KUWAIT OFFSET PROGRAM

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1 KUWAIT OFFSET PROGRAM PROCEDURES & OPPORTUNITIES Presented by: Mr. Mazen Madooh General Manager, National Offset Company (NOC) 24 September, 2009, London

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3 PRESENTATION OUTLINE I. General Overview of NOC and KOP Overview of NOC role in Managing Kuwait Offset Program (KOP). Highlights of NOC first 3-year strategic Business plan. Profile of overall KOP record: Number and Value of Military & Civil contracts; Number of projects completed & sector distribution; investment opportunities,; examples of Military & civil contract obligors. NOC Future Services and Success formula II. KOP Guidelines: Summary of current offset procedures according to KOP Guidelines No III. Success Stories.

4 KUWAIT OFFSET PROGRAM: Evolution Journey Established in Ministry of Finance Started as a unit then a department within the Ministry of Finance. Offset Program evaluated by World Bank in Temporary suspension of the program in World Bank conducted a thorough assessment of the suspended program in 2005 and confirmed feasibility and need to become a privately run program. Council of Ministers Decision No. 863 of 2005 to reinstate offset program and establish a company to manage it National Offset Company Established as a state owned enterprise K.S.C.C. in 2006 Signed Management Contract with MOF to manage the Offset Program. Established organizational structure, selected Board of Directors, management and employees. Adopted new Offset Program Guidelines No as of 9 September Co-developed three year business plan and operating policies with E&Y finalized in April Entered into internal capability development program in offset with BCS for 15 months (Jan 2009 April 2010).

5 NOC OBJECTIVES & TASKS OBJECTIVES TASKS Transfer & settlement of appropriate modern technology. Creation of high-skill jobs for Kuwaiti nationals. Advancement of education & training opportunities for Kuwaitis. Manages optimally the Full Cycle of the Offset Program dealing with both the foreign obligors and relevant government entities. Identifies and assesses potential offset investment opportunities. facilitates the establishment of Offset business ventures (OBVs). Raises awareness of the Offset Program among various stakeholders.

6 NOC STRATEGY: BP Present SERVICES New MARKETS Market Penetration & Concentration Product/service development Stronger corporate brand image & Awareness. Stronger working relations with GOK, FCs, and CSI. New Market development Diversification Active Matchmaking. Facilitation of OBV implementation (Fast Track).

7 IMPACT OF NOC BUSINESS PLAN STRATEGY Consolidating core business through: Defining Key Performance Indicators (KPIs) Utilizing CRM Upgrading staff internal capabilities Improving contract & Project management Matchmaking Enhanced capabilities through the Evolved Organizational Structure: Introducing Lead Generation (CR, business opportunities development, Fast Track) Establishing Planning Department (strategic planning, market intelligence, Media & Marketing activities). Forming Obligor committee (ongoing) & Transition committees (temporary) Introducing Government Relations section (Fast Track)

8 NOC EVOLVED ORGANIZATIONAL STRUCTURE 2008 NOC Board of Directors Managing Director Office Internal Audit Obligor Committee Transition & Change Management Committee Legal Unit Consultants Unit Business Support Division Projects Division HR & Admin. Department Finance & Accounting Department Planning Department Leads Generation Department Projects Appraisal Department Contract & Project Management Department HR Finance & Accounting Strategic Planning & Market Research Marketing & Media Civil Sector * Contracts & Fund Mgt. Administration IT Non-Civil Sector * Project Mgt. Government Relations * Note: Non-Civil Sector refers to contracts relating to the defense and security sectors while Civil Sector refers to the contracts relating to sectors other than defense and security sectors (i.e. education, healthcare, water & electricity etc.)

9 NOC SERVICES MODEL GOK Economy Citizen GOK Tenders Generators of Offset Obligations Foreign Contractors Offset Fulfillment Options Offset Obligations Direct Offset Offset Business Ventures (OBVs) Indirect Offset NOC Services Offset Funds Value Chain: Professionalism, Accessibility, Flexibility

10 KUWAIT OFFSET PROGRAM RECORD ( ) Total Value of Offset Obligations by Government Entity Total Number of Contracts by Government Entity Value US$ 3.46 Bn MOD KAC MEW NG MOI MPW Other # of Contracts 126 MOD KAC MEW NG MOI MPW Other Defense Contracts accounted for 50% of total value of Offset Obligations and 62% of total number of contracts.

11 SECTOR DISTRBUTION OF COMPLETED OFFSET PROJECTS Financial, 4 Other, 3 Healthcare, 3 Education & Training, 13 Services, 7 Total of 41 OBVs Industrial, 11

12 OFFSET INVESTMENT OPPORTUNITIES (Jan. Aug. 2009) No. of Received concept papers for projects & funds: 31 Private Sector 23 Obligors 8 Approved Concept Papers 7 Pending Projects 21 Rejected Projects 3 under implementation (up-to-date) 8

13 KUWAIT OFFSET PROGRAM RECORD ( ) Offset Obligors by Nationality A Total of 126 foreign companies * Other include: Australia, Spain, Yugoslavia, Canada USA UK France Japan China Korea Germany Italian Norway Belgium Austria Other

14 KOP CLIENTS: Examples of Military Contract OBLIGORS Mecar Thales BAE Systems Boeing Aerospatial KOP CMN Raytheon Chemring Lockheed Martin Simmel Difesa

15 KOP CLIENTS: Examples of Civil Contract OBLIGORS Siemens Toshiba Mitsubishi Boeing commercial Mitsui KOP Airbus Kalpataru Hyundai China Gezhouba Dossan

16 NOC FUTURE SERVICES Providing Matchmaking services between obligors and Kuwaiti private sector companies. Accelerating process of issuing licenses and government approvals for offset projects (Fast Track). Providing Market Intelligence. Assisting offset obligors in identifying Third Party offset performers. Assisting obligors in identifying potential Financing sources to partially participate in financing the offset project.

