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The Buzz

Business briefing: 2 Aug 2013

by Executive Staff August 2, 2013
written by Executive Staff

Economics and Business

Turkey’s economy is showing signs of slowing, with the weakest manufacturing data in a year bolstering speculation it will miss its year-end growth target.

More from The Daily Star

 

The Egyptian central bank unexpectedly lowered its main overnight interest rate by 50 basis points at a monetary policy committee meeting on Thursday.

More from Reuters

 

Companies and Business

The World Bank Group is set to fund a $6.4 million project to boost Lebanon’s mobile Internet systems and help create employment opportunities, especially among youth and women.

More from The Daily Star

 

Saudi Shares did not react significantly to the stock exchange’s announcement that it had appointed a new chief executive.

More from Reuters

 

Abu Dhabi’s bourse climbed to a new 58-month high Thursday, backed by a bullish outlook on banks.

More from The Daily Star

 

Middle East airlines recorded a year-on-year growth of 12.1 per cent in passenger demand during the month of June owing to the rising demand for new routes to emerging markets in Asia and Africa.

More from Gulf Business

 

Abu Dhabi’s Etihad Airways has received final regulatory approval to acquire a 49 percent stake in Serbian airline JAT Airways and has unveiled a $200m plan to revitalise and rebrand the ailing state-owned carrier as Air Serbia.

More from Arabian Business

August 2, 2013 0 comments
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Editorial

Foundations for accountability

by Yasser Akkaoui August 1, 2013
written by Yasser Akkaoui

In my 13 years of publishing Executive, we have never put a story of a corporate transaction on the front cover. Oftentimes, we just assume the worst for those who, either deliberately or not, keep their books closed and mouths shut. They provoke our minds to run wild with ideas of fraud, cooking the books, backdoor dealings and bribery — business malpractices that must be at play. “What are they hiding?”, we ask.

Whether or not any of the above presumptions are true, they create a general distrust in Lebanon’s corporate world. Investors, both domestic and foreign, have grown wary and are looking elsewhere. Coupled with a crisis next door in Syria that keeps us up at night, Lebanon’s economy and its constituents are becoming exhausted.

But what if we implemented transparency and accountability into standard business practice — a willingness to disclose earnings and figures for the public to ingest?

The story of Khoury Home provides one such example. The directors of Euromena, the private equity fund that took over ownership of one of Lebanon’s prominent retailers gave us a rare opportunity to dive deep into the anatomy of their acquisition.

Through the Khourys, their employees and Euromena directors, we were able to piece together a case study of the challenges and successes that Khoury Home has faced in its evolution.

Such an exercise is not to chastise owners and shareholders for their errors — rather it allows us to examine and analyze the dos and don’ts, as well as the role corporate governance can play in family-owned firms. The Khourys suffered several setbacks in the last two years leading up to the Euromena takeover, and their decision to exit and hand the reins to a private equity fund may have saved Khoury Home.

Those that have something to hide will remain condemned to their opacity, but by examining case studies such as Khoury Home, we hope to imbed a new element that corporate Lebanon has been lacking for a long time: trust.

August 1, 2013 0 comments
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The Buzz

Business briefing: 1 Aug 2013

by Executive Staff August 1, 2013
written by Executive Staff

Economics and Policy

Cyprus is making good progress in meeting the conditions of its multibillion-euro bailout, but the high level of uncertainty over its economic outlook means that authorities must remain vigilant, the country’s international creditors have said.

More from Associated Press

 

Egypt’s state gas company EGAS will cut back on the amount of gas it supplies to factories to keep electricity plants running instead during the peak summer months.

More from Reuters

 

Lebanon's Caretaker Finance Minister Mohammad Safadi has denied reports that he sounded the alarm over a lack of liquidity at the Treasury.

More from The Daily Star

 

The Eid Al Fitr paid holiday for private sector employees in the UAE will likely be August 8-9, if Ramadan is 29 days this year.

