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Michael Toporek and Matthew Lipman resign as Directors from Brookstone Partners Morocco

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Due to the breach of trust between shareholders of Brookstone Partners Morocco (the “Company”) and an ongoing criminal dispute against its Chairman and CEO, Mr. Omar Belmamoun, two Directors have resigned. Effective immediately, Mr. Michael Toporek and Mr. Matthew Lipman are no longer members of the Company’s Board of Directors. As a direct result, Matthew Lipman has also given resignation from his position as Deputy CEO.

After learning of the alarming conclusions made in an expert report which highlighted acts of abuse of corporate assets, misappropriation and fraudulent use of the Company’s funds contrary to its interest and corporate purpose and solely for the benefit of Mr. Belmamoun and his relatives, it is Mr. Toporek and Mr. Lipman’s belief that these resignations are justified.

In addition to the above-mentioned and alleged criminal misconduct, it is Brookstone’s position that, “Mr. Belmamoun systematically refused to grant access to the Company’s economic, accounting and financial information to Mr. Toporek and Mr. Lipman. Mr. Belmamoun deliberately ignored a judgment–confirmed again in an appeal–against the Company, forcing it to release the required financial records, despite a penalty payment of MAD 1,000 per day of non-compliance.”

The Director’s role in an independent, diligent and well-informed manner, and in accordance with the Moroccan law 17-95 as modified and supplemented by law 20-05 regulating joint-stock companies, is the basis for a secure and successful company. This requirement is particularly reinforced in the case of companies’ subject to reinforced regulations or undertaking commitments with the Moroccan administration. This is the case of Brookstone Partners Morocco, an investment firm approved by the Ministry of Finance and subject to the supervision of the Moroccan Capital Market Authority, which was the first company to have Casablanca Finance City status.

In consideration of these recent resignations, the minimum number of Directors required by law and the Company’s Articles of Association, is no longer met; and therefore, this Board of Directors is invalid and must be reconstituted.

The Chairman of the Company is now required to convene a General Shareholder’s Meeting within thirty days from today in order to reconstitute the Board of Directors and appoint a new CEO.

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Philip Morris International Presents IQOS World Revealed by Alex Chinneck at Milan Design Week 2019

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  • Unique Collaboration Brings Together Advanced Technology and a Visionary Artist

Philip Morris International Inc. (PMI) (NYSE: PM) today presents IQOS World revealed by Alex Chinneck at Milan Design Week 2019, the pinnacle event in the world of art and design. IQOS, the flagship innovation in PMI’s smoke-free portfolio, will host the exhibition to the public April 9-14.

The IQOS World exhibition—which is expected to be visited by more than 50,000 people during Milan Design Week—is an artistic expression of the future, brought to life through a collaboration with well-known sculptor Alex Chinneck, whose art is distinguished by his bold and disruptive vision. Alex’s unique talent for combining art, architecture and theater in his work manifests on a monumental scale: The architecture itself, both inside and out, becomes transformed into a work of art, taking on new and unexpected shapes. The walls and floor become metaphors for a process of transformation, evoking—through imaginative portals—seemingly infinite routes to a newly imagined future.

“By taking familiar materials and architectural forms and making them behave in extraordinary ways, we are working with IQOS to change visitors’ perceptions of what is possible,” said Chinneck. “Through the repeated use of the zipper, we have opened up the fabric of a seemingly historic Milanese building to playfully re-imagine what lies behind its facade, floors and walls. Ethereal light pours through each opening, filling the space with color and filling the work with a sense of positivity and potential.”

Milan Design Week is the most important event in the world related to the topic of design—it premieres the latest trends and plays host to events, exhibitions and presentations that complement the unparalleled design of IQOS.

“PMI is leading the transformation of the tobacco industry—one that is based on science and innovation. Our aim is to create a smoke-free future; that is, a future where smoke-free products like IQOS replace cigarettes to the benefit of society,” said Frederic de Wilde, president EU Region, PMI. “It is precisely this thought, aimed at revealing an alternative vision of the future, which naturally guided our collaboration between IQOS and Alex Chinneck.”

