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NYU’s Aggressive Globalization Plan
NYU Abu Dhabi is still underway, with the first formal academic year planned to start on the fall of 2010. NYUAD, which offer NYU B.A. and B.S. degrees, as well as specialized graduate programs, is projected to enroll at least 2,000 undergraduate students and approximately 800 graduate students. The students will be admitted from all over the world, especially the broad Middle East and South Asia.
The campus will be located on Saadiyat Island, 500 meters off the coast of Abu Dhabi. This island is still not developed, but is being planned for a population of 150,000 people.
The convergence of NYU and Abu Dhabi, the capital of both the emirate of Abu Dhabi and the United Arab Emirates, highlights every university’s race to take the lead on globalization. An increasing number of American research universities have been expanding internationally, many of which have created programs in the Middle East.
For instance, Weill Cornell Medical College, set up the first overseas American medical school in Qatar, and Yale University has been discussing the creation of an arts institute in Abu Dhabi.
Thomas L. Friedman was right in saying the world is flat; globalization has truly hit a new peak and is only intensifying, whether in education or in business.
Sources: www.nyuad.nyu.edu, the New York Times
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Luxury Movie Theaters
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MSU founds campus in Dubai
Bachelor degree programs include Computer Engineering, Construction Management, Media Management, Early Childhood Education, and Child and Youth Development. Its Master's program offers degrees in Human Resources and Labor Relations, Retailing and Educational Technology
MSU is following a major trend of universities founding campuses throughout the world, particularly in the Middle East Gulf and in East Asia. The globalization of Western Universities allows professors and students to study abroad and enrich themselves, and at the same time provides students in those countries to gain a worldclass education without having to travel across the world.
Major foreign universities in the Middle East include Carnegie Mellon University, Georgetown University School of Foreign Service, Texas A&M University, Virginia Commonwealth University, Insead, and Cornell University’s Weill Medical College.
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Islamic Banking
Many banks in the Middle East already have an Islamic banking unit or even converting existing non-Islamic subsidiaries into Islamic ones. The report goes on to mention that compound annual growth rate of deposits at Islamic banks has risen 44% over the past 5 years.
A previous report by SIS International indicates that Islamic Banking has attracted a key market of banking clients, high net-worth individuals (HNWI’s), particularly in the Gulf. While Bahrain is traditionally known as a hub for Islamic banking, banks in the UAE and Qatar are making in-roads into the market by creating Islamic Financial Services subsidiaries.
Recently, a Singaporean Islamic Bank is expanding in the Gulf. Non-gulf Islamic Banks like DBS based out of Singapore have their eye on expansion in the Middle East. The Islamic Bank of Asia, a subsidiary of DBS, expanded in Bahrain in the past year. The bank is further considering expansion into UAE, Saudi Arabia, Kuwait and Qatar.
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On-the-ground in the Middle East
An interesting insight to report from our analysts on-the-ground in the GCC countries in the Middle East. Family members back home often place "Missed Calls" to the expatriates working in the GCC, where they hang up and expect to be called back. Despite it being cheaper for family members to call from India, Pakistan and from Levant countries, the underlying psychology behind family placing Missed Calls is to see that their family members in the GCC care about them and that the expatriates have enough love to call them back.
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Cultural Insights – Generation Gaps in Asia
Having lived and worked throughout Asia over the past few years, I am continually reminded that the Generation Gap that I wrote about in China’s Generation Y applies to many Asian cultures---China and beyond.
In my book China’s Generation Y, I spent one chapter describing the significant generation gap between Gen Y’s parents, who grew up under the cultural revolution, and today’s youth who are in a peaceful consumerist country that has only seen growth. My research showed that young people would not speak to their parents about many things and would avoid talking about even their interests like computer games to avoid criticism from their protective parents.
In India, I met with the parents of young people. They described how it wasn’t the transitions to a new marketplace or the new technologies that bother them. It was that young people were abandoning their culture or Western ideals. That is not to say they were particularly angry or condescending about Western culture. Rather, it was the abandonment of the Indian collectivist ideals to more individualist ideals which concerned them.
