Deutsche Bank, Jafza sign deal

Updated 07 September 2014

Deutsche Bank, Jafza sign deal

Deutsche Bank and Jebel Ali free Zone (Jafza) has announced the signing of a memorandum of understanding (MoU) to support the Free Zone’s current and future clients.
Through this MoU, Deutsche Bank will be able to support Jafza’s clients with the arrangement of facilities and any other banking related services.
This includes assisting in the account opening process, providing access to Deutsche Bank’s international branch network, offering international trade and other risk mitigation solutions and producing online banking solutions for companies to manage their accounts in multiple countries.
Salma Ali Saif bin Hareb, CEO, Jafza and Economic Zones World. said: “Jafza prides itself in providing the highest level of services to its customers to help them expand their global reach. Our MoU will make Deutsche Bank’s premier banking facilities available to our customers and assist them with their banking requirements around the world. We are pleased to be associated with a global organization of Deutsche Bank’s status.”
Harold Leenen, regional head of global transaction banking for MEA at Deutsche Bank, said: “We are pleased to enter this MoU with Jebel Ali Free Zone. It is the beginning of a long-term partnership, which aims to provide a unique value proposition to Jafza’s multinational clients and support the expansion of the Free Zone's client franchise, especially into Africa and Asia-Pacific. At Deutsche Bank, we are committed to provide innovative and tangible services to our clients. We are proud to be recognized as a reliable partner, offering comprehensive product packages that meet individual client needs.”
Jafza, one of the world’s major free zones, was established in 1985. It is today home to over 7,300 companies, including more than 120 of the Global Fortune 500 enterprises from across the world. It is a major driver of the burgeoning UAE economy.

Motoring extravaganza SIMS 2018 begins in Jeddah

Updated 18 December 2018

Motoring extravaganza SIMS 2018 begins in Jeddah

The Saudi International Motor Show (SIMS) 2018 opened its doors on Sunday at the Jeddah International Exhibition and Convention Center. The annual event, in its 40th year, will continue until Thursday.

The show was inaugurated by Hassan Dahlan, secretary general of Jeddah Chamber of Commerce and Industry (JCCI), in the presence of Hadi Al-Harith, CEO of Al-Harithy Company for Exhibitions (ACE).

The five-day motoring extravaganza, spanning 10,000 square meters of indoor and outdoor exhibition space, will witness the rollout of the automotive industry’s newest models, from the US, Europe, Japan, Korea, and China, and including the latest SUVs and 4x4s, industry-changing electric cars and everything in between.

“In addition to shining the spotlight on the latest and most efficient automobiles and industry-shaping technology, the 2018 Saudi International Motor Show offers an inimitable experience for the whole family, with a plethora of captivating activities and interactions throughout the five days including stunt driving, drifting motorsport events, an off-road experience, and retail areas,” a press release said.

The show will see brand exhibitors showcase 100 automotive vehicles, including eight cars revealed for the first time in Saudi Arabia.

Speaking at the inauguration, Dahlan talked about the “great success” achieved by the motor show in the past 40 years.

ACE CEO Al-Harith said: “SIMS is the oldest and biggest auto show in the region, and the 2018 edition will ensure that it maintains that position. There is a huge demand in the Saudi market for an international motor show and we look forward to delivering a unique experience.”

He added: “As Saudi Arabia’s premier automotive event, the Saudi International Motor Show is the only place car fans, young and old, will get up close to some of the latest glamorous cars set to be hitting roads around the world in the near future.”

The Jeddah Traffic Department is also participating in the show, with the aim to spread its message to both male and female drivers. Officials from the department will spread awareness about traffic laws and regulations, the importance of following them and the consequences of violations.

The show opens daily from 4 p.m. until 11 a.m.

Saudi Arabia is currently the largest importer of vehicles and auto parts in the Middle East, accounting for nearly 40 percent of all vehicle sales in the region. New car sales are slated to rise by 8-9 percent annually, crossing the 1 million mark by 2020.

Presently, the light commercial vehicle segment is the most dominant, accounting for majority of the overall commercial vehicles sold in Saudi Arabia, followed by medium-heavy commercial vehicles and buses.