Pre-conference Workshop A: Sunday, 9 November 2008
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| Understanding and structuring Shariah compliant real estate financial products |
Islamic finance structures in real estate are becoming popular following the booming Asian real estate and the impact of the global credit crunch. With huge investment interest and potentials from global Islamic finance, educating financial professionals on Islamic finance has become paramount. This masterclass aimed to educate real estate investors, financiers and developers on understanding and creating shariah compliant products for your real estate investment projects, tapping into the vast opportunities offered by the global Islamic wealth.
Key topics will include:
- Understanding the global Islamic finance climate: Hurdles, threats, challenges and trends facing the Islamic finance industry as a whole
- Riba, gharar, possession and ownership of real estate – defining the constraints in relation to product structuring for shariah compliant real estate funds
- Structuring a real estate Islamic financial product – what are the key techniques and fund design strategies to meet shariah requirements
- Innovation and development: Market acceptance of new products and practical considerations for rolling out new products - identifying target segments and value propositions
- Focusing on the product structure, transactions, risk management as well as further managerial and practical issues involved with establishing and offering each product.
- Understanding the key operational issues of structuring Islamic financial products - Developing appropriate business models and strategies
- Capital provider and its shariah compliance – what are the significance and implications?
- Case studies and industry best practices examined
Your workshop leader:
Dr Azmi Omar
International Islamic University Malaysia
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Pre-conference Workshop B: Sunday, 9 November 2008
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| Understanding the tax, regulatory and legal aspects for real estate cross border investments and joint-ventures |
Hosted by:
This masterclass addresses tax and legal trends, key features and issues relating to international property investment. The workshop is targeted at property professionals who understand the Middle East market but are less confident in developing an international investment strategy. The aim of the workshop is to provide participants with an understanding of how the core skills in property investment can be applied in an international context. This workshop will identify key challenges for international property acquisition; deal structuring, financing and taxation issues in complex cross border transactions; and review transaction and post-acquisition risks.
Key topics will include:
- Macro and micro economic factors for cross border real estate investing - current trends in key global real estate markets
- Establishment of cross-border joint venture partnerships
- Routing foreign investment from a suitable jurisdiction
- How to enforce good corporate governance
- Structuring a deal with multi-country taxation regimes
- Sourcing local or international debt
- Dealing with exchange controls and currency risk
- Updates on guidelines and regulatory issues governing in-bound real estate investments into Middle East, Europe, China and India
- Analysing foreign currency strategies and hedging foreign currency risk
Your workshop leader:
Uwe Stoschek
Partner, Global Real Estate Tax Leader, PricewaterhouseCoopers AG
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Day 1: Monday, 10 November 2008
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8am | Registration, breakfast and networking session
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8.45am | Organiser’s welcome remarks
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8.50am | Chairman’s opening remarks
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| | Mr Osama Saleh, Chairman, Mortgage Finance Authority, Ministry of Investment
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| MACRO-ECONOMICS OF MIDDLE EAST PROPERTY MARKET IN THE GLOBAL CONTEXT – OVERVIEW OF CREDIT MARKETS AND THE IMPACTS ON CAPITAL FLOWS AND LIQUIDITY |
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9am | Keynote
Robust growth and economic outlook in Middle East – How conducive is the Middle East a region for yielding real estate in the current difficult macro environment?
- The challenges of high growth, inflation, pressure on the exchange rate and current credit market dislocation on Middle East real estate industry – what are the implications and opportunities?
- The boom of mega projects construction and development: how sustainable and how long-lasting?
- Where is the capital flowing from, and what possible sources are developing going forward?
- How does Middle East compare to other emerging markets? What are investors’ returns expectations?
