JEDDAH, 9 July 2007 — National Commercial Bank (NCB) Chairman Abdullah Salim Bahamdan said yesterday that the bank’s net income totaled SR3.534 billion for the first half of 2007 compared to SR3.339 billion for the first half of 2006, an increase of SR195 million by 5.9 percent. Total assets grew by 18.7 percent to SR184.033 billion on June 30 compared to June 30, 2006, net loans and advances increased to SR82.884 billion, an increase of 9.2 percent and customer deposits increased to SR131.678 billion, an increase of 12.6 percent. In addition, NCB’s total shareholders’ equity grew by 20.4 percent to SR26.805 billion and the ratio of equity to assets stood at a robust 14.6 percent, thus reinforcing its strong capital adequacy ratio. The bank continued to maintain high profitability ratios as return on average assets (ROA) was 4.2 percent and the return on average equity (ROE) was 27.9 percent while earnings per share (EPS) reached SR2.36. The board of directors approved on July 3 interim net dividends of SR1.050 billion at the rate of SR0.70 per share.

HSBC Named Best Trade Bank

RIYADH, 9 July 2007 — The 2007 Awards for Excellence were recently announced by Trade Finance Magazine and named HSBC as the “Best trade bank in Middle East and North Africa” for the second consecutive year. “Trade finance is integral to the business vision of SABB and, as a member of HSBC Group, we are able to provide unrivaled local expertise, regional network and international reach for customers,” Faisal Ansari, head of transaction banking at SABB, HSBC’s associate in Saudi Arabia, said. These results are based on a poll of the magazine’s readers and over 12,000 responses were received for the 2007 awards. HSBC also won the award for “Best online trade finance provider” and “Best structured trade bank.”

KM Properties Launches Promotion

DUBAI, 9 July 2007 — KM Properties, the real estate arm of KM Holding, launched its El Matador Tower Summer Surprises promotion in conjunction with Dubai Summer Surprises. The promotion offer is for new home owners buying a slice of Spain at the Tamani Exclusive at El Matador Tower in Jumeirah Village. The 43-story aerodynamic tower offers Spanish-style living in modern studios, apartments and loft-style condos. “The promotion is simple: Customers need to pay only 10 percent to book a unit at Tamani Exclusive at El Matador Tower and they are automatically entitled to a four day/three night vacation package to any destination in the world,” explained Sanjeet Joher, group chief operating officer, KM Holding.

2nd Insurance Summit in October

RIYADH, 9 July 2007 — The National Company for Cooperative Insurance (NCCI) will be the Diamond Sponsors for the forthcoming 2nd Saudi Insurance Summit which will be held in Jeddah in October this year. Announcing NCCI’s participation in the major event, Deep Marwaha, conference manager for the 2nd Saudi Insurance Summit, said the summit will address the current issues and identify the essential developments through a series of presentations and panel discussions. (Mohammed Rasooldeen)

UTI India Lifestyle Fund Launched

DUBAI, 9 July 2007 — UTI Mutual Fund has launched UTI India Lifestyle Fund, a three-year close-ended equity oriented scheme offering NRIs an opportunity to invest in companies that are driving India’s lifestyle revolution. The new fund offer (NFO) opened on July 2 and will close on July 25. Purchase of units will be available only during NFO period, at Rs.10 per unit. Krishnan Ramchandran, CEO, Barjeel Geojit Securities, said: “To mark the launch of this unique fund and as a gesture of goodwill to our customers, we are offering a free PAN card to those who invest in the fund.”

Dana Gas Signs Deal With Abraaj Capital

DUBAI, 9 July 2007 — Dana Gas PJSC, the Middle East’s first and largest private sector regional natural gas company, has signed a Strategic Alliance Agreement with Abraaj Capital, the premier private equity firm in the Middle East, North Africa & South Asia (MENASA) region. Through the Agreement, signed by Hamid Dhiya Jafar, executive chairman of Dana Gas, and Arif Naqvi, executive vice chairman and chief executive officer of Abraaj Capital, the two companies will work together in identifying and pursuing business opportunities in the Natural Gas and related Industries within the MENASA region.