ArabWeeks

Canon Middle East, a leader in imaging solutions, has appointed Media Group International (MGI) to expand its Professional Video business in Qatar within the broadcast and production industry, as part of its diversification into new business domains such as professional cinematography and pro-video.

Canon’s collaboration with MGI is one of several new business initiatives that focus on product offerings for targeted sectors. MGI will concentrate on cinematography and professional video equipment with multipurpose technology that can be utilized across several platforms. With the rise of media outlets and filmmaking in the Middle East, MGI will highlight key opportunities for Canon in the country and throughout the region.

MGI is a proven media system integrator with 35 years of experience in designing systems to meet and exceed customer expectations. The first company in its sector in the Middle East to receive ISO 9001:2008 certification, MGI assures customers the highest management standards and world-class quality assured products. It also provides current and new media companies with the latest multiscreen technologies that simplify work.

Anurag Agrawal, Canon Middle East Managing Director, said: “Having MGI on board as a Canon Authorized Partner in Qatar is a great asset in expanding our professional video business and one tactic to achieving the diversity strategy set at our partner conference. As we continue to explore new opportunities, we are dedicated to providing products that meets the needs of customers across several sectors while enhancing their overall experience. MGI, with its strong local presence and proven track-record, will support Canon in ensuring that reliable and high quality video solutions are available to the growing media industry in Qatar.”

Mr Hendrik Verbrugghe, Marketing Director, Retail Marketing, Canon Middle East said: “MGI has the expertise in equipment brands necessary to advise customers such as broadcasters, production houses and videographers. Their specialization in providing system integration solutions will allow them to mix and match the best Canon hardware, such as the C Series, XF Series or XA Series, with the finest software to create a truly unique user experience for the audience.”

Paul Hennessy, CEO of MGI, said: “The Middle East and North Africa film industry is on the rise and starting to attract the attentional of the international community. Canon Middle East is a strong supporter of local projects like the Dubai International Film Festival as well as regional talent such as Canon Ambassadors Nayla Al Khaja and Khaled Abol Naga. The support Canon provides towards industry workshops and product training allows unknown but gifted individuals a chance to showcase their skills. At MGI, we recognize the talent and inspiration this region has to offer and are committed to providing the high quality technical infrastructure the industry needs. Our partnership with Canon will further ensure that videographers in Qatar will have access to the best professional video equipment possible.”

Canon’s range of professional videography cameras includes the C Series which is used by both independent and Hollywood filmmakers for cinematography purposes. The XA and XF Series are ideal for broadcasting companies and often utilized to capture live events or documentaries. Among the models is the FX300, Canon’s first Professional file-based HD Video Camera. It allows versatile file-based recording and direct to readily available CF Cards that create an easy integration into the standardized workflows needed in broadcast. All cameras are designed through feedback from professional camera operators in order to create the ultimate mobile tool that maintains an excellent balance between operation and weight.

For further details on Canon Middle East, global operations, products and services visit www.canon-me.com.

Amana Capital, the leading Middle Eastern financial services group that offers online trading services in international markets, has announced that its subsidiary, Amana Financial Services UK Ltd. (AFS UK), has been authorised by the Financial Conduct Authority (FCA) in the United Kingdom.

AFS UK joins other regulated group entities in Lebanon, Cyprus and the United Arab Emirates.

Amana Capital’s client base has grown substantially over the last two years as it now services retail and institutional customers from more than sixty countries. “Our vision from the beginning was to provide high quality services using state of the art technology in order to become the leader in the markets we operate in.” said Ahmad Khatib, Chief Executive Officer of Amana Capital. “Therefore, the FCA license for us was the next necessary move and a significant step forward. We believe that AFS UK will further improve our ability to meet clients’ needs as we build a dynamic business characterized by transparency, superior customer service, and robust customer protection”, added Khatib.

The newly established entity will be offering its services from its office in Canary Wharf, one of London’s major financial centers. “We are pleased to receive the UK authorisation and will always aim to meet the high expectations of our clients” commented Martin Couper, Director of Amana Financial Services UK, who also said “The UK office will be focusing strategically on providing a reliable trading environment for clients, keeping in mind that the safety of clients’ funds will always be one of our top priorities”.

Riyadh Marriott Hotel hosted a VIP Reception and Dinner at the famous Mediterranean Restaurant, “Mosaic”. The gala event was the kick-off for a week-long celebration “Food of the Sun”, featuring the cuisine of Greece.

