Olayan

The Saudi group will participate in the tourism enterprise by way of a share capital increase to strengthen the Costa Navarino resort and its further growth in the tourism sector. The aim of the move is not just to support the group’s next investment stage but also to supply liquidity, Kathimerini notes.

Founded in 1947, The Olayan Group is a private, multinational enterprise with diverse commercial and industrial operations in the Middle East and an actively managed portfolio of international investments.

The commercial side of the Group comprises more than 40 companies and is centered in Saudi Arabia, where the Group originated. They are engaged in distribution, manufacturing, and services. Many of these companies operate in partnership with leading multinational or regional firms. Some have operations in other Gulf countries and the wider Middle East.

With offices in Saudi Arabia, Europe, and the US, the Group’s global investment team focuses on public and private equities, real estate, fixed income securities, and other specialized assets.

The Global Corporate Sustainability Report 2013, released by the UN Global Compact, found that many companies are defining goals and setting policies but still have much work to do in terms of implementing these policies. For example, 65 per cent of the companies who too part in the report develop sustainability policies at the Chief Executive Officer (CEO) level, while only 35 per cent train managers to integrate sustainability into strategies and operations.

The report surveyed nearly 2,000 companies across 113 countries, and provides a snapshot of the actions taken by businesses to embed responsible practices into their strategies, operations and culture.

The report also stresses that commitment to sustainability principles such as the protection of human rights, transparency and accountability, environmental stewardship and social inclusion affect companies’ performance.

“Corporate sustainability is serious business. It influences long-term financial success. What used to be external to the company is now internal,” the Executive Director of the UN Global Compact, Georg Kell, told reporters in New York.

“Social issues such as poverty are also business issues and businesses can take on them proactively and be part of the solution or continue to ignore them at their own risk.”

The report also found that while small and large companies are committing to the UN Global Compact in equal numbers, larger companies are significantly more likely to move beyond commitment to action across all issue areas. However, the survey also notes that smaller companies are increasingly taking steps to catch up to their larger peers.

Supply chains are a major obstacle to implement sustainability policies, the report states. Even though the majority of companies have established sustainability expectations for their suppliers, they have the challenge of tracking their compliance and help suppliers reach their goals in this matter.

Mr. Kell added that despite challenges, more companies are recognizing the importance of sustainable practices and are joining the Global Compact to align their core business strategies with UN principles and global development priorities.

Launched in 2000, the UN Global Compact is the world’s largest corporate responsibility initiative, with more than 8,000 companies in some 144 countries. It seeks

The report will provide the backdrop for the UN Global Compact Leaders Summit 2013: Architects of a Better World on 19-20 September in New York. The Summit will bring together 1,000 chief executives and leaders from civil society, government and the UN.

Full report here.

With the departure of the first flight from Dubai International airport this week, Emirates has re-established a key route offering Libyan travellers access to its global network that spans six continents.

“We are now connecting Tripoli not only to Dubai, but also to our worldwide network of more than 130 destinations. Solid early bookings have demonstrated the demand, opening up new markets for passengers to and from Libya,” said Adil Al Ghaith, Emirates’ Vice President Commercial Operations Northern and Western Africa. “Libya is showing healthy economic growth and the re-launch of our flights to Tripoli will help to support business and international trade from Tripoli to the rest of world.”

Emirates now serves Tripoli three times a week with a quick stop in Malta, utilising a Boeing 777-200ER which provides First Class, Business Class and Economy Class travel. EK745 leaves Dubai every Sunday, Tuesday, and Thursday at 0930hrs arriving in Malta at 1325hrs. The service departs Malta at 1455hrs arriving in Tripoli at 1555hrs. The return flight leaves Tripoli International Airport at 1725hrs and lands in Dubai at 0100hrs the next day.

Tripoli is one of the main hubs of Libya’s economy and, home to many of the country’s largest local and international companies. In June 2012, Emirates re-opened its Tripoli town office enabling customers to book travel on Emirates’ services outside of Libya.

Supporting trade between Tripoli and the rest of the world, Emirates SkyCargo introduced a freighter service to the city in May 2012, helping import a variety of goods such as electronics from the Far East to drilling equipment from the US. The resumption of passenger flights also enables Emirates SkyCargo to better serve Libyan cargo customers by offering a total weekly capacity of over 100 tonnes and more frequent connections with their supplier markets.

Libyan travellers now once again enjoy the renowned service from the airline’s international cabin crew recruited from over 130 countries, gourmet cuisine and award winning ice system with more than 1400 channels of entertainment and the connectivity to send and receive emails and text messages.

Emirates has a fleet of 201 aircraft and is the world’s largest operator of A380 and Boeing 777 aircraft, flying to 134 destinations in 74 countries across six continents.

