NCB

The National Commercial Bank (NCB) has appointed Faisal Omar Al-Sakkaf as its chief financial officer directly reporting to CEO Abdulkareem Abu AlNasr. The bank recently signed an agreement of cooperation in the field of real estate development with the Hamad Bin Seadan Company for Real Estate Investment, one of the companies of Hamad Bin Saedan Group. Al-Nasr and Hamad ibn Saedan signed the agreement, which is expected to further promote investment opportunities in the real estate sector across the Kingdom. Saedan said that his group had a history of strong performance in the field of real estate development and it had managed many real estate projects within the kingdom effectively. The NCB has vast experience in innovation and structuring real estate investment funds.

AMIANTIT

Dammam-based Saudi Arabian Amiantit Company held its ordinary and extraordinary general assembly meeting recently. Amiantit President & CEO Fareed Al-Khalawi announced that the meeting took certain decisions for the fiscal year ending Dec. 31, 2005. It approved the contents of the auditors’ report for the financial documents, the balance sheet and profit and loss account and the board of directors report about the company’s activities, and discharge the board members from responsibility of managing the company. The meeting also decided to modify Article 16 of the charter to add a ninth member to the board of directors, modify Article 13 of the charter to issue preferred shares, add Articles 14 and 15 to the charter to issue founders’ shares, add Article 16 to the charter to issue bonds against loans and modify Article 26 of the charter to change the required quorum for the board meetings and the manner of giving proxy to attend.

SABIC

Saudi Basic Industries Corporation (SABIC) will be the title sponsor for the two World-Cup football matches to be played in Sittard, the Netherlands. In preparation to the World Cup championship in Germany next month, the Saudi National Team is playing two test matches at Fortuna stadium, opposite the new SABIC Europe head office in Sittard. Opponents for these matches are the Belgium National Team today and Togo National Team on Sunday (May 14). In Europe, SABIC has 2,450 employees, a network of sales offices, logistic hubs and two petrochemical sites in Europe at Geleen, the Netherlands, and at Gelsenkirchen, Germany. In 2005, SABIC Europe produced 2.5 million tons of polyolefins and 3.1 million tons of basic chemicals, mainly for the European market.

LAND ROVER

Land Rover has extended the product offering of its models by launching a “Naturally aspirated” engine variant that comes with a 4.4 liter V8 engine that delivers 300 bhp and accelerates from 0-60 km/h in just 8.2 seconds. Positioned as a luxury Sports Tourer, the Range Rover Sport model is Land Rover’s best-performing and best-handling vehicle ever built. Since its launch just 18 months ago, it has won over 15 international awards and sold 1,865 units in the Middle East since May 2005. “Range Rover Sport is a superb vehicle that offers the excitement of a performance car but with the versatility and breath of capability of a Land Rover. The new engine variant will be in addition to the current Range Rover Sport Supercharged model,” Andy Gawthorpe, MD, Land Rover Middle East said.

NOKIA

Nokia, a global leader in mobility, has announced three new Bluetooth headsets — the lightweight BH-700, the classic feature packed BH-600 and the sleek BH-300. These new headsets are the latest confirmation of Nokia’s innovative approach to Bluetooth headsets. All three headsets are planned to be commercially available during the summer of 2006. Meanwhile, Nokia has unveiled a new range of Nokia Nseries multimedia computers and experiences, reinforcing its leadership in making the Internet mobile. Nokia Nseries has become synonymous with high-performance multimedia experiences. All Nokia Nseries devices include video and photo capture capabilities, audio performance, Internet browsing and more, said Anssi Vanjoki, EVP & GM, multimedia, Nokia.

ARAMEX

ARAMEX, a total transportation solutions provider in the Middle East and subcontinent, has scored a first with a sponsorship that will see it play a major role in Asia’s premier football tournament. The company has announced that it is key sponsor and full logistics provider of the AFC Champions League 2006, a top sporting event in Asia and the world. “ARAMEX’s culture of innovation and excellence is matched only by its commitment to the values that lead to sporting excellence. This is why we’re happy to provide the competition with the necessary logistics support. We’re perfectly adapted to undertake the task and ensure the accurate delivery of the AFC material to the various cities in which the matches are played,” said Iyad Kamal, ARAMEX’s VP for logistics and ground services.

