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SBF Middle East Business Group launches Knowledge Partnership Programme to strengthen business ties between Singapore and the Middle East
Singapore, Wednesday, 15 October 2008 – The Singapore Business Federation (SBF) today organised a breakfast dialogue session, followed by the launch of Middle East Business Group (MEBG) Knowledge Partnership Programme and a networking session, in conjunction with the visit by H.H. Shaikh. Salman bin Hamad Al-Khalifa, Crown Prince and Chairman of the Economic Development Board of the Kingdom of Bahrain and his accompanying business delegation.
The closed-door breakfast dialogue session was graced by H.H. Shaikh Salman bin Hamad Al-Khalifa and Mr. Teng Theng Dar, Chief Executive Officer of SBF and Chairman of MEBG gave the introductory remarks and moderated the session. It provided a platform for prominent Singapore businessmen from key industries such as Banking and Finance, Logistics, Manufacturing, Electronics, ICT and Infrastructure to feedback their interests directly to the Bahrain government and engage the senior officials and high-level business delegates from Bahrain.
Following the morning breakfast dialogue session, SBF launched the Middle East Business Group (MEBG) Knowledge Partnership Programme, which was graced by Mr. Lee Yi Shyan, Minister of State for Trade and Industry Singapore, H.H. Shaikh Salman bin Hamad Al-Khalifa and his delegation, and attended by close to 90 MEBG members.
The MEBG Knowledge Partners Programme is the latest key initiative of the SBF Middle East Business Group (MEBG). The SBF MEBG was officially launched in March 2007, with H.H. Shaikh Salman bin Hamad Al-Khalifa and Senior Minister Goh Chok Tong as the Guest of Honors. It has since grown to a membership of over 400 Singapore companies from a wide range of industries including construction, ICT, manufacturing, trading, real estate, logistics, design and financial services. Examples of MEBG member companies that are actively engaged in the Middle East, including Bahrain, are Capitaland, Islamic Bank of Asia, NCS Pte Ltd and Cityneon Holdings Limited.
The motivation for the MEBG Knowledge Partners Programme arose from feedback from SBF members, who expressed a need for more comprehensive information and a better understanding of the Middle East markets. It aims to assist Singapore companies who wish to expand their businesses to the Middle East by providing professional advice on various aspects of doing business in the Middle East and North Africa (MENA) region. Advice will be provided by a group of experts on legal, accounting, taxation and cultural issues.
At the launch, SBF signed two Memorandums of Understanding (MOUs) with its knowledge partners. An MOU was signed with WongPartnership LLP to collaborate on providing MEBG members professional legal advice on doing business in the MENA region; while the second MOU was signed with Ameen Talib and Associates to cooperate on assisting MEBG members with cultural aspects of business in the MENA region.
Mr Teng Theng Dar, CEO of SBF cum Chairman of MEBG said, “I believe our Middle East Business Group (MEBG) members can benefit greatly from our Knowledge Partners - both their specific expertise and market knowledge about doing business in the Middle East. In addition, on the principle of B2B and B4B self help grouping, MEBG members are able to tap on the business experience and professional expertise of our Vice Chairmen for their foray into the MENA region. The SBF Knowledge Partners model creates a good business platform for companies from our two regions to explore specific mutually-beneficial business opportunities and cooperation. SBF MEBG engagement efforts have so far garnered encouraging responses and we now see Singapore businesses actively pursuing networking and business matching opportunities in the Middle East regions.”
In addition, the following business leaders were appointed Vice-Chairmen of the SBF MEBG, in recognition of their commitment in supporting the foray of Singapore businesses into the MENA region:
1 Dato' Mohd Zain Bin Abdullah, Executive Chairman of Prestige Marine Services Pte Ltd and President of the Singapore Malay Chamber of Commerce and Industry
2 Mr. Shabbir Hassanhai, Director of Indo Straits Trading Co Pte Ltd and Singapore High Commissioner to Nigeria
3 Mr. Wong Meng Meng, Senior Counsel and Founder-Consultant of WongPartnership LLP
(Pls. refer to their CVs in the media kits)
"This new portfolio where I will be closely involved in MEBG and with my networking for the past years thru SMCCI, it gives me confidence to build better ties between SBF and Middle East. Moreover, MEBG will provide its members and other business members’ opportunity to work closely and develop their businesses in Middle East", said Dato' Mohd Zain Abdullah, Vice - Chairman, MEBG.
Mr Shabbir Hassanbhai, Vice-Chairman, MEBG remarked, “MEBG has raised significantly the awareness of the MENA region resulting in phenomenal new investment and business opportunities for Singapore companies in these emerging markets. The focus has been well spent as evidenced by success stories of companies who have ventured there.”
“The MEBG is valuable given the tremendous growth in the Middle East region. Being on the ground in the Middle East with offices in Abu Dhabi and Qatar, WongPartnership is in a good position to assist companies venturing into the Middle East, as we are familiar with the local legal and regulatory business environment. We are proud to be part of the inaugural Knowledge Partnership Programme,” added Mr. Wong Meng Meng, Vice-Chairman, MEBG.
With globalization and increased competition, SBF, the apex business chamber of Singapore, has been proactively assisting Singapore companies to venture overseas to seek opportunities in new and emerging markets. The markets in the MENA region have been encouraging foreign direct investment, and are drawing attention with its attractive trade and investment opportunities.
SBF plays a pivotal role in facilitating Singapore companies’ market development efforts into the Middle East region. Besides organizing Middle East awareness seminars and Business Matching sessions, SBF established the Middle East Business Group (MEBG) platform to help Singaporean businesses tap into the opportunities in the emerging MENA markets. The next phase of MEBG will see new initiatives, products and services to reach out the Singapore business community and address the needs of both Singapore an MENA business communities.
About Singapore Business Federation
As the apex business chamber, the Singapore Business Federation (SBF) champions the interests of the business community in Singapore, in trade, investment and industrial relations. Nationally, SBF acts as the bridge between the government and businesses in Singapore to create a conducive business environment. Internationally, SBF represents the business community in bilateral, regional and multilateral fora for the purpose of trade expansion and business networking. For more information, please visit our website: www.sbf.org.sg
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