Corporate news
Published: Aug 19, 2010 23:33 Updated: Aug 19, 2010 23:33
BRIDGESTONE CPC FORD HANCO ABRAAJ CAPITAL BMW BANK AL JAZIRA
Bridgestone
Bridgestone MEA FZE has reinforced its position in Oman with the inauguration of Bandag retread facility in Mabella recently. The new facility is Bridgestone outlet in Oman that provides reliable and safe retread service to the fleets of Oman. Shoichi Sakuma, president of Bridgestone MEA FZE, and senior officials from Bridgestone and Towell Auto Centre presented a plaque to Hassan Kamer Sultan, chairman of Towell Auto Centre LLC, and services offered at the facility were demonstrated. The facility claims to have highly efficient machinery that has highest precision and is effective in producing very reliable and safe retreads. The facility also provides excellent tire repairs. The Bandag system retreading is said to be the only of its kind available in Oman. “It’s a historic moment for Bridgestone MEA FZE and Towell Auto Centre to have the Bandag retread facility established in Oman. World over, Bridgestone’s performance has been momentous and this occasion not only reinforces the bond between Bridgestone and Towell Auto Center but also strengthens their partnership. Apart from helping to reduce total cost of tires, retreading also makes a major environmental contribution in terms of the more effective utilization of natural resources, which in turn helps ensure a healthy environment for current and future generations,” Sakuma said. “Our specialized service staff can now reach out with better efficiency and skill,” says Kasturirangan, CEO, Towell Auto Center.
CPC
Vision Electro Mechanical Co., a subsidiary of Construction Products Holding Company (CPC), has formed a company with a capital of SR562.5 million for the development, manufacture and operation of solar power plants to generate electricity. The company started the building of a solar field at its industrial complex in Bahra, near Jeddah, in cooperation with an international leading company in solar power technology. The solar power field is designed to work under the highest temperatures to commensurate with the atmosphere of the Gulf region, and will keep track of the movement of the sun throughout the day to achieve the maximum potential use of solar energy. Faysal Alaquil, director of business development, CPC, said: “Through this pioneering project, Vision hopes to introduce this new technology era to the clean energy sector in Saudi Arabia, in line with its objective of investing in renewable energy projects. This project will not only serve the local region, but also the needs of power projects throughout the Gulf region.” He added that through the establishment of this new company, Vision has become one of the leading national companies entering the solar energy exploitation domain, which has a promising future in Saudi Arabia. “Aside from providing an alternative source of clean energy, it also contributes to the preservation of conventional sources of energy, primarily oil, for future generations.”
Ford
According to the latest Kelley Blue Book www.kbb.com Market Intelligence Brand Watch study, Ford continues its reign in the top spot as the most considered among the 37 new-vehicle brands, “further increasing its lead over the second most considered brand Toyota.” According to the Q2 2010 Brand Watch Study, Ford particularly excelled in the non-luxury SUV/CUV segment, increasing its lead by four percentage points over the previous quarter to capture nearly half (46 percent) of the consideration among new non-luxury SUV/CUV shoppers. In comparison, Honda and Toyota tie for second and third places, each only with 35 percent. “The results of this study truly replicate our value for money products boasting industry leading safety, quality, and technology features. We are also noticing the same trend here in the region with Ford enjoying healthy growth in sales across the Middle East, reflecting our growing popularity and heightened consideration for car buyers,” said Hussein Murad, Ford’s director of sales, Middle East. “The latest findings show how the deck is being reshuffled in the automotive marketplace, with certain brands now holding places in consumer perception that we may not have believed just one or two years ago,” said James Bell, executive market analyst for Kelley Blue Book’s kbb.com. “Ford continues its upward trajectory... when you make dynamic, exciting and affordable products that appeal to the new-car shopping masses, consumer perception begins to change and subsequently, sales will follow.”
