ITFC strengthens partnership with NCB

The signing took place during a meeting between ITFC CEO Hani Salem Sonbol and NCB CEO Faisal Omar Alsaggaf.
Updated 05 February 2019

ITFC strengthens partnership with NCB

The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group, and the National Commerce Bank (NCB) have signed a Commodity Murabaha agreement. The signing took place during a meeting between ITFC CEO Hani Salem Sonbol and NCB CEO Faisal Omar Alsaggaf to discuss the existing strategic partnership and new areas of cooperation in the future.

“This meeting shall be the stepping stone for an even stronger partnership between ITFC and NCB in the future and a chance to showcase ITFC’s keen interest to partner and strengthen relationship with Saudi banks for the benefit of the local Saudi market and SME sector and beyond,” ITFC CEO Sonbol said.

NCB CEO Alsaggaf said that the agreement with ITFC is in line with NCB Treasury Group’s strategic aim of expanding its counterparties while dealing in Shariah-compliant solutions. 

NCB is also a strategic syndicate partner of ITFC. The total NCB participation in ITFC’s syndication has reached up to $2.7 billion since the start of the collaboration of the two institutions in 2009.

Since 2008, ITFC has provided more than $45 billion of trade financing to OIC member countries, with a mission of being a catalyst for trade development among those countries.


Bentley marks 100 years at Monterey Car Week

Updated 21 August 2019

Bentley marks 100 years at Monterey Car Week

As part of its centenary celebrations, Bentley hosted a number of events during the Monterey Car Week, from Aug. 15 to 18.

To mark the occasion, two models debuted — the new Flying Spur luxury four-door grand tourer, and the EXP 100 GT: A vision of luxury mobility in 2035.

The third-generation Flying Spur sets new standards of driving enjoyment and luxury, showcasing Bentley’s application of modern technology, while integrating the latest British craftsmanship and innovation features.

The new Flying Spur will be the most advanced luxury grand touring four-door available. 

Alongside its totally new and advanced aluminum and composite chassis, it features optional electronic all-wheel steering — a first for a Bentley, coupled with active all-wheel drive and the Bentley Dynamic Ride active anti-roll system powered by a 48V architecture.

The Flying Spur was put on display on Aug. 16 at the Quail — a motorsports gathering and at the Home of Bentley for the remainder of the weekend.

It was joined by the EXP 100 GT concept car, which made its US debut. With the EXP 100 GT, Bentley has reimagined the idea of grand touring for the future.

The EXP 100 GT is pure Bentley, inspired by the company’s deep understanding of the desires of its forward-thinking customers. It embraces artificial intelligence (AI) as a means to reassert the car as a place for creating, experiencing and capturing extraordinary human experiences and emotions.

It displays the future of luxury craftsmanship with a seamless fusion of materials and the intelligent curation of technology. The vehicle’s battery system will power four motors that deliver superior performance. Projected performance figures include a 0-60 mph time of less than 2.5 seconds, a top speed of 186 mph, and maximum torque of 1,500 Nm.

Ahead of the EXP 100 GT’s Americas debut, Bentley launched a new and dedicated app for Apple devices.

Released on Aug. 12, the “Bentley 100 AR” app uses a printable QR code to provide an augmented reality experience of the EXP 100 GT, allowing users to explore the exterior and interior of the concept car. Users can even interact with a virtual version of the car in full scale, by using the app at selected Bentley retailers.

Bentley was a featured marque at Pebble Beach Concours d’Elegance, where numerous classic models competed in Bentley Centennial classes, including Vintage 4 Cylinder, Vintage 6 Cylinder, Derby and Postwar.