17 NOC CREATING A WIN-WIN FORMULA! Foreign Contractors Local Entities Establishing and developing new business relations. Benefiting from various opportunity prospects in the State of Kuwait. Developing a better position in & understanding of domestic business market. NOC Diversifying the economic base Strengthening local productive capacity and export potential for goods and services. Enhancing R&D capability Enhancing technical, administrative & managerial local skills. Encouraging the development of local SMEs. Strengthening and integrating international production chains in a new and promising market. Increasing private sector competitiveness.

18 OVERVIEW OF KUWAIT OFFSET PROGRAM NEW OFFSET GUIDELINES NO

19 GENERAL PRINCIPAL: 1 GL (9) Supply Contracts Subject to Offset Defense Contracts Civil Contracts KD 3 Million KD 10 Million

20 CONTRACT CASES WHERE OFFSET IS NOT APPLICABLE Contracts for non-industry related construction works. All Public-Private-Partnerships (PPP) contracts signed with any Kuwaiti governmental entity. Foreign Suppliers of goods on F.O.B. basis, directly or through a local agent/distributor.

21 GENERAL PRINCIPAL: 2 GL (9) Offset Obligation 35% of Monetary Value of the Supply Contract

22 GENERAL PRINCIPAL: 3 GL (9) Offset Milestones Contract stage Pre-tender - short listed Implementation stage Concept Paper Signing of MOA Tentative multiplier Signing of Supply Contract Business Plan Final Multiplier Offset obligation starts Bank Guarantee 30 days from date of Signing SC OBV starts within one year of Signing supply contract Offset Credits OFC Follow Up

23 GENERAL PRINCIPAL: 4 GL (9) Deductions from Supply Contract

24 GENERAL PRINCIPAL: 5 GL (9) Deductions from Offset Obligation Total Value of Offset Obligation minus Expenses incurred by obligor in attaining Bank Guarantee. minus Expenses incurred in assessing the value of Technology Transferred to OBV. minus Off-contract purchases of goods & services of national origin.

25 GENERAL PRINCIPAL: 6 GL (9) Pre-requisites 1.Submitting the Project Concept Paper prior to Signing the Supply Contract by short-listed foreign contractors participating in GOK Contracts. 2.Signing an MOA with NOC prior to signing the supply contract. 3.Providing a Bank Guarantee: 6% of the value of the Supply Contract.

26 GENERAL PRINCIPAL: 7 GL (9) OFFSET INVESTMENT OPTIONS NOC Pre-Approved Direct or Indirect Offset Projects. Own-Proposed Direct or Indirect Offset Projects with NOC Post-approval. Participation in Offset Funds developed or approved by NOC.

27 GENERAL PRINCIPAL: 8 GL (9) Schedule of Offset Multiplier Values Offset Project Category Technology Transfer Type of Objective Achieved Job Creation Education and Training Range Direct Offset to 5.5 Indirect Offset 1.5 to to to to 5.0 Funds 3.5 to 5.5

28 GENERAL PRINCIPAL: 9 GL (9) TYPES of Offset Projects Joint Ventures Greenfield FDI projects Brownfield investments Direct Contribution Procurement of National Goods & Services Acquisition of existing OBV others Third Party arrangements Offshore

29 GENERAL PRINCIPAL: 10 GL (9) Potential Earning of Future Offset Credits Pre-Emptive Offset Credits Transfer & Sale of Offset Credits

30 GENERAL PRINCIPAL: 11 GL (9) Granting of Offset Fulfillment Certificate Submitting First Year financial statement of the OBV. Bank statement confirming transfer of obligor s investment funds. Proof of offset obligor equity ownership in the OBV. Copy of OBV registration at Kuwait Ministry of Commerce & Industry. Statement of members of the Board of Directors for shareholding companies.

31 GENERAL PRINCIPAL: 12 GL (9) Special Offset Fulfillment Mechanism NOC Board of Directors has the authority to provide offset facilities to limited number of special government Contracts, subject to the approval of the Minister of Finance.

32 NOC SUCCESS STORIES

33 VESSEL OPERATIONS SIMULATOR MAIN BRIDGE

34 AVIATION MAINTENANCE & TRAINING FACILITY

35 AMERICAN ACADEMIES & INTERNATIONAL INSTITUTES OF MANAGEMENT (AAIM)

36 PROJECT: EXPANSION OF TRAINING & EDUCATIONAL FACILITIES AT INFORMATION TECHNOLOGY INSTITUTE

37 CONTACT DETAILS NATIONAL OFFSET COMPANY KUWAIT Mr. Mazen M. Madooh, General Manager TEL FAX P.O.BOX ADDRESS + (965) : + (965) : P.O.BOX Safat : Al Salam Tower, 4.5 th floor, Fahed Al Salem St., Kuwait City, Kuwait. : info@kuwaitnoc.com WEBSITE :

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