UIB BUYS KOSAN CRISPLANT
Bahrain-based United International Bank (UIB) announced the successful completion of the purchase of Kosan Crisplant. Headquartered in Aarhus, Denmark, Kosan Crisplant is a global leader in providing systems and solutions for the filling and reconditioning of liquefied petroleum gas (LPG) cylinders. Leveraging its world class engineering and project management skills, the company serves its international customer base of LPG distributors. Since Kosan Crisplant’s founding in 1951, the company has supplied systems to over 2,400 LPG distributors throughout 120 countries around the world. As of December 2007, Kosan Crisplant employed 270 people worldwide. Asaad Albanwan, UIB chairman of the BOARD noted: “The acquisition of a global leader in a highly demanded technology will further enable UIB in building a quality portfolio which provides robust investment opportunities to the Bank’s investors including shareholders. Kosan Crisplant has tremendous long-term growth potential and we look forward to partnering with management to create value in the years ahead.” Abdulla Janahi, general manager & acting chief executive officer of UIB said: “The passion and dedication of the employees combined with the senior management team’s leadership abilities and extensive experience underscore our belief that we can continue Kosan Crisplant’s 50 year tradition of providing innovative products and outstanding services to its customers as well as enhance the company’s position as the global market leader.” Anders C. Anderson, managing director/CEO of Kosan Crisplant, said: “We have been able over the past few years to significantly develop the company by expanding the geographic foot print to eleven locations worldwide. In addition, we initiated sourcing and assembly operations in cost-effective locations, launched several new product offerings and commenced a successful facility management concept. UIB will provide us with the opportunity to leverage their strong network in the Middle East region.”
RAK CONFERENCE 2008
Ras Al-Khaimah Investment Authority (RAKIA), the government body responsible for the socioeconomic growth of the emirate, in partnership with business intelligence firm Middle East Economic Digest (MEED), have announced that the 2nd annual Ras Al-Khaimah Conference 2008, organized under the patronage of Sheikh Saud bin Saqr Al-Qasimi, crown prince and deputy ruler of Ras Al-Khaimah, will be held at the Al-Hamra Fort Hotel, Ras Al Khaimah on Jan.27-28, 2008. RAK Conference 2008 will be inaugurated by Sheikh Saud bin Saqr Al-Qasimi, and will gather a powerful line-up of prominent industry figures, thought-leaders, international and regional investors, and key government officials, who will explore and discuss various investment opportunities in Ras Al-Khaimah. Sponsored by Al-Hamra Real Estate, Al-Hamra Village, Amana, Khoie Properties, RAK Ceramics and Rakeen, the conference will also host an interactive workshop that will serve as a practical guide to establishing business ventures in the emirate. “Ras Al-Khaimah is manifesting an economic transformation as a result of business-oriented policies and government-led initiatives that have helped generate major investments in a wide range of industries. RAK Conference 2008 will further consolidate the emirate’s economic strength by identifying new investment prospects and assisting business organisations in their expansion initiatives in the emirate,” said Dr. Khater Massaad, CEO of RAKIA. RAKIA is at the forefront of government initiatives to diversify the RAK economy. It has also been the government authority responsible for promoting the development of the emirate’s industrial zone and free zone in Al-Hamra, and the industrial park in Al-Ghayl.
MEFTEC 2008
The value of the Middle East, Africa and South Asia region’s financial technology market has been estimated at $6 billion in 2007 with expectations of an annual growth of 15 percent due to the increased spending of leading regional firms on core banking system and IT infrastructure upgrades. Leveraging the tremendous opportunities within the region, Raqmiyat, a leading UAE-based systems integrator, has announced its participation at MEFTEC 2008, the region’s premier financial technology event, which is being held at the Bahrain International Exhibition Center on Feb. 11-12, 2008. The company will highlight its extensive range of banking systems and IT services portfolio at the exhibition, which is set to draw high profile financial technology decision makers, IT buyers and vendors in an exclusive and well-targeted exhibition. Focusing on its “Unified Front End” solutions for financial institutions, Raqmiyat expects to attract the attention of top IT officials through this pioneering system, which facilitates user’s access to multiple systems within the bank using a single unified front-end application. “With the growing demand for compliance to international and local standards among banking and financial firms across the region, the financial technology market in the Middle East and neighboring regions has been witnessing substantial growth through the years,” said Tapas Roy, COO, Raqmiyat. “MEFTEC’s significant contribution to the market’s growth has been driven by the event’s ability to gather a captured top-calibre audience and provide exhibiting vendors with optimal opportunity to build important business relationships crucial to surpassing competition. Our participation at this event demonstrates the heights at which we are planning to take our regional operations, as we target officials belonging to the uppermost echelons of IT in the financial industry.” The leading systems integrator is also set to bring the spotlight to its wide array of technologies from well-established partner vendors such as SOA Vision for Item Processors from Unisys, Cheque Truncation Systems from Aperta and the complete suite of Treasury and FX-related products from Wallstreet Systems. In addition, Raqmiyat has identified the tremendous opportunity to gain further brand awareness for the private banking and wealth management solutions and services from Odyssey Financial Technologies at the event.
