After receiving the coveted recipe from a Canadian doctor, we anxiously go to Canadian pharmacy and order the right medicine. Community pharmacy may, on its license to open a satellite pharmacy (branch) in a small village. In Canada, pharmacies are even in small towns. Therefore, the problem of access to medicines in a sparsely populated area does not exist. The News
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The News
WEF to examine future of Mideast, North Africa at Dead Sea in October PDF Print E-mail
Written by Editor   
Sunday, 31 July 2011 10:29
AMMAN (JT) - “The Future of the Middle East and North Africa” will be the topic of a dialogue at the World Economic Forum (WEF) on October 21-23 at the Dead Sea.

Around 1,000 personalities from industry, government, civil society, the media and academia are expected to participate in this dialogue, according to a statement sent to The Jordan Times by WEF.

“The meeting could not be held at a more critical time for the region as it will be bringing together the Gulf Cooperation Council countries, Levant, Maghreb and international community,” the statement said.

“The meeting’s programme will be driven by the urgency to address youth employment and social inequities, while enabling macroeconomic stability,” it added.

The WEF stressed that central to the Dead Sea agenda will be opportunities to drive positive outcomes in countries facing uncertainty in addition to insights and scenarios for decision makers to discern present and future drivers of change.

The first pillar of the programme, according to the statement, will be positive outcome for 2012, while the second thematic pillar is the 3Es: Employment, Entrepreneurship and Education.

Another pillar will discuss water, energy, food: Regional Risk Response, while the fourth, which Geopolitical insight 2012, will underline the complexity of the MENA geopolitical outlook.

To shape this critical dialogue on the future of the Middle East and North Africa region, the World Economic Forum will convene the most relevant global and regional industry leaders, representing the forum’s member and partner companies, said the statement.

Senior government leaders from MENA and countries key to the future of the region, including members of the Group of 20, European Union and Association of South East Asian Nations will also take part in the three-day forum in addition to heads of major international and regional organisations, including intergovernmental development banks.

Leaders of the most relevant NGOs and labour unions will also participate as well as Young Global Leaders and Global Shapers - the forum’s new community of outstanding individuals in their 20s, the WEF said.

Among other participants will be social entrepreneurs and technology pioneers, media leaders representing top opinion shapers in the region in 2011 and cultural and spiritual leaders.
By: Jordan Times
GCAS brings the Kenyon expertise to Abu Dhabi PDF Print E-mail
Written by Editor   
Wednesday, 20 July 2011 08:46
 The Gulf Centre for Aviation Studies (GCAS), and Kenyon, a worldwide crisis management consultant, have signed a cooperation agreement to provide the internationally renowned crisis management training to aviation professionals at the centre's facility in Abu Dhabi.

Kenyon is one of the oldest and most experienced firms of its type with over 100 years of direct involvement in more than 300 crisis events. It provides various consulting and operational services directly related to crisis management including, corporate losses, major aviation losses, natural disasters, terrorist attacks, or war.

The agreement between the two bodies will facilitate the joint implementation and delivery of higher education studies relevant to crisis management, joint research in crisis management disciplines, and hosting of symposiums, forums and workshops. In addition, Kenyon will provide specialised crisis management training programs at GCAS, which will include foundation courses, development and deployment of response teams, humanitarian assistance, managing a station response, and airline accident investigation '&' risk management.

Dr. Othman Khoury, Deputy General Manager of GCAS, explained: "With Middle Eastern airports seeing thousands of people moving through each day, staff must be highly aware of the risks and potential crisis that may strike. These new courses at GCAS, in partnerships with experts Kenyon, will help aviation professionals from across the region understand how to proactively manage a crisis within different scenarios." GCAS is the exclusive training provider for JAATO in the Gulf and Middle East region, and is the tenth certified training center to provide ACI courses and is the first TRAINAIR PLUS certified training center by ICAO worldwide, which has attracted the attention of many aviation organizations from across the GCC. As the premier aviation and airport training centre in the Middle East, it continues to promote international best practice in safety and security, and all other areas of airport operations.

 By: WAM
Iraq tries to recover fleeing bank chief PDF Print E-mail
Written by Editor   
Tuesday, 07 June 2011 11:59
BAGHDAD (AFP) - Iraq is using legal and diplomatic means to bring back the chief of a state-owned bank under investigation for financial irregularities, a top official said on Monday.

Prime Minister Nuri al-Maliki himself has intervened in a bid to secure the return of Hussein al-Uzri, chief of Trade Bank of Iraq (TBI), after he fled to Lebanon following the allegations, said cabinet secretary general Ali al-Alak.

Alak said the bank had distributed loans without properly arranging guarantees, and had improperly insured credit facilities.

"There is a judicial, legal and diplomatic effort to follow up with the head of the Trade Bank of Iraq who escaped to Beirut," Alak told AFP following a news conference in Baghdad's heavily-fortified Green Zone.

"There have been efforts by Maliki personally to recover Hussein al-Uzri," Alak said, without giving details. He confirmed that a warrant was outstanding for Uzri's arrest.

Alak, who said officials had spent two years poring through TBI's lending practices, said "a part of these irregularities relate to bank loans and the insurance of credit facilities."

"When we checked a lot of the loans, we found they were given on the basis of courtesy -- they did not have any real guarantees, and this is public money," the official said.

"This has caused the loss of millions of dollars because of the lack of recovery of loans."

