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Industry focusThe highs and lows of theme parks

Global economy insight

Governments are awarding major contracts in the region

Commoditiesprice analysis

March 2017 Middle East Issue #13

2March 2017 www.curriebrown.com [email protected]

Overall global growthis set to increase

Price analysis


The highs and lows of theme parks

Global

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Welcome to Insight #13.In this 13th edition of Insight we take a close look at the trends in the global economy and how they might have an impact on you and your business.

In one sense, the major event of the first quarter of 2017 has been the inauguration of Donald Trump as President of the United States, and the subsequent impact of his apparently protectionist stance on other parts of the world.

Much attention has focused on the White House’s attempts to restrict travel into the United States from several Middle Eastern and African countries, and the subsequent legal wrangles within the US. But that controversy has been accompanied by concerns about future trade as the new administration adds detail to its stance of ‘economic nationalism’, with implications for world trade as well as US relations with key allies and markets.

There is significant concern in Europe, the Middle East and Asia-Pacific regions, sparked by the new president’s talk of ‘America First’ and hints at the introduction of tariffs as a bargaining chip with erstwhile trading partners.

Meanwhile, Great Britain’s triggering in March of Article 50 – the formal means of leaving the European Union – means that negotiations are beginning with the EU’s 27 other members, with a view to Brexit being complete by 2019. The deadline looks challenging, and the UK meanwhile has been courting numerous other trading partners including Turkey and the Gulf Co-operation Council states, as it seeks new future deals.

This edition of Insight also takes a special look at theme parks, a fast-growing source of investment across the Middle East.

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The IMF has warned of risks mainly associated with uncertainty from significant events including Donald Trump’s US election victory. In its World Economic Outlook, however, it acknowledged a growth curve that began in summer 2016 and benefited several markets including the US, Europe, China and Japan.

China out-performed earlier forecasts, reflecting a continued policy of encouraging growth. Latin American markets were particularly weak during the same period.

Emerging market and developing economies are now forecast to grow by 4.5 per cent during 2017 (up from 4.1 per cent for 2016) and 4.8 per cent in 2018.

Source: www.imf.org

The IMF global forecast (%)

Global

Overallglobal growthis set to increaseThe global economy has continued its slow recovery, according to the latest forecast by the International Monetary Fund (IMF), which revised its figures slightly in early 2017.

Estimates Projections

2016 2017 2018

World output 3.1 3.4 3.6

Advanced economies 1.6 1.9 2.0

Japan 0.9 0.8 0.5

United Kingdom 2.0 1.5 1.4

United States 1.6 2.3 2.5

Emerging market and developing economies 4.1 4.5 4.8

China 6.7 6.5 6.0

Kingdom of Saudi Arabia 1.4 0.4 2.3

Middle East, North Africa, Afghanistan and Pakistan 3.8 3.1 3.5


China is forecast to grow at 6.5 per cent this year, up slightly on earlier figures.

Overall global growth for 2016 is now estimated at 3.1 per cent, and in advanced economies expected to grow slightly to 3.4 per cent in 2017/18. The IMF described 2016 as the weakest year for global growth since 2008.

IMF chief economist Maurice Obstfeld made it clear that across world economies much will depend on the fallout from Trump administration policy as it unfolds. ‘In light of the US economy’s momentum coming into 2017, and the likely shift in policy mix, we have moderately raised our two-year projections for US growth.

‘At this early stage, however, the specifics of future fiscal legislation remain unclear, as do the degree of net increase in government spending and the resulting impacts on aggregate demand, potential output, the deficit, and the dollar.

‘There is thus a wider than usual range of upside and downside risks to this forecast. A sustained non-inflationary growth increase, marked by higher labour force participation and significant expansion of the US capital stock and infrastructure, would allow a more moderate pace of interest rate increases in line with the Federal Reserve’s price stability mandate.

‘On the downside, if a fiscally-driven demand increase collides with more rigid capacity constraints, a steeper path for interest rates will be necessary to contain inflation, the dollar will appreciate sharply, real growth will be lower, budget pressure will increase, and the US current account deficit will widen.

‘This last scenario, one with a widening of global imbalances, intensifies the risk of protectionist measures and retaliatory responses. It would also imply a faster than expected tightening of global financial conditions, with resulting possible stress on many emerging market and some low-income economies.

‘The details of the US policy mix matter; and as these become clearer, we will adjust our forecast and spill-over assessment.’

