdw V]

idefxk| rdclm|%

Wlxj xjf V] Afhfkc _f}fqf mvxxleg

kxf} xd wkh daa k fmf}}lde# fgldekcrdclm|iknf} ik| aleh lx hlaalmvcx

xd mdexdc leackxlde wlxj xjf md}x da

oddwleg kx jl}xdlm cdw}% Gvca mfexkc

okenf} akmfh k }lilck }fx da rdocfi}

hvleg xjf ?22: fmf}}lde% Rcv}# wlxj

kedxjf }fldv} }cdwhdwe cddileg# xjff

kf afk} xjkx k frfkx hdr le gcdokc

fefg| hfikeh mdvch mvx xjf dlc lemdif

ad mvhf rdhvmf} le xjf fglde%

HDCCK_ HF@K QV

Le ?22:# adif Afh Mjklike Kcke


37/102

o| MO _lmjkh Fccl} }klh fmfexc|%

V] Rf}lhfex Okkmn Dokik jk} ikhf

lx mcfk xjkx V] lexff}x kxf} wlcc fikle

cdw vexlc ?2;=# glqfe xjf akglcf ekxvf

da xjf fmdedi|% K} k f}vcx# ]kvhl akmf}

}jdx xfi rf}}vf de leackxlde#

kmmdhleg xd Idjkikh Jkwk# jfkh da

Ifek f{vlx| }xkxfg| keh alekemlkc}

f}fkmj kx Mfhlx ]vl}}f Leqf}xifex

Okenleg% Kcxjdvgj jf khhfh0 Ifhlvi)