More from Arabian Business

 

More than 5.5 million tourists visited Dubai in the first half of 2013, an 11.1 percent year-on-year increase.

More from Arabian Business

Companies and Business

The UAE's largest port company DP World has announced that challenging market conditions meant the amount of goods shipped through its ports fell 5.8 per cent during the first six months of the year.

More from The National

 

Wijaya Karya (Wika), the Indonesian government controlled construction company, has drawn up plans for a seven-tower hotel complex in Makkah, Saudi Arabia worth an estimated $1.1bn.

More from Arabian Business

 

August 1, 2013 0 comments
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The Buzz

A badly set stage

by Harriet Fitch Little July 31, 2013
written by Harriet Fitch Little

Director and producer Jacques Maroun references a hackneyed phrase to sum up the state of the performing arts in Lebanon: “People like to say that ‘In theater, you can’t make a living, but you can make a killing,’” he says. “Unfortunately in Lebanon you can do neither.”

Maroun’s indictment will come as a surprise to many. His 2012 production, ‘Reasons To Be Pretty’, was generally regarded as a box office hit. It ran for three months at Al Madina Theatre, during which time it attracted over 11,000 visitors, pulled in by an all-star cast including Lebanese golden girl Nadine Labaki. Despite a packed house and an extended run, Maroun reveals that the play only just succeeded in breaking even. And even this, he insists, was a welcome relief. Due to a shortfall in sponsorship, his company, The Actors Workshop, had contributed much of the budget directly.

If a big budget production with popular appeal views closing its accounts as a triumph, where does that leave the rest of theater in Lebanon? According to Junaid Sarieddeen from performance collective Zoukak Theatre, the only productions which make money locally are those that talk to an audience’s “animalistic instincts” — frothy drama about sex and power. He cites the vaudevillian shows compered by comedian and TV personality Georges Khabbaz, which run for months on end at his Chateau Trianon Theatre as one example. A similar format, combining dinner and drinks deals with entertainment shows, is to be found in many of Beirut’s biggest hotels, or in the city’s plushest new performance venue Playrooms, which opened last year with the ‘set menu and stand-up’ formula as its bread and butter.

 

A non-profit mentality

Putting these shows and the occasional blockbuster spectacular at Casino du Liban to one side, what is left? The impression conveyed by those most closely involved in Lebanese theater is of a landscape where financial resources are so sparse that notions of profit have almost lost their salience. Instead, theaters are driven by two things: a desire to generate audiences and the wish to provide a platform for directors who might otherwise emigrate.

Abdo Nawar is in charge of programming at The Sunflower Theatre. Alongside Al Madina, Babel and Monnot theaters, his Tayyouneh-based space makes up a key part of the backbone of the city’s performing arts scene. “We know it’s a choice to go against the market, but it’s a choice that most artists make. We see it as part of our mandate,” he explains. Rather than approaching ‘serious’ theater as a for-profit venture, The Sunflower believes its role to be the nurturing of creative talent. As a result, it chooses to indirectly produce the majority of the plays it hosts. That means that while they don’t intervene artistically, the theater provides technical assistance and doesn’t charge for the use of the space. In exchange it takes 30 percent of ticket revenues. The partnership is often the only thing that makes staging a play possible for hard-up directors, but the returns are often dismal. Nawar says on many occasions the theater’s cut amounts to a meager $200 for a four-night run, a sum that hardly covers the electricity overheads.

The lack of focus on profit is exemplified in other aspects of the theater’s business model. It vetoes performances with overly long runs or those whose only concern is to make money. And when it comes to ticket pricing, the theater takes as its reference point how much it believes students are able to pay, currently estimated at $10. If ticket prices increased, Nawar believes he would lose his audience. He estimates that a meager seven percent of his overheads and staffing costs are currently covered by ticket sales.

