Socio Cultural

Far Eastern
University
Institute of Accounts, Business and
Marikina Shoe Exchange
__________________________________________________________________
A franchised Business plan

Presented to the Faculty of Institute of Accounts, Business and Finance of
Far Eastern University
Sampaloc, Manila
__________________________________________________________________
In Partial Fulfillment
of the Requirements for the Degree of
Bachelor of Science in Business Administration
Major in Business Management
__________________________________________________________________
Chua Arvin G
Samas George
Genio Vhina
Lusong Jerome
Nikka Marie Magat
Kathleen innah king Brioso
Oguejiofo Chukwuebuka
Miko Arile
Ivan Ronald punsalan
Business Management
2nd
Semester SY 2013 2014
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1. Executive Summary
The UAE is situated on the Arabian Peninsula between Oman and Saudi Arabia and bordering
the Gulf of Oman and the Persian Gulf.
The UAE government estimates the total area of the UAE to be 83,600 square kilometers;
excluding the three islands in the Strait of Hormuz, the area is 77,700 square kilometers (slightly
smaller than the state of Maine). Abu Dhabi has an area of 67,350 square kilometers.
The UAEs land boundaries total 867 kilometers. The emirates border Oman to the north and
east (410 kilometers) and Saudi Arabia to the west and south (457 kilometers).
According to the official census conducted in 2005, estimates for the UAEs
population for that year range from 4.1 million to 4.6 million; the population is estimated to
increase to 4.9 million in 2006. The overall population increased by almost 75 percent from
1995
to 2005, with the percentage of non-nationals increasing at a much faster rate than the national
population. The current annual growth rate is estimated at 6.9 percent. The majority of the
population (2.5 million) is urban and lives in the two largest emiratesAbu Dhabi and Dubai.
Dubai has the fastest growing population, with an average annual growth rate of 8.5 percent
between the years 2000 and 2005.
A study by Dubai International Academic City, in conjunction with Deloitte, showed that
the UAE is considered the fourth most attractive education destination in the world for
students looking to study abroad.
The UAE now has a blossoming financial sector and strong growth prospects. David
Marshall, Senior Executive Officer at Emirates NBD Asset Management, discusses this
post-crisis surge
Official data shows that the United Arab Emirates economy has turned around after
years of low growth, financing issues and restructuring post-2009. Now, the Emirates
is seeing a strong rebound in profitability and growth as it continues to benefit from its
perceived safe-haven status amid regional instability.
The proposed business is to establish a medium/large branch and franchises in United
Arab Emirates. This includes all products/imports/services of the said company.
2. Introduction
This document is a research paper for business proposal that proposes Marikina
Shoe Exchange Company extends a successful branch or create a franchise at
United Arab Emirates.
Dubai is a large city in United Arab Emirates that has a population of over 2
million and more than 1 million tourists that visit there.
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Institute
of Accounts,
and
Establishing MSE at Dubai
and expanding
itsBusiness
franchise,
the company will extend
its legacy in other countries and not only to introduce but to promote Filipino
quality products.
3.a Socio-Cultural
3.a.1 Geography
Area of Dubai:
4,114 km sq.
Dubai Population:
2,262,000
Country:
United Arab Emirates
Dubai Independence Day: 2 Dec

Dubai Time zone:
UAE standard time (UTC+4)
Dubai Government:
Constitutional monarchy
Dubai GDP as of 2008:
US$ 82.11 billion
Dubai Language:
English, Urdu, Persian, Hindi, Bengali, Tamil,
Tagalog, Chinese, Malayalam, and other languages are spoken in Dubai by its
many foreign residents.
Dubai is located on the Persian Gulf, in the northeast of the United
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Arab Emirates. Dubai
is ofthe
secondBusiness and
largest emirate with an urban area of 3,885

sq. km and the city is roughly 35 sq. km.
However it will expand to twice that size
with
the addition of the man-made
islands; the Waterfront, the three Palms, the

World, the Universe, Dubai Land, as well as
the construction in the desert.
One of the most fascinating geographical aspects of Dubai is its Creek, which
divides the city into two regions. Dubai Creek is made up of a natural 9.5 mile
inlet in the Persian Gulf, around which the citys trade developed. North of the
Creek is called Deira, and Bur Dubai refers to the south where it joins the tourist
and residential developments of Jumeirah along the coast.
Dubai also has the highest population, sharing its borders with Abu Dhabi in the
south, Sharjah in the northeast and the Sultanate of Oman in the southeast.
Due to the citys unique geographical location it enjoys a strategic position which
allows it to connect to all local Gulf States, as well as to East Africa and South
Asia.
3.a.2 Climate
The line of the Tropic of Cancer crosses through the UAE, causing the weather in
Dubai to be warm and sunny. In the winter it has an average daytime
temperature of 25C, nearer the coast 12-15C, in the desert or mountains 5C.
With the nights being relatively cool. Near coastal areas humidity can average
between 50% and 60%.
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and humid, with temperatures
In the summer, theInstitute
weatherofinAccounts,
Dubai is Business
very hot and
reaching mid 40s. Even the sea temperature can reach 37C, with humidity
averaging over 90%.
Rainfall in Dubai is infrequent and does not last for a long period. It mostly rains
during the winter period in the form of short gushes and an occasional
thunderstorm. On average, rain falls only five days a year.
3.a.3Education
Dubai: International students looking to study and live in the UAE continue to pay
among the highest premiums in the world.
The cost of studying in the UAE is equivalent to about half (51 per cent) of the
gross domestic product (GDP) per person, or nearly $28,000 (Dh102,760) per
year, making it the fourth most expensive country for foreigners to study and live
in, according to the latest research by HSBC.
The average annual fees and cost of living for international students in the UAE,
at $21,371 and $6,004, respectively, put the countrys overall education cost
ahead those of Canada, Singapore, Japan and Germany.
The living expenses in the country is one of the cheapest among most developed
and emerging markets, after China, Taiwan and Germany, but the high university
fees pushed it to the top of the table. Annual fees in the UAE is the third most
expensive in the world, trumping other major markets including the United
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Accounts,
Kingdom. AustraliaInstitute
tops theofoverall
list, Business
where a and
year of study costs $38,516,
followed by the United States.

