DIHAS
The Dubai International Halal Show (DIHAS) 2006 — the hub of the Halal trade market place — was inaugurated by Dr. Ali Bin Shakar, undersecretary, UAE Health Ministry, and Mohamed Khaled ibn Nordin, minister of entrepreneur and cooperative development, Malaysia, at the Crowne Plaza Hotel in Dubai yesterday. Over 60 leading companies representing various sectors from 17 countries are attending the three-day Show, which ends tomorrow. DIHAS 2006 is being held under the aegis and support of various international chambers of commerce, government agencies and Halal organizations from around the world. Among the companies taking part are Gem Foods of the UK, Sahamada Corporation Sdn Bhd of Brunei and Enjoyo-Meal International of Australia. The companies have a wide range of interests in the Halal industry and have also specific teams working on the development of the Halal business relevant to their industry. Kombiz Eghdami, chairman and CEO, Linx Inc., said, “DIHAS 2006 will be a exciting opportunity for companies from all Halal sectors to explore the immense growth potential and attractive business opportunity it offers.”
RASMALA
Saudi Capital Market Authority (CMA) has reportedly licensed Rasmala Investments, a major regional investment bank based at the Dubai International Financial Center, to establish a wholly owned subsidiary, Rasmala Investments (Saudi Arabia) Ltd., to be based in Riyadh. “Saudi Arabia is the largest and most important financial market in the region and so the establishment of the new subsidiary is an important step in the growth and development of Rasmala,” Ali Al-Shihabi, founder and CEO of Rasmala, said. The new subsidiary will allow the company to service its client-base more effectively and expand its business across the Kingdom. The company will focus on private equity, mergers, acquisitions, IPO advisory and other associated services that are approved by the CMA. A team of partners with extensive experience in the global and regional financial services sector manages Rasmala. Rasmala’s shareholders include Deutsche Bank, Samba Financial Group, and a distinguished group of investors from Saudi Arabia and the UAE.
MASTERCARD
MasterCard Worldwide yesterday announced its operating results in the second quarter of 2006 for the Asia/Pacific, Middle East & Africa (APMEA) region. As of June 30, the APMEA region witnessed a double-digit growth for purchase and card volume, demonstrating sustained momentum in the displacement of cash and checks as consumers recognize the convenience and security of using payment cards. The value of purchases on MasterCard cards showed a strong growth in the region, rising 17.7 percent to more than $44 billion. Its strong performance was also fueled by growth in both credit and offline debit programs. The company’s customer financial institutions had issued more than 171 million MasterCard cards (excluding Maestro and Cirrus), representing an increase of 14.2 percent over the same period in 2005. “Our continued growth demonstrates our commitment to and focus on driving innovation in the industry, and consistency in delivering results in the light of our customer-centric strategy,” said Andre Sekulic, president, APMEA, MasterCard Worldwide.
KRAFT CHEESE
Kraft has now launched its new, delicious “Kraft Cheese Nips” throughout the GCC region in two tasty flavors — Cheddar and Zataar. Leveraging on the reputation as one of the best tasting cheeses that everyone has grown up with, Kraft Cheese baked into snack cracker is now available. Perfect for the office, school lunch box, snacking or entertaining at home, the Cheddar flavor will thrill the cheese lovers’ taste buds and the Zataar is set to satisfy the local palate. They are perfect to grab by the handful to munch and crunch on. The Kraft Cheese Nips will complement Kraft’s existing wide range of biscuit and cheese products with the introduction of this new unique snack cracker experience. Kraft Foods is the world’s second-largest food and beverage company. For more than 100 years, it has dedicated itself to helping people around the world to eat and live better. Hundreds of millions of times a day, in more than 155 countries, consumers reach for their Kraft brands including Kraft cheeses, Maxwell House coffee, Tang refreshment beverage, Oreo cookies, Ritz and Philadelphia cream cheese, Milka and Toblerone chocolates.
ALGHANIM INDUSTRIES
Alghanim Industries is acquiring Izocam AS, a major Turkish company in the insulation products sector. The purchase of Izocam, from the Koc Group, is being made jointly with Saint-Gobain Isover, a leading French global construction products manufacturer. Alghanim Industries and Saint-Gobain will, on a 50/50 basis, acquire 61.2 percent of Izocam’s shares currently held by the Koc Group, and then launch a tender offer on the Istanbul Stock Exchange for the remaining shares of Izocam as required under Turkish law. Kimmco, a subsidiary of Alghanim Industries, and a market leader in insulation products in the Middle East, has been a glass wool licensee of Saint-Gobain in the Gulf countries for more than 25 years. Izocam has been a licensee of Saint-Gobain for more than 40 years. As a market leader in insulation in Turkey and parts of the Middle East, Izocam had sales of about 120 million euros in 2005 with a workforce of approximately 450 people. Izocam claims to be the only manufacturer in Turkey operating in all insulation market segments.
DIAMOND INDUSTRY
As part of its recently announced campaign to educate both consumers and the trade about important diamond-related issues, the diamond industry announced yesterday the launch of a new informational website, www.diamondfacts.org, along with a major advertising effort in the US print media. Diamondfacts.org offers a wealth of information about diamonds, from facts about the history of the trade and the social and economic benefits diamonds provide nations around the world to reporting on how the industry is grappling with various challenges including conflict diamonds. “The primary goal of Diamondfacts.org is to offer people a wealth of factual, balanced information about diamonds,” said Eli Izhakoff, chairman of the World Diamond Council, which is leading the education campaign.
MERCEDES-BENZ
Mercedes Car Group Middle East and Levant yesterday reported its highest August on record with sales of 994 new vehicles, an increase of 35.2 percent over the same month in 2005. This brings Mercedes Car Group’s year-to-date sales to 10,670 a 28 percent increase over last year. August sales were helped by the Mercedes-Benz flagship S-Class, which nearly doubled over August 2005 (292 v. 148 units). With a massive 180.7 percent year-to-date increase (4,729 v. 1,685 units), the award-winning premium sedan remains the region’s favorite vehicle in its segment. The sporty B-Class has also proved a strong performer this year with year-to-date sales up over 500 percent. M-Class, R-Class and G-Class sports utility vehicles continued to demonstrate gains with an increase over last August. The segment will be boosted by the end of the year with this month’s (September) introduction of the GL-Class, the first full size seven-seater off-roader from Mercedes-Benz. Dubai, Sharjah and the Northern Emirates, with year-to-date sales up over seven percent to 2,660 from 2,481 in 2005, and Saudi Arabia with sales in the first eight months of 2006 up over 150 percent from 1,073 units in 2005 to 2,691, continue to be the best selling markets in the region.