 

Public funding privation

That ticket sales are so resolutely failing to cover the cost of production might lead one to presume that Nawar is being unduly benevolent in keeping ticket costs so low. However, he is keen to point out a fact which he knows shocks the uninitiated: tiny ticket revenues are the international norm. When Nawar was working with a dance company in Canada, he says the fact they were covering four percent of costs via ticketing was greeted as a major success.

Nawar believes that in areas of the world where investment in the arts is strong, such as Canada, it is often the case that 100 percent of a theater’s running costs are covered by government subsidies. In Lebanon the figure stands at an unyielding zero. Although he believes that the Ministry of Culture does have a modest budget for performances, he suspects they prefer to spend it on larger projects, such as the summer’s major festival.

Without government subsidies The Sunflower must depend for its survival on a series of bursaries provided by international NGOs or Beirut’s foreign cultural institutes. Funding is generally tied to specific productions, and although Nawar accepts it is the only option, it does involve relinquishing some control over output. Support coming from the French Institute means the theater often finds itself playing host to visiting performances from France with which they have little involvement. On some occasions the exertion required to secure funding outweighs the anticipated returns. Nawar admits there are some funds that The Sunflower now eschews because the paperwork is too taxing.

At Monnot Theatre, Ziad Halwani has chosen to wipe his hands of the search for private sponsorship. “When you enter this game it will be very hard to maintain your objectives, because you have to run after money,” he explains. “And you have to dwell with other organizations that are searching for money as well. I don’t think this is the proper way to do it.”

Monnot’s unwillingness to court sponsorship means that it has entirely given up producing plays, even in the limited way set out by The Sunflower Theatre. Instead it rents the space for a flat rate of $500 per night — or less if the producer can perform on weeknights. Halwani says he feels unable to charge more, despite the fact the price hasn’t increased in the last ten years. “Some people would take it, but then I’d end up with only the kind of shows that can bring money — the comedy, the easy things.”

Of all the theaters, Monnot is in perhaps the most financially privileged position. St. Joseph University underwrites its running costs and it pays no rent on its premises, which belong to the Jesuit Fathers. But even with low costs, no in-house plays and cutting down to a skeleton staff, when Halwani writes up the balance sheet at the end of the year, the money brought in by the theater never makes up what the university has paid out on salaries, electricity and technical maintenance.

The exigencies of funding have a direct effect on Lebanon’s theatrical landscape before plays even reach the stage. Zoukak Theatre is one of Beirut’s most ambitious performance companies. Its work generally falls into two categories: ‘art for art’s sake’ and work directly involving marginalized communities such as Palestinian refugees. Due to international NGOs disproportionately funding the latter, Zoukak has oriented itself more towards community-based work. During their big performances, for which they have hired venues including Monnot Theatre rather than using their small studio in Adlieh, Sarieddeen estimates only ten percent of their costs were covered by ticket sales. With this in mind, it is not hard to see why sponsorship considerations play such a formative role.

Bending to the will of private sponsors is the only option in a country where public financing does not exists. Nor does the government provide tax breaks for those involved in the performing arts. By virtue of its structure as a cooperative, The Sunflower should be exempt from paying electricity and from municipal tax according to the law. “We go with the paper which says this, and the minister shows us another piece of paper saying we should pay. Who knows which is right?” asks Nawar with resignation.

Nawar believes that the unwillingness to invest in theater is a short-sighted decision on the state’s part. “The economic argument for funding theater has been proven; it’s not a secret,” he points out. Mark Rubinstein, president of the Society of London Theatre, noted in April 2013 that in Britain, where state funding of theater remains high, the VAT revenues from West End shows alone surpass the value of state theater subsidies handed out each year.

Within the stage community, the suggestion that the Lebanese are less interested in serious theater than their international contemporaries gains little traction. “There is no problem of audience in Lebanon,” insists Sarieddeen, but adds that “unless there is funding, this kind of theater will always struggle.” Nawar agrees: “In any country you go to it is the same, naturally. Comedies and musicals are where you make your money. The difference is, in those countries, the theater that exists has its costs covered by state subsidies.”