Household budget
For many people, spending for education constitutes a huge portion of the
household budget. School fees in most markets in the world are getting more
expensive by the year and the falling value of some currencies against the
dirham and US dollar is not helping.
The Indian rupee, for one, has been sliding against the greenback and what this
means to parents based in the South Asian country is that they will have to dig
deeper into their pockets to be able to send their children to UAE schools.
Education costs are generally prone to higher inflationary rates not just in the
UAE but across the globe. For expatriates, education is generally the secondhighest expense for families, the highest being expenses on house rent, noted
Ashok Sardana, managing director, Continental Group.
The high demand for education in the country is the reason behind the expensive
school fees. The UAE is regarded as one of the top destinations among residents
from around the world.
The UAEs stable political and economic environment, coupled with its
favourable lifestyle for students, has made it the most attractive destination within
this region for education, both for international students and for students from the
neighbouring GCC and Middle Eastern markets, Rick Crossman, head of UAE
retail banking and wealth management at HSBC Bank Middle East, said.
Emerging market economies
A study by Dubai International Academic City, in conjunction with Deloitte,
showed that the UAE is considered the fourth most attractive education
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Business
andabroad. It is also regarded
destination in the world
for of
students
looking
to study
as the most attractive destination among the emerging market economies, ahead
of China, Singapore and Australia.
With increased investment in educational institutions and a variety of
international-standard universities for students to choose from, we expect the
UAE to retain its position as a favourable education destination for the
foreseeable
future,
Rick
added.
3.a.4 Language
Language is the most important marker of
identity for a country and the National
Language
in
Dubai
is Arabic which
speaks a lot about the country and its

people. Although according to the
Constitution of the country the official
language in Dubai is Arabic, yet English is widely spoken and different regional
languages are also often used.
Islam being the official religion in Dubai with a vast majority belonging to
the Sunni clan. However, Dubai being a cosmopolitan place has several other
religions like Hindus, Sikhs, and Christians living together harmoniously.
Naturally, although the official language in Dubai is Arabic, other languages like
English, Hindi, Urdu, Malayalam, Bengali and Tagalog are widely spoken.
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Accounts,
Languages in Dubai
have of
never
been Business
an issue and
and most of the schools in
Dubai teach English along with Arabic. The medium of instruction is usually
English but crossing the barrier of language in Dubai there are a number of
schools in Dubai that teach foreign languages including French and Russian to
children.
3.a.5 Religion
Islam is the official state religion. The Government funds or
subsidizes almost 95 percent of Sunni
mosques and employs all Sunni imams;
approximately 5 percent of Sunni mosques
are entirely private, and several large mosques
have large private endowments. The government
distributes
guidance
on
religious
sermons
to
mosques and imams, whether Sunni or Shi'a, and monitors all sermons for
political content. The Shi'a minority is free to worship and maintain its own
mosques. All Shi'a mosques are considered private and receive no funds from
the government. Within the UAE, Shi'a imams are government-appointed only in
Dubai. Shi'a Muslims in Dubai may pursue Shi'a family law cases through a
special
Shi'a
council
rather
than
the
Shari'a
courts.
Regarding the other religions in Dubai, Dubai has large expatriate communities
of Hindus, Christians, Buddhists, Sikhs and others. Non-Muslim groups can own
their own houses of worship, wherein they can practice their religion freely, by
requesting a land grant and permission to build a compound. Groups that do not
have their own buildings must use the facilities of other religious organizations or
worship in private homes. While the UAE doesn't offer any federal-level method
of granting official status to religious groups, the individual emirates may exercise
autonomy in officially recognizing a particular religious denomination. For
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of status
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Business
instance, Dubai granted
legal
to The
Churchand
of Jesus Christ of Latter-day
Saints in 1993. Dubai is also the only emirate that has Hindu temples and a Sikh
Gurdwara.
3.b The Countrys Environment Technological Aspect

3.b.1 Contribution to the Society
Since its founding, the UAE has provided significant aid to developing countries
and has been a major contributor of emergency relief to regions affected by
conflict and natural disasters.
As UAE founder and former President HH Sheikh Zayed bin Sultan Al Nahyan
said, Foreign aid and assistance is one of the basic pillars of our foreign policy.
For we believe that there is no true benefit for us from the wealth that we have
unless it does not also reach those in need, wherever they may be, and
regardless of their nationality or beliefs.
In 2008 the UAE established the Office for the Coordination of Foreign Aid
(OCFA) to track and document the countrys annual contribution to international
aid. OCFAs first report, released in mid 2010, found that in 2009 the UAE
contributed 8.9 billion dirhams ($2.43 billion) in foreign aid; 95 percent of which
was in the form of grants to humanitarian, development and charity projects
across 92 countries.
The UAEs primary aid and relief agency is the Red Crescent, one of the world's
top ten Red Cross and Red Crescent societies in terms of the volume of aid
provided. The Red Crescent actively collaborates with the United Nations Office
for Project Services, (UNOPS), responsible for providing urgent technical,
logistical and administrative support to other United Nations (UN) programs.
In 2009 the Red Crescent ranked as the countrys third most significant donor
behind the Abu Dhabi Fund for Development and the Government. The Red
Crescent gave a total of 451.5 million dirham ($123 million) to 55 countries,
mainly to social infrastructure and services, and multi-sector projects.
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The UAE Red Crescent organized the Emirates Heart Group, a voluntary
collective of cardiologists working in the UAE, and from several countries,
including the Emirates, France, Canada, Saudi Arabia, Egypt and South Africa.
Started by five UAE cardiologists, and now boasting over 200 participants, the
group's members volunteer their time to carry out surgery in countries where
there is a lack of such skills. Their missions have included trips to Syria, Jordan,
Egypt, Morocco, Sudan and Kenya.
Other organizations also sponsor aid and relief. One major initiative, launched by
Vice President and Prime Minister HH Sheikh Mohammed bin Rashid Al
Maktoum in September 2007, was Dubai Cares, which seeks to provide primary
education for at least a million school children in the poorest countries of the
Middle East, Africa and Asia.
The Zayed Foundation responds to emergency needs and also contributes to