The 4.4 million euro deal marks the QPI’s first investment in Greece.

Qatar Petroleum (QP), a state-owned corporation established in 1974, is responsible for all phases of the oil and gas industry in Qatar.

According to Gulf Times, Qatar’s Energy and Industry Minister Mohamed bin Saleh Al-Sada also attended the agreement’s signing ceremony yesterday in Doha.

“The power sector is growing steadily worldwide,” Mohammed Saleh Al Sada said at a press conference in Doha late yesterday.

“We have already built capacity internally here in Qatar, but we are interested in extending our investment elsewhere.”

The agreement was also signed, by Nasser Al Jaidah, CEO of QPI, and George Peristeris, CEO of GEK TERNA Group.

The energy-rich Gulf emirate in January announced during a visit by Samaras that it planned to invest up to a billion euros in a joint fund with Athens to bolster recession-hit Greek industry.

The Greek investment scheme is similar to a Qatari plan to invest in Italian companies, which was announced during a visit by Italy’s Prime Minister Mario Monti to Doha last November.

Samaras had originally intended to visit Qatar in November but delayed the trip because Athens was locked in talks to obtain aid from its international lenders.

TERNA was founded in 1972 and since then it has been actively involved in the implementation of a broad spectrum of public and private projects of considerable budget and complex know-how, such as the construction of Railway and Highway networks.

Today, TERNA is the construction company of GEK TERNA Group.

The draft directive requires EU countries to set their maximum terms of imprisonment at not less than two years for the crimes of illegally accessing or interfering with information systems, illegally interfering with data, illegally intercepting communications or intentionally producing and selling tools used to commit these offences. “Minor” cases are excluded, but it is up to each country to determine what constitutes a “minor” case.

The text sets up a penalty of at least three years’ imprisonment for using “botnets”, i.e. establishing remote control over a significant number of computers by infecting them with malicious software.

Attacks against “critical infrastructure”, such as power plants, transport networks and government networks, can lead to a five-year prison sentence. The same applies if an attack is committed by a criminal organisation or if it causes serious damage.

Member states will be required to respond quickly to urgent requests for help in the event of cyber attacks, so as to render police cooperation more effective. They will have to make better use of the existing 24/7 network of contact points to respond to urgent requests within eight hours.

Legal persons, such as firms, would be liable for offences committed for their benefit (e.g. for hiring a hacker to get access to a competitor’s database). Penalties could include exclusion from entitlement to public benefits or closure of establishments.

The text, adopted by 541 votes to 91, with 9 abstentions, is expected to be formally adopted by the Council very shortly. The new directive builds on rules that have been in force since 2005. Once adopted, member states will have two years to transpose it into national law.

Photo: Neelie Kroes, Catherine Ashton and Cecilia Malmström (from left to right)

In addition to winning ‘World’s Best Airline’ Emirates scooped up a further two awards including; ‘Best Middle East Airline’ and for a record ninth year in a row, ‘World’s Best Inflight Entertainment’. The awards were collected today by Tim Clark, President Emirates Airline at the Paris Airshow. The Skytrax World Airline Awards polled over 18 million business and leisure air travellers from more than 160 countries

“Being honoured with these awards is testament to our unrelenting effort to be the world’s best airline,” said Mr. Clark. “We are constantly striving to offer our customers consistent, world-class service that extends from the moment they make their booking to the moment they arrive home at the end of their journey.”

“These awards are widely regarded as the industry’s benchmark for excellence. For us, the awards clearly reflect a vote of confidence from global travellers, who acknowledge and appreciate our continuous drive to deliver high-quality service. To be voted ‘World’s Best Airline’ by millions of discerning travellers really is something for our 60,000 strong workforce to be proud of,” added Mr. Clark.

Since launching in 1985, Emirates has grown into one of the largest and most dynamic airlines in the world and has transformed Dubai into a major connecting hub for global air travel.

Last year over 39 million customers flew with Emirates, connecting across the airline’s global network and enjoying the airline’s extensive onboard innovations, including the industry leading inflight entertainment system ice, offering over 1,400 channels of entertainment.

Emirates has been, and continues to be, a leader in revolutionising air travel, working closely with manufacturers and suppliers to ensure all aspects of the customer experience are second to none. It is the many advances by Emirates in the area of aviation that have resulted in the airline winning more than 500 international awards.

Emirates SkyCargo received the accolade at a Gala Dinner on Wednesday, June 5 which took place at The Westin Grand Hotel in Munich against the backdrop of transport logistic 2013, the world´s largest trade fair for transport and logistics.

