Samaco, distributor of German luxury cars in the Kingdom, has announced the appointment of David Matta as its new general manager for Porsche. Matta, who has a checkered career in the automotive industry, especially General Motors and Porsche, acted as general manager for Behbehani Motors company in Kuwait, a Porsche retailer, for the last two years. He will lead the expansion of the group and the roll out of its new strategy for the Kingdom. Porsche Middle East and Africa sold 4,419 cars in the year ending July 31, a 16 percent increase over the previous year. This places Middle East in fifth place in terms of the company’s international sales statistics after North America, Germany, the UK and Italy. Growth was driven by the Cayenne SUV, with 3,006 units being sold, almost six times the 500 sold in the first year of the model’s launch in mid 2003. “I’m delighted to join Samaco Group. We’ve an opportunity to build on the success the vehicles have been enjoying in the Kingdom and to take it to a new level,” Matta said.
Investcorp
Investcorp, a global asset manager specializing in alternative investments, is launching a new line of business, Gulf Growth Capital, that will provide investment opportunities primarily in the GCC. Through its first fund, Investcorp Gulf Opportunity Fund I, this new business will make investments in greenfield “build” projects, as well as making buyout and growth capital investments. The fund will source and create unique investment opportunities with the aim of bridging the needs of the region with businesses, technologies and know-how from around the world. Investcorp will draw on its 25 years of private equity investment expertise and unrivaled pan GCC network of relationships to provide attractive opportunities for investors. It is anticipated that the fund size will be at least $500 million and, as in its other lines of business, Investcorp will co-invest alongside its clients. Fund raising across the GCC and beyond is expected to begin in the early part of 2007. Investcorp’s President and Chief Executive Officer Nemir A. Kirdar said.
Balubaid
Seven participants in Balubaid Company’s Ramadan promotion have each won the latest Chevrolet Spark car. Winners declared in two draws include Jamal Saleh, Omar Al-Ghamdi, Majed Ibrahim Alzaham, Mohammed Ali Al-Sahli, Abdullah Fahd Al-Sharif, Ahmed Abdu Al-Fakeeh and Ibrahim Saad Al-Shahrani. In addition to Chevrolet and GMC cars, the Balubaid promotion offered many prizes and gifts. Against the purchase of any Chevrolet or GMC vehicle, the buyer instantly received a SR500 voucher for purchases at City Plaza. The value of the car purchased determined the value of the voucher. The buyer automatically entered the final draw with the Chevrolet Spark 2007 as the grand prize. In addition, the buyer’s name is entered for a draw for cash prizes totaling SR1.5 million divided into 16 cash prizes. The first prize is of SR500,000, the second prize SR300,000 and the other 14 prizes are each of SR50,000. Hamza Younis, of the Balubaid company, said: “We were very keen that the prizes of this year were more valuable than ever.”
NCB
The National Commercial Bank (NCB) recently signed an agreement in cooperation with the Hail Chamber of Commerce and Industry (HCCI) aimed at training young men and women seeking to start their own small businesses. The course titled “How to Start Your Own Small Business” is one of the bank’s social service programs. Mahmoud Al-Turkistani, the NCB’s head of community service unit, signed the deal with Ali Al-Shamari, delegated secretary general of the HCCI. The course aims to qualify more than 30 youths. Al-Turkistani said that the agreement signified a productive collaboration between the two sides in areas of training. He also explained that the NCB and the HCCI would collaborate together to conduct training courses to qualify young Saudis seeking to establish their own small businesses. The duration of the social service program will be 6 weeks with a follow-up program of six months during which trainees will receive free consultations to help them establish their projects.
Amiantit
Amiantit Group of companies has received two contract awards in Turkmenistan totaling more than $7 million. Issued by the state concern Turkmen Oil and Gas Construction, both orders are the result of successful tender bids and are for different parts of the same project, which is the construction of a new sewage network in the East Turkmenistan city of Turkmenabat. The biggest of the contract awards is worth $6 million and was signed by the Amiantit Caspian branch on behalf of Amiantit Fiberglass Industries (AFIL). The order is for 31 km glass reinforced polyester (GRP) pipes and fittings, which will be supplied by two Amiantit joint venture companies — SUBOR in Turkey and the Goa-based Amiantit Fiberglass Industries India Pvt. Ltd. (AFIIL). The second contract award, worth $1.16 million, is for the supply and installation of 11 “FLYGT” submersible pumps, including the control system, for three sewage pump stations.
Carlyle Group
The Carlyle Group, a global private equity firm, has opened an office in Dubai within the Dubai International Financial Center (DIFC), and has received a license to operate at the DIFC by the Dubai Financial Services Authority (DFSA). Carlyle also named Paul Bagatelas as MD for investor relations and senior executive officer (SEO) at the DIFC. The DFSA regulates, approves and supervises all financial institutions within the DIFC. Bagatelas, who comes to Carlyle from Credit Suisse, starts his new role immediately. David M. Rubenstein, Carlyle co-founder and MD, said: “We’re delighted to open an office in Dubai, a dynamic and cosmopolitan city at the crossroads of international business. Opening this office and having Paul join the firm is an important part of our global expansion strategy.” Bagatelas said: “The Carlyle Group is pleased to launch operations in the Middle East from the DIFC. Our license from and regulation by the DFSA serves as the solid platform and hub from which we we’ll build our local and regional private equity investments.
Deutsche Bank
Deutsche Bank said yesterday that it had created a research team focusing on the Middle East and North Africa (MENA) region with a team of analysts led by Zahed Chowdhury, head of Middle East Company Research. The team, which will publish research on companies and countries throughout the region, expects to write research on the top 50 listed companies together with regular country research. The first of it, on Saudi Arabia, was launched yesterday. It forms part of a research franchise which is now regarded as the best across the EMEA region in external investor surveys such as those carried out by Thomson Extel and Institutional Investor, where the regional team received more than 15 first place rankings earlier this year. Today’s research entitled “Saudi Arabia Primer — Arabian Gold” takes a close look at all aspects of the Saudi economy, including an introduction to those companies listed on the Tadawul Stock Exchange.
DUNHILL
Dunhill’s name has long been synonymous with luxury worldwide and continues to cater for an audience of style conscious young gentlemen who are looking to stand out from the crowd. Dunhill is determined more than ever to provide the Middle Eastern man with “essential luxuries that are unmistakably male.” Dunhill has come a long way since its founder Alfred Dunhill made the first line of automotive accessories in1893. His first experiments included leather covers for cars, leather coats as well as the first dashboard clock. In 1904, Dunhill Motorities provided the gentleman driver with ‘everything but the motor’ and soon became integral to the needs of early motor car drivers. From the origins of Dunhill Motorities in London to a fashion and lifestyle brand with factories and stores worldwide, the last 80 years have seen Dunhill grow into one of the most recognized luxury lifestyle brands in the world. It is revered for its high quality and quintessentially English style inherent in the brands’ menswear and accessories, which include timepieces, leather goods and writing instruments for men.