IQOS 3 and IQOS 3 MULTI represent the latest versions of the flagship smoke-free device from Philip Morris International. They are characterized by an ergonomic and elegant design; the latest innovation uses a state-of-the-art system that involves heating the tobacco sticks, thus preventing smoke. Design and innovation, therefore, have the power to have a positive impact on the lives of people who smoke and, collectively, the future of public health. As a company, our priority is clear—to help adult smokers who would otherwise continue to smoke to switch as quickly as possible to potentially less harmful alternatives. To date, more than 6.6 million adult smokers in 44 markets around the world have quit smoking and switched to IQOS—playing an instrumental role in building a smoke-free future.

Philip Morris International: Building a Smoke-Free Future

Philip Morris International (PMI) is leading a transformation in the tobacco industry to create a smoke-free future and ultimately replace cigarettes with smoke-free products to the benefit of adults who would otherwise continue to smoke, society, the company and its shareholders. PMI is a leading international tobacco company engaged in the manufacture and sale of cigarettes, smoke-free products and associated electronic devices and accessories, and other nicotine-containing products in markets outside the U.S. PMI is building a future on a new category of smoke-free products that, while not risk-free, are a much better choice than continuing to smoke. Through multidisciplinary capabilities in product development, state-of-the-art facilities and scientific substantiation, PMI aims to ensure that its smoke-free products meet adult consumer preferences and rigorous regulatory requirements. PMI’s smoke-free IQOS product portfolio includes heated tobacco and nicotine-containing vapor products. As of December 31, 2018, PMI estimates that approximately 6.6 million adult smokers around the world have already stopped smoking and switched to PMI’s heated tobacco product, which is currently available for sale in 44 markets in key cities or nationwide under the IQOS brand. For more information, see our PMI and PMIScience websites.

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Day 1:Textile exhibition TEXPO Lahore 2019

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A very successful first day at International Textile exhibition TEXPO Lahore 2019!

Over 120 exhibitors in the feild of Art Silk & Synthetic textile, Garments, Fashion, Knitwear, towels, bedliners, handicraft, carpets, denim and many more!

The delegation of Pakistan Business Council’s members and Foreigners visited 3 hall and successfully connect to exhibitors and got new leads not only in textile fields but in their common business.

In the afternoon we had fruitful meeting with Hon. Razzak Dawood, Minister of Trade Commerce, and Foreign delegates from UAE and Saudi.

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Dubai-London private equity firm open for business with new office in Marbella

International private equity firm Berkeley Assets has launched its operations in Spain, with a new office in Puerto Banus, Marbella, as part of its global expansion plans for this year.

The office will cover the whole of Spain with particular emphasis on Madrid, Barcelona and Malaga through its active distribution network.  Physical offices in the Madrid and Barcelona may follow later in the year.

Managed by the team at Berkeley Assets’ London headquarters, the Marbella office is working to raise EUR1million per month from the retail market in the first year of operations due to the demand from individuals looking to place capital in private equity.

Commenting on the expansion, Mike Clark, Partner at Berkeley Assets, said: “We chose Marbella because we want to be in prestigious destinations which are unique and not the obvious financial hot spots.

“Puerto Banus is a beautiful area, one that is very popular with expatriates, and we believe this is the right time to build a physical presence here as the market picks up again with a lot of potential business in the offing.”

The office is the first of six new locations that Berkeley Assets will open this year as part of a major global expansion of the private equity firm.  Mexico City, Moscow, Cape Town, Hong Kong and Singapore will all follow throughout 2Q to 4Q as part of the company’s strategy to meet demand.  The firm’s Dubai office will manage all Far East operations.

Omar Jackson, Partner at Berkeley Assets, said:  “We are launching in areas where we know there is an appetite for private equity, and Spain presents a number of lucrative opportunities for us, both in terms of raising capital from institutional and the retail market as well as investment projects.

“We are currently considering a substantial investment in Spain, which would be our first outside of the UK and the US.

“The retail market is generally more educated today; they understand the benefits of private equity and are leaning towards those options for personal investments.  There is more faith in PE these days because it is outperforming every other aspect of the finance industry and is the most trusted sector.”

Berkeley Assets raised US$112.8 million in total in 2018, with US$16.2 million generated from the retail market and the remainder from institutional investors, far exceeding its capital raising targets.

The company’s portfolio of properties spans multiple sectors and includes existing and new to market assets in some of the world’s most sought after locations, including London, New York, and Miami.

