DUBAI, 22 September 2006 — The new 2007 Nissan Urvan has arrived in the GCC market boasting new styling and features that promise more comfort, flexibility, convenience, safety and performance. A group of fleet representatives from all over the region witnessed the launch of the new Urvan as part of Nissan’s 2007 Light Commercial Vehicle (LCV) line up.
Al-Futtaim Opens New Showroom
Arab News
DUBAI — Al-Futtaim Engineering, a multi-disciplinary engineering organization and a member of the Al-Futtaim Group, has opened its totally redesigned TOTO showroom in Dubai. A traditional Japanese “Kagamibiraki” ceremony marked the opening of doors to the public. Present at the opening were Omar Al-Futtaim, CEO of the Al-Futtaim Group, Hiromichi Tabata, director of the board and executive officer, TOTO, and Vishesh Bhatia, group director (electronics and engineering), Al-Futtaim Group.
Mashreq Launches VIP Lounge at DIC
Arab News
DUBAI — Mashreq Securities has launched another VIP lounge in Dubai Internet City (DIC) for investors to trade in the UAE’s stock markets. Dubai Financial Market Director General Essa Kazim along with Abdul Aziz Al-Ghurair, CEO of Mashreqbank, opened the new facility. Abdul Aziz Al-Ghurair said: “The DIC VIP lounge comes as an important milestone after the opening of our first lounge in Abu Dhabi. Mashreq Securities plans to open a third lounge in Sharjah before year end to provide institutional, corporate and high net worth investors with a comfortable and efficient environment to transact on the UAE stock markets.”
ADIH, QIB Sign MOU
Arab News
ABU DHABI — Abu Dhabi Investment House (ADIH) has signed a memorandum of understanding (MOU) with Qatar Islamic Bank (QIB) to offer a placement of 66 million shares of the pioneering Islamic investment bank for women worth $100 million exclusively in Qatar. Masrafy was granted the license by the Bahrain Monetary Agency (BMA) to start its operations in the Bahrain in June this year. The bank, which has an authorized capital of $1 billion and a paid up capital of $500 million, will be located at the Bahrain Financial Harbor (BFH) on the Manama Corniche.
Qatar Gas Orders $3bn of Tankers
Reuters
DOHA — Qatar Gas Transport Co. ordered $3 billion of natural gas tankers from South Korean companies including Hyundai Heavy Industries as the Gulf Arab emirate prepares to triple exports of the fuel. Qatar Gas, the second-largest energy company on the Morgan Stanley Capital International Gulf Countries Index, ordered the 10 tankers for delivery in 2009, Muhammad Ghannam, the company’s managing director told reporters in the Qatari capital, Doha, yesterday. Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries are the other companies that won the order.
Al Salam Bank Plans Acquisitions
Reuters
KUALA LUMPUR — Bahrain’s Al Salam Bank is on the lookout for acquisitions in South and Southeast Asia in its bid to become a global Islamic-finance house, its chief executive said yesterday. “We are looking at some asset targets, but still we have to do due diligence,” Yousif Taqi told reporters when asked about the bank’s Asian plans during a visit to Malaysia. But he said the newly listed bank, flush with cash from its recent initial share offer, was not in any active talks and it was weighing acquisitions against starting up new businesses.