BANKMUSCAT
BankMuscat chief executive AbdulRazak Ali Issa has been named “Banking and Finance CEO of the year” at the 3rd Middle East CEO of the Year Awards 2006 held in Dubai recently. The awards, are part of an annual initiative organized by the Middle East Excellence Awards Institute, to recognize the exceptional vision, direction, and achievements of senior level professionals from across the region. Joschka Fischer, former deputy chancellor and foreign affairs minister of Germany, and Anwar Ibrahim, former deputy prime minister of Malaysia, felicitated the winners in the presence of 250 to 300 regional decision makers from across government and business organizations, financial institutions, diplomats and recognized businessmen as well as regional and international media.
AMIANTIT
In line with growing worldwide demand for Amiantit glass reinforced polyester (GRP) pipes for water and sewage systems, Dammam-based Saudi Arabian Amiantit Company has announced that it is participating on an equal share basis in two joint venture partnerships to establish GRP pipe production plants in Morocco and Algeria. The Moroccan manufacturing facility will be built in Casablanca at a cost of SR86 million as a joint venture under the name of Amitech Maroc, a limited liability company in 50 percent - 50 percent partnership between Amiantit International Holding and Nareva Holding which is a 100 percent subsidiary of the ONA Moroccan Group. The new factory’s first order is for 90 kms of GRP (glass reinforced polyester) large diameter pipes to transfer 45 million cubic meters of water per year from the Mohamed Mokhtar Soussi and Aloulouz dams to irrigate the Guerdane area near to Agadir, and 76 kms of GRP pipes for a distribution network covering an area of 10,000 hectares. The order is for a BOT (build, operate and transfer) project with a total contract value of SR294 million awarded to Amensous SA, in which Inframan, a 100 percent subsidiary of Amiantit, has 15 percent participation in the capital. Over the next five years Amiantit will be involved in further water and sewerage projects in Morocco.
FORTUNE GROUP
Real estate development and consulting firm Fortune Group is planning to build Burj Al Alam — The World Tower, a freehold commercial tower among the tallest in the world. To be developed at an estimated value of 4 billion dirham, the project will come to life at the emirate’s prime Business Bay area. Tipped to be the tallest and the most incredible edifice dedicated to commercial space, Burj Al Alam will reflect Dubai’s growing eminence in the world of business. Its construction to commence in 2006 will be completed by 2009. The project will house the world’s highest hotel. Rising beyond 480 meters into the sky, Burj Al Alam is designed to resemble a dazzling crystal flower. Of its total 108 stories, 74 will be offices, 27 hotels and service apartments, and the rest retail spaces.
TOPAZ
Topaz Energy and Marine Ltd.’s subsidiary Nico International, one of Dubai’s ship repair companies, is opening a new ship repair facility in Bautino, Kazakhstan later this year, after completing a feasibility study and conducting an in-depth market assessment of the Caspian region. Based on the findings of their research, Kazakhstan nationals will be recruited and trained in Dubai on ISO 9001 quality management system, while Nico’s own engineers will need to understand how best to operate in the extreme weather conditions prevalent in the Caspian region. “The oil and gas exploration work being conducted in the Kashagan oil field in the region creates vast and sustainable long-term opportunities for companies like Nico,” Nico International’s GM Fazel Fazelbhoy said.
GE
GE, a global technology, media and financial services company, is committed to bringing to market new technologies that help its customers meet pressing environmental challenges. Whether this includes the need for efficient sources of energy or technology that is cost-effective and safe for its customers, GE sees “Ecomagination” as helping to tackle global environmental issues. “Ecomagination is about the future,” said Nabil Habayeb, GE’s president & CEO, MEA. “We’ll focus our unique energy, technology, manufacturing and infrastructure capabilities to develop tomorrow’s solutions such as solar energy, hybrid locomotives, fuel cells, lower-emission aircraft engines, lighter and stronger materials, efficient lighting and water purification technology.”
EMAAR PROPERTIES
Emaar Properties received two golden awards for website design at the recently held inaugural UAE Web Awards in Dubai. Honored by a panel of experts in web development and design, Emaar won the highest honor in both the corporate and real estate website categories. Emaar received “Best Corporate Website” for its www.emaar.com site, which takes visitors on a virtual tour of its portfolio of properties and provides the latest news and share prices as well as having a coming soon section providing information on upcoming projects. The award winning property developer also won a gold award for its www.burjdubai.com site in the category of Best Real Estate Website. The innovative site recreates the sleek and stylish design of the development and provides details.
DIFX
The Dubai International Financial Exchange on Monday announced the appointment of Per E. Larsson, former head of the Sweden-based OM Group (now OMX and owner of several Nordic Exchanges), as the next chief executive of the exchange. He will take up his post in early July 2006.
Larsson will succeed Steffen Schubert, who will step down in June 2006 as scheduled at the end of his contract after becoming the DIFX’s first chief executive in February 2004. As president and chief executive of The OM Group from 1996 to 2003, Larsson led it through a period of rapid expansion and technological development, which culminated in a bid for the London Stock Exchange in 2000. “I’m delighted,” said Dubai International financial Center Authority’s Director General Dr. Omar ibn Sulaiman.
ASTECO
Real estate and property services leader Asteco has won the contract to lease and manage Sama Towers, Sharjah’s latest residential complex. Representing an investment of more than AED110 million, Sama Towers comprises two 15-floor buildings and is located at King Faisal road in Sharjah’s Abu Shagarah district. Apartments are available on a 99-year lease and bookings are now open. Special introductory prices are AED353,000 for a one-bedroom and AED635,000 for a two-bedroom apartments and developer Shamsi & Shamsi Holdings has announced AED895,000 for a three-bedroom apartment. “We’ve seen an increase in demand for premium apartments in Sharjah,” said Asteco’s Property Management Director and GM John Stevens.
ARAMEX
ARAMEX, a total transportation solutions provider in the MENA region and South Asia, has organized two soccer tournaments in the Gulf and Middle East as part of its commitment to promote sportsmanship and team player spirit among its employees in addition to supporting individual and group sports events in the two regions. The 2nd annual Gulf tournament was held in Bahrain with six ARAMEX teams competing for the title. Host ARAMEX Bahrain took home the gold, beating UAE, Qatar and Kuwait and effortlessly stealing the win from Saudi Arabia in the final showdown. Bahrain forward Sa’eed Aman was dubbed the tournament’s best scorer with a total of eight goals, three of which he scored in the final match. Six ARAMEX teams competed in the event.