du, the second telecommunications operator in the UAE, has announced the appointment of UAE national Rashid El Sheikh as its vice president (VP) for Procurement and Services.The appointment of El Sheikh, who has extensive senior management experience, is in line with the new telecom operator’s policy of seeking the best talent from the local market and reflects du’s aggressive national development program. “Rashid El Sheikh’s extensive experience in managing quality and cost-efficiency in high-volume procurement operations makes him an invaluable member of the du team,” said Ahmad Bin Byat, chairman of du. Prior to joining du, El Sheikh served as director of Procurements and Contracts for TECOM Investments. He set up TECOM’s procurement department from scratch, managing an annual volume of AED 320 million. Before joining TECOM, El Sheikh was audit manager at the Dubai Ruler’s Court where he worked on reviewing and auditing financial statements of government sectors, investigating frauds and evaluating performance.
DIB
The Dubai Islamic Bank (DIB) successfully closed a $500 million Ijarah facility to finance an upgrade of the Jebel Ali refinery of ENOC Processing Company LLC (EPCL), a wholly owned subsidiary of Emirates National Oil Company (ENOC).DIB was awarded the mandate to lead and arrange the Islamic financing, which was also underwritten by the DIB. In addition to the role of initial mandated lead arranger and underwriter, the DIB also acted as the transaction documentation bank. Eight other local and international banks participated in the facility with Emirates Bank International as Senior Mandated Lead Arranger while, Gulf International Bank, Standard Chartered Bank Mashreqbank, Societe Generale, Arab Bank, Bank of Bahrain and Kuwait (and Qatar National Bank, as Mandated Lead Arrangers). Additionally, Emirates Bank International has been appointed as the Security Trustee while, Standard Charterd Bank and Gulf International Bank were appointed Joint Book Runners, with GIB also acting as the Administrative Agent. Hussain Sultan, group chief executive and board member, ENOC said: “This is the first major Islamic financing undertaken by the ENOC Group, and my congratulations goes to DIB for successfully lead-managing the transaction.”
AMIANTIT GROUP
Amiantit Group’s subsidiary manufacturing companies Amitech Argentina and Amitech Brazil are supplying pipe systems for multi-million dollar water infrastructure projects and irrigation networks in their respective countries. The Argentina order, valued at $6 million, is for 53 kilometers of Flowtite glass reinforced polyester (GRP) pipes to transmit water from a treatment plant in the city of Trelew to Puerto Madryn on the Patagonian Coast. Once a small community founded by Welsh settlers, Puerto Madryn, is a sanctuary for maritime fauna, such as penguins, seals and whales, and has experienced a population explosion since has become a popular tourist destination for whale-watching. Amitech Brazil has secured two important orders. The first is for 14 kilometers of Flowtite GRP pipes and fittings urgently required for two water pipelines in neighboring Columbia. In order to meet the short deadline, Amitech Brazil will manufacture the pipes and the lamination will be done on site by Amiantit’s Columbian Flowtite licensee, Flowtite Andercol. The contract calls for after sales support which will be shared by the two companies. The second order is for 1 kilometer of Flowtite GRP pipes required by International Paper, a leading paper and pulp manufacturer in Brazil, to transport very acidic and extreme alkaline liquids.
SABRE
The consulting business of Sabre Airline Solutions saw significant worldwide growth in 2005, achieving a revenue increase of more than 50 percent in the past year, which marked the third consecutive year of growth. The number of airline-consulting contracts has tripling since 2002, according to a company official. Daniel M. Naoumovitch, chief executive officer of Sabre Travel Network, said that Sabre consulting engagements in 2005 involved cost control, revenue performance, business turnaround and restructuring, revenue management, development of airline alliances and operational planning. “Sabre has been operating in the region for more than 15 years, but last year we became fully incorporated as a joint venture with Gulf Air,” said Naoumovitch. He said that more than 25 percent of their company’s consulting business in 2005 was generated in the Gulf region. Sabre enjoys 36 percent of the worldwide market share.
INVESTCORP
Investcorp, the global investment group, announced yesterday that it has signed an agreement to acquire OREFI Participation, headquartered in France. OREFI is a leading European distributor of industrial parts. The transaction, which is subject to various approvals, is expected to close in June 2006. Founded in 1987, OREFI distributes a wide range of industrial products through its own network of 90 branches in France and the Netherlands. It has a product range of some 350,000 items that include power transmission equipment, industrial tools and abrasives, fixings and adhesives and personal protection equipment. Its extensive network and highly skilled work force results in fast customer response times and value added services. OREFI employs 1,240 people in France and the Netherlands. The company’s 2005 turnover was 293.5 million euros. Investcorp’s chief operating officer, Gary Long, said: “We are committed to supporting OREFI in its development in Europe. In particular, we will look to develop partnerships between OREFI and the industrial supply business of Auto distribution, the French auto and industrial parts distributor Investcorp acquired in March, in order to consolidate a market leadership position in Europe.”
SOLIDERE
A $1.1 billion mega-property development project is being launched at the Beirut City Center. This was announced by a Kuwaiti investors group comprising Al Sayer Group and Al Daw Investment Company, in the presence of Dr. Nasser Chammaa, chairman of Solidere. Solidere is a Lebanese company for the development and reconstruction of Beirut Central District. This “Phoenician Village,” as it is called, is the second major property development project to take place at Beirut City Center, the company said at a press conference hosted in Kuwait City. The new project comes as part of the development of Martyrs’ Square Grand Axis at the Beirut City Center, which had called for the organization of an international urban planning design competition.
SNAS/DHL
SNAS/DHL, one of the Kingdom’s express logistics provider, has sponsored 11 deaf-mute students from Al Amal Deaf-Mute Institute in Najran to perform Umrah, and to have a one-day tour in the Western coastal city of Jeddah, which concluded with a visit to SNAS/DHL’s operations headquarters. During their visit, the group was taken on a tour around the DHL operations premises east of Jeddah, where they were briefed about the logistics industry in general and SNAS/DHL’s shipments operations from pick up to delivery on both local and international levels. Paul Chader, sales and marketing manager said: “SNAS/DHL is always proud to take part in such initiatives.” Mohammad Al Jamea, HR manager said: “This activity is only one of many we are doing.”
BUPA MIDDLE EAST
BUPA Middle East, the leading health care insurer in Saudi Arabia won the e-business award during the 2006 Middle East Insurance Awards held in Dubai recently. The award for BUPA Middle East was the first for a Saudi-based insurance company since the yearly event started. The Middle East Insurance Awards forms part of the 2006 Insurex Conference, the region’s premier insurance conference endorsed by Sheikh Hamdan ibn Rashid Al-Maktoum, the deputy ruler of Dubai and the UAE’s minister of finance and industry. The Middle East Insurance Award is the only region-wide industry award open to all insurance companies in the GCC and the Middle East. This year as in the past, winners were selected by judges who are specialists in the insurance industry. The award for BUPA Middle East puts the spotlight on the high-growth medical insurance market in Saudi Arabia as it proves that the Saudi insurance industry is at par with other world class organizations. Accepting the award, Wayne Close, chief operating officer of BUPA Middle East, said, “This honor, the first ever for a Saudi insurance company, recognizes our commitment to provide superior customer service though better technology. For the past decade, BUPA Middle East has been a major driving force in the health insurance industry. We do that by harnessing the benefits of innovative technology. In 2005 alone, we have invested significant amount of capital to further improve our technological and e-business capabilities.”