“Winning the Cargo Airline of the Year award highlights Emirates SkyCargo dedication to customer service and quality,” said Pradeep Kumar, Emirates Senior Vice President Cargo Revenue Optimisation and Systems who attended the ceremony.

“Receiving this award is something that I share with our entire Emirates SkyCargo team whose hard work and commitment make all of our success possible.”

The awards come at a time of continuous growth for SkyCargo. Earlier this year, the freight division of Emirates significantly boosted its cargo capacity with the addition of three new Boeing 777F aircraft, taking its freighter fleet to 10 aircraft and its dedicated freighter network to 13 destinations. These are Taipei, Chittagong, Eldoret, Lilongwe, Chicago, Almaty, Gothenburg, Zaragoza, Viracopos, Tripoli, Djibouti, Hanoi and Liege.

Emirates SkyCargo currently serves a route network of more than 130 destinations in 77 countries, spanning six continents across the globe.

In recognition of its overall policy of excellence in every area of operation, SkyCargo was recently presented with a number of prestigious industry awards, such as ‘Cargo Airline of the Year 2013’, ‘Best Middle East Cargo Airline’ (both Air Cargo News), ‘Best Air Cargo Carrier Middle East’ (AFSCA), ‘Cargo Operator of the Year’(SCATA) and ‘Air Cargo Excellence Award’ (Air Cargo World).

YouTube in a long anticipated move will now allow some video creators to charge viewers a monthly fee to access certain content. The move adds a new potential revenue stream for YouTube and its thousands of content partners.

“Today, there are more than 1 million channels generating revenue on YouTube, and one of the most frequent requests we hear from these creators behind them is for more flexibility in monetizing and distributing content. We’ve been working on that and wanted to fill you in on what to expect,” YouTube said in a statement.

The statement added that this was part of an effort begun in 2007. YouTube released a list of about 50 channels which will be part of the program.

“Every channel has a 14-day free trial, and many offer discounted yearly rates,” it said.

“This is just the beginning. We’ll be rolling paid channels out more broadly in the coming weeks as a self-service feature for qualifying partners.

Google bought YouTube in 2006. Until now the content has been free, while the service is believed to generate a small amount of revenue from advertising. It’s unclear whether YouTube viewers who have gotten used to accessing only free content will choose to pay for special channels.

Earlier this year Google said more than a billion people use YouTube each month.

“If YouTube were a country, we’d be the third-largest in the world after China and India,” the team said in March.

Released today in the Group’s 2012-13 Annual Report, the company posted an AED 3.1 billion (US$ 845 million) net profit, up 34 per cent from last year. The Group’s revenue reached AED 77.5 billion (US$ 21.1 billion) an increase of 17 per cent over last year’s results. The Group’s cash balance grew by 53 per cent reaching a solid AED 27.0 billion (US$ 7.3 billion).

“Achieving our 25th consecutive year of profit in a financial year with our largest ever increase in capacity across the network is an achievement that speaks to the strength of our brands and our leadership,” said His Highness (H.H) Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group.

Despite a difficult operating environment, the Group continued to invest in and expand on its employee base, increasing its overall staff count by 12 per cent to 68,000.

Emirates continued with its growth plan and during the financial year saw the largest increase in capacity in the airline’s history receiving a staggering 34 new aircraft, the highest in any single year and an unprecedented achievement. These aircraft were funded by raising more than US$ 7.8 billion, also a first, through a variety of financing structures. Overall capacity measured in Available Tonne Kilometres (ATKMs) increased by 5.5 billion tonne-kilometres. Other significant capacity increases include launching 10 new destinations across six continents, shipping more than 2 million tonnes of cargo for the first time and carrying an additional 5.4 million passengers over last year, the highest increase in a financial year.

In the 2012-13 financial year Emirates’ fuel bill increased by 15 per cent over last year to reach AED 27.9 billion (US$ 7.6 billion). With total operating costs increasing by 16 per cent compared to a revenue increase of 17 per cent over last year.

Highlighting its sound financials and investor confidence, Emirates raised more than AED 28.6 billion (US$ 7.8 billion) in new funding mainly to secure its on-going fleet expansion, a record amount for the airline. This impressive total included US$ 587.5 million financing for additional A380’s with a bond that used the debt capital market in the U.S., a first for a non-U.S. airline in years. Emirates also issued a 10-year amortised Sukuk for US$ 1 billion and raised US$ 750 million with a 12-year amortised bond matched to the payment cycle for the aircraft. It further includes more than AED 20 billion (US$5.4 billion) raised through finance and operating leases.

“We move into the new financial year with confidence and a clear vision of where we are headed. We understand that succeeding in this industry requires determination and we are unapologetic about our drive to be the best,” added Sheikh Ahmed.