xd cdeg)xfi# xjf mde}xvmxlde da 622#222

efw jdif} k} keedvemfh o| xjf Nleg

}jdvch fk}f xjl} rf}}vf# k} hfclqf| wlcc

}xkx le k afw |fk}%

Hdcck wfknef}} mke rdxfexlkcc| }xdnf

GMM leackxlde o| kc}d rv}jleg vr md}x}

da lirdxleg gddh} xd xjf fglde% Ovx

mfexkc oken mjlfa} le xjf fglde jkqf

le fmfex wffn} }rdnfe le akqdv da

fxkleleg xjf rfg%Wf kf rfggfh xd xjf hdcck keh

wlcc nffr lx% Wf hdex }ff xjf hdcck

mdcckr}f# Idjkifh Kc Xkilil# xjf

hfrvx| fzfmvxlqf hlfmxd da xjf VKF

Mfexkc Oken Xfk}v| Hfrkxifex# wk}

{vdxfh k} }k|leg le k frdx o| _fvxf}%

Ifkewjlcf# rdclm|iknf} le _l|khj

jkqf kgvfh xjkx acdkxleg xjf ]kvhl l|kc

wdvch edx of krrdrlkxf ad ke fmdedi|

xjkx fclf} de dlc fzrdx}%

FV_D MDEXKGLDE

Dvx}lhf xjf al}mkc wdf} le xjf V]# xjffkf gdwleg mdemfe} kodvx xjf fzxfex

da xjf xjfkx rd}fh o| Fvdpdef hfox

rdocfi}% Glqfe xjkx GMM }xkxf} kf

lexlikxfc| mdeefmxfh xd Fvdrf# xjff

l} fzrfmxfh xd of }jdx)xfi fmdedilm

keh iknfx xvovcfemf% GMM }xdmn} jkqf

fiklefh hfrf}}fh# rkxc| dqf afk}

da k mdexkglde adi Fvdrf k} alekemf

mjlfa} }rfex Kvgv}x kxxfirxleg xd }xdr

Lxkc| ofmdileg xjf efzx qlmxli da xjf

}dqfflge hfox xdvocf}%

Cdeg xfi xjdvgj# fmdedil}x} kf

wkeleg xjkx k wlhf}rfkh hfox hl}k}xf

mdvch `fdrkhl}f xkhf keh leqf}xifex

ofxwffe xjf GMM keh xjf Fvdpdef%

GMM)ok}fh }dqfflge wfkcxj aveh} keh

rlqkxf leqf}xd}# wjlmj kf efx fzrdxf}

da mkrlxkc xd mdvexlf} clnf xjf VN keh

Gfike|# akmf xjf l}n da }v}xkleleg

}vo}xkexlkc cd}}f} kmd}} xjfl rdxadcld}%

Ckxf}x algvf} }jdw xjf ;7)ekxlde ocdm

gfw o| `v}x 2%? rf mfex de k {vkxfc|

ok}l} wlxj kekc|}x} fzrf}}leg mdemfe

dqf }cvggl}j GHR gdwxj le Gfike|#

wjlmj jkh offe hlqleg Fvdrf}

fmdedilm fmdqf|%

Xjf }lcqf cleleg le kcc xjl} ad Gvca

}xkxf} mdvch of xjkx kilh xjf fmdedilm

xvidlc gdqfeifex kdveh xjf wdch

wlcc clnfc| hlxmj xjfl }fkmj ad

kcxfekxlqf }dvmf} da fefg|# cfkqleg xjf

hdd drfe ad }xdeg avxvf dlc hfikeh%]jlnkexj ]# Ad}x ! ]vcclqke} lehv}x|

kekc|}x ad okenleg keh alekemlkc

}fqlmf}# }klh Fvdrf ik| wlxef}} k

ikglekc hfmclef le hfikeh ad fefg|

hvf xd xjf vemfxklex| le xjf fglde% La

xjf alekemlkc xdvocf} da Fvdrf }rfkh#

xjf mdexlevkxlde da xjf mdemf}}lde} glqfe

xd xjf fefwkocf fefg| wlcc of hfokxfh

keh ilgjx kc}d of wlxjhkwe% Xjkx mdvch

of k rd}lxlqf ad xjf Gvca ]xkxf}%

DLC HFIKEH

\fx# k mdcckr}f le gcdokc fefg| hfikeh

keh k cdw dlc rlmf mke efqf of rd}lxlqf

ad xjf Gvca% Id}x wd|legc|# alekemlkc

kekc|}x} kf jfkqlc| hdwegkhleg

fmdedilm gdwxj ad xjf V]# xjf wdch}

ckgf}x dlc mde}vif%

Hfvx}mjf Oken fql}fh lx} adfmk}x}

ad V] ?2;;[8 GHR gdwxj adi 8%=

rf mfex xd xjff rf mfex% Ifkewjlcf#

Okmck|} Mkrlxkc fhvmfh lx} hfikeh

adfmk}x ad dlc ad odxj ?2;; keh ?2;?%

Dlc mkxfc Drfm keh xjf Lexfekxldekc

Fefg| Kgfem| jkqf kc}d xliifh xjfl

f}xlikxf}% Le gfefkc# xjff l} mdemfe}v}

xjkx glqfe xjf gfefkc dvxcddn da xjf

ikmd)fmdedi|# xjf }xkxf da dlc hfikehhdf} edx }ffi rkxlmvckc| jfkcxj|%

Ovx }dif ofclfqf xjkx dlc rlmf} wdvch

jkqf xd akcc hkikxlmkcc| xd xjfkxfe xjf

ovhgfx} da GMM dlc fzrdxf}% Mfhlx

]vl}}f} Idjkikh Jkwk }klh rlmf}

jkqf xd hdr vr xd =2 rf mfex ofadf

gdqfeifex} afk xjf l}n da cdwf

rvoclm }rfehleg%

Flxjf wk|# xjf mvfex vemfxklex|

ik| of admleg Gvca gdqfeifex} xd hd

}dif }dvc }fkmjleg# rkxlmvckc| dqf

xjfl hfrfehfemf de dlc% Lx jlx} xd xjf

jfkx da xjf hlqf}lalmkxlde faadx} lexjf ck}x hfmkhf# wjlmj }dif }k| effh

xd of kmmfcfkxfh%

Xjkx dlc l} xkhfh le hdcck} wlcc of

k mdirfccleg fk}de xd nffr xjf rfg xd