In the Gulf states of the Middle East, I had the opportunity to be involved with research projects with young local Arabs. Indeed the collectivist culture is just as strong as in China and India. To my surprise, the same generation gap applies. Young people have remarkably distinguishable rules and perceptions on what they can and cannot say to their parents. Now, young women who would wear burqu’as in public are even likely to play playstation at home. While Arab youth are far less likely to follow the same trajectory as Chinese youth (e.g. consumerist, increasingly Western), they still watch Western media and partake in activities with their friends that put them at odds with elders.
These experiences and the corresponding market research on young people lead me to believe that the Generation Gap is a more global phenomenon, heavily impacting Asia due to the impact of traditional culture with a new global culture. The result is that young people are bridging the gap and thus creating a palpable generation gap, which far exceeds those in developed countries.
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Economic snapshot: Islamic Banking
Many banks in the Middle East already have an Islamic banking unit or even converting existing non-Islamic subsidiaries into Islamic ones. The report goes on to mention that compound annual growth rate of deposits at Islamic banks has risen 44% over the past 5 years.
A previous report by SIS International indicates that Islamic Banking has attracted a key market of banking clients, high net-worth individuals (HNWI’s), particularly in the Gulf. While Bahrain is traditionally known as a hub for Islamic banking, banks in the UAE and Qatar are making in-roads into the market by creating Islamic Financial Services subsidiaries.
Recently, a Singaporean Islamic Bank is expanding in the Gulf. Non-gulf Islamic Banks like DBS based out of Singapore have their eye on expansion in the Middle East. The Islamic Bank of Asia, a subsidiary of DBS, expanded in Bahrain in the past year. The bank is further considering expansion into UAE, Saudi Arabia, Kuwait and Qatar.
Source “Gulf Business” June 2008. ...<< MORE >>
The Next Wave in GCC Hospitality
At the same time, EMAAR group has founded an affordable housing unit for lower-income individuals through its expected purchase of a “social housing” company. The group plans to operate throughout the Middle East and South East Asia.
These developments seem to illustrate an emerging trend, while certainly not at critical mass level, moving toward budget properties and tourism. As it currently stands, the number of 5 star hotels in Dubai is large, unlike that of budget hotels. Budget hotels and housing is likely to cater to the huge demand for tourists and workers who wish to be part of the Dubai experience...but at a reasonable cost.
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Future GCC Economic Snapshot
Reports have surfaced that the GCC will implement a common currency in 2010 for all GCC members. The European Central bank is already consulting on the planned currency union and has already published reports therein.
Economic Benefits with a GCC common currency:
- Limited Foreign Exchange risk, attracting foreign investors
- Controls on inflation
- Increased competitiveness resulting from integration
- New economic and investment opportunities from abroad, increased trade
- Facilitate trade among existing trading partners (e.g. EU, US)
Given the strength of the Middle East market, it is important to keep in mind potential regional economic threats.
- Threats of political instability
- Terrorism
- Global recessions
- Those markets more insulated from the global economy would likely be less impacted. For example, if a global recession were to impact the Middle East, Dubai's tourist sector would like be more hard hit, impacting the local economy, compared to Abu Dhabi which relies on energy prices.
Disclaimer: SIS makes to representation to the accuracy or representation of this information, and is not liable for decisions inspired from this information. This data does not necessarily reflect SIS' perspective on the region. Copyright (C) 2008. All Rights Reserved.
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Bahrain Economic Outlook
- Saudi money
- One of the fastest growing Arab economies
- Liberal economy
- 25th Freest economy in the world, according to the Index of Economic Freedom 2006
- Tax free
- 7.8% real growth 2006 [CIA]
- Effective diversification from oil
- Banking & service economy
- Free-trade agreement with US
Economic Limitations
- High unemployment
Highlights of Bahrain's Economy
- Tourism services, functioning as a Saudi tourist hot-spot
- Islamic banking
- Media
Demographics:
Shi’a majority (60%)
Disclaimer: SIS makes no representations to the
timeliness of this data or the accuracy therein, and is not liable for
decisions made on this data. Copyright (C) 2008. All rights reserved.
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An eye on the Arab world: MNP in Saudi Arabia! By Ahmad Al-Assad, Maktoob Research
My wife once told in one of our shopping If we bought this couch I would never ask for anything . The couch was ugly and expensive, but I took my s words literally and was tempted by her promise: not asking for anything else! Well, I should have done more analysis into If . I found out later that my wife meant that she would never ask for anything unless she liked something else!