Early signs from the first 50 days of the presidency indicate plans for a significant increase in military spending, alongside cuts in taxation and areas of social spending. Key US trading partners, including China, Australia and the EU, have raised concerns about future protectionism. One of President Trump’s first actions was to cancel US involvement in the 12-nation Trans-Pacific Partnership (TPP), which was originally billed as a deal that would tie the US, Canada and Australia more closely to East Asia, and act as a bulwark against Chinese ambition. Its cancellation offers China the opportunity to take a lead on APAC market developments, possibly building on its multinational ‘One Belt, One Road’ initiative, which involves major investment in transportation infrastructure across the region and between China, Europe and Africa.

The IMF continues to be cautious about immediate prospects for the Middle East, partly because of the various military conflicts in Iraq, Syria and Yemen, and also because of the continued fall-out from low oil prices.

The oil-rich states of Saudi Arabia and the United Arab Emirates have had

to review public spending because of the price slump that began in late 2014. The decision by OPEC to restrict production has had some effect, with prices now comfortably above US$50 a barrel, but the impact on major construction spending will be unabated.

Governments have undergone fundamental changes in the way they prioritise major projects, and how these projects are procured. There will be a greater emphasis on attracting private capital, and prioritising social projects such as health and education, as well as transport infrastructure.

Just as China is sinking billions into ‘One Belt, One Road’ projects with neighbouring countries all the way along the old ‘Silk Road’, Saudi Arabia and the UAE are committing to large-scale road and rail spending aimed at vastly improving access to markets.

Maurice Obstfeld IMF Chief Economist

Global

Overall global growth for 2016 is now estimated at 3.1 per cent, and in advanced economies

expected to grow slightly to 3.4 per cent in 2017/18.

The IMF described 2016 as the weakest year for

global growth since 2008.


Two years of economic uncertainty have resulted in a new focus on significant transport and energy projects across the Gulf region.

Government bodies and the private sector – grappling with the consequences of a prolonged drop in oil prices since late 2014 – are getting used to the ‘new economics’ facing construction and related industries. The introduction of private finance through schemes such as public-private partnerships (PPPs) is becoming more common as authorities across the Gulf seek new ways to procure and fund major projects.

Construction spending across the Gulf region is increasingly concentrated on significant transport and energy projects, as government bodies particularly prioritise new investment in major public utilities.

The economic shake-out of the last three years meant that business has faced both short-term and long-term challenges.

Long term, the private sector has waited and watched, as governments struggled to set their spending priorities. Short term, payment terms have been stretched and employment levels faltered, as the immediate fall-out of project delays and cancellations forced some retrenchment.

Now, across the region, governments are setting real priorities and are beginning to award major contracts in key infrastructure projects.

A prime example of new priorities comes from Abu Dhabi, which has reportedly signalled that it intends to re-activate procurement for its planned metro and light rail projects. Middle East Business

Intelligence (MEED) has reported that construction contracts will be tendered next year, following a lengthy review.

Consultancy work on both schemes first took place five years ago, with planning work undertaken by various contractors from the United States and Germany for the metro project, and a Spanish consortium for the light railway.

Saudi Arabia has completed design work for the 950km Landbridge rail project which will transform the Kingdom in terms of freight and passenger service capability. The railway will connect the port cities of Jeddah, Dammam and Jubail, passing through Riyadh and servicing its ‘dry port’.


Regional

Saudi Arabia Railways Source: www.en.wikipedia.org

Saudi Arabia has completed design work for the 950km Landbridge rail project which will transform the Kingdom in terms of freight and passenger service capability.


Regional

The Landbridge and another major Saudi Arabian transport project, the Makkah Metro, will be procured via PPP, representing a dramatic change to policy. The decision was revealed by Dr Rumaih Al-Rumaih, president of the Public Transport Authority and of the Saudi Railways Organization, at the Middle East Rail Conference in Dubai in March.

The conference revealed greater optimism that numerous major transport schemes, ‘parked’ as authorities put the brake on public spending, are to go ahead. For example, four contracts for the Makkah Metro – reported by MEED to be worth US$8.8 billion – had been suspended since early 2016.

Meanwhile, Consolidated Contractors Company was expected to take over the contract for the completion of the US$1.2 billion construction of Msheireb and Education City stations of the Doha Metro in Qatar.