July 31, 2013 2 comments
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The Buzz

Business briefing: 31 July 2013

by Executive Staff July 31, 2013
written by Executive Staff

Economics & Policy

Iraqi and Syrian visitors are helping Lebanon's hotels weather a harsh tourist season.

More from the Daily Star

 

Dubai may need to intervene in its real estate market to avoid a bubble, the IMF warned.

More from Gulf Business

 

Iraq is on track for its first decline in annual oil output in three years.

More from the National

 

Iran has extended Syria a $3.6 billion oil credit line.

More from the Daily Star

 

A sliding Egyptian pound has boosted the country's non-oil exports by double digit rates.

More from the Daily Star

 

Companies & Business

Port operator DP World reported a 5.7 percent decline in consolidated container volume during H1 2013.

More from Arabian Business

July 31, 2013 0 comments
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The Buzz

Business briefing: 30 July 2013

by Executive Staff July 30, 2013
written by Executive Staff

Palestinians and Israelis began peace talks in Washington.

 

A wave of car bombings targeting busy streets and markets killed at least 60 people in Iraq on Monday. This follows Sunday's blast that disabled the country's oil export pipeline to Turkey.

 

OPEC exports surged nearly 10 percent in value to $1.26 trillion in 2012.

 

Operations at Libya's main oil export terminals ground to a halt over the weekend due to strikes, Reuters reports. Meanwhile, the country's prime minister announced a government reshuffle.

 

Rents in Dubai are rising faster than wages, according to a new report.

 

Saudi Arabia awarded $22 billion in contracts to build a metro system in Riyadh. Among the winners were Almabani and Consolidated Contractors Company. The massive project aims to be complete in five years.

July 30, 2013 0 comments
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Business

Visualizing Impact, seeing the future

by Philip Issa July 30, 2013
written by Philip Issa

Even seasoned Palestine watchers might be surprised to learn that Ramallah receives slightly more annual rainfall than gray London. But Israeli authority over groundwater access and distribution across the West Bank has resulted in an incongruous statistic: the average Palestinian in the occupied territory can access only 70 liters per day, 30 short of the World Health Organization’s recommendation and less than half used by the typical Londoner. Israelis enjoy 300 liters per person per day.

It is one of the many ugly realities of the Israeli occupation that Visualizing Palestine (VP), a non-profit body, has highlighted through its arresting and meticulously researched infographics.

The organization is now gearing up to make “design for social justice” — as it describes its raison d’être — into a sustainable enterprise. Given the substantial attention that its graphics have attracted over the past two years, VP's ambitious plans may serve not only to sustain the organization, but also provide an example for other design outfits to follow.

 

Talent, money and visions

Founded in Ramallah in 2011, VP now calls Beirut home. It has published 16 infographics, which have been disseminated globally in nine languages through prominent media outlets such as the Huffington Post and Al Jazeera English.

According to co-founder Joumana al-Jabri, since 2012 the organization has received at least $115,000 in funding to date from its founders, private donors, the Arab Fund for Arts and Culture, and other organizations.

But making the group financially sustainable in the long run is another task entirely. So this summer, it embarked on transforming itself from a civil society project into a larger venture called Visualizing Impact (VI). The new outfit, of which VP will be a part, plans to leverage its media and technology capabilities to present facts about social and political struggles worldwide — not just those in Palestine. It will exist as two legal entities, both sharing the same name: a non-profit corporation, which will carry out the advocacy work; and a for-profit business, which will capitalize on the team’s capabilities to draw revenue for the advocacy arm.

Jabri describes the transformation as “phase two” of the VP project, having completing two years of successful non-profit work. VI, Jabri says, will pull revenue streams from commissions for its work, licensing its name and its technology platforms, and collaborating with artists and industrial designers to sell physical representations of its graphics.

