John Coverdale has assumed charge as the new managing director of The Saudi British Bank (SABB) from Aug. 1. He replaces Geoff Calvert who returned to the HSBC Group in London after serving for more than two years in a similar capacity. Coverdale has long banking experience within the HSBC Group. Before moving to SABB, he was the executive director and deputy chief executive of HSBC Bank Malaysia. Earlier, he was the chief operating officer in the UAE. This is not the first time for him to be in Saudi Arabia. He was in the Kingdom from 1980-1982 as manager international markets in the Western Province, Jeddah.
ABRAAJ
Abraaj Capital yesterday announced the closure of its new $100 million Abraaj Special Opportunities Fund II (ASOF II) with significant oversubscription. The announcement of the closure comes on the back of the liquidation of the Abraaj Special Opportunities Fund I (ASOF I) on June 30. The ASOF 1, capitalized at $32.6 million realized a return of 98 percent on average capital invested (an internal rate of return (IRR) of 59 percent) on their investment over an eighteen months holding period. ASOF II will follow the investment strategy of its predecessor ASOF I. The new fund will also focus on initial public offerings (IPO) and pre-IPO opportunities and take “strong minority” positions in quoted companies in the GCC, Levant and South Asia. Arif Naqvi, chief executive and vice chairman of Abraaj Capital, said that ASOF II is well positioned to take advantage of the region’s booming economies and capital markets.
DUCAB
Ducab, the leading manufacturer of high quality power cables in the Middle East, has announced major expansion plans of their recently opened production facility in Abu Dhabi. The company is investing AED30 million in the expansion project that will result in increasing Ducab’s existing production capacity by 20 percent. The expansion project which is already under way, is expected to be completed by the beginning of 2006, and will enable Ducab to meet the growing demand for high quality cables in the UAE. “The increase in construction activities across the UAE has resulted in a significant surge in demand for power cables and building wire in the country,” said Colin Paskins, managing director, Ducab.
SHOWTIME
The sizzling ladies of the hottest award winning TV series Desperate Housewives are coming to Showtime and bringing with them a whole heap of wicked pleasure guaranteed to have Showtime subscribers indulging every Monday from Sept. 19 at 20:00 KSA on TV Land. Desperate Housewives is enthralling audiences and smashing records as it launches across the globe - it is currently licensed to over 130 territories worldwide. Desperate Housewives is a satire about suburbia; it is an addictive blend of comedy, gripping drama and good old fashioned glamor. Already the No. 1 US show in several territories, the housewives regularly air their dirty laundry weekly to over 20 million US viewers. Desperate Housewives has recently just received 15 nominations including best comedy in the 57th Annual Primetime Emmy Awards sharing status as series front-runner with Will & Grace.
DAR INTERNATIONAL
Dar International Investment and Development (DAR), the Dubai-based real estate company that has changed its corporate identity to Bonyan International Group, has announced plans to open an office in Jordan, which is part of the company’s expansion plans in the Middle East. The new corporate identity is in line with the company’s vision, to have a single strong identity to consolidate the group of companies that work under the same umbrella, which include the National Business Investments Company, ABBCO Group, Al Ayaan Group of Companies and Feasibility Group.
GE
GE, the diversified technology, media and financial services company, yesterday announced that Ali Hakami has been appointed as the commercial development manager for its operations in Saudi Arabia. Hakami will be based in Riyadh and will lead the drive to develop the company’s businesses in the Kingdom. The appointment confirms GE’s commitment to developing and expanding its diversified business units in Saudi Arabia, one of the group’s key markets and one that features a GE work force of more than 600 employees - the largest in the region - and contributing more than $750 million in revenues last year. GE’s current business portfolio in Saudi Arabia includes energy, transportation and healthcare with key clients such as the Saudi Electricity Company and Aramco, for which GE supplies power generation equipment. New business opportunities include financial services and advanced materials.
NIVEA VISAGE Q10
A recent international survey, held in more than 29 countries in Europe, has pointed out the fact that NIVEA Visage Q10 is officially the No. 1 product range in the category of face care in the world. Not only was NIVEA Visage Q10 proved superior to major competitors worldwide, but it has actually witnessed a great boost in its consumer demand. This was reflected by an approximate increase of 55 percent in volume and value of its sales. Another fact about consumer’s demand on NIVEA Visage Q10 is that its sales have reached 48,408 packs per day in Europe, which means that Q10 sells a pack per two seconds. That illustrates Q10 as the world’s No. 1 in terms of performance and credibility. “The entire Beiersdorf family are celebrating those results, although it is not a surprise considering the quality of the NIVEA Visage Q10 product line”, says Robert Taylor-Hughes, the general manager of Beiersdorf in the Middle East.