infrastructure projects, like hospitals, healthcare institutions and schools. The
scope of the foundation is perhaps the most active in global terms of all the UAE
agencies. In 2009 the foundation gave grants totaling 47.9 million dirham ($13
million). The top recipient countries included Yemen, Burkina Faso, Kenya,
Afghanistan, Morocco, Pakistan, Egypt and Ethiopia.
Besides emergency and other humanitarian relief, the UAE provides

development aid. The oldest of the UAE's development agencies, the Abu Dhabi
Fund for Development (ADFD) was established in 1971. Since its inception,
ADFD has provided almost 13 billion dirham ($3.54 billion) to 207 projects across
53 countries. In 2009, the ADFD contributed or administered 4.95 billion dirhams
($1.35 billion) in grants and loans, making it the UAEs largest donor that year.
While much of the UAE's development assistance is provided on a governmentto-government basis, the country is also a major contributor to international
agencies. During the course of the last 30 years, for example, over 100 billion
dirhams ($27 billion) has been made available through the International Monetary
Fund and the World Bank, according to the UAE Ministry of Finance and Industry.
In addition, the UAE supports various UN development funds, including UNICEF,
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Business and
UNDP and the Office
of the UN
High Commissioner
for Refugees, as well as the
UN Relief Works Agency for Palestinian Refugees.
The UAE Government and Emirati donor organizations also participate in a

number of other multilateral aid-giving institutions, including the International
Development Agency (IDA), and other bodies like the OPEC Fund for
International Development, the Arab Gulf Fund for the UN (AGFUND), the Arab
Bank for Economic Development in Africa (BADEA), the Abu Dhabi-based Arab
Monetary Fund (AMF) and the Islamic Development Bank (IDB). In 2009,
donations made to such multilateral organizations totaled 26.5 million dirham
($7.2 million).
A main initiative of the OCFA is to document all foreign aid contributions made
since the formation of the UAE in 1971. While this study is not yet complete,
during the announcement of the inaugural 2009 report, HH Sheikh Mohammed
bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai stated
a provisional figure of 163 billion dirham ($44 billion) as the amount given by the
government and Emirati donor organizations since 1971.
3b.2 Recent Research and Development

Nuclear Power in the United Arab Emirates
The UAE is taking deliberate steps in close consultation with the International
Atomic Energy Agency to embark upon a nuclear power program.
It accepted a $20 billion bid from a South Korean consortium to build four
commercial nuclear power reactors, total 5.6 GWe, by 2020 at Barakah.
Construction of the first unit started in July 2012, and the second in May 2013.
The United Arab Emirates (UAE) was founded in 1971, comprising seven states
including Abu Dhabi and Dubai. Abu Dhabi city is the federal capital of UAE, and
Abu Dhabi emirate accounts for 86% of the land area of UAE, and 95% of its oil.
Dubai is the UAE's largest city.
Background: Gulf Cooperation
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ofcollaboration
Accounts, Business
and
Since commencingInstitute
studies in
with other
members of the Gulf
Cooperation Council (GCC), the UAE has proceeded with plans to set up on its
own an ambitious nuclear power program with significant capacity being on line
by 2020.
In December 2006 the six member states of the Gulf Cooperation Council (GCC)
Kuwait, Saudi Arabia, Bahrain, the UAE, Qatar and Oman announced that
the Council was commissioning a study on the peaceful use of nuclear energy.
France agreed to work with them on this, and Iran pledged assistance with
nuclear technology.
Together they produce 273 billion kWh per year, all from fossil fuels (2003) and 57% annual demand growth. They have total installed capacity of about 80 GWe,
with a common grid. There is also a large demand for desalination, currently
fuelled by oil and gas (directly or indirectly). A 2009 report projects GCC
electricity demand increasing 10% annually to 2015, and desalination demand
growing at 8%, implying the need for 60 GWe of new capacity by 2015.
In February 2007 the six states agreed with the IAEA to cooperate on a feasibility
study for a regional nuclear power and desalination program. Saudi Arabia was
leading the investigation and thought that a program might emerge about 2009.
Regional electricity grid integration is progressing, including a 3000 MWe
connection from Iran by 2015.
The six nations are all signatories of the NPT and the UAE ratified a safeguards
agreement with IAEA in 2003. In mid-2008 it appointed an ambassador to IAEA.
Nuclear power program in UAE
In 2009 the UAE produced 90.6 billion kWh gross, 98% of it from gas, for which it
relies on some imports. It has about 19 GWe capacity. Electricity demand is
growing by 9% per year and is expected to require 40 GWe of capacity by 2020.
It is seeking to import some 1000 MWe from Iran. It relies entirely on electricity to
provide its potable water, by desalination.
In April 2008 the UAE independently published a comprehensive policy on
nuclear energy. This projected escalating electricity demand from 15.5 GWe in
2008 to over 40 GWe in 2020, with natural gas supplies sufficient for only half of
this. Imported coal was dismissed as an option due to environmental and energy
security implications. Renewables would be able to supply only 6-7% of the
needed power by 2020.
Nuclear power "emerged as a proven, environmentally promising and
commercially competitive option which could make a significant base-load
contribution to the UAEs economy and future energy security." This led to
creation of a regulatory framework and selection of a site between Abu Dhabi city
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and then was Al Fujayrah
and Ruwais, at Barakah.
Another
possibleBusiness
site mentioned
on the Indian Ocean coast.
Accordingly, and as recommended by the IAEA, the UAE established a Nuclear