One of the most important questions in competitive mobile markets if you can keep your mobile number when changing between mobile operators, would you be willing to change . In most surveys, a two-digit percentage of respondents always say yes.
As a result of this incredible potential and competition booster, a technology called: Mobile Number Portability (MNP) came up. MNP enables mobile users to keep their mobile numbers when changing from one mobile network operator to another.
Telecom professionals thought that introducing such technology would change the market shares of operators in any Arab country. In mid 2006, Saudi Arabia was the first Arab country to introduce MNP, followed shortly by Oman. UAE, Jordan and other Arab countries are close to doing the same.
So, did MNP change the market shares in the Saudi Arabian mobile marker? No, it t! After six months of launching MNP to the public for free, less than 15,000 mobile users used it (out of around 20 million mobile lines in Saudi Arabia!). So what were the reasons behind the poor adoption MNP by subscribers? And does this mean that MNP was a failure in Saudi Arabia?
On the contrary, MNP was a success in Saudi Arabia, as it achieved its main objectives: Boost competition between mobile players and enhance quality of services provided in the market. As a reaction for introducing MNP, the Saudi Mobile operators were alarmed. The mobile operators have launched extensive campaigns promoting new services, new offers, reduced rates, as well as enhancing their network quality and coverage. Hence, the reasons behind willingness to change operators vanished. Another minor reason for poor embracement of MNP was the sluggishness of mobile users of going through the process of MNP which takes up to 5 days in some cases.
MNP can be considered a preemptive procedure for fighting monopolistic competition in mobile markets. The telecommunications s main goal of introducing such service is to push operators (and mainly the dominant ones) to compete on the bases of better services, rates and quality, thus boost competition in a healthy way. The regulator t want any operator to depend on the fact that subscribers would not change their operator just because their mobile number is very precious to them.
To summarize: If MNP was introduced in a certain market, mobile operators should either truly satisfy their needs, or risk loosing them.
Contributing Company:
Maktoob research. Dubai, UAE. www.maktoob-research.com/
Contact: Ahmad Al-Assad, Regional Research Manager. ahmad@maktoob-research.com.
Tel: +971 4 360 279
Disclaimer: Views & opinions are solely those of the contributors ...<< MORE >>
Information Technology: Challenges Abound
Setting up a Business in Turkey - By Nese Yahya, Managing Director of Expatia
The Legal Framework
Starting a business in a new country is challenging, as it is everywhere. As a foreigner if you intend to set up a business in Turkey, you first have to look at and get familiarized with the Foreign Direct Investment Law (No: 4875), which was introduced in Turkey in 2003. The most important principles introduced by this law are those of non-discrimination and equal treatment, as they set the legal framework of the liberal investment environment in Turkey.
According to the Foreign Direct Investment Law, the prerequisites and obligations for establishing a company with foreign capital will be equal to those for local companies. Consequently, the various compulsory permits in the past in founding a company with foreign capital are now eliminated. Companies that are founded with foreign capital as considered by the rules of the Turkish Commercial Code are considered Turkish companies. Therefore, all duties and responsibilities are identical despite the nature of the company's capital creation.
Additionally, within the new FDI law, there are no rules requiring Turkish participation in the capital or management of a company with foreign capital. A company may be established with 100% foreign capital, and almost all sectors are open to foreign capital. The company establishment procedures have also been simplified to a great extent. Now, with the efficient procedures, a company's registration and establishment of a company in Turkey can be completed in as little as one day. Companies must submit a standard form at one location and will not need to submit applications to many authorities for approvals. Also, the law provides that it is no longer mandatory to establish either a limited liability company or joint stock company. These all are important points to be taken into consideration by foreign investors who plan to do business in Turkey.
In practice
If you are opening a company in Turkey, you basically have a couple of options. For instance you can open a liaison office. To undertake this route however, it is important to keep in mind that there should not be any commercial activities on behalf of this company; basically, it is not possible to issue invoices from a liaison office. Another alternative is to open a branch of a foreign company. To pursue this alternative, you need to get permission form the Ministry of Industry and Trade in Ankara and it is possible to undertake commercial activities. Otherwise, you can set up a limited company or set-up a joint stock company. For the former, you need a minimum capital of 5.000 YTL and minimum two shareholders, all of whom can be foreigners, if necessary. For the latter, a minimum capital of YTL 50.000 is required and the number of founding shareholders should be at least five. For both options, the shareholder liability is limited to the capital paid by each shareholder. It is also feasible to transfer shares from an already established company, and thus become a shareholder.
