Day One: Wednesday 6th June 2007

08:30 Registration and Morning Refreshments

09:00 Chairman’s Opening Remarks

Keith Mullin, Editor, IFR

09:10 Economic Outlook

• Winds of change: assessing the region’s future potential in light of its recent transformation process
• Determining the main international and local players in the petro-economy
• Opportunities vs. political risks in the region
• Allocation of funds: how much liquidity exists in the region and where?
• What expertise and know-how is required to further expand local financial structures?
• Analysing the assets and strategies of the national institutions investing each country’s oil wealth

Steve Brice, Head of Research, MEPA & South Asia, Global Research, Standard Chartered Bank, UAE

09:40 New Opportunities in the Middle East Capital Markets

• Profiling the products, structures, strategies and opportunities of the fast-emerging financial centres of Dubai, Bahrain and Qatar
• Looking into alternative investment opportunities across 14 countries in the region
• What are the new products likely to appeal to local investors and institutions?
• Which banks look likely to emerge as the winners, and why?

Oscar Silva, Chief Executive – Investment Banking, NBK Capital, Kuwait

10:10 Islamic Finance and Islamisation of the Gulf Banking Sector: The Challenges of Distributing Investment Products through a Retail Banking Platform

• Sharia standardisation
• Distribution
• Product Development
• Customer appetite and selling of various asset classes

Naveed Imtiaz Ahmad, Head of Investments & Product Development, Dubai Islamic Bank, UAE

10:40 REFRESHMENTS

11:00 The New Players:  International Banks with Islamic Arms

• International banks are moving in:  increased interest in and commitment to the region
• Analysing the increase in the amount of lending activity in the Gulf
• Competitiveness of the local banks versus international players
• Conventional to Islamic? The business case for offering Islamic services
• The role international banks play in building the regional infrastructure, developing global standards, establishing local markets and expanding the equity markets

Antoine Cahuzac, CEO Global Banking, HSBC Bank Middle East Limited

11:40 Development of Islamic Capital Markets: 

Dr Ahmad Jachi, First Vice-Governor, Banque du Liban

12:00 The Sukuk Phenomenon

• Developments in the sukuk market
• Sukuk vs. conventional bonds
• Sukuk ratings
• Tax, legal and regulatory issues
• Case studies

Gary Griffiths, Head of GCC Capital Markets, Gulf International Bank B.S.C.

12:20 PANEL DISCUSSION

• GCC Equity Markets and Middle East IPOs
• Equity as the preferred asset class in the GCC region: insights into growth and ECM opportunities in the region
• Analysing the market response to recent IPOs
• Conventional vs. Sharia compliant equities
• Kuwait, Saudi Arabia and UAE as attractive investment destinations
• Lending on margin to investors vs. investing in stock markets
• Prospective integration of Middle Eastern stock exchanges with global lead players
• Performance expectations vis-à-vis developed and emerging equity markets
• Winners and losers

Moderator:
Keith Mullin, Editor, IFR

Panellists:
Adam Key, Director, Equity Capital Markets, Citigroup, UAE,
Oscar Silva, Chief Executive, Investment Banking, NBK Capital, Kuwait
Tasneem Mayet, Co-Head of Equity Capital Markets, Millennium Finance Corporation (MFC), UAE

13:00 Lunch

14:00 Minimising Costs and Optimising ROI: Growth of Derivatives Trading in the Middle East

• Advantages of derivative products
• Middle East corporate bond market trends, interest rate environment and the impact of market corrections
• Innovations in interest rate structures
• Benefits of cross border leasing
• Relevance of tax and credit derivatives in optimisation finance

Geert Bossuyt, Head of MENA Structuring, Deutsche Bank

14:40 Private Equity And Leverage Buyouts in the Middle East

• M&A activity in the Gulf and other frontier markets in the Middle East
• Privatisation opportunities in the region
• The involvement of Arab money in leveraged buyouts
• Middle East as an increasingly attractive region for international private equity players
• Liquidity options: the growing secondary market
• Shariah compliant funds and structuring Shariah compliant deals
• Challenges of fundraising in the Middle East
• Where are the attractive investment opportunities for local private equity firms?
• Fulfilling investor expectations to ensure a healthy flow of deals
• The challenges of identifying, acquiring and transforming companies in an increasingly competitive marketplace

Mustafa Abdul Wadood, Managing Director, Abraaj Capital

15:20 REFRESHMENTS

15:40 PANEL DISCUSSION

• Asset Management in the Middle East
• Is international institution money prospecting the region?
• Investigating the development of institutional asset pools
• The pitfalls and the opportunities of capturing those capital flows and ensuring their stability
• Creating AM products in the region: offering Islamic products, as well as western products - such as PE funds, hedge funds and funds of funds - to wealthy local investors and institutions

Moderator:
Keith Mullin, Editor, IFR

Panellists:
Haissam Arabi, Managing Director, Asset Management, SHUAA Capital p.s.c, UAE
Daniel Smaller, Managing Director, Head of Sales and Distribution, Algebra Capital, UAE
Eric N. Swats, Partner, Head of Asset Management, Rasmala Investments LLC, UAE

16:20 Middle East Hedge Funds

• Hedge funds industry in the region
• Limitations and constraints
• What infrastructure is required? 
• Implications of hedge funds for market development and activity

Rajai Ayyash, VP Head of Asset Management Sales Middle East and Africa, Bank of New York, UAE

16:45 Chairman’s Closing Remarks, Questions and Answers

DAY TWO: THURSDAY 7th JUNE 2007

08:30 Morning Refreshments

09:45 Chairman’s Opening Remarks

Keith Mullin, Editor, IFR

10:00 Middle Eastern Companies Raising Cash in the International Bond Markets

• The Middle East as a borrower in global debt markets:  increased power and credibility as ratified by rating agencies
• Non-bank issuance and venturing the international bond route
• Looking into oil companies’ borrowing strategies
• Leading companies’ diversification and global funding strategies
• Dubai Holding case study in light of the recent three-tranche, three-currency bond issuance

Nicholas Hegarty, Managing Director, Head of Global Banking MENA, Deutsche Bank, UAE

10:45 Opportunities for Investment in Infrastructure: Project Finance in the Middle East

• Importance of Islamic finance in Project Finance deals
• Case study on a Saudi IWPP Project Shuqaiaq IWPP

Irfan Said, Project Finance Head, Samba Financial Group, KSA

11:30 Securitisation in MENA

• Overview and potential of the MENA securitisation market
• Importance of credit ratings: challenges of rating Islamic structures
• Analysing buyer profiles
• How to encourage international investment?
• What does the future hold? Upcoming MENA securitisation deals

Khalid Howladar, Vice President, Structured Finance Group, Moody’s Investors Service Limited

12:30 Lunch

14:00 END OF CONFERENCE