LG
LG Electronics (LG) unveiled its “newest invention,” the LG steam washing machine at the Jeddah Hilton yesterday. The unit incorporates “innovative steam technology in the washing process for the first time in the world” and will be available in Saudi Arabia through United Yousef Mohamed Naghi Co. — the sole distributor of LG Electronics home appliances and consumer electronics in the Kingdom. LG General Manager Simon Lee said that after two years of development, LG successfully incorporated the eco-friendly steam technology used to clean clothes with less water and energy, while preventing shrinkage and extending the life cycle of the garment. The new steam washing machine features the dual spray system, which sprays steam on the laundry for 40 minutes to improve washing performance and help rid it of harmful germs. Shon Kim, LG’s product manager, said, the high-end drum type washing machines were also equipped with power line communication modems and remote monitoring panels that can be placed anywhere in the house which allow users to monitor the laundry. Ammar Naghi, president of United Naghi Co., said: “We have an extensive network of showrooms to present to the Saudi customer the best in LG’s home appliances products.”
ZAC
Zamil Air Conditioners (ZAC) — a business unit of Zamil Industrial Investment Company (a Saudi joint stock company) and a Middle East and international manufacturer of air conditioning systems — has launched its “Cooline from Zamil” brand in Yemen. The product line was officially introduced at the company’s technical seminar in Sanaa yesterday, with the support of Sanaa Mayor Yahya Al-Shuaibi. Mutaher Al-Sanabani, GM, Styrco for Industry & Trade Company and agent of ZAC in Yemen, commended the exceptional quality of the Saudi-made products and detailed the success of the company’s global brand. The ZAC delegation included managers and representatives from each strategic business unit of the company. “ZAC will offer a comprehensive range of air conditioning products and HVAC solutions, in addition to its support maintenance services and spare parts,” ZAC President Ahmed Al-Zamil said.
AL SALAM BANK
Al Salam Bank Bahrain is set to launch Bahrain’s first EMV-compliant chip-based smart ATM card, another milestone achievement since its incorporation in January 2006, and a breakthrough in Islamic and conventional banking services in the GCC. EMV, the initials of the three main card companies Europay, Mastercard and Visa, is the name given to the standard developed by these companies, which allows point of sale (POS) and ATM machines to securely read and transmit card information to the bank’s state-of-the-art systems, thus demolishing the possibility of counterfeiting and other fraudulent use of existing magnetic tape-based cards. Nabeel Al-Tattan, executive vice president and banking group head at Al Salam Bank said: “We are pleased to be the first in Bahrain to announce yet another innovative product, inspired by the Bahraini government initiatives of ‘electronic government’ and ‘chip-based identity card,’ and in line with the bank’s strategy to provide sophisticated Shariah-compliant services.”
VC BANK
The shareholders of Venture Capital Bank BSC (VC Bank) approved a total dividend of 12.5 percent at the bank’s first annual general meeting held in Bahrain yesterday. The dividend, which will be distributed as 7.5 percent in cash and 5 percent in bonus shares, reinforces a “blessed and successful” first full year of operations for the bank, during which it posted a net income of $13.3 million and achieved a return on equity of 20.1 percent. “We are extremely proud of these results,” VC Bank Chairman Dr. Ghassan Al-Sulaiman told a press conference, “which constitute a record-breaking performance for the initial start-up period of an investment bank in Bahrain. We are particularly pleased to have been able to distribute dividend to our shareholders in our first year.” Following the AGM, an extraordinary general meeting of shareholders approved the board’s proposal to increase the bank’s paid-up capital by 127 percent, from $66 million to $150 million.
NCB
The National Commercial Bank (NCB) recently opened two new ladies offices in the Southern region, one at the Prince Sultan Street branch and the other at the King Road in Khamis Mushait. Ayman Al-Tayyar, NCB’s Islamic branch network division head, said opening more ladies offices is part of the large and continued expansion of the bank’s work targeted at ladies sector. The NCB is committed to providing the region with the latest banking technology, he said, and hoped that the opening of new offices for ladies would help develop and strengthen the relationship between the bank and its female clients and provide them with the highest level of service whether for individuals or corporations. Saeed Al-Khuraimi, NCB’s regional manager, said the two new offices would provide clients all the latest banking financial and investment services, which are compliant with Islamic rules and regulations.
SUNSILK
In celebration of its new color boost collection, Sunsilk has launched a makeover competition. This event so far has received enormous attraction throughout Jeddah with women all over the city filling out entry forms at special booths that have been set up specifically for this event. Women who entered the competition got the chance to learn about Sunsilk’s great new hair care line and receive a limited edition of stylish Sunsilk wristband. The Sunsilk booths have been placed in popular shopping malls such as Tahlia Shopping Center, Aziz Mall and Serafi Mall. They have also been placed in universities such us KAAU. “I absolutely love the idea of this competition. “It’s the first time I’ve ever seen something like it in Jeddah,” one of the applicants said.