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| | Mr Henry Azzam, Chief Executive Officer - Middle East & North Africa, Deutsche Bank AG Dubai (DIFC) Branch
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| GROWTH CATALYSTS FOR THE MIDDLE EAST REAL ESTATE MARKETS |
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9.30am | Keynote
Private Equity real estate takes centre stage
- Against today’s backdrop of soaring fuel costs, heightened inflation and US recession threats, how are global funds likely to respond in terms of portfolio allocations
- Impact on fund raising - how are investors reacting?
- Core, core plus, value-add, and opportunistic investments - Evaluating their acquisition strategies and orientation of PERE globally
- What roles do global private equity funds have in shaping the Middle East real estate market?
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10am | Integration versus competition in GCC real estate investment market
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10.30am | Morning refreshments
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11am | Deals Panel Discussion
Defining the private equity real estate proposition in Middle East - assessing the investment climate, investors' appetite and deal flow
- Raising capital - the advantages of MENA liquidity and puttng it to work
- What's attractive for private equity and investors in the Middle East market?
- Origination, execution, transformation and exit: challenges faced by PERE managers in the Middle East and how they can be overcome?
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| | Moderator: Mr Symon Godl, Managing Director, Head of Fund of Funds, Valartis Asset Management SA
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| CREATING WINNING JOINT VENTURES AND LOCAL PARTNERSHIPS INTO THE GROWING MIDDLE EAST PROPERTY MARKET |
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11.45am | Expanding growth opportunities in partnerships with family real estate businesses in the Middle East
- Role of private equity in taking well-run privately owned businesses from private ownership to private equity to public listing – how important is this for family own property businesses in the Middle East
- Mapping strategic targets - investments, mergers and acquisitions
- Optimal structures: Family offices and future IPO strategies
- How will the potential rewards outweigh risks involved in such business models
- What private equity can—and can't do—for family businesses
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12.15pm | Networking luncheon
Hosted by:
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| CAPITAL SUPPLY AND AVAILABILITY – EQUITY VS DEBT |
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2.30pm | Panel Discussion
Public vs. Private equity: What is the most viable source of capital for your capital-intensive property developments in the Middle East?
- Accessing capital markets – Options for Middle Eastern property players
- Fuelling your capital needs to drive your capital intensive developments – Should you go domestic or international?
- Optimising capital structures and maximising share value through funding strategies – the pros and cons of CMBS, IPOs, REITs, securitisation
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| | Moderator: Mr Uwe Stoschek, Partner, Global Real Estate Tax Leader, PricewaterhouseCooper Mr Paul House, Managing Director, Co-head of European real estate finance business, Citigroup
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3.15pm | Speed Networking
Meet the key players in your industry in a brief and fun environment.
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3.45pm | Afternoon refreshments
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4pm | Panel Discussion
Developing profitable properties in the Middle East through world class architectural design, engineering support and project management expertise
- Addressing the role of developers and its value-adds to the engineering sophistication and construction expertises in Middle East property market
- Mitigating the growing execution risks driven by the frenetic pace of developments - How can cost escalation be contained with rising construction and building materials costs?
- Benefiting from the ongoing infrastructure developments within the Middle East
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4.45pm | Chairman’s closing remarks and end of conference day 1
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5pm | Opening cocktail reception, followed by networking dinner
Hosted By:
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Day 2: Tuesday, 11 November 2008
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8.15am | Breakfast and networking session
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9am | Chairman's opening remarks
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| | Mr Sohail Zubairi, CEO, Dar Al Sharia Legal & Financial Consultancy - a subsidairy of Dubai Islamic Bank
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| THE INCREASING DEMAND, DEVELOPMENT AND DIVERSITY OF SHARIAH-COMPLIANT REAL ESTATE INVESTMENTS |
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9.15am | Tapping into the opportunities offered by Shariah compliant real estate investments
- Examining the growing influence of Islamic finance in real estate investments – what is the driving force behind the strong demand regionally and globally?