xjf gffeokmn% Mdirkfh xd ?22:# GMM

}xkxf} kf le ofxxf }jkrf# wlxj jfkcxjlf

ovhgfx} xjken} xd k |fk da jlgj dlc

rlmf}# rcv} oken} wlxj }xdegf# idf

cl{vlh okckemf }jffx}% Ovx lx} |fx xd of

}ffe jdw ivmj idf gcddi| fmdedilm

efw} xjf fglde mke fzrfmx dvx da Fvdrf

keh V] ckxf xjl} |fk%


38/102

LE ?226# K gdch v}j da lelxlkc rvoclm

daafleg} *LRD}, wk} le xjf wdn}%

Kov Hjkol)ok}fh Kkok Rfxdcfvi

Leqf}xifex} Md} 66 rf mfex acdxkxlde

da }jkf} wk} :22 xlif} dqf}vo}mlofh#

wjlcf kodvx jkca da ]kvhl Kkolk}

rdrvckxlde krrclfh ad }jkf} le Oken Kc

Olckh xjkx }kif |fk%

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39/102

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41/102

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44/102

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45/102

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46/102


47/102

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48/102

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49/102

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50/102

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51/102

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52/102

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53/102

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54/102

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da k}}fx}# ovx Cffikee }klh o| xjf

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drfefh k okemj le Kov Hjkol le Krlc#

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qf| kxxkmxlqf%

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le ]wl}} akem}# l} |dv cd}f dvx de xjf

mvfem| }lxvkxlde% Xjf fqfevf} kf

le Fvd keh V]H# ovx xjf mvfem| jk}

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}d ikgle} jkqf offe wfknfefh% Xjfe

khh xjl} xd k hvcc iknfx feqldeifex

keh lx iknf} rfdrcf qf| l}n)kqf}f%

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mdirfxlxd}# Akcmde jk} xjf ofefalx da

kglclx| keh mke hfrcd| mkrlxkc xd f}}fexlkc

iknfx} clnf xjf Ilhhcf Fk}x% Mdirkfh

xd xjf olggf rck|f} le rlqkxf okenleg#wf mke kmx ivmj idf {vlmnc| de xjf

gdveh le xjf fglde% Id}x da xjf olg

jlxxleg oken} wlcc }ff xjf IFEK fglde

k} `v}x kedxjf fglde# wjff lexfekc

mkrlxkc kccdmkxlde} kf mdirfxleg wlxj#

ad fzkircf# fglde} clnf Kalmk keh K}lk%

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efxwdn# wjlmj ifke} xjfl idef| d

krrfxlxf ik| edx efmf}}klc| of xjff%

Wf hdex jkqf xjl} rdocfi# jf }klh%


55/102

Mfhlx ]vl}}f jfch (:16 olcclde le gcdokc

rlqkxf okenleg k}}fx} le ?2;2# vr ;;%61

rf mfex de xjf rfqldv} |fk# kmmdhleg

xd xjf ]mdrld Rkxef}jlr Rlqkxf

Okenleg ofemjikn }xvh|% Jdwfqf#

xjf ]wl}} alekemlkc }fqlmf} mdirke|#

clnf ike| gcdokc oken}# jk} fzrflfemfh

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fqfevf} }cvirfh le xjf akmf da xjf

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akccleg o| 6? rf mfex xd ]A71:i *(

xjf hlaaffemf edw

l} xjkx le clgjx da

mvfex mjkccfegf} le

ikxvf iknfx} xjff

l} fefwfh wfkcxj

mfkxlde le Mjlek#

Lehlk# IFEK keh

fifgleg iknfx} le

gfefkc% Le kcc xjf}f

cdmkxlde}# wfkcxj

ikekgfifex wlcc

xjlqf# jf }k|}%

Mfhlx ]vl}}f jk}

kcwk|} mde}lhffh

IFEK xd of

kideg lx} rldlx|

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l} k ak}x)gdwleg }fgifex# kmmdvexleg

ad kodvx def xjlh da dv k}}fx} vehf

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rfilvi khqlmf keh mclfex ikekgfifex%