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Considering Research in the Middle East?
The Middle East market is experiencing lightening economic growth. From tourism to healthcare to real estate, opportunities abound in the GCC market region. So why are companies exploring the Middle East for their business expansions and market research endeavours?
Certainly many reasons emerge from executives. However, here are some of the reasons why some companies are considering expanding into the GCC region.
- Strategic business advantages
- Achieve competitive edge
- Location: Trading hub between Europe and Asia
- Currently stable GCC market
- Remarkable economic growth & investment opportunity
- Large consumer market
- Pro-investment environment
- Fear of falling behind competitors
- Many multinationals already have regional presence
- Neglecting region can potentially impair longterm competitiveness for many companies
Economic indicators (October 2007) show a flourishing economy.
As for the United Arab Emirates, for example, the economic snapshot looks positive.
UAE Economic Benefits
- Remarkable growth & opportunity
- 8.9% real growth in 2006
- Diversifying towards tourism, media & financial services
- Modern, English-speaking
- Strategic market: Gateway to KSA, other GCC markets
- Ranks 32nd most competitive global economy [World Economic Forum]
- Most competitive Gulf economy
- Strengthening legal system by 2010
- Most industries pay no federal corporate income tax
UAE Economic Obstacles
- Liberal overall, except for operating regulations
- Local sponsors necessary
- Labor rules
- Foreign ownership regulations
- 100% ownership only for …
- professional companies
- branches of foreign companies
- contingent on a local sponsor
- Inflation from construction and housing prices
- Real estate supply fluctuations
- Insufficient urban transportation
Disclaimer: Views & opinions are solely those of the contributors and do not necessarily reflect SIS International Inc.'s opinions and methodologies. Under no circumstances will SIS, it affiliates, successors or assigns be liable for any loss or damage caused by anyone's reliance on information contained in this web site.
Copyright (C) 2007. All Rights Reserved.
Islamic Banking: Opportunities and Obstacles for the U.S. Financial Industry
It accounts for more than $250 billion dollars, and has grown at least 10% each year during the past ten years. Supporting this extensive growth is oil windfalls from Islamic countries and the fact that the Islamic population (around 1.5 billion) is growing at one of the fastest paces. Currently, only about 300 Islamic banking institutions and European banks like HSBC and BNP Paribas are already in this market. Growth opportunities abound for these companies, and many Islamic Banks have already listed on the London Stock Exchange. Foreign banks, operating in countries with Muslim populations.
The Islamic banking sector reaches a growing segment of the world’s population that seeks alternative financial services. Furthermore, investments in these banks offer some protection from global financial shocks. For instance, Islamic banks were unaffected by the financial shock after September 11.
Estimates forecast that Islamic banks could manage as much as half of all Muslims’ individual savings worldwide in a decade. The industry also caters to a large number of high net worth individuals (HNWIs) given the prosperity in the Gulf region and provide financing to large-scale construction projects in emerging markets. Not only could it possibly give foreign banks a larger reach into the Islamic world and exposure to large deposits in Gulf countries, but also it conceivably opens them to Muslim communities in their own respective countries.
Additionally, completely buying out Islamic banks exposes foreign banks to retaliation from customers resulting from anti-Western sentiment. Furthermore, banks such as those in the US face domestic political pressures. An example of this was the Middle Eastern company Dubai Ports World’s unsuccessful attempt to manage US ports. Opposition by the majority of Americans was politically disastrous for those supporting the bid, and the bid was ultimately overturned.
To deflect the impact of anti-American sentiment on operations, foreign banks have considered joint ventures with Islamic Banks. Ownership risks exist for joint ventures, which involve nationally-owned Islamic banks, because governments could jeopardize American banks’ ownership. There is a substantial transfer risk in that according to law and religious doctrine, US banks may be forbidden to take profits out of some countries. Also while US banks may have experience in volatile economies, many do not have significant experience in religious banking and a highly-regulated finance market. Likewise, religious panels have been considered.
