PREMEL R. PATEL - Director MTI Gulf
Premal is Executive Director of Veritas Investments WLL a multi-disciplined, strategic partnership advisory company based in the Kingdom of Bahrain. His organisation works closely with the Bahrain Economic Development Board to encourage businesses to consider Bahrain as a place to do business in the Middle East. Veritas Investments is engaged in strategic financial services and premium brand marketing consultancy; media managment; communications development; property; training & development and lifestyle services. Premal was previously Senior Director Marketing for American Express (Middle East & North Africa) where his remit spanned across the following marketing disciplines : Consumer & Corporate Marketing, Market Research, Co-branding, Product Development, Card Acquisition, Premium & Credit Products, Public Relations and Corporate Communications in 18 markets in the Middle East, North Africa, and Levant - Launching a new Product Line Strategy, new Brand Strategy and the introduction of the renowned Centurion Card in 8 markets simultaneously were just some of his business successes. Between 2003-2005 he was Executive Vice President of Bates PanGulf (a Communications Services Agency) and Chief Operating Officer of Premier Sponsorship Marketing (PSM) based in Dubai. Prior to this he held the role of Head of Marketing, Visa International Middle East & Levant and Senior Communications Manager Riyad Bank, Saudi Arabia. Prem graduated from Kingston University, Surrey and began his career in 1993 at NatWest Bank where he was selected to join their highly-acclaimed Graduate Management Development Programme. He also went on to achieve the MCIM and MDIM qualifications. Whilst in the UK both Prem and his wife (Minal Patel) established a family owned marketing/market research consultancy business. As Director his main responsibility was business development and business strategy, advisory and consultation. He is recognised as a thought leader in Cards Marketing and Product Development, the luxury brand space and a specialist in business & marketing strategy, business development, affinity/partnership marketing, brand development, marketing communications, new product development & product management, consumer loyalty programs, card payments and retail banking. He has over 16 years of multinational experience primarily gained in the Financial Services arena.
Money Transfer International (MTI), the global trade association that promotes the development and interests of the global remittances industry, announced the launch of its Bahrain-based Middle East Chapter during a media roundtable on 05 May at the Gulf Hotel.
 Left to right: Nader Al Ghanem, Al Bilad Press; Premal Patel, Director, MTI Middle East; Abbas Salman, Alwasat News
Attendees included:
Al Bilad Press
Al Watan News | Alwaqt
Alwasat News
Arabian Magazines
| Bahrain Tribune
CNBC Arabiya
The Economist
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According to MTI's regional director, and head of the Bahrain chapter, Premal Patel, the region stands as one of the top five performers of the global remittance industry which is pegged at US$550 billion in 2008.
Patel said that a 63 percent increase has been witnessed since 2003.
"Remittance flow from GCC countries alone accounted for 35.6% of total remittance flow to developing countries in 2008, with more than 63 percent and 52 percent respectively going to Bangladesh and Pakistan*,” he said.
Citing a recent World Bank report, he shared that remittance flows to developing countries reached $283 billion in 2008. "However, the actual market size is estimated to be more than double of the official figure,” said Patel.
Left to right: Michael Lafferty, Strategic Advisor to MTI Board, interviewed by CNBC Arabiya
Michael Lafferty, Chairman, Lafferty Group, Strategic Advisor to MTI Board said a regional association is a valuable asset for industry stakeholders: "MTI will help identify the needs of the region and will work to bring together both the requirements of the remittance sender, often sending home life-saving money, as well as the service providers."
Lafferty noted that the industry is generally operated by a diverse array of suppliers, and that guidelines for operation are often blurred, if not absent.
He said that MTI is a UK-based global trade association with chapters in Philippines, West Africa, the Maghreb and now the Middle East, with three new markets on the drawing board - Pakistan, China and South Africa.
"The MTI Middle East chapter is geared to facilitate policies and governance to safeguard the interests of industry as a whole. The association will offer benchmarks and best-practice standards, as well as creating a forum for providers and consumers to discuss their needs and issues.”
SOURCE: *as per a recent Migration and Development brief by the World Bank. Gulf News: Global remittances rise 7% to Dh1.17tr.
IMPORTANT DATES
MTI WEST AFRICA - LAUNCH MEETING
8 JUNE, LAGOS
MTI GLOBAL SUMMIT 2009
10-11 NOVEMBER, LONDON
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For further details, please contact: |
MTI BOARD OF DIRECTORS  Lady Olga Maitland, CEO |
