Bosch, the German multinational supplier of technology, services and consumer goods, wants to expand in the Middle East after reporting strong regional sales for 2017 and said its operations in Saudi Arabia are "unaffected" by diplomatic differences between the kingdom and Germany.
"We want to focus very closely on new business opportunities in each country and of course the way forward is to really increase our local footprint further," Volker Bischoff, vice president and general manager of Bosch Middle East, told The National. Markets of interest include Iraq – where Bosch does not currently operate – Saudi Arabia and Pakistan, he said.
Bosch operates in 14 markets across the GCC, Levant and Pakistan, which includes representative offices in the UAE, Riyadh, Pakistan, Lebanon and Qatar. This week, it reported an 11 per cent annual increase in revenues to €500 million (Dh2.17 billion) for the full year 2017, a continued uplift from €450m reported in 2016. Net profit is not reported at regional level.
Sales growth in the region is outpacing global growth – the Bosch Group registered a 6.7 per cent rise in revenues to €78bn in 2017.
“It was a fantastic set of results given the overall economic challenges worldwide, and looking at the Middle East it was a very good year as well, and a little bit higher than in 2016,” Mr Bischoff said. He hopes for high single-digit growth in 2018. “We are being cautiously optimistic about the year ahead, keeping wider macro-economic factors in mind.”
The Bosch Group operates in four main sectors: mobility solutions, including automotive and self-driving cars; industrial technology; building technology, including security systems and access controls; and consumer goods, mainly home appliances.
In the Middle East, there are further sub-divisions: power tools, including drills, jigsaws and grinders for the construction industry; hydraulics systems through subsidiary Bosch Rexroth; thermotechnology, including steam boilers and solar thermal systems; and computer software through Robert Bosch Engineering, which is part of the Mumbai stock exchange-listed Bosch India. All divisions in the region are growing, but Bosch power tools and building technology are showing the strongest performance, Mr Bischoff said.
Despite subdued regional growth in the past two years on the back of low oil prices, GCC economic growth is set to pick up in 2018. “We’re seeing an ongoing recovery in the market,” Mr Bischoff added. “There is more investment in construction and infrastructure, and we’ve seen a positive uplift from that, which has continued into 2018.”
Year-on-year growth in the Middle East for the first quarter of this year is in the single digits, “in line with our expectations”. The strongest markets are the UAE and Saudi Arabia.
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German media reported last month that Saudi Arabia's Crown Prince Mohammed bin Salman had ordered a freeze on government contracts to German companies, amid strained relations between the two countries. The kingdom recalled its ambassador to Germany last year over comments made by former foreign minister Sigmar Gabriel about the political crisis in Lebanon, and the ambassador has yet to return to Berlin.
Mr Bischoff said Bosch's Saudi operations are conducted through selling products to 20-plus Saudi partners in the sectors it operates, rather than entering directly into government or other contracts. As such, the Saudi business is “unaffected” by the reported freeze. “There has been no official decree, so I would not be too worried about that," he said.
Bosch is looking to expand its Saudi business in the coming years “in whatever form that may take”, Mr Bischoff said, referring to government plans to relax foreign ownership laws. “But the detail needs to be looked at and we will always take our long-standing partners into consideration.”
Bosch hopes to enter Iraq by 2019 – a “promising market with lots of potential”, the vice president added. The company was on the brink of setting up a representative office in Iraq in 2014, but security issues forced it to shelve those plans until now, when long-standing political unrest has begun to subside. “We are closely watching developments, and as soon as the right time comes, we will go there,” Mr Bischoff said.
Pakistan, South Asia's second largest economy with a population of almost 200 million people, and Kuwait, which has significant infrastructure investment plans, are also of interest, he said.
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
England Test squad
Joe Root (captain), Moeen Ali, James Anderson, Jonny Bairstow (wicketkeeper), Stuart Broad, Jos Buttler, Alastair Cook, Sam Curran, Keaton Jennings, Dawid Malan, Jamie Porter, Adil Rashid, Ben Stokes.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
PREMIER LEAGUE STATS
Romelu Lukaku's goalscoring statistics in the Premier League
Season/club/appearances (substitute)/goals
2011/12 Chelsea: 8(7) - 0
2012/13 West Brom (loan): 35(15) - 17
2013/14 Chelsea: 2(2) - 0
2013/14 Everton (loan): 31(2) - 15
2014/15 Everton: 36(4) - 10
2015/16 Everton: 37(1) - 18
2016/17 Everton: 37(1) - 25
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
KILLING OF QASSEM SULEIMANI
MATCH INFO
Chelsea 0
Liverpool 2 (Mane 50', 54')
Red card: Andreas Christensen (Chelsea)
Man of the match: Sadio Mane (Liverpool)
Vaccine Progress in the Middle East
Company%20profile
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Company%20Profile
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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RESULT
Huddersfield Town 2 Manchester United 1
Huddersfield: Mooy (28'), Depoitre (33')
Manchester United: Rashford (78')
Man of the Match: Aaron Mooy (Huddersfield Town)
INFO
What: DP World Tour Championship
When: November 21-24
Where: Jumeirah Golf Estates, Dubai
Tickets: www.ticketmaster.ae.
What should do investors do now?
What does the S&P 500's new all-time high mean for the average investor?
Should I be euphoric?
No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.
So what happened?
It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.
"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."
Should I buy? Should I sell?
Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.
"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.
All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.
Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.
Will the rally last?
No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.
"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."
Results
Stage 7:
1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29
2. Sam Bennett (IRL) Deceuninck-QuickStep - same time
3. Phil Bauhaus (GER) Bahrain Victorious
4. Michael Morkov (DEN) Deceuninck-QuickStep
5. Cees Bol (NED) Team DSM
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28
2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35
3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02
4. Chris Harper (AUS) Jumbo-Visma - 0:01:42
5. Neilson Powless (USA) EF Education-Nippo - 0:01:45
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
AGUERO'S PREMIER LEAGUE RECORD
Apps: 186
Goals: 127
Assists: 31
Wins: 117
Losses: 33
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
Glossary of a stock market revolution
Reddit
A discussion website
Redditor
The users of Reddit
Robinhood
A smartphone app for buying and selling shares
Short seller
Selling a stock today in the belief its price will fall in the future
Short squeeze
Traders forced to buy a stock they are shorting
Naked short
An illegal practice
Company%20Profile
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
'Joker'
Directed by: Todd Phillips
Starring: Joaquin Phoenix
Rating: Five out of five stars
Results:
Men’s wheelchair 200m T34: 1. Walid Ktila (TUN) 27.14; 2. Mohammed Al Hammadi (UAE) 27.81; 3. Rheed McCracken (AUS) 27.81.
APPLE IPAD MINI (A17 PRO)
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Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
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Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