The West Bank water allocation infographic, described above, was the first one that Visualising designed on a commission. The Emergency Water and Sanitation-Hygiene Group (EWASH), a coordination agency dedicated to improving sanitation conditions in the Occupied Palestinian Territories (OPT) and whose members include OXFAM and various UN agencies, paid $2,200 of the graphic’s $4,800 development cost and took responsibility for its release.

EWASH debuted the poster to great media attention on World Water Day 2013 and printed 8,000 copies for free distribution. They purposefully delivered one to Richard Falk, the UN Special Rapporteur on Human Rights in the OPT, says Jabri. “That’s a key reflection of how our work can be used — that an organization that has an area focus can use it as a communication tool with…agents of change,” she says.

That VI was only able to charge less than half of the graphic’s development cost, though, reflects the meagerness of this revenue stream. “There’s an education process. Maybe next time, EWASH will cover the full cost, but it took time to show them that we are a research, storyteller, design, and communication team. So until potential clients actually see that, they are not going to pay more,” Jabri says. VI has signed contracts for four commissioned graphics to date.

But even if VI succeeds in securing commissions for the full costs of its graphics, Jabri still sees the need for additional revenue. “The commission model would cover our expenses, but they would make us run [on a just-in-time production model]. What we want are bigger amounts to allow us to innovate, work on technologies and test working with artists,” she says.

There are potential margins to be found in the corporate world, Jabri recognizes. “There are [two] companies that have approached us — not related to Palestine at all — that have expressed interest to use our process.… [For example,] for us to work with their internal team and use visualizations as a tool to filter some of the innovations they come up with.”

Jabri did not detail the ethical principles that would govern VI’s business dealings, but such deals would be carried out by the for-profit arm of VI. This would shield the outfit from accusations of mission drift and unfair competitive advantage. Jabri says the profits from the business side of VI will be directed to the non-profit side.

 

Multiplying revenue streams

VI’s new name underscores not just an expanding geographical scope, but also a broader range of topics and collaborators. In addition to offering services to the business world, the organization is exploring the establishment of new, socially relevant ‘Visualizing’ organizations — Visualizing Women or Visualizing Bangladesh, for instance.

“Whether [people outside of VI] form their own [Visualizing] teams or whether they recruit us to build from within our team is something we’re still [discussing],” Jabri says.

But content and brand recognition are not the group’s only ambitions. VI has also built up technology platforms that its business side hopes to license to other media and design studios, securing another source of income. VI’s translation platform, which the outfit has already used to circulate its own graphics, allows designers to crowd-source translations of their works without losing control of the layout.

The business is also planning to roll out a design-specific crowd-funding platform that will connect clients (such as political activists) to designers and financiers. It aims to license this platform to groups such as the Arab Fund for Arts and Culture.

 

Chartered waters

“Phase two” of the VP/VI project, then, will be a major transformation for the team of 13, led by Jabri and fellow co-founder Ramzi Jaber. As a first step toward sustainability, Jabri says, 70 percent of the new work that VI will begin in the coming months will have to secure a project-specific source of funding beforehand. The remaining 30 percent will come from various non-commission sources of revenue. Jabri notes that while VP/VI is moving away from accepting donations, its non-profit arm might still apply for and accept grants.

The social entrepreneurs have given themselves a fair amount of time to migrate to their new identity. Jabri tells Executive that the transition to the VI business model is scheduled to be practically complete by April 2014, with the goal of realizing operational sustainability by autumn of that year. In the meantime, though, VI is preparing to launch a crowd-funding campaign, via internationally leading funding platform Kickstarter, to raise $60,000 to help finance immediate expenses for its VP component during this transition period.

Beirut will remain the base for production, although VI is in the process of registering in California as a 501(c)(3) non-profit. The registration “means we can open up to a wider support network,” Jabri says, and notes that even potential Gulf sponsors have expressed preference to do business with an American, rather than a Lebanese or Palestinian, registered organization.