SNASCO IN JORDANIAN MARKET
Snasco, one of the leading real estate firms in the region, has announced its intention to enter the Jordanian property market, in line with its strategy for expansion in the Arab region. Following the firm’s establishment in the Kingdom of Saudi Arabia and the subsequent launch of the Sharjah Investment Center mega-project, Saleh Al-Sorayai, chairman of Snasco, said the move to Jordan is the next logical step in the company’s expansion strategy. “Jordan is fast becoming one of the region’s most prolific markets for international investors, with the Jordanian government’s flexible laws facilitating the smooth operation of foreign investment. With Jordan’s residential property sector as highly active as it is, we expect to see a significant increase in the demand for commercial property, and will be keeping a close eye on this sector as we weigh our options in Jordan,” he said. Al-Sorayai said the move is the result of extensive research into the benefits that can be expected from investments in Jordanian real estate, where investments in the residential sector amount to $5.7 billion — and this figure is expected to increase to $28.9 billion within the next five years. This growth in the residential property development sector has, in turn lead to an increased demand for office space and other commercial property. Real estate revenues are expected to account for 15 percent of Jordan’s GDP over the next five years, according to industry reports. The sector is set to see a tremendous increase in demand for real estate due to factors such as the country’s stability and the incentives offered by the Jordanian government to investors.
QUARTET TOWERS SOLD OUT
Schön Properties, one of the most prolific property developers in the UAE market, has announced that the premier apartment residence, Quartet residential towers, located in the prestigious Dubai Lagoon development, has been completely sold out. The Quartet comprises four residential towers and a combined 423 studios and 1- and 2-bedroom apartments, was launched on 5 December 2007 in answer to the region’s high demand for affordable apartments. This project is the final phase of the Dubai Lagoon project, and is expected to be completed toward the end of 2009. A unique payment plan was set up to attract potential buyers, and the 15 percent deposit, with a 10 percent installment after six months, with the remaining 75 percent being paid in quarterly installments, certainly helped to persuade many prospective homeowners that the Quartet was an ideal investment. This can be seen by the fact that the development was completely sold out a mere six weeks after its launch. “The public’s response to this project has been overwhelming,” said Asher Schön Hussain, vice president of Schön properties. “We would like to congratulate each of the new owners of these apartments on their purchase, and look forward to seeing them reap the rewards of their investments.” Dubai Lagoon, one of the emirate’s premier residential developments projects, is a unique contemporary-styled residential apartment community, ideally situated a mere 10-minutes away from Maktoum International Airport, Dubai World Central and Dubai Land. The man-made lagoon found at the heart of the development offers an atmosphere of romance in a stunning setting of permanent beauty, with a sophisticated filtration system to ensure that the lagoon maintains its azure brilliance and the water remains fresh.
DUBAI PRINT AWARD 2007
Dubai Chamber of Commerce and Industry’s Printing and Publishing Group (PPG) honored the winners of the Dubai Print Award 2007 on Jan. 15, 2008, with gold, silver and bronze awards bestowed to winners of 21 categories during a lavish ceremony at the Grand Hyatt Hotel, Dubai. It is the first time that the event, which was held under the patronage of Sheikh Maktoum Bin Mohammed Bin Rashid Al-Maktoum, was expanded to incorporate winners from all GCC states. “The Middle East’s printing and publishing sector is projected to be worth approximately AED6.24 trillion by the end of this year, which represents a great incentive for companies to employ best practices, work towards innovation and remain attuned to customer needs. We salute this year’s winners, who have shown their dedication to this dynamic industry, and we are pleased to witness the large interest in our event in light of the sector’s capacity for further growth,” said Hisham Al-Shirawi, board member of Dubai Chamber of Commerce and Industry. The second annual Dubai Print Award was established to recognise companies and individuals for their invaluable contributions to management efficiency, control, and technological advancement. Six Country Awards were also presented, with Zabeel Printing Press winning the UAE Award.