The Banking Institution of the Saudi Arabian Monetary Agency (SAMA) honored NCB for its participation in the recently held two-day symposium on Islamic Banking Precautionary Criteria under the patronage of SAMA Governor Hamad Al-Saiyari. Abdulrazak Elkhraijy, NCB head of Islamic Banking Development Group, who led NCB delegation, received a plaque from Jamaan Alwakdani, director general of SAMA Banking Institution, for sponsoring the symposium. Receiving the plaque, ElKhraijy indicated that NCB sponsorship stemmed from its pioneering stand on Islamic banking and its distinguished position in the field of innovation for many conventional banking products. He said the symposium was the first of its kind in the Kingdom to cover Islamic Monetary Services Council’s criteria in completing the Basil 2 committee’s instructions. It is aimed at providing clear understanding of the criteria issued by the Islamic Monetary Services Council concerning capital adequacy, risk management, supervisory auditing, corporate governance, transparency and market discipline which are essential for safety and stability of Islamic monetary services industry.
DNATA TRAVEL
Dnata Travel, the IATA accredited arm of Dubai’s Dnata Agencies, has launched a major expansion in Saudi Arabia with the opening of new Dnata Travel regional offices in Riyadh and Jeddah. The openings are part of Dnata’s strategy to revolutionize travel management in Saudi Arabia with a wide range of retail and corporate services. Both new state-of-the-art Dnata Travel offices in Riyadh and Jeddah were officially inaugurated on Tuesday. Iain Andrew, chief executive officer, Dnata Travel (KSA) and senior vice president, Dnata Agencies, UAE, said: “We’re delighted to expand our presence in Saudi Arabia with these two new regional offices and look forward to serving the growing needs of this important market. Abdullah Mubarak Al-Suwaiket, executive director, Dnata Travel (KSA) and Al-Suwaiket Trading and Contracting, said: “The opening of these two new Dnata Travel outlets is the latest chapter in development of world-class travel management services in Saudi Arabia ... to ensure optimal customer service levels for customers.” The new regional office in Riyadh is located in Al-Sabaan Plaza, near Euromarche Mall in Takhassussi Street. In Jeddah, the office is at Leevan Commercial Center on Medinah Road.
AL-SADHAN TRADING CO.
Al-Sadhan Trading Company launched its flagship hypermarket in the Kingdom on Khurais Road, Riyadh. Mazen Al-Saleh, CEO of Al-Sadhan Trading Co., said “The opening of the new hypermarket comes in the framework of the company policy to reach all parts of Riyadh with quality products and excellent services at reasonable prices.” It has an area of 21,000 square meters and is considered the most advanced in Riyadh.
SAS-A1CHE
Saudi Arabian section of the American Institute of Chemical Engineers (SAS-A1CHE) held its first dinner meeting for 2007 at Le Meridien Hotel recently. BB Lummus hosted the dinner meeting where it arranged for Brian Muldom, technology marketing manager of petrochemical group at their offices at New Jersey USA to come and give presentation on the production of propylene. Muldon showed that there is big demand on propylene and presently the supply is not enough . He highlighted the new two technology developed by Lummus that will help increase the supply. Abdulmohsen D. Al-Majnouni, president of the Saudi Section, gave an appreciation plaque to Muldon for his valuable presentation. Distribution of prizes followed.