UNIVERSITY OF PENNSYLVANIA The Wharton School FNCE 897: FINANCE IN THE MIDDLE EAST & NORTH AFRICA January 4-6, 2016 Professor Nihat Bülent Gültekin, Finance Department Professor Michael J. T. McMillen, Penn Law School Winter 2016 Teaching Assistant: Elizabeth Dahan; Ahmed Fikri Faisal Falaknaz lizzied25@gmail.com afikri@wharton.upenn.edu falaknaz@wharton.upenn.edu 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
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, 2011. b. Reading Assignments Reading assignments are shown on the last section of the Syllabus. Course readings and references will be 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
MONDAY, JANUARY 4, 2016 VENUE: CENTER OF EXCELLENCE AT DUBAI INTERNATIONAL FINANCIAL CENTER GATE VILLAGE BUILDING 02 LEVEL 2 AUDITORIUM 08:00 08:45 COFFEE & LIGHT BREAKFAST 08:30 08:45 COURSE OVERVIEW Bülent Gültekin 8:45 9:30 UAEVision2021 Abdulla BinTouq Acting Executive Director of Excellence and Pioneership Sector & United Arab Emirates, Prime Ministers Office 09:30 11:00 DUBAI FINANCIAL MARKETS AND DUBAI INTERNATIONAL FINANCIAL CENTER Chirag V. Shah Head of Strategy and Corporate Planning of DIFC 11:00 11:15 COFFEE BREAK 11:15 13:00 ALTERNATIVE INVESTMENTS, INVESMENT BANKING, CORPORATE FINANCE & REAL ESTATE: Tamer Bazzari CEO, Genero Advisory Mustafa Abdel-Wadood Board Member, Chairman of the Management Executive Committee and Investment Committees Orhan Osmansoy Managing Director, Frontier Management Group Nicholas Gilani Senior partner, Arjan Capital Martin Berlin Partner, PricewaterhouseCoopers 13:00 14:00 LUNCH BREAK 14:00 15:30 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 15:30-16:00 Bus to Burj Khalifa 16:00 18:00 SITE VISIT TO BURJ KHALIFA REAL ESTATE MARKET IN THE REGION Emaar Properties 3
TUESDAY, JANUARY 5, 2016 VENUE: CENTER OF EXCELLENCE AT DUBAI INTERNATIONAL FINANCIAL CENTER GATE VILLAGE BUILDING 02 LEVEL 2 AUDITORIUM 8:00 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 13:00-14:00 Simon Pitout Vice President, DP World 14:00-14:30 Bus to Jumeira Group Headquarters 14:30-18:00 SITE VISIT TO JUMEIRA GROUP AND BURJ AL ARAB 4
WEDNESDAY, JANUARY 6, 2016 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 Special Situations, Abu Dhabi Investment Council (ADIC) SOVEREIGN WEALTH FUNDS 12:30 15:00 THE COURT OF CROWN PRINCE Rabih Abouchakra Mona Hammami Managing Director Director 15:30 17:30 VISIT TO ETIHAT AIRWAYS Christian Albrecht Vice President Etihat Airways 17:30 19:00 Visits/Abu Dhabi* 19:00 Bus to Dubai 5