Muin Serhan, Riyadh Marriott Hotel General Manager,and His Excellency,IoannisChristofilis, Ambassador of Greece to Saudi Arabia,co-hosted the event attended by many other ambassadors and dignitaries. Persons of note attending were observed including the Ambassadors of Lebanon, France, Norway, Argentina, Switzerland, Belgium, Canada, Denmark, Cuba, South Africa, Singapore, Thailand, Peru, Russia, as well asseveral others.

The Mosaic restaurant buffet will offer the “Food of the Sun” promotion featuring traditional, sumptuous and authentic Greek specialties every night from 18:30 – 23:30 from April 22^nd through the 30^th. For reservations, please call +966 11 477 9300.

EMC Corporation (NYSE:EMC) today announced results of the seventh EMC Digital Universe study, the only study to quantify and forecast the amount of data produced annually. This year’s study titled “The Digital Universe of Opportunities: Rich Data and the Increasing Value of the Internet of Things,” with research and analysis by IDC, reveals how the emergence of wireless technologies, smart products and software-defined businesses are playing a central role in catapulting the volume of the world’s data. Due, in part, to this Internet of Things, the digital universe is doubling in size every two years and will multiply 10-fold between 2013 and 2020 – from 4.4 trillion gigabytes to 44 trillion gigabytes.

For perspective: 

• The amount of information in the digital universe would fill a stack* of iPad Air tablets reaching 2/3 of the way to the moon (157,674 miles/253,704 kilometers). By 2020, there will be 6.6 stacks.
• Today, the average household creates enough data to fill 65 iPhones (32gb) per year. In 2020, this will grow to 318 iPhones.
• Today, if a byte of data were a gallon of water, in only 10 seconds there would be enough data to fill an average house. In 2020, it will only take 2 seconds.

The Internet of Things comprises billions of everyday objects that are equipped with unique identifiers and the ability to automatically record, report and receive data – a sensor in your shoe tracking how fast you run or a bridge tracking traffic patterns.  According to IDC the number of devices or things that can be connected to the Internet is approaching 200 billion today, with 7% (or 14 billion) already connected to and communicating over the Internet. The data from these connected devices represents 2% of the world’s data today. IDC now forecasts that, by 2020, the number of connected devices will grow to 32 billion – representing 10% of the world’s data.

The Internet of Things will also influence the massive amounts of “useful data” – data that could be analyzed – in the digital universe. In 2013, only 22% of the information in the digital universe was considered useful data, but less than 5% of the useful data was actually analyzed – leaving a massive amount of data lost as dark matter in the digital universe. By 2020, more than 35% of all data could be considered useful data, thanks to the growth of data from the Internet of Things, but it will be up to businesses to put this data to use.

This phenomenon will present radical new ways of interacting with customers, streamlining business cycles, and reducing operational costs, stimulating trillions of dollars in opportunity for businesses. Conversely, it presents significant challenges as businesses look manage, store and protect the sheer volume and diversity of this data. For example, IDC estimates that 40% of the data in the digital universe require some level of protection, from heightened privacy measures to fully-encrypted data. That said, only half of that data – just 20% – is actually protected.

Other Key Findings:

• Emerging markets are producing more data: Currently, 60% of data in the digital universe is attributed to mature markets such as Germany, Japan, and the United States, but by 2020, the percentage will flip, and emerging markets including Brazil, China, India, Mexico and Russia will account for the majority of data.

• Data is outpacing storage: The world’s amount of available storage capacity (i.e., unused bytes) across all media types is growing slower than the digital universe. In 2013, the available storage capacity could hold just 33% of the digital universe. By 2020, it will be able to store less than 15%. Fortunately, most of the world’s data is transient (e.g. Netflix or Hulu stream, Xbox ONE game interactions, Digital TV.) and requires no storage.

• Data touched by the cloud will double: In 2013, less than 20% of the data in the digital universe was “touched” by the cloud. By 2020, that percentage will double to 40%.

• Consumers create data but enterprises are responsible for it: Two-thirds of the digital universe bits are created or captured by consumers and workers, yet enterprises have liability or responsibility for 85% of the digital universe.

EMC QUOTE

Jeremy Burton, President of Products and Marketing, EMC Information Infrastructure

“As more and more businesses capitalize on the social and mobile phenomenon, the enormity and potential of the digital universe grows, and businesses are presented with greater opportunities to analyze new streams of data and gain more value from the data they already have. Simply put – companies of all types are shape shifting into software-defined enterprises right before our eyes. While the potential is massive, the implications are equally daunting.  IT departments must press the restart button to find new ways to innovate around existing infrastructure while positioning themselves to dive into a future of third platform computing.”

IDC QUOTE

Vernon Turner, Senior Vice President, IDC

“The Digital Universe and The Internet of Things go hand in hand. As sensors become connected to the Internet, the data that they generate becomes increasingly important to every aspect of business, transforming old industries into new relevant entities.  Traditional storage services will be elevated to new levels of resiliency and tolerance to support the Digital Universe, which can only be guaranteed in a software-defined environment.”

A series of seminars on Saudi Arabia’s convergence to International Financial Reporting Standards (IFRS) were organised by PwC in the Kingdom , and attended by more than 200 senior company executives. The seminars focused on the opportunities that the convergence should bring to the Kingdom of Saudi Arabia and those entities which will adopt IFRS in 2017 and 2018 in line with the requirements of the Saudi Organisation for Certified Public Accountants (“SOCPA”). The seminar also addressed the process that should be followed when adopting IFRS, along with the efforts required across a broad range of implications in respect of processes, accounting, finance effectiveness, systems, people and tax and Zakat.

The Saudi Arabian Monetary Authority (SAMA) already requires banks and insurance companies in Saudi Arabia to report under IFRSs. SOCPA standards apply to all other companies, listed and unlisted and other entities irrespective of their size are required to use local GAAP as issued by SOCPA. SOCPA has approved an IFRS convergence plan by which listed entities other than banks and insurance companies would be required to report under SOCPA standards that will be IFRSs with some modifications. IFRSs as issued by the IASB would be modified in three possible ways: Adding more disclosure requirements; removing optional treatments; and amending the requirements that contradict Shariah or local law.

The seminar demonstrated a three-phased approach for IFRS conversion: “Initial Diagnostic Phase” involving a detailed gap analysis which produces a roadmap for successful conversion, the “Conversion” Phase” which results in the production of the first IFRS financial statements, and the “Embedding Phase” to ensure that revised systems, processor, policies and behaviours are adopted to report efficiently under IFRS on an ongoing basis.

Gavin Steel, the IFRS conversion leader in PwC Middle East said: “The active participation of those attending the seminars demonstrated the keen interest of companies in playing a leading role in adopting IFRS in the Kingdom”.  He also emphasised the importance of early planning and articulated the need of each entity to adopt a robust conversion approach to meet the deadlines set by SOCPA by indicating that “2017 may be some way away, but the reality is that an IFRS compliant balance sheet will be required for 31 December 2015 at the latest, and hence planning needs to start now”.

Mohammed Yaghmour, the Saudi Tax and Zakat leader of PwC also presented a session on the implications of IFRS adoption on tax and Zakat, indicating that: “the adoption of IFRS standards in the Kingdom will lead to tax and Zakat uncertainties, and entities will need to carefully assess the implications of any changes to their financial reporting to ensure they continue to comply with the tax and Zakat regulations in the Kingdom”.

The seminars held at different locations in the Kingdom is an initiative by PwC to help raise awareness of the implications and benefits of adopting IFRS in the Kingdom of Saudi Arabia as a result of SOCPA’s announcement during the course of last year that listed entities would be required to adopt IFRS by 2017 and all other entities would be required to adopt IFRS in 2018.  Noting that, the seminars were held in Jeddah, Riyadh and Khobar during the month of March.

Whilst some see IFRS as one of the biggest revolutions in the accounting industry, often requiring a major change management effort, IFRS offers companies an opportunity to improve their business in several ways: The first one is the financial reporting systems and processes can be reshaped to provide management and stakeholders with reliable and understandable information. The second benefit is enhancing financial transparency with analysts, investors, regulators and other stakeholders, by improving the quality of reported results, financial position and other key performance indicators. The third benefit is the adoption of IFRS improves the acceptability of  financial statements providing greater access to funding at improved rates, saving costs. Accordingly, the benefits are potentially far reaching and varied, and a robust plan to adopt IFRS is a key strategic consideration for most entities adopting IFRS and an opportunity to train staff, raise their awareness and improve their job satisfaction.

The IFRS transition plan is part of a project called ‘SOCPA Project for Transition to International Accounting & Auditing Standards’. The SOCPA formally commenced this project in 2012 and their stated goal for the project is to make a transition towards IFRSs after assuring their suitability to the Saudi environment through SOCPA’s independent standard-setting process.