Investment from US banks and buyouts are welcomed by some Islamic banks. Partnerships allow more services in terms of Shari’ah principles to be offered. These banks also seek a larger share of the world financial market and new investments. To attract more clients, Islamic banks are addressing issues like measuring liquidity and extensive debt services for companies. This requires innovation and ...<< MORE >>
Carrefour: Expanding in the Middle East
A report by the Qatar government illustrates the strategic positioning of Carrefour as a mega retailer. In Qatar, for instance, Carrefour as noted as officially noted as having the lowest prices in the country for essential goods. Carrefour could pose serious threats to foreign retailers that wish to expand here, and existing local retailers like Al Meera and Lulu, according to AME.
One of our analysts who has lived and worked in this part of the Middle East has confirmed the rise of Carrefour as a mega retailer in the GCC. He states that stationed in almost every major mall in key markets, such as Dubai, Abu Dhabi, Sharjah, Qatar and Bahrain, and is successful in attracting families to their shopping centers. To maintain this growth, Carrefour is aggressively expanding in key GCC markets.
Beyond the Middle East, the retailer has successfully penetrated Asia. In China, attracting China’s Middle class and developing a strong market positioning of a modern shopping experience. Carrefour had an expansion increase of 25.9% in the China Market for the Third Quarter 2007. The group also is emerging in Latin America, in Brazil, Argentina and Colombia.
Financially, the Group saw international overall sales increase by 5.5% on constant exchange rates and by 5.8% on current exchange rates. Latin American sales overall dramatically increased, up 49.3% on constant exchange rates. Moreover, Brazil’s total sales increased 57.1% on constant exchange rates. Globally, Carrefour opened 385 stores just in Quarter 3, 2007.
The question emerges: Where is the world’s largest retailer Wal-Mart to directly compete on a global basis against this formidable competitor?
Given Carrefour’s successful expansion into the Middle East and South East Asia, it would seem that Wal-Mart is missing other global growth opportunities. Its non-U.S. stores seem to be largely clustered in China, Brazil, Japan and Central America and the UK. Whether because of a fear of American consumer retaliation if Wal-Mart were to operate in the Middle East or a lack of research of the GCC market growth potential, it seems that Wal-Mart is avoiding the Middle East/GCC Market.
According to AME, the Retail sector in the GCC is currently worth $100 billion, second in industry size to the Oil and Energy industry. By 2009, Dubai’s shopping malls alone plan to take in $7.6bn, and the average sales-floor space in Dubai will be 16 times more than that of top 25 economies in the European Union.
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Source: SIS International Research. Copyright (c) 2007. All Rights Reserved. Not to be reproduced under any circumstances.
Disclaimer: Views & opinions are solely those of the analyst and do NOT necessarily reflect SIS International Inc.'s opinions, views and methodologies. This information is NOT advice for business decisions. Under no circumstances will SIS, it affiliates, successors or assigns be liable for any loss or damage caused by anyone's reliance on information contained in this web site. Refer to privacy policy for more information.
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An Eye on the Arab World by Ahmed Nassef, President of Maktoob Research
These days, it is practically impossible to pick up a major American newspaper without reading about Dubai. Whether it is the construction of the world’s tallest building (which will also include the world’s first Armani super-luxury hotel), the world’s biggest shopping mall or the world’s biggest amusement park (housing the biggest Universal Studios), Dubai’s incredible growth has made it a center of commercial attention and has brought the larger Middle East market into focus for many of the world’s businesses.
However, reaching Arab consumers is not always easy, and trying to reach them online presents its own special set of challenges. While Dubai’s high Internet penetration rates (over 60 percent) should present fertile ground for online research, you’ll be hard pressed to find much of it being conducted, even by local branches of some of the international research firms. And beyond Dubai, the rest of the Middle East offers additional obstacles for online researchers as well.
Read more at: http://www.sisinternational.com/media/content/An_Eye_on_the_Arab_World.pdf
Contributor:
Ahmed Nassef is vice president and general manager of Maktoob Research
The GCC: an Overview for those new to the region
- United Arab Emirates: Dubai, Abu Dhabi
- Qatar: Doha
- Bahrain: Manama
- Oman: Muscat
- Saudi: Riyadh, Jeddah
- Kuwait: Kuwait City
Characteristics and Trends:
- Young societies
- Rapid economic growth
- Strong non-oil businesses and private sector
- Growth in some markets rivals that of China
- Continuous inflow of foreign capital
- Increased liquidity from oil revenues
- Arab reinvestment of profits back into region
- High standards of living
- Wealthy countries
- Consumer economies
- Countries competing with each other
- Economic link between Europe and Asia
- Stable
- Oasis of stability in an volatile region
- Business interests a major priority for GCC governments
Thinking Analytically about the Region
- Markets heavily reliant on tourism and FDI (e.g. Dubai) could be affected by regional war
- Boycotts against branded products a possibility
- Markets relying on Arab investment more resistant
GCC: Retail & Information Technology Overview
- According to AME, retail spending in UAE widely estimated $7.6 USD by 2009
- Mall culture
- Ubiquitous foreign brands:
- Carrefour, Starbucks, Borders, Zara, H&M, Body Shop, Bally, Aldo, Toys R’ Us, Ikea, etc.