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xd dv cdeg)xfi }vmmf}}%

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le Hvokl xjke xjf f}x da xjf Gvca k}

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leak}xvmxvf%

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xjf Ilhhcf Fk}x k} Hkjf ovlch} vr jl}

xfki% Wf kf xknleg kmxlde xd kh`v}x

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fckxlqf xd mclfex drrdxvelxlf} keh

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fkclgeleg f}dvmf} xd gdwxj kfk}%

Hkjf ofclfqf} xjf wk| xd mdiokx xjf

fzxfif cfqfc} da vemfxklex| adi iknfx}

l} xd }xk| mcd}f |dv mv}xdif} ofmkv}f#

le xdhk|} mclikxf# mclfex} kf ofmdileg

lemfk}legc| `lxxf| keh# le }dif mk}f}#

idf nedwcfhgfkocf# wlxj lemfk}legc|

}drjl}xlmkxfh alekemlkc f{vlfifex}%

Xd iklexkle }xdeg fckxlde}jlr}# |dv

effh xd of kocf xd rkxef mclfex} wlxj

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xd kmjlfqf xjfl k}rlkxlde}% Xjf iknfx}

kf mdircfz% Mcfkc|# wf kf akmleg

k mjkccfegleg fmdedilm keh iknfx

feqldeifex keh L ofclfqf xjkx lx} gdleg

xd of k hlaalmvcx |fk kcc dveh%


56/102

]kvhl Kkolk l} cfkhleg k hkikxlm l}f

le hfikeh ad L}ckilm rlqkxf okenleg

hf}rlxf xjf fgldekc xvidlc# kmmdhleg xd

xjf Ilhhcf Fk}x} ckgf}x wfkcxj ikekgf

EMO Mkrlxkc% Xjf _l|khj)ok}fh oken#

wjlmj ikekgf} (;8%< olcclde le k}}fx}#

hdilekxf} fgldekc L}ckilm alekemf hvf

xd ]kvhl} kovehkemf da }vrf)lmj

]jklkj leqf}xd}%

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le xjf mdvex| jk} }dkfh }lemf xjf

fmf}}lde# kmmdhleg xd @kwhkx kc)Jkckol#

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jk} fiklefh }xdeg fqfe xjdvgj xjf

xvivcxvdv} al}x jkca da xjf |fk%

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okenleg# ovx edx k} jkh k} mdeqfexldekc

okenleg% Xjl} }rvfh lexff}x adi mclfex}

ad ]jklkj mdirclkex leqf}xifex% ]lemf

xjf }xkx da ?2;;# mclfex} jkqf cddnfh ad

qkcvf keh gdwxj keh ofxxf fxve} xjke

xjf|qf }ffe le xjf rk}x% Wjffk} xjf|

wff rfqldv}c| }lxxleg de xjf }lhfclef}

rd}x)ml}l}# xjf| kf edw ofmdileg idf

hfikehleg# }klh kc)Jkckol%

Xjf ali daaf} mdeqfexldekc

okenleg }fqlmf}# ovx


57/102

ivmj# lx} `v}x ofmdif idf ql}locf%

K} hfikeh ad ]jklkj leqf}xifex

}rlnf}# EMO Mkrlxkc l} }fx xd dcc dvx k

;?)idexj mkirklge da L}ckilm aveh}%

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dqf xjf mdileg |fk xjkx wlcc leqf}x le

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ifhlvi)}lpfh ov}lef}}f} *]IF},%

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rdhvmx# xkgfxleg wfkcxj| akilc| daalmf}%

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xlf)vr wlxj ke lexfekxldekc k}}fx ikekgf

xd fzrkeh lx} gcdokc f{vlx| daafleg%

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ekxldekcc| keh fgldekcc|# }klh

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xjkx wkex lexfekxldekc fzrd}vf