INVESTCOM/MTN

Investcom and MTN Group Ltd. have announced a landmark deal to create the pre-eminent mobile operator in the emerging markets of the Middle East and Africa. The transaction will build upon the complementary strengths of each company to create a true leader in the emerging market telecom arena. The enlarged group’s increased scale and capabilities will enhance long-term value for shareholders, customers and employees, creating significant potential to grow market share. The recommended offer, at $3.85 per share (translating into $19.25 per Global Depositary Share), will be an all cash offer, with eligible shareholders also being given a cash and share alternative. The value of each MTN group share under the share alternative is equivalent to $9.79.

TOSHIBA

Following a 53 percent over average market growth in Q4 2005, Toshiba has experienced further growth in the Kingdom during Q1 2006. Toshiba expects the imminent IDC report to confirm a 185 per cent growth over Q1 2005. This would position the company firmly as one of the top vendors in the Kingdom. Toshiba sees Saudi Arabia as a key strategic market in the region and names both the consumer trend of replacing PCs with notebooks as well as the current government investment in telcos, educations and infrastructure as the main reasons for the growth to increase even further in the foreseeable future. “We expect the growth to continue in 2006,” Samer Sayed, sales and marketing manager, Toshiba Computer Systems Division for Saudi Arabia, said at Gitex Saudi 2006 in Riyadh.

EVOLVENCE CAPITAL

‘The Gulf and India offer a solid investment opportunity with exceptionally high returns’ was the message delivered by renowned Prof. Marvin Zonis of the University of Chicago while addressing top investors from around the world at the Evolvence Capital Third Alternative Investment Conference held in Dubai recently. Invitees took part in a comprehensive two- day conference on both the transformation taking place in the financial industry as well as the state of investment opportunities in ‘Alternative Investments’ with particular focus on the opportunities available in the UAE and India. It is the third year that Evolvence Capital, a major financial service company, has held the Alternative Investment conference, said its CEO Khaled Al-Muhairy.

TAHWEEL AL-RAJHI/HDFC

Al-Rajhi Bank has made arrangements with HDFC Bank to execute money transfers to India, according to Sami H. Al-Rajhi, senior manager, Tahweel Al-Rajhi. “You can now send your remittances to India and avail of the low fees, best rates, fast and safe money transfer offered by HDFC, which are available in 60 specialized Tahweel Al-Rajhi remittance centers and 42 units (Al Rajhi Bank branches) all over the Kingdom,” he said. Another 40 Tahweel Al-Rajhi centers will be opened shortly throughout the Kingdom to provide quick and efficient remittance service. “Very soon, Drafts will also be issued to India drawn on HDFC Bank,” he said, adding that ‘Cash Online,’ a two working hours remittance transfer and a special product of Tahweel Al Rajhi, will also be added to the service shortly.

ZAWYA

A recent real estate sector analysis conducted by Zawya, a Middle East business information company, includes an overview of the region’s real estate sector both commercial and residential, country specific analyses, major players as well as the definition of freehold within the GCC and the growing demand for ‘affordable’ property. Be it a low-level residential building being developed in Algeria, a new city planned in Saudi Arabia or the proposed largest mall in the world in Dubai, the MENA’s real estate sector is vast and fast-moving. But while construction activities and real estate transactions are thriving all over, the most enticing slice of this boom is the segment of mega-projects, with the Arab world’s estimated investments totaling $371 billion in comparison to their combined GDP of $804 billion.

CYPRUS AIRWAYS

Cyprus Airways, the Cypriot national carrier, is increasing competitiveness on flights from Dubai to Europe with market-leading fares. The airline has introduced a special return economy fare of just AED1,400 from Dubai to all its 15 European destinations, including important cities such as London, Paris, Frankfurt, Rome, Amsterdam and Brussels. This fare, exclusive of taxes, will be valid until June 14. Business class ticket costs AED3,800. “Our European services are via Larnaca, and Gulf travelers have the option of changing their flight times or travel dates, without any extra charge, subject to seat availability,” said C K Hussain, Gulf Manager, Cyprus Airways. For travelers wanting to holiday in the Mediterranean island, Cyprus Airways has a Dubai-Larnaca return economy fare of AED1,150 and business class fare of AED2,700, exclusive of taxes. Visitors from Dubai to Greece can fly to the capital Athens from Dubai for just AED1250. “Cyprus Airways’ Dubai departure time of 12:05 a.m. on Fridays, arriving in Larnaca at 2.35 a.m., gives UAE travelers the opportunity to spend an extended relaxing weekend in Cyprus,” Hussain added.