Hyundai Motor Co. is replacing its decade-old line of Aero coaches with the all-new “Universe”. Sporting a sleek, aerodynamic look and developed over a 36-month period under the PY project codename, the Universe features numerous improvements and new technologies, which will enable the Korean automobile giant to compete in key overseas markets including the Kingdom and other Middle East and Asian countries. Backed by a $100 million development budget, the Universe project team benchmarked the world’s major models with the aim of setting a new world-class standard for comfort, performance and durability. The new coaches surely have a potentially good market across Saudi Arabia, with growing demand from an increasing number of pilgrims in particular, Mohamed Yousuf Naghi of Mohamed Yousuf Naghi Motors (MYNM) told a ceremony that marked the launch of Hyundai’s new Universe coach in Jeddah on Wednesday night. “We are absolutely confident that the Universe matches or exceeds the competition in every measurable respect,” Choi Han-Young, president of Hyundai’s commercial vehicle division, said.
WTN
Prince Saud ibn Faisal announced the launch of a new magazine on world tourism at a ceremony in Jeddah last week. The new bilingual (Arabic/English), “Alam Al-Siyaha” (World Tourism News — WTN) will reflect tourism developments across the Kingdom and the world, said Prince Saud, chairman of Saudi Investment and Development Group, which owns the monthly publication. It aims to provide latest tourism information. At the ceremony, the prince signed a contract that declares Ahlam Sallimoni as a partner and general manager of the group in addition to her role as the magazine’s editor in chief. Ahlam said the group would work for promoting the media, PR, advertising, and research and development. The group will dedicate itself to R&D in a bid to introduce new technologies in the Kingdom. Ahlam said the magazine would focus on one Arabic and one non-Arabic tourist destination in each monthly issue.
Panasonic
Panasonic, a global manufacturer of consumer electronics, has announced the launch of a series of new DVD video cameras in the Middle East that support a wide range of DVD recording media. The VDR-D310 is provided with a 3CCD camera system that has an established reputation as professional broadcast apparatus, Panasonic’s optical image stabilizer and Leica Dicomar lens. The VDR-D160, which is a compact model that attaches importance to the reduction of weight, completes a full lineup of DVD video cameras satisfying a variety of needs. “Once again, Panasonic’s focus has been on making video cameras that are much more user-friendly than conventional models. This new series of DVD video cameras offers a host of features that are aimed at ensuring high quality output in different shooting conditions,” said Yasuo Kimoto, product manager, Panasonic Marketing Middle East.
EMAAR
The first annual general meeting (AGM) of Emaar, The Economic City (Emaar EC) has endorsed the progress achieved on the development of King Abdullah Economic City (KAEC), the single largest private-sector led project in the region. The shareholders of the Tadawul-listed company also approved Emaar EC’s financial report for its first three months of operation ended Dec. 31 as well as the auditor’s report. AGM approved the appointment of the auditors for 2007 and absolved the board of directors and auditors from any liability. “As a landmark project, the King Abdullah Economic City reflects the growth aspirations of the people of Saudi Arabia, and we thank our shareholders for their trust in us to drive this project forward,” said Mohamed Ali Alabbar, chairman, Emaar EC. “KAEC has made considerable progress in laying out the necessary infrastructure and the development of its various components.”
UNION OF ARAB BANKS
The board of directors of the Union of Arab Banks at its meeting held in Beirut on Monday elected renowned banker Adnan Ahmed Yousif, representative of Bahraini bankers and president and chief executive of Albaraka Banking Group, as their chairman for a tenure of three years. Yousif succeeds Dr. Joseph Tarabiah. Yousif is a prolific international banker with over 30 years of experience in international and Islamic banking. He is president and chief executive of one of the founders of Islamic banking, Albaraka Banking Group, headquartered in Bahrain with presence in 10 countries in the form of 10 subsidiaries, and with a total of more than 215 branches.
MOBILY
In the “Euromoney KSA 2007” held in Riyadh recently, Abdul Aziz Al-Tamami, vice president and COO, Mobily, attributed the massive changes in the Kingdom’s telecom sector to the excellent planning of the government represented by Commission of Information Technology and Communications (CITC) and the country’s strong economy, in addition to the success of Mobily which has accounted for a record-breaking performance.