The economic situation may be improving, in terms of key work go-aheads in transportation, but the financial pain continues. In January Saudi Arabia’s Bureau of Capital and Operational Spending Rationalization was reported to be considering ongoing project spending cuts of US$268 billion over the coming years. The Bureau, created in order to apply global best practice and contain

runaway budgets, aims to help create a balanced budget by 2020, according to MEED.

In the United Arab Emirates, French export credit agency Coface estimates that average payment delays in the construction sectors have reached 123 days. Construction, metal traders and building materials suppliers suffered the greatest increases in late payments during 2016, according to Coface, which attributed the problem to a ‘shortfall of liquidity in the region’ attributable to reduced oil prices.

The oil and gas giant Saudi Aramco is planning a US$100 billion initial public offering (IPO) and has invited pitches from international banks to handle what may be the biggest flotation of its kind in the world. The listing, which should take place in late 2017 at the earliest, will involve around five per cent of the company, valuing Aramco at more than US$2 trillion.

Whatever the circumstances, business continues apace in the Gulf economies, even if trends are changing. Mubadala, the state investment fund, has predicted a greater appetite for mergers, in light of new economic realities. Mubadala has itself merged with another government-controlled business, International Petroleum Investment Company, to create an investment company with combined assets of

US$130 billion. The National Bank of Abu Dhabi and First Gulf Bank are also completing a merger.

Dubai, traditionally the Gulf’s most bullish economy in terms of ambitious projects, has faced real difficulties in recent years, with projects slowing down or missing launch dates. Nevertheless, the economy is anticipating growth of 3.1 per cent, according to Sheikh Ahmed bin Saeed Al Maktoum, president of Dubai Civil Aviation Authority and chief executive of the Emirates Group. He told the UAE Economic Outlook event in January that the key to continued growth – achieved even in the sluggish years – continues to depend on close co-operation with the private sector.

Dubai approved an expansionary budget for 2017, up 3 per cent to US$12.9 billion, including a 27 per cent increase in key infrastructure spending. Dubai’s optimism is driven partly by hopes for a successful Expo 2020, which is expected to receive up to 25 million visitors. By then major public transport improvements will include the 15km extension of the Dubai Metro Red Line, and possibly a new phase to the tramway system.

Oman has awarded US$219 million of infrastructure projects, principally on protection dams and secondary drainage channels at Duqm, as part of its efforts to manage rainwater at two key points, Wadi Jarf and Wadi Sai, and improve the city’s attractiveness to inward investment.

MEED reported in February that Qatar is considering a PPP model for the procurement of one of the FIFA World Cup venues, Ras Abu Aboud Stadium, with a contractor to be appointed later this year.

The 2022 World Cup host country has also signed contracts for the construction of the US$342.5 million Al-Thumama Stadium (also known as the ‘Fifth Precinct’ stadium). The work was won by a Turkish contractor, Tekfen, working with a local consortium. The largest stadium, Lusail, which will accommodate

Artist’s impression of the Lusail Stadium, QatarSource: http://www.dohanews.co


Regional

Kori nuclear reactors 1 and 2, South Korea - the model for the UAE nuclear programmeSource: www.constructionweekonline.com

80,000 spectators and host the final game, is being built by China Railway Construction Company and local group HBK Contracting Company.

Apart from transport, one sector attracting considerable interest is the continued diversification of Gulf economies into renewable energy sources, and alternatives to oil and gas, even including coal and nuclear power generation.

Construction Week has estimated that the pipeline of power projects in the Gulf region between 2016-2020 implies total new generating capacity needs of nearly 70GW, with another 30GW needed during the five-year period following that. The publication estimated spending on power to total £320 billion overall.

The UAE has set a target for 50 per cent of its energy to be produced from clean sources by 2050. Sheikh Mohammed bin Rashid Al Maktoum, vice president of the UAE and ruler of Dubai, says the strategy will save US$191 billion by 2050, and that 6 per cent of the 50 per cent will come from nuclear energy. Apart from renewables, the UAE expects that 38 per cent will continue to come from gas, which currently dominates local supply.

In Dubai, bids have been invited for a 200MW concentrated solar power (CSP) project. The emirate aims to develop 1GW of CSP by 2030, and six bidders have pre-qualified for the first deal. The CSP is the fourth phase of the ambitious Mohammed bin Rashid Al Maktoum Solar Park, the first three phases of which operate photovoltaic (PV) technology.

The Federal Electricity & Water Authority is planning a 1.8GW coal-fired power station in the Northern Emirates. This would be the second coal station in the UAE, following a similar development in Dubai.