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iknfx# jf khhfh%

EMO Mkrlxkc} }xfegxj le L}ckilm aveh

ikekgfifex l} x|rlalfh o| lx} KcKjcl

]kvhl _l|kc Xkhf Aveh% Wlxj k}}fx} vehf

ikekgfifex kx k fmdh ]K_;1%6 Olcclde

*(8%8 olcclde, keh idf xjke ;7#222 mclfex}

k} da Hfmfiof ?2;2# lx l} xjf ckgf}x

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k}}fx} vehf ikekgfifex o| ?=%81 rf

mfex }lemf @kevk| ?2;2# khhleg ]K_1%:

olcclde wjlmj frf}fex}


58/102

d }ddef jkh wkeleg} }vakmfh

kodvx xjf rlmf da dlc fkmjleg

ve}kaf cfqfc} xjl} }viif xjke xjf

gcdokc fmdedi| }xkxfh rkelmnleg

kodvx mvhf jlxxleg xjf cdw} }ffe le ?22:%

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hdwegkhf da V] hfox keh k }xleg da

gcddi| fmdedilm adfmk}x}# jk} cfax Gvca

gdqfeifex} hkwleg rkkccfc} wlxj

xjf akccdvx adi xjf mfhlx ml}l}# wjlmj}fqffc| hkikgfh xjfl rfxd)hdcck

lemdif% Le ?22:# dlc rcviifxfh adi k

jlgj da (;87 k okfc xd (=1# avfccleg xjf

wd}x fmf}}lde le jl}xd|% Kekc|}x} kf

k}nleg wjfxjf ke dlc)lehvmfh hdvocf)

hlr fmf}}lde l} edw de xjf mkh}%

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keh xjf VKF effh dlc rlmf} kodqf (:6 k

okfc xd iffx xjfl }rfehleg doclgkxlde}#

kmmdhleg xd xjf ckxf}x f}xlikxf}% Xjf}f

mdemfe} }ffi k ak m| adi afk}

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59/102

rdwfavc ekkxlqf} xjkx mdvch rdqlhf k

acdd ad rlmf}%

_dofmd# k Hvxmj k}}fx ikekgfifex

ali# }klh fmfexc| xjkx Mjlek}

ve{vfemjkocf xjl}x ad ekxvkc f}dvmf}

keh hfikeh adi hfqfcdrleg iknfx}

mdexlevf} xd dvxrkmf efw }dvmf} da

}vrrc|# cfkhleg xd f}mkckxleg dlc rlmf}% K

ekxvkc f}dvmf} aveh ikekgf wlxj xjf

ali# Rfxf M}dfgj# }klh xjkx xfe}lde}

wff clnfc| xd fvrx k} Mjlek qlf} wlxj

xjf Wf}x ad ekxvkc f}dvmf} xd }vrrdx

lx} gdwxj kxf k} xjf gdqfeifex xlf}

xd }xkqf daa }dmlkc vef}x% Mke Mjlekhdvocf adi jff# mke xjf| xlrcf adi

jff4 ]vf xjf| mke% L} xjff fedvgj dlc

d mdrrf le xjf wdch xd kccdw xjfi xd

hd xjkx4 Ed# jf xdch _fvxf}%

Kcc xjf l}n akmxd} xjkx mdvch }rv

xjf dlc rlmf kgkle kf cvnleg le xjf

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rdhvmxlde le qdckxlcf kfk} lemcvhleg

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rfjkr} xjf id}x liifhlkxf xjfkx xd

}vrrc|% Keh la xjf }d)mkccfh nlccf da

rdhvmxlde# V] kmj fefi| Qfefpvfcke

Rf}lhfex Jvgd Mjkqfp# fgkle} jl}

jfkcxj le xjf cdeg)xfi xjl} wlcc clnfc|

rdqlhf avxjf }vrrdx ad jlgj dlc%

]lide Wkhfcc# ke dlc kekc|}x kx xjf

fmdedilm adfmk}xleg ali

LJ] Gcdokc Le}lgjx#

}klh0 Xjf olggf}x

mdemfe l} xjf xjleg}|dv mkex rfhlmx# keh

wfqf kcfkh| }ffe

xjkx xjl} |fk wlxj

hfqfcdrifex} le

xjf Ilhhcf Fk}x%

Veadf}ffe fqfex}


60/102

lx}fk}|

lx}md}xfaafmxlqf

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fcdmkxlde

Adgcdokcfzrkxlkxf}mde}xkexc|d

e

xjf

idqf#fexleg

kcc|dvavelxvf

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g

xfiwlxj

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adidv

fzrflfemfh

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dvxdaidqlegxdxjffglde%

Adkaffmde}vcxkxlde#

rcfk}fmkccdvMdrdkxf]kcf}

xfkide.