Jabri furthermore anticipates that the proliferation of 'Visualizing' topics will attract American attention to VI’s graphics. “[It will help us] reach an audience that’s important to us,” she says.

In the coming six months alone, VI plans to publish ten infographics, including a reflection on Nelson Mandela’s record. “[It will] speak about an aspect of history that is not spoken about much: Mandela as seen as [both] a peacemaker and as a terrorist, [highlighting] the duality throughout his life,” Jabri says. Carrying an implicit parallel to legacies of Palestinian leaders, this graphic will tacitly tie together VP’s original subject, Occupied Palestine, to its future direction, social justice worldwide.

 

This article has been updated to clarify VI's and VP's legal structures and funding, and to correct a miscount in the number of languages in which VP has published infographics. VP's visualizations have appeared in nine, not eight, languages: Arabic, English, French, Spanish, Chinese, German, Korean, Polish and Finnish.

July 30, 2013 0 comments
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The Buzz

Business briefing: 29 July 2013

by Executive Staff July 29, 2013
written by Executive Staff

Economics and Policy

Gold edged lower on Monday after three weeks of gains.

More from Reuters

 

The Lebanese banking sector could see profits drop by up to 20 percent over the next year if the political stalemate in the country persists, the head of the Association of Banks in Lebanon has warned.

More from the Daily Star

 

Jordan plans to raise power prices after doubling taxes on cellphones to offset a large budget deficit, despite warnings that such measures will provoke a public outcry.

More from AFP

 

Iranian president-elect Hassan Rouhani is expected to restore the respected former oil minister, Bijan Zanganeh, to the post he held for eight years until hardline president Mahmoud Ahmadinejad came to office in 2005.

More from Reuters

 

Liberal and tribal alliances made the biggest gains in Kuwait's weekend elections, while Shiite representatives lost more than half their seats in the 50-member parliament.

More from The National

 

Tunisia's secular opposition is considering setting up an alternative "salvation government" to challenge the Islamist-led leadership.

More from Reuters

 

Companies and Business

Kuwaiti telecommunications operator Zain reported a 14 percent fall in its second-quarter net profit to $214m, mainly because of a currency loss in Sudan, according to Reuters calculations based on its first-half earnings statement.

More from Reuters

 

July 29, 2013 0 comments
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Business

Making the town buzz

by Tamara Rasamny July 26, 2013
written by Tamara Rasamny

Mustafa Sadek
Mustafa Sadek

Company:  UrbanBuz

Country:  United Arab Emirates

Industry: Company services

Founder: Mustafa Sadek

Established in: January 2013

Number of Employees:  5

 

After leaving the US for Dubai three years ago, Mustafa Sadek encountered an old college friend, Nehme Boghdadi.  Their 20-year-old friendship blossomed into a business partnership when the two discovered “there was a big opportunity” in another type of relationship: that between a company and its customers.

Sadek and Boghdadi had been in contact with small and medium-sized businesses (SMBs) and “realized that [SMBs] are really underserved in [the Gulf], in terms of the tools and the environment that they need to help them grow, compete, and mainly build their relationships with their customers.” Customer relations are more developed in the US than in the UAE and the region as a whole, which is where UrbanBuz fits in.

The pair, along with fellow co-founder Salam Saadeh, officially launched UrbanBuz in January 2013 as a platform for SMBs to design their own customer loyalty program.  These SMBs then engage and establish relationships with their customers, not only in the store, but outside of the store as well — meaning that customers can be engaged by collecting and redeeming points, accessing the company through social media websites, and more.

UrbanBuz is targeting smaller companies and “not going after the big guys” just yet.  It focuses on these SMBs because they usually lack the funding or resources to create their own customer loyalty system or pay for a very well established one.  Although Sadek did not reject the idea of targeting larger companies, he prefers keeping that option open for his long-term goals.

