Amr Al-Dabbagh, governor of the Saudi Arabian General Investment Authority (SAGIA), lauded ExxonMobil’s active role in the knowledge-sharing effort by promoting SAGIA’s program of partnership between the private and the public sector in a ceremony in Riyadh. The PPP program provides for cooperation in the strengthening of SAGIA’s expertise in ways that ultimately contribute to its pro-business aims and also enhances ExxonMobil Saudi Arabia Inc. (EMSA) ability to contribute to the development of the Kingdom’s institutional capacity. The Chairman and CEO of ExxonMobil Saudi Arabia Inc. Desmond Carr attended the ceremony along with EMSA’s Human Resources Manager Saud Al Arifi and Chemicals Vice President Robert Hutchinson. “We’re very appreciative of ExxonMobil for maintaining an active role in this knowledge-sharing effort,” commented Amr Al-Dabbagh. “This support furthers SAGIA’s strategy to accelerate and enhance services provided to local and foreign investors to develop a pro-business environment. Furthermore, SAGIA will be honoring all companies that make an impact on the Saudi economy,” he added.
NCB
The National Commercial Bank (NCB) has appointed one of its business banking leaders to head the human resources. Abdullah Salem Bahamdan, chairman and managing director, announced the decision recently to appoint Saud Sabban as the head of human resources at the bank. Abdulkareem Abu AlNasr, NCB general manager, stated that the choice of Sabban as head of human resources reflects NCB’s successful policy in building qualified national resources capable of holding the highest positions of leadership. By appointing such a senior person in that position NCB is translating its core values “People are our most important assets” into effective reality. Sabban is well known for his strong commitment to developing people. He added that Sabban was an exceptional individual who effectively contributed through the many executive positions he had held before being appointed to his new post, accomplishing more successes and achievements. Sabban has started his new responsibilities effective Nov. 1. Sabban expressed his appreciation of NCB’s board of directors decision and praised the past human resources officials for their efforts in leading a team who took it upon themselves to turn employment and Saudization strategic goals into viable results, which placed NCB ahead of national banks in the area of nationalizing jobs and employing citizens.
ARABIAN BUSINESS AWARDS
Reinforcing its reputation as one of the leading financial institutions in the region, Gulf Finance House (GFH), has won the Financial Institution of the Year honor at the Arabian Business Awards 2005, organized by the Dubai-based ITP Publishing Group. The Arabian Business Awards 2005 were held under the patronage and in the presence of Sheikh Mohammed ibn Rashid Al-Maktoum, crown prince of Dubai and UAE minister of defense, and are one of the most prominent regional business awards. Expressing his delight at winning the award, Esam Janahi, chief executive officer and board member of GFH, said: “We are indeed honored to be chosen as the Financial Institution of the Year at the Arabian Business Awards 2005. The award endorses our sustained effort in the promotion of the region’s financial sector, and especially Islamic finance and banking, and our contribution to the socio-economic development of the economies we participate in.” Janahi was also recently voted Top CEO in the GCC by Arabian Business Magazine.
GOVTEC
The Middle East’s first-ever information technology event for the public sector is expected to draw 250 top government IT decision-makers from across the region, according to organizers. Convened under the official patronage of Dr. Hassan Abdulla Fakhro, minister of industry & commerce, Bahrain, and supported by the Central Informatics Organization, Government Technology Middle East (GOVTEC) is designed to bring the region’s public sector IT decision-makers face-to-face with leading international technology vendors from around the world.
ARCAPITA
Arcapita Bank — a leading international investment firm, headquartered in Bahrain, announced yesterday that it has completed the acquisition of The Tensar Corporation, one of the leading providers of highly engineered, technology-driven construction site solutions in North America, for a total transaction value of about $405 million. Tensar’s integrated suite of over 50 products and services provide soil stabilization, earth retention, foundation support and erosion and sediment control. Tensar’s customers include commercial, industrial and residential site developers, resource extractors, transportation authorities, coastal and waterway authorities, and waste management companies. Commenting on the transaction, Atif Abdulmalik, CEO of Arcapita, said “Tensar’s brand name, successful 20-year operating history, strong distribution network, manufacturing know-how and portfolio of over 70 patents provides the company with a formidable set of attributes to maintain and grow its market share. In addition, changing industry and environmental requirements are expected to play to Tensar’s strengths and further enhance its competitive position.’’