GCC Information Technology
- Local governments updating IT infrastructure
- New developments requiring IT infrastructure
- Bahrain attracting media
- MBC
- Dubai Media city
- CNN
- BBC
- Reuters
- AP
Disclaimer: SIS makes to representation to the accuracy or representation of this information, and is not liable for decisions inspired from this information. This data does not necessarily reflect SIS' perspective on the region. Copyright (C) 2008. All Rights Reserved.
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GCC: Real Estate & Construction
- Rumored that 1/6 of world’s cranes in UAE
- Housing Demand in UAE exceeds supply
- Rental prices on steep rise
- Ownership restrictions [freehold system] exist
Major developers
Recent developments
- Dubailand
- Universal Studios
- The Palm
- Business Bay
- Sports City
- Media City
- Ski Dubai
- Knowledge Village
- And many other projects requiring research & investment
Qatar Economic Outlook
- 7.1% growth in 2006
- Due to liquidity from oil and the growing non-oil sector
- Diversification
- Towards a knowledge & technology based economy
- Gov’t invested $130 Billion into industrialization policy [Qatar Financial Center]
- Aggressive investing policy abroad
- Liberal business environment (remittances)
Economic Obstacles
- Inflation, caused by housing prices and construction costs
- Time required to start-up a company
- Similar ownership regulations as in UAE [QFC]
Disclaimer: SIS makes no representations to the timeliness of this data or the accuracy therein, and is not liable for decisions made on this data. Copyright (C) 2008. All rights reserved.
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GCC: Automotive, Healthcare and Finance Industries
- Significant Demand
- Lack of transportation alternatives, climate
- Wealth
- Inexpensive petrol
- Reselling and exporting
- According to Nissan, ME market strategically important
- Major sales markets for GM and Toyota
Healthcare
- Healthcare costs and insurance premiums on the rise
- Dubai Healthcare city is to open in 2010 for treatment & research
- Mayo Clinic Middle East
- Harvard University collaborating with project
- J&J, AstraZeneca, & many others are establishing strategic partnerships
Banking and Finance:
- Islamic (Shari’ah) banking niche market
- Islamic finance industry worth about $1 trillion dollars
- Grew at least 10% each year during the past ten years
- More resistant to fluctuations in finance market
- Numerous listings on London Stock Exchange
- European banks already involved: HSBC & BNP Parisbas
- To attract high-net worth individuals (HNWIs)
GCC Banking Overview:
- Investment, Buyouts & Joint-Ventures
- Potential Muslim niche markets in Western countries (e.g. USA, EU, etc.)
- Currently stable and relatively unharmed by the Subprime Mortgage Crisis
- Financial centers: Bahrain & Malaysia
- Credit card ownership to rise by 51% by the end of 2007 [Lafferty Group]
- High profitability per card in GCC region
Disclaimer: SIS makes to representation to the accuracy or representation of this information, and is not liable for decisions inspired from this information. This data does not necessarily reflect SIS' perspective on the region. Copyright (C) 2008. All Rights Reserved.
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About SIS International Research
SIS International Research is a dynamic global Market Intelligence firm providing comprehensive research services and strategic analysis of information. Founded in 1984, our company conducts Market Research, Business Intelligence and Competitive Intelligence for over 50 industries in over 120 countries. Along with its leading SIS International Custom Research Division, the company offers innovative products and services for companies doing business internationally with global research media products and on-demand intelligence answering services.Since 1990, SIS International Research has conducted complex research projects in over 120 countries and continues to expand its coverage. SIS International Research continuously covers the following regions:
* North America
* Eastern, Western and Central Europe
* Asia
* Middle East
* Latin America