Saudi Arabia has revealed more detail about its nuclear energy programme, confirming that it intends to build two ‘SMART’ reactor stations which will produce total power of 2.8GW. The Kingdom has also signed a memorandum of understanding with South Korea to develop the new technology, whose name stands for ‘system-integrated modular advanced reactor’ facilities.

At the World Future Energy Summit in Abu Dhabi, the state nuclear and renewable energy body K.A.CARE also launched several renewable energy projects using solar and wind technologies.

Kuwait is currently investing £115 billion in its energy sector, principally in oil projects. The OPEC producer aims to increase its oil output by 4 million barrels a day by 2020, according to the Kuwait Petroleum Corporation.

The UAE has set a target for 50 per cent of its

energy to be produced from clean sources by

2050. Sheikh Mohammed bin Rashid Al Maktoum,

vice president of the UAE and ruler of Dubai, says

the strategy will save US$191 billion by 2050.


Price analysis

2016 2017Commodities Unit Q2 Q3 Q4 Q1Non-ferrous metalsAluminium alloy US$/tonne 1,576.71 1,580.35 1,574.27 1,619.03 Aluminium US$/tonne 1,636.38 1,681.67 1,749.42 1,871.28 Copper US$/tonne 4,733.98 4,827.78 5,307.21 5,850.70 Lead US$/tonne 1,741.67 1,895.52 2,171.89 2,257.64 Nickel US$/tonne 9,013.90 10,451.31 10,991.02 10,617.09 Tin US$/tonne 16,805.83 18,514.99 20,649.65 20,038.08 Zinc US$/tonne 1,899.62 2,231.81 2,468.65 2,578.00 Steel Reinforcing bars US$/tonne 466.67 391.67 413.33 440.00 Steel beams - channel US$/tonne 541.67 501.67 523.33 542.50 Hot rolled plates US$/tonne 413.33 401.67 473.33 517.50 Cold rolled coils US$/tonne 493.33 466.67 561.67 625.00 Prepainted galvanised steel, 0.35 US$/tonne 705.00 625.00 673.33 780.00 Stainless steel HR coils 304 base US$/tonne 1,841.67 1,941.67 2,158.33 2,225.00 EnergyCrude oil US$/barrel 42.30 42.89 47.46 52.89 Diesel (Dubai only) US$/gallon 6.27 6.73 6.91 7.46 CementCement US$/bag 3.57 3.59 3.62 3.69 Cement (Dubai suppliers) AED/m3 13.22 13.28 13.39 13.67 RubberRubber US$/100kg 203.11 201.38 187.02 227.94 Bitumen 60/70Bitumen US$/tonne 503.11 499.82 493.24 493.24

■ Non-ferrous metal prices are derived from London Metal Exchange, whereas steel prices are derived from Middle East steel price indications; all based on average prices for the month.

■ The price of rubber is derived from International Rubber Board, based on average prices for the month.

■ All prices for commodities are based on bulk quantities, cash trade, US dollar.

■ Where ranges have been provided, an average price has been assumed for the purpose of comparison.

■ The rate for beams - channels has been derived from Far East/Europe/India market.

■ Cement prices are derived from UAE local supplier.

■ Crude oil price is derived from light crude brent, US market.

■ Diesel rates are from EPPCO.

■ Concrete rates AED/m3 based on the average price of concrete 45/27 from four UAE local suppliers.

■ Reinforcing bars are based on the average price from four UAE suppliers.

■ Cement rates AED/tonne based on the Dubai government cap imposed in 2008.

Commodities


Crude oil (2006 - 2017)

Low non-ferrous metals (2006 - 2017)

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Focus

The highs and lows of theme parksTheme parks have become an important measure of growth in consumer spending, and particularly across key economies in the Middle East and Asia-Pacific regions.

A growing middle class has money to spend. Consumers seek safe but thrilling entertainment for all the family. Famous brands want to communicate with those consumers in new ways. The theme park has been a popular path, its trail blazed by Santa Claus Land in Indiana, USA, thought to be the first of the genre when it opened in 1946.

Theme park attendances grew by more than 5 per cent during 2014-15, the year for which the most recent figures are available. The world’s top 25 theme parks welcomed more than 235.6 million people. And the industry’s Themed Entertainment Association reported that growth within the top ten parks was even better, at 7.2 per cent.