Energy Program Implementation Organization which set up the Emirates Nuclear
Energy Corporation (ENEC) as an Abu Dhabi public entity, initially funded with
$100 million, to evaluate and implement nuclear power plans within UAE (or
specifically in Abu Dhabi emirate, which comprises 86% of the land area of UAE).
The UAE announced that it would "offer joint-venture arrangements to foreign
investors for the construction and operation of future nuclear power plants"
similar to existing Independent Water and Power Producer structures which have
60% owned by the government and 40% by the JV partner(s). The UAE set up a
model of managing its nuclear power program based on contractor services
rather than more slowly establishing indigenous expertise.
The UAE also resolved to forgo domestic enrichment and reprocessing, and "to
conclude long-term arrangements . for the secure supply of nuclear fuel, as
well as the safe and secure transportation and, if available, the disposal of spent
fuel via fuel leasing or other emerging fuel supply arrangements." (See Fuel
Cycle below.)
The UAE invited expressions of interest from nine companies for construction of
its first nuclear power plant. ENEC reduced this to a short list of three and sought
bids by mid-2009. The three bidders on the short list comprised Areva, with Suez
and Total, proposing its EPR, GE-Hitachi proposing its ABWR, and the Korean
consortium proposing the APR-1400 PWR technology. The last group is led by
Korea Electric Power Co. (KEPCO), and involves Samsung, Hyundai and
Doosan, as well as Westinghouse, whose System 80+ design (certified in the
USA) has been developed into the APR-1400. The UAE expressed an intention
to standardize on one technology.
ENEC appointed the global full-service program management, engineering,
construction and operations firm CH2M Hill to manage the UAE's plans for
bringing nuclear power to the country.
In December 2009 ENEC announced that it had selected a bid from the KEPCOled consortiuma for four APR-1400 reactors, to be built at one site. The value of
the contract for the construction, commissioning and fuel loads for four units is
about US$20.4 billion, with a high percentage of the contract being offered under
a fixed-price arrangement. The consortium also expects to earn another $20
billion by jointly operating the reactors for 60 years. In March 2010 KEPCO
awarded a $5.59 billion construction contract to Hyundai and Samsung for the
first plants. The total cost of the plant including infrastructure and finance is
expected to be about $32 billion.
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of reason
Accounts,
Business
and in the face of strong
KEPCO claimed later
that the
for their
selection
competition from France, USA, and Japan was their demonstrable highest
capacity factor, lowest construction cost and shortest construction time among
the bidders.
The plants will largely be financed by the state, without the need for loans, but
with some Korean equity partners. By 2020 UAE hopes to have four of the 1400
MWe nuclear plants running and producing electricity at a quarter the cost of that
from gas. It plans to export electricity to Gulf neighbours via the regional power
grid. (The first APR-1400 units, Shin-Kori 3&4, are under construction in South
Korea.)
An operating company, Nawah Energy, is to be set up about 2017 to run the four
Barakah units, with 82% ENEC equity and 18% KEPCO.
From 2010 ENEC continued negotiations with the losing bidders, Arevab and
GE-Hitachi, regarding cooperation in related nuclear areas.
In November 2013 the Dubai Electricity & Water Authority said that it had a target
of 12% of its electricity supply capacity to be nuclear by 2030, primarily from Abu
Dhabis Barakah plant, but also possibly from a Dubai plant at some stage. This
target is in Dubais Integrated Energy Strategy 2030, arising from its Supreme
Council of Energy set up in 2009 as an independent legal entity to oversee all
matters relating to Dubai's energy sector.
Barakah power plant
In April 2010 ENEC lodged licence applications and an environmental
assessment for its preferred site at Barakah (formerly 'Braka'), on the coast 53
km west of Ruwais and 300 km west of Abu Dhabi city a little closer to Qatar
than to the capital. The applications were assessed by the Federal Authority of
Nuclear Regulation (FANR). This assessment, with environmental management
plan, was considered by Abu Dhabi's Environmental Agency and approval was
given in July 2012.
The site evaluation process for the four reactors considered ten potential sites
and was based on guidance from FANR as well as the US Electric Power
Research Institute, the US Nuclear Regulatory Commission, and the IAEA. The
Gulf seawater at Barakah is about 35C, which will give less thermal efficiency
than the Shin-Kori 3&4 reference units, where the sea is about 27C, so larger
heat exchangers and condensers are required.
In July 2010 ENEC received two licences from FANR: a site preparation licence
for Barakah and a limited construction licence allowing manufacture of major
components for four units. A construction environmental permit from the
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of Accounts,
Business
and
Environmental Agency-Abu
followed
them and
groundbreaking took place
in March 2011.
Construction licence applications were based on the safety analysis completed

for Kepco's Shin-Kori 3&4 in South Korea which are the reference units for the
Barakah plant. Differences relate principally to cooling, and 50Hz output instead
of 60Hz.
ENEC lodged a 9000-page construction licence application for units 1&2 in
December 2010 to undertake full site works and start construction of unit 1 in
mid-2012 and unit 2 a year later. The construction licence for units 1&2 was
issued by FANR in mid-July 2012. The 18-month review involved more than 60
FANR staff and three international consulting firms, as well as IAEA, and took in
changes resulting from the Fukushima accident. Construction of unit 1 started
almost immediately with first concrete, and that for unit 2 started in May 2013.
Commercial operation is envisaged in 2017 and 2018 respectively, followed by
2019 and 2020 for units 3&4. Unit 1 was 55% complete in September 2014. See
ENEC statement and schedulec.
ENEC submitted a 10,000-page construction licence application for units 3&4 to
FANR in March 2013, based on that for units 1 and 2, and the licences were
issued in mid-September 2014. Substantial work to prepare for first structural
concrete had been authorised for units 3&4 in February 2014.
An IAEA integrated nuclear infrastructure review (INIR) mission to the UAE
reported in January 2011 that the UAE had followed its recommended
comprehensive 'milestones' approach for such countries. Areas of good practice
identified by the mission included "cooperation, without compromising their
independence, between the regulatory bodies and utility, human resource
development, a well-structured management system, and a strong safety
culture." Also ENEC has joined the World Association of Nuclear Operators
(WANO) to benefit from its peer review process at the outset, to ensure high
standards of safety.
The US Export-Import Bank approved $2 billion in financing for the Barakah plant
in September 2012, for US-sourced components from Westinghouse and
services from it and two other firms. Most of it was for coolant pumps and
controls.
Fuel Cycle
By August 2012 ENEC had awarded six contracts related to the supply of natural
uranium concentrates, conversion and enrichment services individually, and the
purchase of some enriched uranium product. A spread of suppliers is involved for
each stage of the front-end fuel cycle. The company estimates the contracts are
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of enable
Accounts,
Businessplant
and to generate up to 450
worth some $3 billion
and will
the Barakah
billion kilowatt-hours of electricity over a 15-year period from 2017.
The contracts involve Canada-based Uranium One, UK-based Rio Tinto,