- Creating an enabling framework for the rapid development of Islamic finance instruments as real alternatives to conventional products
- Applications and advantages of Shariah compliant real estate as a value added investment product in the Middle East
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| | Mr Sohail Zubairi, CEO, Dar Al Sharia Legal & Financial Consultancy - a subsidairy of Dubai Islamic Bank
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9.45am | Panel Discussion
Capital raising trends and strategies for Shariah compliant real estate funds
- Analysing the growth in the use of Islamic finance techniques in raising capital that complies with the requirements of Shariah law
- Development in the Islamic finance regulatory and supervisory architecture and infrastructure in the Middle East - legal and tax issues to be considered
- Identifying the key obstacles when structuring and managing Islamic private equity real estate funds
- Examining the major Shariah compliance requirements investors look for in a real estate fund
- What are the expected returns on investments under the Shariah Laws?
- Islamic REITs – Structure and compliance: Are Islamic REITs under-utilised?
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10.30am | Morning refreshments
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| KEY INVESTMENT THEMES IN MIDDLE EAST REAL ESTATE |
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11am | Panel Discussion
Property market performance update and outlook in the MENA region: Identifying high yielding real estate sectors for investment opportunities
- Evaluating the investment climate in key Middle East markets: UAE, Saudi Arabia, Kuwait, Egypt, Qatar
- Affordable housing – a necessity in the region, but how attractive is this to investors? What are the yields and returns compared to luxury housing?
- Appreciation of the offices and commercial spaces in Qatar and Kuwait – will the trend continue in 2009?
- Construction of mega malls and mall extensions – Examining how generating high level of rental returns can attract significant investment interest in retail spaces
- The multi-faceted future of hospitality sector in the Middle East – is Shariah compliant hotels an emerging trend?
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| | Mr Osama Saleh, Chairman, Mortgage Finance Authority, Ministry of Investment
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| GOING GLOBAL – THE INCREASING APPETITE FOR CROSS BORDER INVESTMENTS AND DIVERSIFICATION OPPORTUNITIES OUTSIDE THE MIDDLE EAST |
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11.45am | Identifying the most tax-efficient locales and type of entities for use in cross-border investments– how should Middle East asset managers and HNW individuals assess global alternatives markets?
- Understanding tax planning strategies for cross border investments and transactions
- Formulating appropriate entry strategies – preparation of business plans, applications for government licenses, and legal compliance issues
- Addressing the risks associated with onshore and offshore establishment
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| | Mr Uwe Stoschek, Partner, Global Real Estate Tax Leader, PricewaterhouseCooper
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12.15pm | Networking luncheon
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2pm | Commercial Real Estate Scenario in India and Delhi
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2.20pm | Bargain Hunting in the Indian property market - Tapping into the MENA liquidity and putting it to work
- Understanding the reasons behind the weak flow of Middle East funds into India and how that interests can be strengthened
- Spotting the right joint venture partnership and devising the right entry and exit strategies into the India market - when is the best time to separate?
- Tightening liquidity and slow down in India real estate - opportunities or challenge?
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| | Moderator: Mr Ravi Hansoty, Chief Investment Officer, Citigroup Property Investors
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3pm | Afternoon refreshments
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3.30pm | Middle Eastern investors seeking "trophy" assets in developed markets: Capitalising on the market corrections in Europe, US, Singapore and Hong Kong
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| | Moderator: Mr Rehan Syed, Head of Portfolio Management, ABN AMRO Private Bank Middle East
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4.15pm | Panel Discussion
Seeking investment and development opportunities in Chine real estate amidst the credit crunch
- Which sectors/regions are most suitable for a short to medium term investment strategy? For a long term investment strategy?
- Playing with China rules: Corruption, market uncertainty or regulatory impositions - what are the most suitable ways to avoid or mitigate these investment risks?
- Capitalising on the recent property market slow down and resulting supply of distressed real estate
- Exit strategies and getting your profits out of China – what are the optimum investment structures and financing options?
- Leveraging Middle Eastern expertise in Asian real estate: Successful case studies
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5pm | Chairman’s closing remarks and close of REIW Middle East
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