Contax agrees sale of CMI to MEED

Following a five year alliance between MEED and Contax, in July 2009 sold its online market intelligence database, CMI to MEED.

I am delighted that our customers will continue to be well supported in the Middle East market and that all the CMI staff, numbering around 30 people, were retained by MEED particularily in these difficult economic times.

Contax Partners Launches

In July 2009, we arranged a management buyout of the business advisory and business development assets of Contax into a new company Contax Partners.

The management buy-out, led by new Chief Executive Officer Filippo Fantechi, and a management team of four, enabled me as the original founder of Contax to step down from executive duties, but will remain in the business as Non Executive Chairman.

With a 25 strong team, the business will commence operations from Bahrain and Dubai.

CEO, Contax Partners, Filippo Fantechi says; “Contax is a business that I have grown with and to have the opportunity to take the helm is tremendously exciting. We have ambitious growth plans within the region.”

I will maintain an equity shareholding in Contax and provide ongoing advisory support to Contax, Contax Partners and specific customers.

Paul Eccleston

As you are aware Paul was diagnosed with pancreatic cancer just over 12 months ago.  On Wednesday 13th May, Paul passed away at home in Sydney with his family around him.

From the moment he knew he had cancer he was determined to fight. He truly amazed everyone around him with his positive outlook, courage and determination to beat the cancer; to the very end he refused to give up the fight.  Paul was a wonderful man. Both in his business and personal life he espoused true integrity, learning and absolute commitment. He will be greatly missed by his colleagues, family and friends. 

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Current Financial Situation and Its Impact on Projects in the Region

The US sub-prime crisis has led to plunging property prices, a slowdown in the US economy and billions in losses by banks. In brief, the sub-prime crisis was initiated when banks moved to a new model whereby rather than banks lending mortgages through deposits received from their customers, banks began to sell on mortgages to the bond markets. This made additional borrowing much easier, but also created a platform whereby banks no longer had the incentive to carefully check the mortgages they were issuing. As a result, a wave of house repossessions has begun, which has had a dramatic impact on the US housing boom of the last few years. House prices in the US have been and are continuing to fall, and millions of unsold homes are forcing builders to lower prices in order to sell properties.

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Dubai Recession – Insights and Benefits

Dubai for many years has defied gravity and prospered as a result of a simple “build it and it will be utilised” strategy. However, it appears as though the current global economic recession and financial crisis has finally filtered through to Dubai. Over the past few weeks, a great number of discussions have centred on a number of key questions; what are the signs, how deep and long will the recession last and what will the outcomes be?

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The Likely Effects of the Current Credit Crunch on Contractors in the Energy Sector

The worldwide banking sector has been thrown into disarray over the past few weeks with nationalisation, bankruptcy and acquisition of leading banks. The stock markets is reeling with the Nikkei loosing some 10% today on Friday 10th October. The world is being driven into a recession and the prospect of a depression can no longer be discounted.

At the same time, the hope within the energy sector is that additional supplies of energy come to market through the construction and commissioning of the mega projects within the energy sector in the Middle East.

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