France's Areva and Russia's Techsnabexport (Tenex) for supply of uranium
concentrates. For conversion services, contracts utilise the USA's Converdyn,
Tenex and Areva. Enrichment will be by Europe-based Urenco, Areva and Tenex.
Areva said that its contract involved supply of enriched uranium worth some $500
million, and Tenex claimed to have secured half of the supply. ENEC "expects to
return to the market at various times to take advantage of favorable market
conditions and to strengthen its security of supply position."
The enriched uranium will be supplied to Kepco Nuclear Fuels part of the prime
contractor consortium led by Korea Electric Power Corporation (Kepco) which
will manufacture the fuel assemblies.
Wastes
The UAE is committed to a dual track radioactive waste management strategy
that involves developing a national storage and disposal programme in parallel
with exploring regional cooperation options. Used fuel will be stored in reactor
ponds for up to 20 years, or may be transferred to dry storage after six years.
Reprocessing in France or elsewhere internationally is an option, depending on
economics.
Swedens SKB is studying the prospects of a geological waste repository in UAE,
and the Arab Atomic Energy Agency (AAEA), with a widened group of
participating Middle East and North Africa (MENA) countries, is discussing
regional options along the lines of EU precedents.
Organisation, Regulation
In August 2009 the UAE advised the IAEA that it was ready to join the IAEA
Convention on Nuclear Safety, and the Joint Convention on the Safety of Spent
Fuel Management and on the Safety of Radioactive Waste Management.
In October 2009 the Federal Law Regarding the Peaceful Uses of Nuclear
Energy was signed into effect, providing for development of a system for
licensing and control of nuclear material, as well as establishing the independent
Federal Authority of Nuclear Regulation (FANR) to oversee the whole UAE's
nuclear energy sector, and appointing the regulator's board, headed by a senior
US regulator. The law also makes it illegal to develop, construct or operate
uranium enrichment or spent fuel processing facilities within the country's
borders.
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and in November 2009. As
ENEC was formallyInstitute
established
as an investment
well as overseeing development of the nuclear program, it will act as a
government investment arm by making strategic investments in the nuclear
sector, domestically and internationally. This is likely to include taking a
significant stake in the successful bidder, though that is not a condition or
criterion in the bidding process.
In mid-2010 ENEC set up a Nuclear Safety Review Board to provide a review of

the safety and effectiveness of the construction, startup and operations of the
ENEC program, and to contribute to the review of ENECs Construction Licenses
Application for the proposed Barakah Nuclear Power Plants, submitted to FANR.
The Board is made up of five members, from Korea, Japan and the USA, with
significant experience in all areas of civil nuclear power.
Separate from FANR, ENEC has also set up an International Advisory Board
(IAB) of experts, headed by Dr Hans Blix.
International agreements
In October 2012 the UAE passed legislation in line with the revised Vienna
Convention so that civil liability lies solely and exclusively with the plant operator.
It sets a limit of 450 million SDRs, about $694 million, 50% higher than the
Vienna Convention minimum, so that the operator needs to insure to this level.
The state accepts responsibility as insurer of last resort. In July 2014 the UAE
ratified the Convention on Supplementary Compensation of Nuclear Damage
(CSC), though it is not yet in force.
The USA signed a bilateral nuclear energy cooperation agreement1 with the UAE
in January 2009 and South Korea signed one in June 2009. The UK has signed a
Memorandum of Understanding on nuclear energy cooperation with UAE. France
and Canada have nuclear cooperation agreements with UAE, the latter signed in
September 2012, Russia in December 2012, and Argentina signed one in
January 2013, then another in April 2014. Japan signed a nuclear cooperation
and technical transfer agreement with UAE in May 2013, and another in February
2014. Australia and Canada signed bilateral safeguards agreements with UAE in
August and September 2012, and the Australian one came into force in April
2014.
Public Opinion
A total of 82% of people surveyed by market research company TNS in
December 2012 (N=750) were in favour of nuclear power, compared with 66% in
2011, and 89% also supported a plant being built in their emirates, up from 67%
in 2011, before Barakah construction started. The 2012 poll also found that
awareness of nuclear energy had increased, 89% of residents now felt that
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of Accounts,
Business
and
peaceful nuclear energy
is "extremely
important,
very
important or important" for
the UAE, and 55% viewed it as a main source of power generation, second to oil.
The high support was attributed to public engagement as plans developed. The
survey saw a decline in concerns related to overall safety of nuclear power
plants, which TNS attributed to efforts spearheaded by the national government,
ENEC and other nuclear industry bodies in the UAE. However, some work
remained to be done to reassure the public about nuclear waste disposal, the
company said.
Non proliferation
The UAE is a signatory of the NPT and it ratified a safeguards agreement with
IAEA in 2003. In 2009 it signed the Additional Protocol.
3.c - The Countrys Environment Economic Aspect
3c.1 Agricultural Sector

Agriculture accounts for only 3 percent of the UAE's GDP due to the federation's
severe climatic conditions, although it accounts for 20 percent of all water
consumed, much from rapidly-depleting natural water supplies or desalinization
projects. The UAE's agricultural sector annually produces about 600,000 tons of
produce. The federation's chief crops are cereals. The UAE produces enough
poultry and salad to meet its needs for most of the year. Some crops, such as
tomatoes, are grown in quantities greater than what the UAE consumes in a
whole year. The agriculture sector also produces water-melons, eggs,
cucumbers, gherkins, aubergines (egg-plants), green chilies, peppers, and dates.
For much of the 19th and 20th centuries, fishing and pearl diving were mainstays
of UAE commerce. Today the government works to conserve fish stocks and
protect the economic livelihood of the remaining fishing communities. The annual
fish catch96,000 tons slightly exceeds domestic consumption.
Because a high proportion of UAE nationals are employed in fishing and
agriculture, these 2 sectors receive a disproportionate amount of federal and
local funding. For political reasons, the UAE government will continue to
encourage agricultural self-sufficiency but it is aware that this goal is unattainable
in either the short-or long-term.
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3c.2 Industrial Sector
The UAEs industrial sector contribution to the GDP is expected to increase by