Their report observed that the geographical distribution of theme park growth is moving eastwards from the conventional markets of the United States and continental Europe. For example, Asia Pacific accounts now for 42 per cent of the world’s major attractions – up from 35 per cent, five years previously.

Theme parks pull together elements from many sources, including the European tradition of country fairs, to the trade exhibitions favoured across the industrialised world since the 19th century. Today they are sophisticated examples of construction planning, market research and top-class facilities management.

And theme parks are growing in popularity. Governments see them as important for tourism. Consumers with disposable income want entertainment, and brands need an audience. But the rising cost of the theme park demands a thorough understanding of the key issues that can make or break what are often very high-profile projects.

The giant of theme park development, Disney, is probably the first name we think of when it comes to developing such major entertainment-based attractions. Drawing 137.9 million visitors in 2015 – up 2.7 per cent – it is more than double the size of its nearest rival, Merlin Entertainment. The rising stars in the entertainment business – each enjoying double-digit growth – are Universal Studios, Six Flags, Chimelong Group, Fantawild and Songcheng.

The Gulf region is home to numerous theme park projects currently at various stages of completion. They include a US$2.9 billion Hollywood-themed development involving three parks, and other developments at Mall of the World and IMG Worlds of Adventure, all in Dubai.

‘The world market for theme parks is forecast

to exceed US$31.8 billion by 2017, and the

Middle East, Asia-Pacific and Latin America are

set to lead that growth.’Source: Global Industry Analysts

study Theme Parks: A Global Strategic Business Report

IMG World, Dubai


Focus

There are other theme park investments under way at Doha Oasis in Qatar and Majarat, Oman. Warner Brothers’ latest theme park, at Abu Dhabi, is due to open in 2018. There are other developments in Qatar and Saudi Arabia.

The theme park concept is popular and growing. But success needs careful planning, and there are also cultural considerations for any developer. Disney has learnt invaluable lessons from major theme park developments in Paris and Hong Kong.

During the early years of Euro Disney (now branded Disneyland Paris), the company experienced problems with staffing, finance and attendances. Disney was a ‘new’ culture for French and other European consumers, and it took a determined effort to turn around the business in 1995, when it moved into profit three years after launch.

Theme parks are not for the faint-hearted. They demand funding and considerable management resource. In February 2017, 25 years after opening Euro Disney, the company increased its stake in the park and offered to buy out other stockholders, promising a re-financing package. The park has been hit by weak economic growth and terror attacks in France.

These are examples of a respected major global company, with massive resources, facing up to initial difficulties and using both its management strengths and financial clout to put things right and set projects back on the route to recovery and towards profitability.

There are less exalted examples of theme parks that failed, usually as a result of ignoring the basic rules of managing such major projects, and market failure. Historically theme parks have been seen by some as a legitimate response to regional economic downturn. This explains high-profile failures such as AutoWorld, located in the former auto-making city of Flint, Michigan, or other failures whose initial premise had become outdated, such as ‘Joyworld’ at Wichita, Kansas.

What can be learnt from all this? We have compiled a list of issues that must be addressed to ensure the success of any major theme park development, anywhere in the world.

Financing and ROIStart-up costs can be high, and sources of cash will often include a mixture of public funding, contributions from high net-worth individuals and bank borrowing. Preferably such funding packages should involve several sources and be based on realistic, medium to long-term planning.

Planners should consider both capital costs and the ongoing running costs of a theme park, working in predictions on income that must be realistic at every stage. The visitor numbers you start with will never be the same five years later – they could be lower or higher, depending on local conditions.

Financial planning must be for the medium to long term. Successful theme parks can deliver sustained profitability, but as we see with Disney’s ventures in Europe and Asia, losses are likely during the initial years.

Planners should consider both capital

costs and the ongoing running costs of a

theme park. Income predictions must be

realistic at every stage.


Focus

Transport and environmentTransport connections are vital to the success of a theme park, many of which are located by necessity on the outskirts of cities or major urban areas. Public transport needs to be carefully considered, car parking facilities estimated and capacities designed to cope with any eventuality. People want to visit and leave the attraction with minimal delay. Happy visitors spend more time and money during their stay, and are more likely to recommend the experience.

Sustainability and the environment are key concerns for national and local government when considering approvals of large-scale projects. They seek demonstrable reassurance that new parks meet the higher expectations of regulators and consumers. Every plan must have strong ‘green’ credentials, covering not only the individual project, but also the track records of the developers and funders.