Hanco
With domestic tourism flourishing during the current Ramadan month, which coincides with the summer vacation, various car rental companies have been trying to attract customers, especially HANCO, which is one of the pioneering Saudi car rental businesses, and has the largest and most luxurious car rental fleet. Hatim Bawazir, general marketing manager at HANCO, said: “The coinciding of the holy month with the holiday season is generating a high demand for special services for tourists, especially for car rentals, so we have developed a new method that will enable us to meet customers’ demands and expectations.” This season, HANCO offers its customers the best solution for their land travel and transportation by offering three packages of free kilometers (500 km, 1,000 km, 1,500 km) to suit their long distance travels, whether for traveling to perform Umrah, or visiting families and friends across the Kingdom. Domestic tourists will be able to enjoy these and other offers which include, small, medium, and large vehicles, through HANCO’s numerous outlets that can be found at 27 branches located all over the Kingdom, as well as its fleet of 10,000 cars. The company has purchased new cars to meet the demand on car rental services, especially during the summer and Eid Al-Fitr holidays.
Abraaj Capital
Abraaj Capital, the Middle East’s largest private equity group, has appointed Fayez Husseini as its first country manager for Palestine and the establishment of an office in the West Bank city of Ramallah. The new appointment provides on-the-ground expertise for Abraaj Capital’s $50 million Palestine Growth Capital Fund, which is dedicated to investing in dynamic Palestinian small and medium enterprises (SME). The office is Abraaj Capital’s 8th in the Middle East, North Africa and South Asia region. The Palestine Growth Capital Fund is part of Abraaj Capital’s $700 million regional SME investment-platform called Riyada Enterprise Development. The Fund highlights Abraaj Capital’s confidence in and commitment to the Palestinian economy, and the entrepreneurial spirit of the Palestinian people. Husseini has almost two decades of professional investment experience in Palestine and the Middle East. Born in East Jerusalem, Husseini studied finance at the Kogod School of Business at the American University in Washington DC. Husseini joins Abraaj Capital’s Riyada Enterprise Development from Dubai-based FRiENDi Group, the Middle East’s largest mobile virtual-network operator, where he was senior vice president for business development. “Fayez is from Palestine, with a deep knowledge of his country and the region, and an international background that would be the pride of any global institution looking to invest in the Middle East and North Africa,” said Tom Speechley, executive director at Abraaj Capital.
BMW
Mohamed Yousuf Naghi Motors (MYNM), the exclusive importer of BMW Group cars in the Kingdom, has announced a 19 percent increase in sales for BMW and MINI cars during the first half of 2010 compared to the same period last year. This remarkable achievement places the Saudi Arabia importer among the top three best-performing markets for the BMW Group Middle East. From January to June 2010, MYNM sold 1,478 BMW and MINI cars. The flagship BMW 7 Series remained the top selling model with 749 cars sold, an increase of 21 percent followed by the BMW X6, which achieved sales of 206 vehicles, a 50 percent increase. The BMW 5 Series achieved an increase of 12 percent. Launched in March this year, the new BMW 5 Series is a core product for BMW and combines sporting and elegant design, excellent comfort, the highest standard in efficiency in its class and sets the benchmark in driving dynamics and safety having recently achieved five stars in the Euro NCAP vehicle safety assessment program. MYNM MD Anees Jamjoom said: “We had six new model launches in the first six months of the year — two ActiveHybrid models, BMW Gran Turismo, 5 Series, X1 and X5. “BMW and MINI customers in Saudi Arabia have benefited from MYNM’s SR300 million expansion plan which has increased the number of showrooms and service centers across the Kingdom, allowing for faster service and easier access to new car sales and after sales facilities,” he added.
Bank Al Jazira
Bank Al Jazira recently launched the new version of its website www.baj.com.sa with scores of novel banking services. The new services allow clients to execute their banking transactions easily and safely. Zaher Hejazi, electronic banking division head at Bank Al Jazira, said: “In response to the rapid increase in the number of Internet users and mobile phones in the Kingdom, We invested in new technologies to offer ultimate, innovative and unique e-banking services, which is the first of its kind in the local banking sector with double authentication to provide maximum protection to our clients by sending SMS to client’s mobile phone to confirm the implementation of any financial transaction before passing it.” Sarqr Nadarshah, GM retail banking and financial services, Bank Al Jazira, said: “We are keen to adapt advanced technologies with integrated systems and committed to be a leader in providing alternative banking services and go beyond our clients’ expectations. We are always passionate to offer innovative services and products coping with clients’ and market requirements. Nevertheless, we ensure total protection of accounts and operations by most up-to-date security systems. The new website version comes within the bank’s vision and objectives to provide the latest and advanced e-services, and is part of a series of initiatives to alleviate all other e-outlets to fulfill our client’s needs and requirements.”
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