HSBC forum addresses key challenges facing MENA family businesses

Updated 07 October 2017
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HSBC forum addresses key challenges facing MENA family businesses

HSBC clients of leading family business owners in the UAE and other GCC countries gathered at the Family Enterprise Forum organized recently by HSBC Private Bank in Dubai to discuss some key challenges facing family businesses in the region.
The increasing importance of succession planning as a means to avoid the third generational trap, wealth planning through effective investments and how can wealth benefit the wider community were among the key themes covered during the forum.
When it comes to philanthropy, the value of giving back to community is engraved in the culture and tradition of the people in the Middle East. According to a recent global study by HSBC Private Bank titled Essence of Enterprise, three in 10 (29 percent) Middle Eastern entrepreneurs in their 20s (vs 20 percent globally) are motivated to set up their business in part by the desire to have a positive impact on their community.
In his welcoming notes at the forum, Abdulfattah Sharaf, group general manager, chief executive officer UAE, and head of international, HSBC Bank Middle East Limited, said: “Private wealth has been growing steadily across the UAE and the region over the last few years. As our wealth grows, so does the importance of giving back to our community. HSBC understands the potential of each and every person to influence change and contribute to a better world, both professionally and personally. HSBC recently committed $150 million to be given to charities across the world to mark our 150-year anniversary.”
He added: “I am personally very proud of the strong history of giving in my organization — and the event today has been designed to share our expertise to ensure philanthropy is a strong part of our clients wealth planning journey.”
The Family Enterprise Forum is one of HSBC Private Bank’s flagship events hosted around the world for multigenerational family businesses, designed to provide the latest thinking around wealth planning and investments from industry specialists.
Sobhi Tabbara, HSBC’s global market head of private banking, Middle East said: “We are delighted to have this opportunity to bring together our valued clients along with HSBC Private Bank’s experts to provide insight and guidance supporting them through the complexities of multi-generation transition.”


Saudi Arabian Airlines displays new products

Updated 24 April 2018
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Saudi Arabian Airlines displays new products

Saudi Arabian Airlines (Saudia), the Kingdom’s national carrier, is participating in the Arabian Travel Market (ATM), taking place in Dubai this week. This year marks the 25th edition of the show. Saudia has participated consistently throughout the years.
The airline has rolled out many new products and onboard amenities this year, including a new Business Class Porsche Design Men’s kit and Furla Ladies kit, as well as new children’s characters and kits.
Saudia is debuting a new exhibition stand design (9 x 30.5 meters) along with many interactive features and products on display. These include all the latest seats on static display — First Suite (first class), Business Class, and the Guest Class (economy) seats.
Also on display is a “smart model” experience, which provides a 3D interactive tour through the new Jeddah King Abdul Aziz International Airport.
Saudia is currently in the midst of a rapid transformation, fleet and network expansion program.
The airline has achieved double-digit growth in international passenger traffic, flying to 89 destinations across four continents. Saudia is receiving on average, one new aircraft every 12 days. Currently at 147, by the end of 2020 the fleet is set to reach 200 aircraft.
“Saudia looks forward to welcoming its travel retail partners, media and hospitality guests at ATM. The airline’s stand is located at ME 4310,” the airline said in a press release.
Currently in its 73rd year of operations, the airline is a member of the International Air Transport Association (IATA) and the Arab Air Carriers Organization (AACO).
Saudia carried 30 million passengers in 2016, and was named the 2017 World’s Most Improved Airline by Skytrax, an independent global aviation industry monitor.
The airline has 11 codeshare partners including: Garuda Indonesia, China Southern Airlines, Air France, Royal Air Maroc, Alitalia, Korean Airlines, KLM, Middle East Airlines, Aeroflot, Air Europa and Oman Air.