At a recent auction organised by the Financial Sector Restructuring Authority (FRA) in Bangkok, bargain-hunters turned out in droves. They were obviously looking for a chance to snap up golf club memberships, real estate and computers at a cheap price, reports The Bangkok Post.

The auction was of non-core assets. About 1.5 billion baht worth of assets formerly owned by the 56 closed finance companies were put up for sale. Early results were promising, with investors drawn to the low starting prices and buoyed by improving economic signs, according to FRA chairman Amaret Sila-on.

More than 200 people registered to bid for real estate assets at the Queen Sirikit National Convention Centre. In a separate room, about 185 people waited eagerly for a chance to buy 113 golf club memberships.

``I am quite satisfied with the results,'' Amaret said. ``We were able to sell all 115 cars put up for auction, and many items sold for prices well above their startingbids.''Bidding for a membership in the Thai Country Club started at 2.18 million baht. Six local corporations pushed up the final price to 9.24 million.

Ownership expansion

The Dubai Lands Department is preparing a draft land and property law that aims to bring local laws into conformity with the GCC's 1981 Unified Economic Agreement allowing Gulf citizens to own land and flats in any GCC state. The draft is expected to be ready next year, department officials told Gulf News.

The current Federal law restricts non-UAE nationals from owning property-a term that includes flats and land, explained Sultan bin Butti, Dubai Lands Department assistant director general. Because the Unified Economic Agreement is a heads of state pact, it supersedes local law in practice.Butti said the department is preparing a comprehensive five-year plan entailing an examination of a flat registration system and permitting public shareholding firms to sell flats to the public and allowing land ownership.

Tap privatewealth

There are about 120,000 high net worth individuals in Saudi Arabia and 59,000 in the UAE holding foreign assets estimated at $400 billion and $160 billion, respectively. This offers an exceptionally rich opportunity for private banks to tap this private wealth, says Jeddah-based National Commercial Bank.

``GCC banks might be better positioned to channel and manage the GCC outward portfolio investment if they acquire prime investment institutions,'' it said in a special issue on the structure of Gulf banking and the effects of globalisation and financial liberalisation, according to Gulf News.

Customer delight

Most organisations have to work hard to keep their customers satisfied and delighted. To achieve this, they have to pass through a labyrinth of processes. Customers can be satisfied with your product or service and still buy from a competitor, according to a recent study, writes Dawn.

Many companies in Pakistan claim that they are meeting customer demands and selling the bestquality goods. But it is merely a slogan if a company is not continuously boosting the quality, motivating the workforce and improving the way that it operates. From such activities flow not only satisfaction and delights for the customer, but the surplus for the entrepreneurs and organisations as well.

For a customer, a product is simply a small part of his life, but for this, a company has gone through a complicated process and operation. The customer is not bothered to listen to such details from your sales team as to what is going on behind the scene and what kind of human resource is involved in making a product presentable to the customer. The customer is also not interested in knowing about your operation strategies.

No business can increase its profits unless customer satisfaction is not integrated into its corporate and business strategies.