DUBAI PROPERTIES
Dubai Properties was voted “Best commercial developer in the UAE” at the 2nd Islamic Real Estate Finance (IREF) ME Awards 2006 held at Burj Al Arab recently. The award was in recognition of its AED110 billion Business Bay development. The ceremony was held as part of the Islamic Real Estate Finance Forum organized by the Islamic Conference Group. Nominees in the various categories were shot listed and selected by a panel of leading industry experts from each of the GCC countries. Dubai Properties was selected among other major real estate nominees. “The importance of real estate as an asset class is increasing in business today, particularly in the GCC region,” said Shahab Lutfi, director of business development, Dubai Properties, who received the award. “Business Bay is already synonymous with Dubai’s status as the commercial gateway to this region. When complete, the master development will be the region’s business capital,” he added.
BALUBAID
Balubaid Automotive, a member of Balubaid group, claims to have become one of the few GM dealers in the region to receive ISO 9001:2000 certificate, following its adoption of a quality management system conforming to ISO 9001:2000 International Standard as a first and essential step to meet customer requirements, mutually beneficial organization-supplier relationships, regulatory requirements and the organization’s own requirements for effective ERP implementation. Balubaid Automotive established, documented, implemented and maintained Quality Management System and finally received ISO 9001:2000 certificate in November 2006 by BUREAU VERITAS and now putting all the resources to continually improve its effectiveness in accordance with the requirements of the quality management system on eight management principles within the organizations with Balubaid Group of Companies’ common quality policy.
DANA GAS
Dana Gas PJSC, the first regional private-sector gas company in the Middle East, has announced that its agreement to acquire Centurion Energy International Inc. has been approved and completed as planned. The $950 million deal provides Abu Dhabi-listed Dana Gas with a strong strategic platform from which to grow its upstream activities in natural gas exploration and production throughout the Middle East and North Africa. Centurion announced that at a special meeting of its security-holders held on Tuesday to approve the corporate transaction, 43,867,337 votes representing 94 percent of the securities voted were voted in favor of the “Plan of arrangement” with Dana Gas, and that it had also received formal approval from the Court of Queen’s Bench of Alberta in Canada. “This acquisition gives Dana Gas an important strategic entry into the region’s upstream natural gas sector,” said Hamid Dhiya Jafar, executive chairman of Dana Gas.
FIRST LEASING BANK
First Leasing Bank (FLB) has successfully closed what has become a “landmark private offering” in the GCC. With Ithmaar Bank as the placement manager, financial adviser and lead underwriter, and Shamil Bank as sub-underwriter, this compelling offer has raised the capital of First Leasing Bank to a total of $100 million. “The strong response to the private placement reflects the market’s recognition that equipment leasing and FLB have a decisive role to play in the capital formation and economic diversification of the GCC,” said James Cracco, CEO, FLB. “The additional capital amount invested by FLB’s shareholders will accelerate the execution of our business plan to build a diversified portfolio of equipment leasing throughout the various countries of the GCC.” To date, FLB has funded over $30 million in leased assets, including manufacturing equipment, transportation, printing presses, power generators, construction, telecommunications and marine equipment.
MESC
MESC Specialized Cables recently won a contract worth $15 million from Reliance Industries Ltd. for supplying cables to its Jamnagar project in India, which is described as the world’s largest grassroots refinery and aromatics complex, according to MESC’s Regional Manager Said Al-Karram. The agreement was signed between MESC Specialized Cables and Reliance Industries Ltd. in the presence of top officials from the two companies. “MESC Specialized Cables was able to win this contract and compete internationally due to its state-of-the-art manufacturing facilities and technologies in addition to it high quality products, cost and reliable services,” he added. The Jamnagar project is the first manufacturing complex of its kind having a fully integrated petroleum refinery, petrochemicals complex, captive power plants, and a captive port, with related infrastructure. It represents the largest single investment at a single site in India.