SMBs that are working with UrbanBuz range from beauty salons and restaurants to gyms and online businesses, across 35 locations in the UAE.  Although its focus has mainly been on Dubai, the company is finalizing agreements with businesses in Abu Dhabi as well.

UrbanBuz charges its customers a minimum monthly fee of $137 per location, although this may vary depending on how many locations a company has and what sector it belongs to. While it has not yet raised a significant amount of money, the outfit is going through its first round of funding.  “We’ve met with several investors and it is still ongoing,” says Sadek.  

Although Lebanese, Sadek has been focusing on funding from the UAE, and mentions that raising funds in Lebanon is not easy.  “It seems, to a large extent, investors are risk averse; they do not like to take risks on startup companies, especially if that startup company is a new model or new idea altogether,” he explains. Sadek does, however, note that the relationship between investors and startup companies has been developing.

Initial investment for the startup came from Sadek himself and an angel investor. Over the next five years, Sadek hopes to expand to take two percent of a regional market worth some $800 million per year. In comparison to the US, the Gulf market “is very open to a lot of ideas, technology, products; so it is full of opportunities,” he explains.

Despite this, setting up a company “was very tough,” says Sadek, who previously founded a startup in the US. Doing the same in the UAE is much more expensive, costing at least $5,000 — compared to the $300 to $400 that would be paid in the US.  It also takes one to two months to set up a company in the UAE, whereas it takes just a couple of days in the US.  Sadek also expresses his frustration at the challenges he faces with banks. “You have to open your account and then deal with the bank, getting a business credit card is a big hurdle. I do not know why.”

Competitors that Sadek mentions include Air Miles, Shukran, and SNAP. Air Miles is a loyalty network where loyalty customers get benefits on the Air Miles network. UrbanBuz, however, works slightly differently — allowing customers to have loyalty with specific businesses rather than a general network. “We do not interfere, we simply provide the tools,” he says.  Sadek also distinguishes UrbanBuz from other companies because it allows businesses “to set up and manage their own customer program and to better serve their customers, as opposed to traditional customer loyalty programs, where they give the businesses a direct solution that makes it hard to customize and manage.”

When it comes to expanding his business, Sadek says his main focus at the moment is expanding in the Gulf region and other countries outside such as Lebanon and Jordan.  When asked to elaborate on expanding to Lebanon, Sadek explains, “the challenge with Lebanon is that it is too small to think about it as a money-generating market, for a startup at least.” UrbanBuz does plan to expand to Lebanon, but is simply “looking at it as a market share,” and a way to increase its regional brand presence — not as a revenue source.

July 26, 2013 0 comments
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The Buzz

Business briefing: 26 July 2013

by Executive Staff July 26, 2013
written by Executive Staff

Economics & Policy

Iraqi insurgents are targeting the country's main northern pipeline, undermining efforts to rehabilitate and grow the hydrocarbons sector.

More from Reuters

 

Syria's civil war has halved this year's wheat harvest.

More from the Daily Star

 

Saudi Arabia is instituting a program to protect the wages of employees at large firms and all private schools.

More from Arabian Business

 

The IMF is refusing to enter loan negotiations with Egypt until the de facto government gains international recognition.

More from the Daily Star

 

Banking & Finance

The Qatari and Kuwaiti sovereign wealth funds are rumored to be eyeing a stake in Lloyds Banking Group, a major British financial institution.

More from Arabian Business

 

Companies & Business

State-owned Middle East Airlines has frozen dealings with other Lebanese state institutions over a financial dispute.

More from the Daily Star

July 26, 2013 0 comments
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Since its first edition emerged on the newsstands in 1999, Executive Magazine has been dedicated to providing its readers with the most up-to-date local and regional business news. Executive is a monthly business magazine that offers readers in-depth analyses on the Lebanese world of commerce, covering all the major sectors – from banking, finance, and insurance to technology, tourism, hospitality, media, and retail.

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