While a theme park can bring welcome employment, and increased tourism is good for regional economies, local government can be less enamoured of projects that bring more traffic, increased disruption and noise or create environmental concerns.

Feasibility and business modellingWhat is the unique selling point of the theme park? This factor has an impact on its scale, capacity, accommodation, maintenance, catering, and so on. Above all, it will also influence the development of content – the very entertainment that will draw in visitors.

Every project will have its own SWOT analysis. Who or what is the target market? What age range are you aiming at: children, family groups, teens?

Do you own the intellectual property to the content of the theme park, or are you planning to work with a high-profile brand partner? You may also seek partner brands to provide food and drink, hotel accommodation, and so on. If they are not business partners, they may be sponsors who pay a fee for access and brand promotion.

In terms of business planning, it is important not to overlook the key issue of recruitment and training. Your staff will invariably be customer-facing – whatever their role – and the people you hire and how you train them could be the difference between success and failure. Visitors quickly pick up negative vibes from staff engaged at every level of customer service.

Increasingly, communities expect to see developers produce a corporate social responsibility (CSR) policy, one that sets out how an organisation engages with the communities within which it operates, and also how willing it is to ‘give something back’.

External issuesEvery theme park project must include an analysis of competition and price points. What attractions are currently available to your target audience? How much does it cost? What are its strengths or weaknesses?

Similarly, project planners need to examine the market environment to ascertain whether there are new players in operation, and what impact they might have. They must be aware of local cultural difference – for example, French perceptions of American culture were an issue for Disney in the early 1990s. And they should be sensitive to the socio-economic impact of local, regional or international events such as a downturn.

Technical codes vary widely across the world, and differ even within countries such as Germany or the United States where federal states wield considerable autonomy. These can bring big capital budget implications.

Finally, consideration has to be given to the impact of the local or regional climate. Are there times of the year where the weather – hot or cold – becomes so extreme that it might impact the number of visitors? Is there a balance of indoor and outdoor rides, facilities or other forms of entertainment content?

New theme parks can be innovative, popular and highly valued additions to a local or regional economy. But their success will depend on the level of careful planning – and execution – of each project.

Sustainability and the environment are key concerns for national and local government when considering approvals of large-scale projects. They seek demonstrable reassurance that new parks meet the higher expectations of regulators and consumers.


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New Delhi+91 11 2612 4372

ITALY

Milan+39 366 388 0962

JAPAN

Tokyo+81 3 3442 6642

MEXICO

Mexico City+52 55 52 81 5588

OMAN

Muscat+968 2439 1947

PERU

Lima+511 230 0600

QATAR

Doha+974 4434 0048/49

REPUBLIC OF IRELAND

Dublin+353 (0)1 284 3300

SINGAPORE

Singapore+65 6221 7288

SPAIN

Madrid+34 91 391 3544

TAIWAN

Taipei+886 2 2555 5886

THAILAND

Bangkok+66 2 632 6500

UNITED ARAB EMIRATES

Abu Dhabi+971 2 671 6265

Dubai+971 4 295 5198

UNITED KINGDOM

Belfast+44 (0)2890 765 959

Birmingham+44 (0)121 213 4825

Bristol+44 (0)117 926 0785

Cambridge+44 (0)1223 454 500

Cardiff+44 (0)29 2083 9180

Coleraine+44 (0)28 7034 3518

Cumbria+44 (0)845 287 8620

Edinburgh+44 (0)845 287 8500+44 (0)131 313 7810

Exeter+44 (0)1392 813 040

Glasgow+44 (0)845 287 8500 +44 (0)141 342 2120

Haywards Heath+44 (0)845 287 8764

Leeds+44 (0)113 244 2069

London+44 (0)20 7061 9000

Manchester+44 (0)161 832 9497

Milton Keynes+44 (0)845 287 8700

Newcastle+44 (0)191 223 6621

Norwich+44 (0)1603 666 433

Oxford+44 (0)1865 807 951

Plymouth+44 (0)845 287 8475

Portsmouth+44 (0)845 287 8400

Southampton+44 (0)23 8021 3500

Truro+44 (0)1872 306 038

UNITED STATES

Arizona (Phoenix) +1 602 748 1470

California (San Francisco)+1 415 235 4939

New Jersey (Princeton)+1 609 759 7000

New Mexico (Albuquerque)+1 505 503 8078

New York (New York City)+1 646 512 5040

Oregon (Portland) +1 503 567 5028

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