three per cent this year over 2012 driven by petrochemicals, aluminium and steel
products, the countrys minister of economy said on Monday.
The current industrial contribution to the GDP is 16 per cent and this is expected
to increase by 1 to 3 per cent in 2013 depending on global demand for the UAEs
products, Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, told reporters
on the sidelines of petrochemicals trade show Arabplast 2013.
The UAE will focus on the downstream industry this year, including
petrochemicals, aluminium and steel, he said
3c.2 Industrial Sector
The services sector trade, restaurants, and entertainment; hospitality, including

hotels; transport, transit, and storage; communications; finance and insurance;
construction and real estate; business services; community, social, and personal
services employed 58 percent of the labour force in the late 1990s, reflecting its
dominance of the UAE economy.
3c.4 GDP AND GNP Report
Country
United Arab Emirates
57,827
GDP Per
GDP Per
Capita
Capita
45,615
International Reserves
US$ 37.269 billion (Source: IMF; Data updated: 2012)
Gross Domestic Product - GDP

US$ 386.39 billion (2010 estimate)
GDP (Purchasing Power Parity)

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268.122 billion of International dollars (2010 estimate)
Real GDP growth

2001
1.7%
2009
-3.3%
2002
2.6%
2010
0.9%
2003
11.9%
2011
4.9%
2004
9.7%
2012*
2.3%
2005
8.2%
2006
8.7%
2007
6.1%
2008
5.3%
GDP per capita - current prices

US$ 69,799 (2009 estimate)
GDP per capita - PPP

$48,435 International Dollars (2009 estimate)
GDP (PPP) - share of world total

1980
0.23%
1990
0.19%
2000
0.2%
2010
0.32%
2015**
0.32%
GDP - composition by sector

agriculture: 0.7%
industry: 59.4%
services: 39.8% (2011 estimate)
Inflation
2009
1.6%(2008)
2010
0.9%
2011
0.9%
2012*
1.5%
3c.5 Entrepreneurial /Investment Status

The UAE now has a blossoming financial sector and strong growth prospects. David
Marshall, Senior Executive Officer at Emirates NBD Asset Management, discusses this
post-crisis surge
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Accounts,
Business
and
Official data shows that the
United of
Arab
Emirates
economy
has turned around after
years of low growth, financing issues and restructuring post-2009. Now, the Emirates
is seeing a strong rebound in profitability and growth as it continues to benefit from its
perceived safe-haven status amid regional instability.
The economic recovery has been solid, supported by the tourism and hospitality
sectors, and a rebounding real estate sector in particular. Whats more, infrastructure
and growing wealth has fostered a growing financial industry in key hubs such as Dubai
and Abu Dhabi. Public projects in Abu Dhabi and buoyant growth in Dubais service
sectors have continued to underpin growth, which reached 5.2 percent in 2013. Now,
the macroeconomic outlook from the IMF, expects a 4.8 percent growth in 2014 and
approximately 4.5 percent in coming years, supported by a number of government-led
mega projects and the successful bid for the World Expo 2020.
Crucially, the UAE growth is increasingly supported by non-oil activity, which remains a
robust source of income as the local economies wait for oil production to stabilise. In
particular, construction and retail trade will continue to drive economic activity,
supported by high levels of public infrastructure spending and strong private sector
credit. In addition, oil production is expected to rise owing to strengthening global
demand, challenges in restoring oil production in non-UAE countries such as Libya, and
a decline in global oil inventories. Recent analysis from the IMF also revealed
projections for the production of 2.8 million barrels of oil per day in the UAE during 2014
(see Fig. 1). This positive outlook for the current economic state in the UAE has
bolstered financial services in the region, which have picked up significantly following
the drop in markets post-crisis and after the Arab Spring, which drove down bond
prices.
100%
GROWTH IN ENDB ASSETS IN THE LAST TWO YEARS
Now, major players such as Emirates NBD Asset Management (ENDB) are looking
positively on the investment landscape in the region.
Weve seen a re-rating thats attracted investors interest; a lot of international investors
are now interested in the region. For me the game changer was of course the upgrade
from Frontier to MSCI status of the UAE and Qatar this year. This really forced
international investors from just being interested, to making significant allocations, says
David Marshall, Senior Executive Officer at ENDB.
On the fixed income side, weve seen a real improvement in spreads. Borrowers were
somewhat shut out of traditional lending sources namely banks in the Middle East. So
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of markets.
Accounts,We
Business
andreally interesting issuers
since then theyve tappedInstitute
the capital
have seen
looking to raise money at attractive yields, and again theres been a re-rating there. So
weve seen, since the crisis, CDS levels coming from around the 940/950 levels down to
150 today.
Financial services boost

