Antoine Choueiri, an advertising man to remember


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Anyone who is anyone in advertising has a story about the first time they met Antoine Choueiri. Ramzi Raad, an industry veteran who was recently named Advertising Person of the Year by the Dubai Lynx Awards, has one of the best.

It was the summer of 1968, in swinging pre-civil war Beirut, and Mr Raad, now the chairman and chief executive of TBWARAAD, was a young advertising executive working for an agency while attending university. One afternoon, his boss sent him on an errand to the magazine where Mr Choueiri worked, called Arab Week, and when he reached the building he was pointed towards a large room with a big balcony.

"There was nobody behind the desk, but on the balcony there were two people sitting during office hours, playing backgammon in the noisy Lebanese way, swearing and so on," he says. "So I stand waiting for my turn to speak because I know that the game is reaching its climax. They throw the dice for the last time, and then, suddenly, Choueiri takes the backgammon board, claps it together and throws it - whoof! - off the balcony.

"The building is on a main street in Beirut. So as I watch this sight, wondering whether it's going to fall on a car or somebody's head below, he turns to me and says, 'What do you want'?" Mr Choueiri, who died on Tuesday in Beirut at the age of 70 following a long battle with cancer, did not like losing and possessed a legendary drive that he used to build the foundation of the advertising industry in the Middle East.

At the height of its powers, the company that he founded, the Choueiri Group, controlled the flow of advertising to most of the top free-to-air television stations in the region, including MBC, LBC, Al Jazeera and Dubai Media Incorporated. In recent years, after Rotana tied up with LBC and handed its ad sales over to its commercial arm, Rotana Media Services, its reach has shrunk somewhat, but it remained the dominant force in the media buying market.

The Choueiri Group was able to rise to such a position of dominance in part because it was the first to the market. Mr Choueiri left the magazine in Beirut to found the company in Paris after the outbreak of the Lebanese civil war in the 1970s. It gained its Middle East foothold in Saudi Arabia and then expanded to Lebanon and the Emirates. The group operates now in 11 markets across the MENA region as well as in Europe and Japan.

During these early decades, TV in the Arab world was largely a government-run affair, but by the 1990s, when the first truly commercial satellite-TV stations, such as MBC, were emerging, Choueiri had a clear advantage. Soon, there was an overwhelming number of channels - more than 500 at last count - far more than the number of advertisers in the region could support. According to Eli Khoury, the chairman of Quantum Holding, the Choueiri Group provides a crucial function for the region's advertising industry by deciding which channels have the potential to survive and channelling advertising to them.

"Antoine knows how many TV stations the market can afford," Mr Khoury said last month. "So he knows the industry inside out. He knows how much it takes a TV station to operate and be profitable. "However, he is faced with the situation that there are too many TV stations, so if he sees any hope in a station, he tries to keep it standing on its feet until it becomes something worthwhile." In performing this function, the Choueiri Group acts as a kind of regulator in a pan-Arab market that lacks any other form of regulation, Mr Khoury said.

Advertising rates per capita in the Arab world are a fraction of what they are in more developed markets, in large part because there is no single, universally accepted units for audience measurement. But critics say one man's regulator is another's monopolist. "I don't think Antoine wants to be a monopolistic person," Mr Khoury said. "I think it's the absence of professional competitors that makes him the monopole of the industry. And being the monopole of the industry, he's done some really great stuff for the industry. At least he regulated competitiveness, ie pricing. Otherwise, the industry would have suffered big time."

Without a powerful middle man to set prices and act as a kind of gatekeeper, Mr Khoury said, the 500 channels would have engaged in a race to the bottom on ad rates, in much the same way the internet advertising prices are pushed down because so much ad inventory is available. Some have complained about the large commissions the company took for its trouble, which, according to Jayant Bhargava, a principal at the consultancy Booz and Company, were more than four times that of media buyers in more developed markets.

But all who met Mr Choueiri spoke in awe of his ambition, vision, business acumen and generosity. Joseph Ghoussoub, the chairman and chief executive of MENACOM, the parent company of regional advertising and marketing companies such as Team Young and Rubicam, first met Choueiri in the 1980s, when he was working as a rising advertising executive in Saudi Arabia, the launching ground for a generation of Lebanese media executives now running the industry in the Gulf.

"He was a real businessman, a fighter, somebody who knows what he wants and somebody who really fights to get what he wants," Mr Ghoussoub says. "Without the fighting spirit in this business, what do you do? He was a clever person, a very intelligent person, and at the same time he had the right objective mind and charisma to be able to make it." Mr Choueiri leaves behind his wife, Rose, and two children, Pierre and Lena. The children serve as the managing director and chief financial officer of the group, respectively.

These days there is a lot of talk about the rising power of digital media in the Middle East and the imminent arrival of the so-called people meter boxes to measure TV viewership more accurately and efficiently, which industry leaders hope will help close the gap in ad spending per capita between the region and the rest of the world. But for the moment, the region's media still largely lives in the world that Antoine Choueiri created, a world in which research data often matters less than personal relationships.

"I could tell you many agencies that, at their time of trouble, they go to what they call the patriarch. They go to Antoine to help them out," Mr Khoury said. "If you are a small company and you have just lost a client and you have some bills that could send you bankrupt, it's enough to walk into his office, tilt your head and say 'I'm dead if you don't help me'. And he will tell you 'OK, forget about it'."

"He's that type of a person. When you are in trouble, you know you can count on him." @Email:khagey@thenational.ae

Match info

Uefa Champions League Group H

Juventus v Valencia, Tuesday, midnight (UAE)

Florida: The critical Sunshine State

Though mostly conservative, Florida is usually always “close” in presidential elections. In most elections, the candidate that wins the Sunshine State almost always wins the election, as evidenced in 2016 when Trump took Florida, a state which has not had a democratic governor since 1991. 

Joe Biden’s campaign has spent $100 million there to turn things around, understandable given the state’s crucial 29 electoral votes.

In 2016, Mr Trump’s democratic rival Hillary Clinton paid frequent visits to Florida though analysts concluded that she failed to appeal towards middle-class voters, whom Barack Obama won over in the previous election.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Day 1 results:

Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)

Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

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Company Profile

Name: JustClean

Based: Kuwait with offices in other GCC countries

Launch year: 2016

Number of employees: 130

Sector: online laundry service

Funding: $12.9m from Kuwait-based Faith Capital Holding

The Voice of Hind Rajab

Starring: Saja Kilani, Clara Khoury, Motaz Malhees

Director: Kaouther Ben Hania

Rating: 4/5

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. 

Honeymoonish
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Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer