Abdul Latif Jameel Community Program (ALJCP) and Saudi Credit Bank (SCB) have agreed to jointly sponsor small-scale and growing establishments with a view to helping young Saudis own the businesses they launch with the help of the bank’s loans. The deal, which was signed by bank General Manager Abdul Rahman Al-Sehaibani and ALJCP President Muhammad Jameel in Jeddah yesterday, stipulates that the financing of the small-scale projects and exchange of expertise, and organization of workshops and seminars would be made available as part of the program. The ALJCP will select the beneficiaries from the applicants intending to open small enterprises and help them with loans through a special portfolio of SR10 million in the SCB. The ALJ will guarantee the repayment of all the loans and take the responsibility of their arrears. ALJ program has so far assisted a total of 1,100 small projects Kingdomwide, according to a company statement.
JWT DUBAI
New York Festivals has announced that JWT Dubai has six pieces across categories short listed in the final stage of the 2007 New York Festivals International Advertising competition. This achievement demonstrates JWT Dubai’s drive to making its mark in the advertising arena on a global scale. The latest announcement only helps cement the Dubai agency’s reputation as one of the most awarded agencies in the entire GCC. “JWT MENA is having a great year, and this latest announcement reflects our ongoing commitment to delivering creative excellence to our clients around the Middle East and North Africa. With awards from international and regional panels alike, we are delighted by the recognition the team is receiving, as it proves our passion for work,” Chafic Haddad, executive creative director, JWT Dubai, said.
GM
According to a recently released 2007 Environmental Protection Agency (EPA) Fuel Economy Guide in the United states, General Motors (GM) leads the industry with more vehicles that achieve 7.89 liters per 100 kilometers on the highway than any other company. This new data reiterates GM’s goal of producing more efficient engines and helping to reduce vehicle emissions, ultimately removing the vehicle from the environmental debate. The company’s three-pronged strategy to accomplish this goal includes making advancements to the traditional internal combustion engine (ICE) and offering alternative fuels like ethanol 85, an alternative fuel made of 85 percent ethanol and 15 percent gasoline, as part of GM’s scheme to expand its hybrid portfolio and develop fuel-cell and electric vehicles. “GM’s fuel economy leadership position further exemplifies our commitment to continually increasing the efficiency of our vehicles,” said Elizabeth Lowery, vice president, energy and environment, GM.
MYNM
Mohammed Yousuf Naghi Motors (MYNM), exclusive dealer of BMW and Mini cars in the Kingdom, and Saudi Arabian Airlines signed a cooperation agreement recently. Under the agreement entered into by the credit department of MYNM and the Cooperative Association of Saudia staff, the latter are granted simple financial facilities to own BMW and Mini cars without down payment and guarantor at very competitive interest and insurance rates. Abbas Al-Nahdi, general director of the credit department of MYNM, said: “The agreement comes as an extension of the successful agreement concluded previously with Hyundai.” He said the main objective of this agreement, among others, is to smoothen the mechanism in financing procedures for Saudia staff to own BMW and Mini Cooper cars. “The agreement covers our after-sale services and direct support program to ensure the success of this program and for the satisfaction of Saudia staff,” MYNM General Manager Mousa Al-Aruri said.
UNILEVER ARABIA
Unilever Arabia has unveiled its latest Sunsilk “Damage repair system” product range in Saudi Arabia and elsewhere in the GCC. The range provides the latest in hair renewal products for damaged and brittle hair consisting of shampoo, conditioner, styling and protecting cream, hair oil, and newly introduced intensive hair mask. The new “Sunsilk Intensive Hair Mask” offers a unique benefit as it is packed with three times more concentrated olive oil serum to deeply nourish, quickly repair and fortify damaged hair from within, in just thee days. “In addition, the olive oil serum in the entire range helps rebuild your hair’s natural cellular structure and seals it with a natural conditioning blanket, making your hair feel alive again,” Iain Potter, VP marketing home and personal care at Unilever Arabia said. “We at Sunsilk are constantly thriving to provide hair products that allow women to enjoy life and still take care of their hair. Sunsilk is not just a shampoo; it’s a brand that provides a range of hair care products.”
GIB
The international credit rating agency Moody’s has upgraded Gulf International Bank’s (GIB) long- and short-term deposit ratings to ‘A2’ and ‘F1’ from ‘A3’ and ‘F2’ respectively. This follows a review of GIB’s assigned ratings based on Moody’s refined bank rating methodology. GIB’s subordinated debt rating has also been upgraded to A3 from Baa1. Moody’s explained in its updated credit opinion that “the rating is supported by the bank’s sound merchant banking franchise in the GCC states, its modest market and credit risk appetite and also its healthy capitalization and asset quality metrics.” It added that “GIB’s long-term deposit rating of A2 incorporates a very high likelihood of support from its shareholders.” Dr. Khaled M. Al-Fayez, GIB’s CEO, said: “Moody’s report is a strong testimony of GIB’s sound business strategy, which has led in the past few years to a significant expansion in its operations and fee-based income.”
SAKANA
Sakana Holistic Housing Solutions announced in Bahrain a significant increase in authorized and paid-up capital as a response to the strong and increasing market demand for the company’s suite of mortgage products. At Sakana’s first AGM and EGM since its December 2006 launch, Chairman Jamal M. Hijres revealed this strategic financial decision, which was given the full backing of Sakana’s shareholders — BBK and Shamil Bank. The move will allow the mortgage provider to expand and grow its operations and continue to play an active role in the mortgage industry with its innovative product and service portfolio. Sakana has doubled authorized capital from 10 million Bahraini dinars to 20 million dinars and increased paid-up capital from 5 million dinars to 12.5 million dinars. This puts the Islamic mortgage provider in a strong position to meet current and future business requirements which will allow new business opportunities to be acted upon as they arise.
SUZUKI
Suzuki Motors Corp. (SMC) has announced that its Grand Vitara 2007, the latest model of its premier line of 4x4 vehicles, has been ranked among the top three safest cars by the Euro New Car Assessment Program (Euro NCAP), an international association that provides motoring consumers a realistic and independent assessment of the safety performance of some of the most popular cards sold in Europe. The Grand Vitara 2007 took the third highest overall rating after earning high marks in the three categories of the crashworthiness test carried by Euro NCAP.