The UAE officially transitioned from being considered a frontier market to emerging on a
key MSCI market index in June 2014, which marked a new era of both greater
opportunity and closer scrutiny for the financial markets. Since the announcement in
2013, stocks across the UAE have 89 percent over the last year as of June, while
capital markets in Dubai are starting to draw more attention from foreign investors.
Being listed on the emerging markets index, UAE companies are joining firms from
Brazil, China and more than 20 other markets across the globe. In particular, several
Dubai-listed financial firms have benefited from this and seen their stocks soar as a
result. In this respect, investments in financial services are a growing trend in the UAE
as the economy continues to recover. Like most parts of the world, banks were under
strain after 2008-2009 and balance sheets were largely impaired, with loan-to-deposit
ratios in some cases of up to 130 percent and thereby inhibiting loan growth. When
some of these loans defaulted, local firms endured provisioning and impairments, but
having moved past this part of the economic cycles, players like ENBD are seeing very
strong underlying profits and a renewed faith in the Arab region.
Foreign interests
Geographically I think there are some interesting trends. Countries like Egypt, which
obviously has been under political and social strain, now looks attractive from an
economic point of view, with elections having just taken place. We think thats going to
put confidence back into the region, and we expect foreign direct investment to improve,
which will spur capital expenditure and investment, says Marshall.
Last year, we started making investments there defensively: utilities, and telecom
companies. Now we are moving to play the cyclical story, so construction, real estate,
and more investment banking themes. The big game changer will be Saudi Arabia
though. Thats the untapped market, the one that all investors want to get into. Its still
expensive; you can only do it through derivatives or indirect access. The recent
announcement that the market will open up to foreigners will have a huge impact once
this happens, with likely strong foreign investor participation and possible inclusion to
various indices. In this respect, the IMF projected that foreign direct investment will
reach almost AED44bn (approximately $12bn) in 2014.
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Source: International Monetary Fund. Notes: Post-2013 figures are IMF estimates
A key part of this growth will be driven by an expansion in non-oil sectors namely
manufacturing, construction, tourism, trade, transport, and logistics. Conversely, the
Middle East has traditionally been an exporter of capital of the world, however, now the
financial industry is seeing a growing interest in MENA investments from international
clients. This follows a period of bearish investments, after the market peaked three
years ago along with the depression on regional stock prices. Since then, flows dropped
as investors considered the risk. But now, 2014 has been a bullish MENA year.
To be frank they werent ready; we were too early. I think there was too much
investment risk for them, there was too much business risk and I think possibly at the
individual level, too much personal risk. So they werent ready to allocate then, but I
think they are very much ready to allocate now. We are also seeing sovereign wealth
fund interest in coming to the region, explains Marshall.
I think on a macro-level there are also reasons why investors are interested in the
region. If you look at recent trends, emerging markets have really been in the doldrums
for the last couple of years, driven by currency weakness, weak fiscal and current
accounts on the side of the governments, and really slow growth. We dont have any of
those problems in the Middle East. We have largely dollar-pegged assets. We have
strong growth driven by a high oil price. And that is really going to make a nice
diversification play for those emerging market managers.
Islamic investments
Another key driver for ENBDs marked growth, is the increasing popularity of sharia-
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of Accounts,
Business
compliant investing, whichInstitute
has become
a prominent
part ofand
global portfolios. For ENBD,
one of the UAEs largest asset managers, Islamic banking has always been a major
focus for the business, with about 30 percent of assets run on a sharia-compliant basis.
This amounts to more than $700m of the firms total $2.6bn in assets, invested in Islamic
products.
Were seeing people starting to tap into sharia-compliant investing. Even the UK
government is looking into issuing a sukuk, in order to tap into that investor base. For
me, its all about investor demand. Were in the Middle East if you want to attract
assets from say Saudi, UAE, Oman even further afield like Malaysia or Brunei we
have sharia-compliant products and services that are a key part of that. What were
seeing is a lot of interest in sukuk a very attractive asset class, which can sit on the
balance sheets and clip out income, thus helping to optimise balance sheets. In addition
there is strong demand for sharia-compliant real estate solutions as well as money
market products, says Marshall.
On that basis, ENBD has grown its assets by approximately 100 percent in the last two
years. A key driver in this has been the diversification of its product range, which
Marshall insists is a trend that will continue along with a reduction in the dependence on
cyclical issues.
I want to achieve a diversified product set, so we can offer products from real estate to
fixed-income to liquid equities. Also, I want to broaden our investor base. The wholesale
market is very strong and I see a lot of growth in institutional investors, he explains.
Finally, the firm is working hard at gaining an international flavour, which can diversify its
business portfolio even further. Having recently launched a platform in Luxembourg for
its fund range, ENBD Asset Management is looking to expand aggressively and is
betting on strong growth in Europe and Asia that can sustain further asset increases in
the years to come.
http://www.worldfinance.com/banking/uaes-status-upgrade-behind-investment-surgesays-endb
3c.6 Employment Status

SOURCES: International Labour Organisation, Key Indicators of the Labour Market
database.; International Monetary Fund, Government Finance Statistics Yearbook and
data files. World Bank World Development Indicators.; World Bank national accounts
data; Wikipedia: List of minimum wages by country (Countries) ("Country Reports on
Human Rights Practices for 2013" . State.gov . Retrieved 2014-03-04 .); CIA World
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Factbooks 18 December 2003 to 28 March 2011; All CIA World Factbooks 18 December
2003 to 18 December 2008; International Labour Organization, Key Indicators of the
Labour Market database.; International Labour Organization, Key Indicators of the
Labour Market database. Population figures from World Bank: (1) United Nations
Population Division. World Population Prospects, (2) United Nations Statistical Division.
Population and Vital Statistics Report (various years), (3) Census reports and other
statistical publications from national statistical offices, (4) Eurostat: Demographic
Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography
Programme, and (6) U.S. Census Bureau: International Database.;Wikipedia: List of
minimum wages by country (Countries)
http://www.nationmaster.com/country-info/profiles/United-Arab-Emirates/Labor
3c.7 Business Laws
SETTING UP BUSINESS
Under UAE law, foreign entities interested in establishing a formal presence in the
UAE have five options: create a permanent establishment, of which there are seven
different types; establish a branch office; create an entity in a UAE free zone; create
a civil company (only in Sharjah and Dubai); or enter into a commercial agency
agreement.
The UAE Commercial Companies Law (CCL) requires that each company
established in the UAE has one or more UAE national partners who hold at least 51
per cent of the company's capital. Companies that undertake certain activities (oil
industry, production of electricity and gas, treatment and distribution of water) are
exempt from the 51 per cent requirement. Companies established in free zones are
also exempt from the 51 per cent requirement, if the relevant free zone has special
provisions regulating the company. Foreign banks are exempt from having to appoint
a sponsor.
Source: http://www.uaeinteract.com/business/settingup.asp
3c.8 Business Practices
The Coffee Ceremony
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of Accounts,
Business
and
You will always be offeredInstitute
refreshments
in an Arab
home or
office. Frequently, this will
be Western style tea or coffee. However, you may also be offered a sweet, milkless tea
or a light Arabic coffee flavoured with cardamom.
If Arabic coffee is on offer, you will be handed a coffee cup which should be held in your
right hand, and when the coffee is poured from an elegant coffeepot, you should accept
at least one cupful. It may be considered discourteous to refuse. Your cup will refilled at
frequent intervals. If you do not want any more coffee, shake the cup slightly to show
that you have had enough. Three cups are considered to be sufficient.
Holding Meetings
When holding business meetings in the United Arab Emirates, some foreign businesspeople
suggest holding the meeting in the lobby of an international hotel rather than in an office. The
advantage of this is that there will be fewer people wandering in and out of the meeting. Also,
your counterparts willingness to come to you demonstrates a true interest. You will also have
access to refreshments that may be more to your taste.
Group Orientation
Identity defined by group, family
Cooperation
Harmony within group very important
Relationship Focused
Personal interaction takes precedence over strict schedules; quality of life is important
Hierarchy
Patterns of rank and status observed
Need for Certainty
Rules for appropriate behavior are known and should not be broken
Particularism
Requires reference to context. Relationships are given priority
Fluid Time
Time is intangible with little structure
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Fatalism
Everyone believes in God and realizes that things depend on God
Cultural Note:
It is likely that expatriates will have very limited opportunities to interact with Emiratis,
who make up approximately 20% of the population. The UAE relies on expatriates from
many countries to provide labor and services.
4.a - Proposed Business

