Corporate news
Published: Mar 4, 2010 20:12 Updated: Mar 4, 2010 20:27
Business briefs
IDB/Pakistan
Islamic Development Bank (IDB) will provide a loan of $140 million to Pakistan for renovation and upgradation of the country's railways and rail system. An agreement between the government of Pakistan and the IDB was reached here last week at the bank's headquarters in Jeddah.
The agreement authorizes the government of Pakistan to purchase equipment as an agent for and on behalf of the bank and the sale thereof to the government of Pakistan for use in the country's railway development project. It is the pioneer project for the phased installation of modern signaling system on the entire main railway lines in Pakistan. Pakistan Ambassador Umar Khan Ali Sherzai signed the agreement on behalf of the government of Pakistan while IDB President Ahmad Muhammad Ali signed on behalf of the bank.
The ambassador said IDB's contribution in the economic development of the Islamic world was commendable. "The bank has been instrumental for gearing up progress and development in the Islamic world," he added. He appreciated the role of the IDB and the OIC (Organization of the Islamic Countries) for fostering Muslim unity. The IDB president said Pakistan was an important Muslim country and assured the ambassador of all possible cooperation.
Hyundai Sonata
Hyundai and its exclusive Saudi dealers unveiled the new star of their 2011 range, the Hyundai Sonata 2011 at a ceremony in Jeddah last week. Currently the largest automobile manufacturer in South Korea, Hyundai combined with its exclusive dealers in Saudi Arabia, Wallan Motors, (Central Province), Al Majdouie Motors, (Eastern Province) and Mohammed Yousuf Naghi Motors (Western Province), and Byung-Tae Shin, head of the Hyundai Middle East Regional Headquarters, and Andrew Kang, manager at the headquarters, together hosted the evening.
B.T. Shin welcomed the guests on behalf of Hyundai. "It's my pleasure to introduce to you the newest member of our global Hyundai family, our new Sonata. I am confident that our star will set new standards in the mid-sized sedan sector, with its state of the art technology and superior quality and unique design."
Next was a presentation of the Sonata's technical specifications before the new car was revealed to the audience, in a dynamic combination of light and sound. The designers of the new Sonata took into account the interaction between all the features of the car, with its dynamic movement inspired by the fluid lines and the solid infrastructure, which have become a cornerstone of the Hyundai range. J
ust before Hyundai enthusiasts were rewarded by the first glimpse of the Sonata 2011, there was a video showing the development of the model over a four-year period, with an investment of $372 million to bring the imaginative designs to fruition in the new vehicle, which was revealed by Hyundai and its dealers.
The new Sonata is aimed at shaking up the world's mid-size sedan market with a daring, emotionally driven design, state-of-art technology and superior build quality, and provide an exceptional driving experience. Fuel economy innovations, supple ride and agile handling and safety innovations are among its features.
Connect Ads/Facebook
Connect Ads, a major digital advertising company, announced a strategic alliance with Facebook last week, making it the official representation partner for the world's leading social networking portal in the MENA region. Under the partnership, Connect Ads will offer direct access to the extensive range of advertising products available through the social networking site, benefiting both clients and advertising agencies.
Karim Beshara, CEO, LINKdotNET, said: "Connect Ads successfully managed to earn the confidence of Facebook to become its representation partner in MENA. This new representation is aligned with our company's strategy to partner with the most visited portals globally, and to be responsible for all their digital advertising locally."
Connect Ads MD Mohamed El Mehairy said: "This latest addition to our solutions will facilitate the purchase of prime Ad solutions on one of the world's most popular websites, accessed by all demographics globally and especially the Middle East, which represents a strategic market."
Facebook's VP and Commercial Director for EMEA Blake Chandlee said: "MENA is an important region for us. We chose to work with Connect Ads because of its strong track record in the region. Connect Ads has excellent experience in developing successful online campaigns. Their presence in the market means they can work directly with local companies to help them connect with their customers on Facebook." Connect Ads is the exclusive media agent for some of the region's most successful and popular portals, namely MSN Arabia, MSN Maghreb, ArabFinance.com, Masrawy.com, Otlob.com, Yallabina.com, Mazika.com, CareerMidEast.com, YallaKora.com, Barca Arabia, El3ab.com and Shofha.com.
The company falls under the LINKdotNET umbrella, the largest Microsoft certified team, fully owned by Orascom Telecom Holding. LINKdotNET represents the largest Internet Solutions Provider in the region, owning one of the biggest Internet backbone bandwidths in the Egyptian market.