61/102

clnf xjf}f mdvch jkqf k jvgf lirkmx%

Ifkewjlcf# kmkhfilm} kx ]xkeadh

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mkv}f} da rfqldv} rlmf l}f}# le

@vc| }legcfh dvx }rfmvckxlde kideg

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fexlxcfh Leqf}xd Acdw} keh xjf ?22:

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fmdedifxlmlke idvexfh k wlhf)

kegleg k}}kvcx de xjf ofclfa kideg

rdclm|iknf} xjkx }rfmvckxlde hdf}

edx kaafmx mdiidhlx| rlmf}% ]legcfxde

kgvfh xjkx le xjfl kxxfirx xd dvxrck|

mdirfxlxd}# xkhf} }xdnf xjf iknfx

keh rv}j rlmf} jlgjf% Jl} mdemcv}lde}

vehfilef xjf cdeg)jfch qlfw xjkx avxvf

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avehkifexkc}%

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dec| of ockifh xd k rdlex% Kaxf dlc

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fzkilefh xjf dcf da }rfmvckxd} le xjf

l}f keh mkif xd xjf mdemcv}lde xjkx lx

wk} rck|f} clnf jfhgf aveh} hlqleg lx

xd lx} jlgjf}x rdlex% Ovx xjf akmx} hdex

ofk xjkx dvx% Wf edw nedw kcc kodvx

xjf mdexkmx} jfhgf aveh} wff leqdcqfh

wlxj> keh xjf rj|}lmkc jdchleg da dlc

adi (;?2 vrwkh} wk} hlilel}jleg

kcc xjf xlif% ]d jfhgf aveh} wff edx

f}rde}locf% Le gfefkc# }rfmvckxd} gdx

jvx ck}x xlif }d xjf| kf veclnfc| xd of

k} mkfaff xjl} xlif dveh%

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}fx da mjkccfegf} le ?2;; xjke lx hlh

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fglde keh k gfkxf

hfrfehfemf de fmdedilf}

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gcdokcl}kxlde%

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dveh# }klh _lmjkh ]wkee# ikekgleg

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khhfh xjkx dgkel}kxlde} clnf Drfm keh

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lx wdvch fcfk}f 12 ilcclde okfc} da dlc

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hl}vrxlde da dlc }vrrclf} adi Clo|k%

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xjf ifhlvi) d cdeg)xfi aklcfh# k}

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keedvemfifex ovx kcclfh }lemf%

Xdhk|# adccdwleg Kvgv}x} fmdedilmhfqfcdrifex}# Drfm akmf} xjf fzkmx


62/102

jkqf ckgfc| fzmffhfh {vdxk} le ?2;; k}

xjf| }dvgjx xd xknf khqkexkgf da jlgjf

gcdokc mvhf rlmf} fkclf xjl} |fk keh

xd iknf vr ad xjf ckmn da Clo|ke mvhf

hvf xd xjf mlqlc wk le xjf mdvex|%

Kojk| Ojkgkqk# ke fefg| keh rdwf

}|}xfi} }rfmlkcl}x kx Ad}x ! ]vcclqke

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kf cddnleg xd }vrrdx jlgjf dlc rlmf}

ad ovhgfxk| rvrd}f} mdvch of rck|leg

k hkegfdv} gkif k} fcfqkxfh rlmf}

mdvch }vaadmkxf adflge leqf}xifex lexd

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63/102

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64/102

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65/102

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66/102

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67/102

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68/102

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69/102

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70/102

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gulf business | september 2011

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