Emirates revenue reached a record high of AED 73.1 billion (US$ 19.9 billion) growing by 17 per cent when compared to the 2011-12 financial year. Although the average price of jet fuel did not increase over last year, it remains high and has impacted Emirates’ bottom line with the airline’s profit at AED 2.3 billion (US$ 622 million) representing an increase of 52 per cent over last year’s results.

Carrying a record 39.4 million passengers, an increase of 16 per cent, Emirates logged a robust Passenger Seat Factor, at 80 per cent, remaining consistent with last year’s results. With an increase in seat capacity-Available Seat Kilometres (ASKMs) of 18 per cent the result highlights a strong consumer desire to fly on Emirates’ state-of-the-art aircraft.

Passenger yield remained steady with 30.5 fils (8.3 US cents) per Revenue Passenger Kilometre (RPKM)

Revenue generated from across Emirates’ six regions continues to be well balanced, with no region contributing more than 30 per cent of overall revenues. East Asia and Australasia remained the highest revenue contributing region with AED 20.9 billion (US$ 5.7 billion) up 15 per cent from 2011-12. Europe, up 18 per cent to AED 20.1billion (US$ 5.5 billion) and the Americas up 24 per cent to AED 8.3 billion (US$ 2.3 billion) saw the most significant growth, reflecting new destinations as well as increased frequency and capacity to these regions.

Across the rest of the globe Emirates saw strong revenue increases from West Asia and the Indian Ocean up 13 per cent to AED 8.0 billion (US$ 2.2 billion), Gulf/Middle East up 13 per cent to AED 7.1 billion (US$ 1.9 billion) and Africa with AED 6.7 billion (US$1.8 billion) in revenue, up 10 per cent.

Forging ahead with its intricately planned expansion, Emirates received 34 new wide-body aircraft during the year including 20 Boeing 777-300ERs, 10 Airbus A380s and 4 Boeing 777LRFs compared with last year’s 22 aircraft. With an increased fleet, Emirates launched 10 new destinations in 2012-13 including Ho Chi Minh City, Barcelona, Lisbon, Erbil, Washington, DC, Adelaide, Lyon, Phuket, Warsaw and Algiers.

A number of factors, mainly the ongoing financial crisis and intense competition from newcomers to the global tourism industry, make the coming years a critical period, as it is important for both Greece and Cyprus to remain resourceful and in the spotlight.

Destination Marketing has always been a challenging discipline, one where strategy and creativity are of critical importance. There have been a number of excellent campaigns over the last few years, while advertisers and communication consultants have in some cases even proposed extreme actions by countries and regions! New Zealand was the recipient of such a proposal: change the country’s name and flag, in order to make it more exotic as a destination! Last time I checked, they still haven’t adopted this!

The Web and specifically Social Media are transforming the way countries and regions are marketed. Gone are the times when TV would attract the largest part of a National Tourist Bureau’s budget. Also, the high cost of running Tourist offices in other countries and participating in exhibitions has stimulated the demand for a cost-effective platform.

Social Media are increasingly gaining the attention of Marketeers: they are effective and produce results that can be tracked and acted upon. Travel and vacations are inherently social functions. Prior to the advent of Social Media, friends would discuss and exchange views offline.

Apparently, research data shows that 60% of Europeans are influenced in the selection of holiday destinations, by comments, posts, suggestions that they read on Social Media, such as Facebook and Twitter.

In the case of Facebook, approximately two out of three users globally (in actual numbers, this translates to 700 million people), post pictures and discuss their holidays, while 50% admit that they are influenced by friend’s suggestions and comments, when it comes to picking a holiday destination.

It is also worth mentioning that research indicates that by 2016, social media will be a primary way to generate travel bookings and revenue for half of the travel industry.

Where do the above data leave Mediterranean countries as well as other aspiring tourist destinations?

Social Media should be placed at the center of the Promotional Strategy, as the return on investment will be much higher than any other Medium. Print Media and TV should be used as supportive Media and no more than 30% of the annual budget should be allocated to them.

There are a number of successful case studies of National Tourism organizations and their Social Media campaigns. Two of them are worth mentioning.

First, Tourism Australia’s Facebook fan page has 3.4 million fans already, with 200,000 of then engaging and talking about Australia as a tourist destination every week!

Visit Britain’s Facebook campaign brought a staggering 42,000 new fans to their Facebook page in one day!

Keeping in mind the tremendous growth in people engaging with Facebook and Twitter around the world, which is 1.1 billion and more than 600 million, respectively, makes them the most important Social Media platforms for Greece and Cyprus, for the years to come.

So, time is precious. Engage and Tweet to get more tourists talking and eventually visiting these beautiful countries!