Oxford Jeddah
Oxford Business Group (OBG), a global publishing, research and consultancy firm, has bolstered its operations in Saudi Arabia by appointing a new management team for its Jeddah unit. Ophelie Janus and Wojtek Gidzinski will spearhead OBG's operations in Saudi Arabia's second-largest city as the group prepares to publish its new report on the Kingdom's economic activity and investment opportunities.
As manager in the city, Janus will lead OBG's gathering and compilation of business intelligence in tandem with the Group's Riyadh-based team, while Gidzinski, who has been appointed editorial manager, takes responsibility for all editorial and research aspects of the unit's work. Janus has enjoyed an impressive career at OBG, successfully taking on key tasks within the Group's operations in the MENA region and Asia.
Most recently, she was given the pivotal role of country director in Morocco as part of the group's expansion across the MENA region, where she led the production of OBG's report and fostered long-term relationships within the higher tiers of the business community and interviewed Government ministers. Previously, Janus was instrumental in the production of OBG's highly regarded economic reports on several countries across different global regions. Gidzinski has also gained an impressive track record since joining OBG in 2007.
No stranger to the Gulf and Middle East, he held the post of editorial manager in both Oman and Jordan, making an important contribution as the group developed its presence across the region. Prior to joining OBG, Gidzinski built up a wealth of experience in project management, which took him to the UAE and Eastern Europe.
"The government has clearly mapped out its plans to continue diversifying its economy and expand the non-oil sectors," she said.
"This strategy, together with Saudi Arabia's sizeable capital reserves from the oil boom, will undoubtedly help the Kingdom as it moves to resume growth following a challenging time." Gidzinski added that the long list of ambitious infrastructure projects in the pipeline for the Kingdom, coupled with the first signs of global economic recovery, were indications that 2010 could be an exciting year for Saudi Arabia.
Cabsat MENA Satellite MENA
Cansat MENA and Satellite MENA exhibitions ended in Dubai after a three-day run. Much before the show, broadcast and media technology companies were preparing for one of the most important weeks of the year, as the latest research indicates the industry is steadily returning to profit. On the eve of the Cabsat MENA and Satellite MENA exhibitions, the International Association of Broadcast Manufacturers (IABM) Industry Index for quarter four of 2009 shows that operating profit is now at 11.3 percent year on year for the global industry.
Nearly 700 exhibitors were looking to capitalize on the opportunities throughout the show from more than 50 countries around the world, including leading companies such as Al-Mazroui, Al-Yahsat, AMT, Arabsat, Avid, Blusens, EuroStar, Fujinon, Harris, Hewlett Packard, Hitachi, Horizon Satellite Services, MediaCast, Nilesat, Noorsat, Satcom Global, Sony, Venutech, VSAT, and Wasp 3D. "There has never been a more important time to bring the industry together and generate new business opportunities for the broadcast, digital media and satellite industries in the Middle East," said Helal Saeed Almarri, CEO, Dubai World Trade Centre. "CABSAT provides the perfect platform to engage with our customers, to understand their requirements and offer them solutions," said Awad Mousa, head of product marketing, Sony Professional Solutions Middle East.
Aljomail.Cad
Aljomaih Automotive Company launched the all-new Cadillac SRX at its Jeddah showroom last week. The event was attended by VIPs, influential businessmen and loyal Cadillac customers, who were treated to a laser show, video of the SRX and finally, the grand unveiling of the SRX.
"The luxury crossover segment is the fastest growing luxury segment in the Middle East, and we are confident that the SRX will be a leader in this class with its advanced technology and features," said Ibrahim Al-Jomaih, vice chairman, Aljomaih Automotive Co. The dynamic SRX raises the benchmark for luxury crossovers and is being hailed by experts as a major competitor in the segment.
The dramatic exterior design, along with the luxurious and technology-packed interior has already generated serious appeal with younger consumers. The SRX's exterior is a refined design, defined by sharp angles and dominated by a gaping wide grille emblazoned with the Cadillac crest, and complemented by baguette-shaped headlamps with highly faceted secondary inner lenses that make the headlights look like precision cut jewels. The exterior also features a dramatic diving gesture on the body side to impart the feeling of movement, even at rest. The SRX interior stimulates a heightened sensory experience with a premium look and tailored feel.
A soft-backed material covers the upper instrument panel and door trim, and French stitching follows the contours of the finely hand-cut, sewn and wrapped surfaces, welcoming driver and passenger alike. The SRX is also loaded with advanced technology. It will be available in two trims. Both come with a 3.0L Variable Valve Timing (VVT) DOHC V6 SIDI engine that puts out 265 hp (net). As of today, the SRX is available for sale at all of Aljomaih Automotive Company's showrooms in the Kingdom.
