The Islamic Corporation for the Development of the Private Sector (ICD), member of the Islamic Development Bank, hosted its annual ceremony in Jeddah last week to honor an outstanding “Businessman of 2005” from its member-countries. This year, the award went to one of ICD’s clients, Mazen Da’aboul, CEO and GM of Da’aboul & Sayed Company of Syria. The ceremony was held with the support of Dr. Ahmad Mohammad Ali, president of the IDB and chairman of the ICD, and Dr. Ali Abdulaziz Soliman, CEO & GM of ICD. Also present were ICD Deputy GM Khaled Al-Aboodi and senior members of the ICD staff. Prominent businessmen present included Mohammad Ismail Banawi, chairman of Coffor Egypt for Building Systems. Dr. Ahmad Ali highlighted the important role the ICD played and its impact on the development of the private sector in member-countries. Dr. Ali Soliman in his welcome address said that the selection of the award winner was based on wide-ranging criteria. Da’aboul said private businesses like the Da’aboul and Sayed Company were grateful to the ICD in particular and the IDB Group in general for their encouragement and support.

ALJ COMMUNITY SERVICE

Fifteen self-employed women are displaying their handmade products at the newly opened “Be Aidina” showroom at Sari International Center in Jeddah. The two-story 100-square-meter showroom is part of the Abdul Latif Jameel Community Service Program, which encourages women in families to showcase their handmade goods by hiring the premises on daily, weekly or monthly basis. As an encouragement for self-employed women, participants pay a nominal daily rent of SR10 and each woman is allowed to hire only two-square-meter space. The program also offers them loans from SR1,000 to SR100,000 under the program’s activities for productive families. Muhammad Jameel, chairman of Abdul Latif Jameel Community Service Program, opened the showroom on Sunday in the presence of Barbara Gunderson Stowe, vice president, resource development at Massachusetts Institute of Technology (MIT).

SWCC

Saline Water Conversion Corporation (SWCC) Governor Fuhaid Al-Shareef met a delegation, headed by General Electric Company (GEC) President Jeff Amint, on Sunday and discussed the prospects of cooperation in water desalination and electricity production. SWCC Governor Fuhaid Al-Shareef briefed them about the role of SWCC in fulfilling the demand of water and electricity in the Kingdom and highlighted the corporation’s achievements and future plans. The governor explained the process of privatization and its progress and the scope of investment for both local and overseas businessmen in water desalination and electricity production. “There will be tremendous growth in these fields in the coming years,” Alshareef said. Amint said his delegation would consider investment prospects here. Accompanying him were his deputies Nani Bakali and Mr. Keith Sharon, Nabil Hababi deputy for African & Middle East region, and Ali Al-Hakmi, GEC manager for Saudi Arabia. Also present were Ahmed Al-Mudaiheem, deputy governor project and technical affairs, Abdullah Al-Azzaz, deputy governor operation and maintenance, Umar Al-Ghamdi, director general Water & Electricity Company, Saleh Al-Jarrah, director general department of R&D, Waleed Basoudan, strategic and technical coordinator, and Khalid Al-Monifi, director general industrial and public relations.

TNI-DFSA

The National Investor (TNI) has been licensed by the Dubai Financial Services Authority (DFSA) to operate as an authorized firm of the Dubai International Financial Center (DIFC). Dr. Omar ibn Sulaiman, director general of DIFC said, “We welcome the first UAE-based member of the DIFC. The fact that the DFSA has licensed TNI reflects a sophisticated level of service and the high standards of the organization. We look forward to welcoming more Gulf Cooperation Council (GCC) and UAE-based organizations. The GCC is one of the fastest growing markets in the world in terms of financial services. The DIFC, guided by its principles of efficiency, integrity and transparency, has set world class standards in the region which has attracted some of the world’s top financial institutions and blue chip organizations.” TNI Chairman Abdullah Mazroui, said: “We are very proud to become the first UAE company to be granted a license by DFSA. This marks another significant milestone in our development, reflecting our growth strategy to become one of the most progressive banking institutions in the region.” Orhan Osmansoy, TNI chief executive officer, added: “The license is a testament to our robust governance policies and procedures, reflecting our ability to meet high performance standards. TNI intends to leverage DIFC’s positioning as a world-class financial center to bring local, regional and international companies for either a primary or secondary listing on Dubai International Financial Exchange (DIFX).” In recognition of TNI’s investment banking achievements, TNI was awarded the prestigious “Best Equities House in UAE” by Euromoney in 2005. TNI was also awarded the prize for “Best Private Equity House in the Middle East” by Bankers Middle East in 2005.