SBIE 2016 features over 200 exhibitors

Updated 11 April 2016
0

SBIE 2016 features over 200 exhibitors

JEDDAH: National and international companies are exhibiting their latest products and services at the 25th Saudi Building & Interiors Exhibition (SBIE), which was opened by Jeddah Mayor Hani Abu Ras on Monday.
The silver jubilee event of the show is being held at the Jeddah Center for Forums and Events, with the support of Jeddah Gov. Prince Mishaal bin Majed.
The mayor said: “This exhibition is an important opportunity to meet the growing demand of products and services in the Kingdom’s construction and real estate sector.”
More than 200 companies are exhibiting at the show, with pavilions from China, Egypt and Turkey, and individual companies notably from Arab world, the rest of Asia and Europe.
The four-day exhibition, which ends on April 14, has been organized by Al-Harithy Company for Exhibitions (ACE). It has wide ranging exhibits related to the construction industry, notably the latest technology and materials as well as approaches to interior design decor and furniture.
“The key objective of the exhibition is to display the latest in technology in building and decoration, and also create an ideal platform for local buyers, and regional and worldwide suppliers to come together and do business,” Zahoor Siddique, ACE’s VP, said.
“In a fluid and dynamic market, SBIE helps manufacturers and suppliers track potential buyers. Our trade visitors will also be able to establish new businesses and representations, and outsource their project requirements,” he added.


Etihad proposes to invest in Jet Airways at 49% discount

Updated 19 min 49 sec ago
0

Etihad proposes to invest in Jet Airways at 49% discount

  • The 25-year-old Indian airline has been roiled by financial difficulties, racking up a pile of dues to pilots, lessors and vendors
  • Jet will not be able to continue funding operations beyond the next week and Etihad is willing to inject $35 million if some conditions are met

Etihad Airways has offered to pick up shares of debt-laden Indian carrier Jet Airways Ltd. at a 49 percent discount and to immediately release $35 million after certain conditions are met, CNBC-TV18 reported on Wednesday.
Shares of Jet Airways, in which Etihad already owns a 24 percent stake, tumbled as much as 7.5 percent to 271.75 rupees ($3.83) in their biggest intraday drop since early December.
The Abu Dhabi carrier has offered 150 rupees for each Jet share, CNBC-TV18 said, citing a letter from Etihad’s CEO.
Tony Douglas has written to the State Bank of India (SBI) , Jet’s biggest lender, on the restructuring plan for the Indian airline, the report added.
The 25-year-old Indian airline has been roiled by financial difficulties, racking up a pile of dues to pilots, lessors and vendors, at a time when intense pricing competition, a weak rupee and rising fuel costs are weighing on the broader airline sector in the country.
Jet will not be able to continue funding operations beyond the next week and Etihad is willing to inject $35 million if some conditions are met, the CNBC-TV18 report cited Douglas as saying in his letter.
Jet and Etihad representatives are due to meet in Mumbai with lenders, led by SBI, on Wednesday to discuss the restructuring proposal that involves Etihad increasing its stake, a source with knowledge of the matter told Reuters on condition of anonymity.
Etihad wants Jet’s founder and Chairman, 69-year-old Naresh Goyal to step down from the board and his stake to be slashed to 22 percent from 51 percent, according to CNBC-TV18.
Goyal’s penchant for control, according to people who have worked with him, has emerged as a major obstacle as the airline tries to negotiate a rescue deal, Reuters reported last month.
Etihad is also seeking an exemption from the market regulator on preference pricing and open offer guidelines to invest more for the bailout, the report added.
Under India’s capital markets regulations, Etihad is required to make an open offer to shareholders for a majority of the shares once its stake goes past 25 percent, unless it obtains a rare exemption from the market regulator.
India Ministry of Civil Aviation Secretary R N Choubey on Wednesday told reporters that the aviation ministry had not yet received an official request from Jet and Etihad for an exemption from an open offer.
Jet and Etihad were not immediately available for comment.