JD Capital sells controlling stake in CEGCO to ACWA Power PDF Print E-mail
Written by Editor   
Saturday, 04 June 2011 13:25
AMMAN - Jordan Dubai Capital (JD Capital) announced on Thursday the sale of its controlling stake in the Central Electricity Generating Company (CEGCO) to ACWA Power International (ACWA Power) for a total consideration that values 51 per cent of CEGCO at $144 million.

The sale agreement was signed by Ismail Tahboub, chief executive officer of Jordan Dubai Capital, and Mohammad Abunayyan, chairman of ACWA Power.

“This is a strategic partnership as our investment in Jordan is a long term one,” Abunayyan said at a press conference Thursday.

ACWA Power, he added, considers its investment in the company as feasible because there is an increasing demand on power in the Kingdom and a “huge” spending by the government on fuel.

“We want to make the use of fuel more efficient in order to generate more power,” Abunayyan told journalists.

Describing Jordan as a politically, economically and socially stable country, he said: “Jordan has a very suitable environment for attracting investments and this encouraged us to complete the deal.”

He indicated that the company is ready to invest in new plants in the Kingdom.

ACWA Power will focus on optimally utilising equipment at CEGCO’s seven generation plants to increase production of power, he added, noting that CEGCO currently generates 1, 700 megawatts from a mixed portfolio by technology and fuel type.

Noting that investments in the Kingdom are feasible, he said the company is ready for investing in new plants in the Kingdom.

CEGCO, the largest power generator in Jordan, was privatised in 2007 when 51 per cent of its equity was acquired by Energy Arabia, which was established in 2006 by Jordan Dubai Energy & Infrastructure - a wholly owned subsidiary of JD Capital - in partnership with Malakoff and Consolidated Contractors Company (CCC) to meet the growing demand for power generation investment and services in the region.

The other shareholders in CEGCO are the government of Jordan which maintained a 40 per cent stake after the privatisation and the Social Security Corporation which acquired 9 per cent from the government, according to a statement by the Jordan Dubai Capital.

Commenting on the sale, Tahboub said: “Under JD Capital’s stewardship, CEGGO has transitioned from a state owned company to a successful privately owned commercial enterprise. In securing the highest quality operator to manage the next phase of CEGCO’s development, JD Capital has shown itself to be a regional leader in acquiring managing and successfully exiting highly complex infrastructure assets. It is particularly pleasing to have seen strong foreign investor interest for the asset throughout the sale process which culminated in the sale of CEGGO to a highly respected Saudi Arabian company. This proves that the Government of Jordan’s strategy for private participation in the power sector has been successful and that the government continues to be a solid and credit worthy counterparty. We have secured reasonable return on our original investment, which is in line with the low risk nature of infrastructure assets.”

JD Capital was advised on the transaction by Bank of America Merrill Lynch and Allen & Overy.

ACWA Power is a developer, owner and operator of power generation and desalinated water production plants structured on a concession or utility outsourcing contract model co-funded within a limited recourse, project finance framework.

The company, incorporated in the Kingdom of Saudi Arabia, is as a privately owned joint stock enterprise with a paid up capital of Saudi Riyal 3.71 billion.

By: Jordan Times
Last Updated on Saturday, 04 June 2011 13:26
Two Jordanian start-ups incubated by Oasis 500 secure investment deals PDF Print E-mail
Written by Editor   
Tuesday, 31 May 2011 13:27
AMMAN - Two Jordanian start-ups, incubated by Oasis 500, have secured investment deals with local and international investors, Usama Fayyad, the firm’s executive chairman, announced Monday.

MarkaVIP - founded by a group of Jordanian entrepreneurs as an online shopping community that offers members in the Middle East access to exclusive international brands at up to an 85 per cent discount - secured investment deals worth JD2 million with the investment arm of Kawar Group, Belgian Hummingbird Ventures and a Turkish company.

Wheels Express, a Jordanian web-based delivery start-up and an e-commerce portal, secured investment deals with businessman Emad Malhas and Kawar Group. The volume of the deal was not announced.

“These are two of many other companies incubated by Oasis 500 that secured investment deals. More such deals will be announced during the upcoming weeks,” Fayyad told reporters Monday.

He indicated that the two start-ups are among 20 incubated by Oasis 500, which he said will receive about 15 new start-ups within two weeks.

Representative of the two start-ups and investors in the two companies commended the role of Oasis 500 in helping the two ventures grow and showing them the “path for success”.

“Oasis 500 ensures that these start-ups succeed. It guides them, helps them in putting business models and showing them the right track for a growing business, thus encouraging us to invest and making our investments in such ventures safer,” said Malhas.

Karim Kawar of Kawar Group agreed.

“Oasis 500 makes start-ups ready for growth and equips them with all needed skills that will help create jobs for Jordanians,” said Kawar.

Founded by local venture capital firms, technology companies and investors, Oasis 500 started accepting applications for its entrepreneurship programme in August last year with the goal of helping fund 500 ideas from the Middle East and North Africa by the year 2015.

Oasis 500 has recently hosted a regional Angel Network Event, providing 70 top leaders and investors from Jordan, the region and Silicon Valley in the USA with the opportunity to meet with promising start-up companies that represent lucrative and stable investment opportunities in the MENA region, it said in a statement yesterday.

Oasis 500 had previously launched a number of programmes for start-ups that include entrepreneurial training, mentorship, incubation, and follow-on and angel investment funds, aimed in particular to accelerate the transformation of 500 business ideas in the next five years into start-up companies in the ICT, mobile and digital media sectors with a focus on entrepreneurs in the region.



By: Jordan Times
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