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Top Bangladeshi companies are key to improved industries and better growth

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Beximco group

The economic growth of Bangladesh has made the headline of improvement with nearly every passing year. Exports, Gross Domestic Product, and overall functioning of Bangladeshi industries has been soaring consistently and top Bangladeshi companies such as Beximco Group have played a major role in the same with their significant contributions.

Founded by one of the most successful businessmen in Bangladesh, Salman F Rahman, Beximco has its operations in various sectors like pharmaceutical, ceramics, real estate, energy, textile, and many more. Talking about textile, the ready-made garment industry is not only the largest employment provider in the country with nearly 4.5 million jobs, but is also expected to secure revenue worth approximately $40 billion in 2019. With robust government initiatives and dynamic Bangladeshi businessmen such as Salman F Rahman, other sectors have witnessed considerable growth in the last decades.

Pharmaceuticals, for instance, has been another success story in itself. With companies such as Beximco Pharmaceuticals having eight products in the US market and simultaneous presence in the European and Canadian markets, Bangladesh has evolved into a recognizable force in the industry. Global market presence and product credibility can be corroborated with the approval of these drugs from leading administrative institutions, another feather in the cap of the dynamic Bangladeshi businessman.

That said, in 2009, the Sheikh Hasina government presented a vision that would align Bangladesh with the technological advancements of the future. Titled ‘Digital Bangladesh’, the initiative, backed by numerous government efforts, has presented a growing technological presence in the country’s capital. Slowly penetrating into other areas, the accessibility of internet and telecommunication is not only going to revolutionize the exposure to the world, but it might also play a key role in tackling the employment issues of the country.

With resources available, upcoming youth of Bangladesh is speculated to house a higher knowledge and intellect quotient. This will have a direct impact on the industry, product, and functionality improvement across Bangladesh. Considering that this holds true for the future, Bangladesh industrial growth stands to receive strong impetus.

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KOJ Interiors Partners With Covering Concepts To Support Its Project Pipeline Of Over AED 2 Billion By 2020

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UAE based KOJ Interiors (KOJI), a division of Kamal Osman Jamjoon Group (with a turnover in excess of AED 1.5 billion) has partnered with bespoke interior finishing company, Covering Concepts to support its growing project pipeline of over AED 2 billion by 2020.

In an aim to capture a growing GCC interior fit-out market, valued at approx. US$ US$ 9,401 million -Covering Concepts will offer KOJI a wide range of premium flooring and wall design solution for both its residential and commercial projects. They have recently completed key projects such for Nayomi and Dragon Oil to name a few brands.

Daniel Leese, Head of Business Development, KOJ Interiors said, “Covering Concepts offers quality and innovative flooring and wall solutions -we are glad to partner with them. This partnership reflects our commitment to offer our clients quality product, services and smart trendy spaces.”

KOJI offers superior quality interior fit-out solutions and delivered over 900 award-winning projects in the region within the Commercial, Retail, F&B and Hospitality sectors. With a team of over 200 working professionals, KOJI has seamlessly executed and beautifully finished every project – transforming a client‘s vision into reality.

“KOJ have a reputation for pursuing design excellence and transforming ideas and visions into award-winning projects – we are thrilled on being a key partner in supporting them in their upcoming projects,” said Jay Vasu, Director, Co-Founder, Covering Concepts. “Covering concepts offer a wide range of artistic, elegant and eco-friendly floor, wall designs and carpet tiles from several well-known European brands, such as Havwoods, Wineo, Shinnoki, Querkus, Ravaioli Legnami, and Paviflex and Hotel Art,” added Jay.


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What is PAT Testing and the best to deal with in UAE?

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PAT testing is short for Portable Appliance Testing and is the recognized way for companies and businesses to ensure that their electrical equipment is safe for use by their staff and members of the public who enter their premises.

Specialist testing equipment performs specific electrical tests on appliances to ensure that it is working within recognized guidelines for safety. All appliances in business premises should be tested and these tests should be performed by someone competent to do so.

This usually means someone who has undergone training to carry out these tests in the recognized way and has been deemed as competent to carry out PAT testing procedures on appliances.