The proposed business is to establish a medium/large branch and franchises in United
Arab Emirates. This includes all products/imports/services of the said company.
4.b - Product and Service Offerings

MSE offers a wide range of good quality and fashionable products that suits different
lifestyles. These products range from apparel and shoes to bags and accessories.
The company launches new products and styles atleast every after two months to suit
the likes of their customers. These are featured in their catalogues made available and
accessible in MSE stores or dealers.
They also cater the needs of kids through their fashionable and colorful products that
are sure to fit the fun and lively attitude of the young people.
The company also have its Character Shop that features products (apparels, shoes,
bags, accessories) fashioned and inspired by children-loved characters like Bratz,
Marvel Comics, and Looney Tunesproducts that will surely put a smile to every child.
And also offers a line of cleaning products that suits the need of every home among
these are the following:
1. Fragrant- floral fresh fabric softener
2. Fresh- floral fresh laundry detergent
3. Greenapple- dishwashing liquid
4. Neat- toilet bowl cleaner
Free Repair.
Want a quick fix for an item or a product? Just bring in your Purchase Order and well
make sure its as good as new.
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4.c - Competitive Advantage of the Company

Marikina Shoe Exchange (MSE) is a dominant industry leader due to its personnel,
experience and financial strengths. Industry leaders are difficult to compete against,
which decreases business and investor risks.
The company offers a wide range of products and services which other small time shoe
company doesnt have. Even large companies may have a hard time competing with
MSE because of its prices.
The MSE also provides job opportunities for Filipinos, if we open a branch or franchise
at another country, we (most likely) will encourage Filipinos at UAE to work at MSE and
promote our product.
4.d - Opportunities for International Trade

The MSEs opportunity for international trade is possible due to its price competitiveness
and quality.
4.e - Potential Threats

Surely, the potential threats of MSE will be the huge shoe companies at UAE and those
highly refined hand-made shoes made in that country. Theres no doubt that MSE can
handle that competitiveness but theres a risk that there will be lots of new released
products of other companies if MSE is established at UAE.
4.f - Strategic Adjustment/Improvements

Since United Arab Emirates is a different country from Philippines when it comes
to climate, there may be an issue towards the stability and quality of the products
of MSE. They need to assure that the products to be exported in UAE will
withstand the heat during the day and coldness during night.
Hand-made fashionable products will most likely sell, so the company needs to
focus on 100% leather handmade shoes.
Native and Unique products will dominate the shoe/apparel market in UAE.
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5 Conclusion
In creating this franchised business in the United Arab Emirates it is plausible for
the business to be profitable for the value proposition is quality handmade
school/office shoes and sandals made in the Philippines and sold in the United
Arab Emirates at an affordable price and boast the quality of hand made shoes
that came from Marikina city Philippines
6 Bibliography
Database.;Wikipedia: List of minimum wages by country (Countries)
http://www.nationmaster.com/country-info/profiles/United-Arab-Emirates/Labor
SOURCES: International Labour Organisation, Key Indicators of the Labour Market
database.; International Monetary Fund, Government Finance Statistics Yearbook and
data files. World Bank World Development Indicators.; World Bank national accounts
data; Wikipedia: List of minimum wages by country (Countries) ("Country Reports on
Human Rights Practices for 2013" . State.gov . Retrieved 2014-03-04 .); CIA World
Factbooks 18 December 2003 to 28 March 2011; All CIA World Factbooks 18
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Far Eastern

A franchised Business plan

Institute of Accounts, Business and

United Arab Emirates

Dubai Independence Day: 2 Dec

UAE standard time (UTC+4)

Dubai GDP as of 2008:

US$ 82.11 billion

English, Urdu, Persian, Hindi, Bengali, Tamil,

Dubai is located on the Persian Gulf, in the northeast of the United

largest emirate with an urban area of 3,885

the addition of the man-made

islands; the Waterfront, the three Palms, the

followed by the United States.

speaks a lot about the country and its

3.b The Countrys Environment Technological Aspect

The Zayed Foundation responds to emergency needs and also contributes to

Besides emergency and other humanitarian relief, the UAE provides

The UAE Government and Emirati donor organizations also participate in a

3b.2 Recent Research and Development

Accordingly, and as recommended by the IAEA, the UAE established a Nuclear

Construction licence applications were based on the safety analysis completed

The contracts involve Canada-based Uranium One, UK-based Rio Tinto,

In mid-2010 ENEC set up a Nuclear Safety Review Board to provide a review of

3.c - The Countrys Environment Economic Aspect

3c.1 Agricultural Sector

The UAEs industrial sector contribution to the GDP is expected to increase by

3c.2 Industrial Sector

The services sector trade, restaurants, and entertainment; hospitality, including

3c.4 GDP AND GNP Report

Gross Domestic Product - GDP

GDP (Purchasing Power Parity)

Real GDP growth

GDP per capita - current prices

GDP per capita - PPP

GDP (PPP) - share of world total

GDP - composition by sector

3c.5 Entrepreneurial /Investment Status

Financial services boost

3c.6 Employment Status

4.a - Proposed Business

4.b - Product and Service Offerings

4.c - Competitive Advantage of the Company

4.d - Opportunities for International Trade

4.e - Potential Threats

4.f - Strategic Adjustment/Improvements

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