Guest Lecturers Distinguished guests will lecture and conduct case discussions by bringing their regional experience and insights to the classroom.

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1 UNIVERSITY OF PENNSYLVANIA The Wharton School & DUBAI INTERNATIONAL FINANCIAL CENTER FNCE 897: FINANCE IN THE MIDDLE EAST & NORTH AFRICA January 2-4, 2017 Professor Nihat Bülent Gültekin, Finance Department Professor Michael J. T. McMillen, Penn Law School Winter 2017 Teaching Assistants: Elizabeth Dahan: Mohit Mendiratta Course Objective This is a Wharton Global Modular Course on finance in the Middle East and North Africa. Its objective is to bring students, academics and industry experts together to study financial markets, practice, and institutions in this region. Course Content The course will primarily examine following areas: 1. Current Challenges in the Middle East 2. Political Economy of Middle East 3. Financial Markets and Institutions in the Region 4. Sovereign Wealth Funds 5. Alternative Investments 6. Islamic Finance We will cover the above topics by studying practice and transactions in the region with a comparison to USA and rest of the world. This is a half unit course and it is designed for Wharton MBAs and undergrads. Course Format This course will be taught through cases and lectures. Guest Lecturers Distinguished guests will lecture and conduct case discussions by bringing their regional experience and insights to the classroom. 1

2 Grades This course will be graded on our regular scale or on a pass or fail basis. Your final grade will be based on: a. Attendance and class participation (20%) b. Course project (80%) a. Class Attendance and Class Participation Lecturers in this seminar are experienced senior managers of major financial institutions. You will learn directly from their experiences. You are expected to attend every session and engage in class discussions. b. Course Project You need to prepare a project for the course as an individual or as a team another student. The course project is an active learning tool and allows you to apply many concepts that you have learned at the Wharton School to the issues in the region. As such, this course is more like an independent study and most of the learning will come from the preparation of the course project. We will give you further information about the course project, required deliverables and the deadlines during the course delivery. Course Materials a. Textbook The Arab Economies in a Changing World, Marcus Noland and Howard Pack, Peterson Institute of International economics, 2 nd edition, b. Reading Assignments There will be some optional course readings and references on Canvas. You should read the textbook before the first day. c. Canvas The course site will contain optional and relevant reading materials as well as some reference materials. You can also find other course information such as case questions and exhibits, lecture notes and handouts distributed in class, and relevant news articles as well as the most up to date information about the course. All announcements for the course will be on Canvas. As the course progresses, I will add additional reading materials that will be related to the various stages of your course project. Course Venue Course will be held at the Center of Excellence of Dubai International Financial Center and at the headquarters of Abu Dhabi Investment Council. 2

3 MONDAY, JANUARY 2, 2017 VENUE: CENTER OF EXCELLENCE AT DUBAI INTERNATIONAL FINANCIAL CENTER GATE VILLAGE BUILDING 02 LEVEL 2 AUDITORIUM 08:00 08:45 COFFEE & LIGHT BREAKFAST 08:45 9:00 COURSE OVERVIEW Bülent Gültekin 9:00 9:30 UAE Vision 2021 Ahmed Al Abbas Director of Strategy and Innovation, UAE Prime Minister s Office 09:45 11:15 DUBAI FINANCIAL MARKETS AND DUBAI INTERNATIONAL FINANCIAL CENTER Chirag V. Shah Head of Strategy and Corporate Planning of DIFC 11:15 11:30 COFFEE BREAK 11:30 13:30 ALTERNATIVE INVESTMENTS, INVESMENT BANKING, CORPORATE FINANCE Mustafa Abdel-Wadood Board Member, Chairman of the Management Executive Committee and Investment Committees Tamer Bazzari CEO, Genero Advisory Orhan Osmansoy Frontier Management group Nicholas Gilani National Bank of Abu Dhabi Stefano Sartoretti CFO, PepsiCo Asia, the Middle East, and Africa 13:30 14:45 LUNCH BREAK 14:45 16:45 COUNTRY PERSPECTIVES: SAUDI ARABIA & EGYPT: Sultan Al Qassemi, Ammar Al-Khudairy, Georges Makhoul, Bulent Gultekin, Hassan Fattah Freelance Columnist (Gulf News, Foreign Policy, FT, CNN, The National, Al Monitor, The Guardian) CEO, Amwal AlKhaleej Investment Co., Saudi Arabia CEO, Constellation Holdings, Dubai, UAE Former Governor of the Central Bank of Turkey Partner, Brunswick Group 3

4 TUESDAY, JANUARY 3, 2017 VENUE: CENTER OF EXCELLENCE AT DUBAI INTERNATIONAL FINANCIAL CENTER GATE VILLAGE BUILDING 02 LEVEL 2 AUDITORIUM 8:30 9:00 Innovation in Dubai H.E. Abdullah Bin Touq Director General, The Executive Office of Dubai 9:00 12:00 ISLAMIC FINANCE: THEORY AND STRUCTURE OF INSTRUMENTS: Prof. Michael J.T. McMillen Penn Law School Ijara (Lease) Structures: Real Estate and Private Equity Murabaha, Musawamma and Tawarruq; Working Capital; Short-Term Instruments; Financings Mudaraba Structures: Islamic Banking; Takaful; Investments Sukuk and the Finance Side of the Capital Markets Islamic Banking 12:00-13:00 LUNCH BREAK 13:00-14:30 REAL ESTATE Naif Al-Rasheed Hadi Badri Jahed Rahman CEO, National Real Estate Development Company, Saudi Arabia Senior Director for Innovation and Business Improvement, Emaar Properties Director of Hospitality and Leisure, Aldar Properties 15:30-17:30 VISIT TO EMAAR PROPERTIES 4

5 WEDNESDAY, JANUARY 4, 2017 VENUE: ABU DHABI INVESTMENT COUNCIL 07:00 09:00 BUS TO ABU DHABI (Meeting place in Dubai will be announced) 09:00 12:00 ABU DHABI INVESVESMENT COUNCIL Host: Mark Nicolas Cutis and the Special Situations Team Special Situations, Abu Dhabi Investment Council (ADIC) SOVEREIGN WEALTH FUNDS 12:00 13:00 WORKING LUNCH WITH AT ADIC 13:30 15:30 Company Visit: Abu Dhabi National Oil Compamy (ADNOC) 16:00 19:00 Visits to sites of interest 19:00 Bus to Dubai 5

6 VENUE: DUBAI INTERNATIONAL FINANCIAL CENTER (DIFC) CENTER OF EXCELLENCE THE GATE VILLAGE BUILDING 3, LEVEL 3 6