A business or company will contract a PAT Engineer to carry out testing on appliances in their workplace. The Engineer will then perform a series of tests, visually and using their PAT testing equipment, so that the appliance can be deemed as either safe to use or unsafe to use. Those appliances passing the tests and deemed as safe will be given a passed label and entered into the Engineer’s database as passed, those items failing the tests will be given a failed label and entered into the database has failed. These failed items will be recommended as unsafe for use until repairs are made or the item is replaced.

Electrical appliances in business premises are required to be safe for use; PAT testing is the easiest and most comprehensive way for businesses to comply with this legal requirement.

However, not all appliances should be tested as often as others. Some appliances need to be tested more often because they are in high traffic areas, are used more often or are in locations where damage might more easily occur.

To establish which appliances should be tested more frequently it is recommended that risk assessments are carried out on appliances to establish when a retest should take place.

These risk assessments are performed regularly and are used to establish when an ideal retest should be for that particular appliance.

The Importance of PAT Testing Equipment

PAT testing equipment is the way the electrical safety tests are carried out on appliances. Without this PAT equipment, these tests could not be carried out.

Tests performed by PAT testing equipment include the following; earth bond test, insulation test, leakage/touch current test and cable and extension lead tests.

Besides the electrical tests, other tests are carried out like the visual inspection, which is also very important to establish any physical problems with the appliance.

PAT testing equipment is varied and ranges in price from budget models to more expensive advanced function models. Each model has its own merits and benefits and before a decision can be made as to which is best for your needs, it’s important to establish whether a basic, middle range or advanced model is needed. This will depend on circumstances and the amount of testing an Engineer plans to carry out.

When choosing a PAT tester it is first important to consider if a downloadable or manual tester will be required and whether a basic pass/fail tester would be suitable or if something much more advanced is needed.

Who Carries out the Tests?

PAT testing is carried out by professional PAT testing Engineers and Technicians. Most people carrying out PAT testing procedures have undertaken a training course in PAT testing and successfully passed and gained a certificate of competence. This certificate of competence proves that they are able to accurately and safely carry out tests on appliances and can deem them as safe or unsafe to use.

We are bringing one of the industry’s leading PAT Testing Dubai Portable Appliance Testing (PAT) Testing Company, which is operating in Dubai and Abu Dhabi. PAT Testing UAE is Cost Effective PAT Company. They provide comprehensive Price Promise; quality work with Specialists in Microwave Leakage Test. They will offer you a Detailed Asset Report for their work.

You can always visit their website and get them in touch with or you can call them on +971 50 955 6617 and they will happily assist you.

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Abu Dhabi offers safe haven to Middle East companies seeking the Bowie effect

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ADGM’s package of SPVs gives businesses risk protection in the way music icon maximised album royalties, says STA Law Firm chief 

A financial practice used by music icon David Bowie to maximise album royalties can make Abu Dhabi Global Market a safe haven for Middle East companies to minimise risk, a legal expert says.

In the US in 1997, to protect his income from his songs, Bowie packaged 287 of his copyrights and recordings into a security known as a special purpose vehicle (SPV) that issued 10-year debt securities against them.

The  US$55 million “Bowie Bonds” as they were known gave a higher interest rate than the yield on 10-year US Treasury bonds, and STA Law Firm says the package of SPVs now available at ADGM can similarly give major protection to companies basing themselves at the UAE capital’s financial centre.

“ADGM has stepped into the forefront in this area with their SPV regime, offering a dynamic and extensive scheme catering to numerous industry sectors and a range of uses,” said Sunil Thacker, Senior Partner at STA.

“Those setting up business in the market can use SPVs as a separate legal entity to isolate the parent company from hazards such as high risk financing, for instance the purchase of an aircraft, asset transfers and other high stakes projects.”

Paving the way for the modern version of SPVs, the success of the ‘Bowie Bonds’ opened up a whole new avenue of financing for entertainers by securitizing future royalty income.

“This was the first major securitization of intellectual property rights, and issuing the bonds enabled Bowie to raise a large amount of money without requiring him to divest ownership of those IP rights,” said Thacker.

“Companies opting for company formation at ADGM today can utilize SPVs for a wide range of beneficial uses, from securitizing loans to risk sharing with investors or joint venture partners, and this will underline its status as a safe haven in the region.”

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How to Earn Money with Holborn in Retirement and Beat the Pension Crisis

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The call to earn money in retirement is fast becoming a necessity and this is so because when you retire from the workplace you continue forevermore to face the prospect of escalating living expenses: food, shelter; clothing, power supply, insurances, communications, income tax, etc, with less left over than you had at your disposal before for enjoying the minor luxuries of life.

For the majority of seniors the prospect is doubly daunting as a direct result of vastly reduced incomings due to the worldwide pension crisis and so the need to earn money in retirement becomes imperative.

What do you do when there is too much month left at the end of your pension; do you bite the bullet and settle for cutbacks in the quality of life?

Not inevitably so because with tried and tested guidance you can stretch your abilities to make some extra cash in retirement and for some, this is not so much an option as a necessity.

How do you visualize life in retirement?

You have reached or are approaching your 60th/65th year and are eligible for retirement. Or maybe you’re only 50 and opted out early.

  • Do you punch the air with a tightly clenched fist now that you have finally escaped from the workplace?
  • Or do you ask yourself, ‘What do I do now?’

For many retirees, lounging around the house or lying in the sun in a deck chair is not a prerequisite for third age enjoyment and fulfillment.

While the world is undoubtedly aging and the number of elderly people is increasing, the current crop of senior citizens is in better health and lead longer, more active lives than their parents did.

  • They want action, not eternal relaxation;
  • Excitement, not enforced leisure;
  • Accomplishment, not resignation.

Conventional retirement is just too dreary, and many remain emotionally unprepared to throw the working life concept entirely to the wind. Some could also make good use of opportunities to increase basic income.

So, in lieu of conventional retirement, a significant number of third age people are turning to entrepreneurship as an alternative.

With valuable commercial skills acquired through years of practical experience, many of these retirees give serious consideration to launching their own businesses. They believe they still have what it takes and are highly motivated to succeed on their own.

Is it hard to earn money in retirement?

  • Is it so restrictive that only a small number can succeed?
  • Is it so demanding that only able-bodied retirees can make a go of it?
  • Is it so difficult that only the super-intelligent stand a chance?

No – anyone can do it. If, for example, you are disabled or handicapped to some degree and would find it impossible to engage in a physical money-making activity you can still participate in the ‘online’ enterprise – for which alternative route you will find many options and one of them is Holborn.

Retirement planning might sound premature to many but here at Holborn Assets, they have plenty of experience in helping clients to safeguard their retirement, no matter how far away it might seem right now, without making it a burden on your current lifestyle. All you need to do to get started is to find out what we can do for you.

You may think that retirement is too far away to worry about, but the years go ever faster and if you start early you will be pleased that you did as it will not be running to catch up.

So who are Holborn and why should you read what he has to say about how to earn money in retirement?

Holborn Assets is a leading international financial services company associated with the industry’s prime institutions, bringing together the investment expertise of a select group of international money management firms.

They are leading asset management company who provides pension products for UK expats in Dubai. They are featured in the following articles which shows the level of trust and commitment:

For more information, please contact them in Dubai on:

Holborn Assets Ltd.

Level 15, Al Shafar Tower 1
Barsha Heights Tecom

Phone: +971 4 457 3800
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Joyalukkas Exchange is now open at Dubai Investment Park 2,UAE

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Joyalukkas Exchange, the money exchange arm of Joyalukkas Group, further enhanced its presence in the UAE region with a new branch in Dubai Investment Park 2.  With the new branch, Joyalukkas now has a strong presence of 11 branches spread across various parts of the UAE.

To celebrate the newly opened branch, a special offer was announced for patrons wherein they will be rewarded with special gifts for every transaction made.  The new branch is a part of Joyalukkas Exchange’s ambitious expansion plans with more branches set to be open in the near future in Oman and Kuwait as well.

Joyalukkas Exchange is renowned for providing customers with a world-class experience in foreign exchange and cross-border remittances with fast credit at best rates.  Patrons also earn reward points on every transaction, which gives them access to value-added services in the partner establishment or it can also be redeemed for gifts.

Joyalukkas Exchange – an integral part of the Multi-Billion Joyalukkas Group is currently spread acorss UAE, Oman and Kuwait and is enjoying the patronage of residents and tourist in the 3 countries by offering a solid mix of service, convenience, speed, value and innovation.

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