LG NEW REFRIGERATOR LINE
LG Electronics launched a new line of refrigerators in Riyadh on Tuesday. “Saudi Arabia is the first country among the GCC countries for the company to market the new product line because of its strategic importance in the region,” an LG management executive said. The new line, dubbed CS, brings the very latest of LG’s home appliance technologies for consumers to live healthy and easy life. It was launched at the BEST showroom in Hyat Mall. “Through LG’s electronic distributor, United Yousef M. Naghi in Saudi Arabia, is first among GCC countries to get the new line of premium refrigerators, which goes to show just how valuable are the consumers to LG,” Un Chul Hwang, executive vice president LG Operations told reporters. Hwang said the refrigerators were available with capacities ranging from 350 to 710 liters, catering to every family’s specific needs. “Combined with LG’s legendary reputation for reliability and lots of innovative features, such as the world’s first Ice@Door and Soft-Touch Ice home bar, the CS line is yet another landmark product for the people.”
AL-MARAEI’S NEW PRODUCT
Al-Maraei has launched LactoFree, its first 2008 product, which is claimed to be free of lacteous (milk sugar). Hussam Abdul Qadir Al-Maraei, marketing director; Mohammad Al-Otaibi, milk marketing director; Michael Kozman, yogurt/milk marketing director; and Roushoud El-Shaqrawe, professor of nutrition at King Saud University were among those present. Hussam Abdul Qadir explained the product and its components and specifications. Professor Shaqrawe spoke about the importance of the product for those who are suffering from anti-lacteous problems. He said that children, like adults who do not drink milk, can take the product safely.
INVESTATE-OMNIYAT DEAL
Investate Reality BSC (c), the newly launched Bahrain-based real estate investment company, closed a deal with Omniyat Properties to jointly develop a strategic project in Dubai’s high profile Business Bay. Dubai’s Business Bay is the fastest growing financial district in Dubai and promises to become the “Manhattan of the Middle East” Covering an area of 64 million square feet, the development will be made up of over 240 towers and will feature facilities such as office and residential towers. It is set to be completed in 2010. The project is a development of an office building in Dubai Business Bay standing majestically on an expanse of 102,704 square feet and strategically located in the North East of the Business Bay. A masterpiece of form and functionality, this 19 storied, Grade A commercial tower is intelligent yet robust, futuristic yet warm and overall, the ideal place to conduct business. Investate CEO Salah Nooruddin said: “This partnership with Omniyat properties is the second of its kind after the successful Dubai Waterfront deal. We believe partnerships with innovative real estate developers like Omniyat Properties will ensure success and result in adding value to our products and achieving positive returns for our shareholders.”
DAMAC PROPERTIES IN S. AFRICA
DAMAC Properties, one of the largest private sector master developer and luxury lifestyle provider, showcased its wide range of iconic properties spread across the Middle East at its road shows in Johannesburg, Durban and in Cape earlier this month. DAMAC Properties’ span of projects has expanded beyond the borders of the UAE to include over 40 landmark projects on a regional level. Today, the company’s development portfolio includes residential, office and retail projects in six countries spread across 500 million sq. ft. of luxury, with over 12,000 customers. Hussain Sajwani, chairman of DAMAC Holding, said: “Over 110 nationalities have bought our properties and the number is still0 growing.”
ALJ HONORS DEALERS
Mohammed Abdul Latif Jameel, president of ALJ Co. and Akira Okabi, the chief executive officer and board member of Toyota International sponsored the celebration organized by Abdul Latif Jameel Co. Ltd. to honor its dealers throughout the Kingdom. In his speech, Jameel welcomed the dealers and congratulated them for their outstanding successes during the past year. He thanked them for attending the celebration, saying that their sales and after sales performance has tremendously boosted the position of Toyota cars in the market. Jameel said that 2008 will be the year of excellence in terms of cheering up and satisfying the guests. ALJ Co. will provide all the means to cheer up the guests and to improve the services in cooperation with those concerned in areas of car sales, spare parts and after sales services. Okabi also thanked the ALJ dealers. Faysal Abdullah, deputy president (local sales) introduced the action plan for 2008 sales, followed by a presentation of the new Lexus L570, a presentation about ALJ Community Services Programs and a presentation about new Daihatsu cars and its promotional plan.
SAAB ISLAMIC BANKING GM
SABB has appointed Saeed Al-Khuraimi, one of Saudi Arabia’s best known financial services professionals, as general manager, SABB Amanah Islamic Services where he will head up the bank’s comprehensive Islamic financial services activities. Khuraimi comes to SABB with more than 25 years’ experience in financial services in the Kingdom, where he has held many senior positions in the local financial sector. He had also worked for SABB from 1982 to 1995, in several roles, last of which was manager private banking, WPM. Commenting on his appointment, Khuraimi said: “SABB is one of the most prominent financial institutions in the Kingdom. My task is to further develop the bank’s Shariah-compliant business, grow the portfolio of Islamic financial services offered by ‘SABB Amanah,’ and help the bank substantially in achieving its strategic goals.” Adel Marzook Al-Nasser, deputy managing director at SABB, said: “Our aim is to ensure we have the strongest possible team of Saudi nationals running our core businesses. In Saeed, we have secured one of the Kingdom’s outstanding financial services experts with an extraordinary track record. We are delighted to welcome him.”
UPS POSTS HIGHER 4Q RESULTS
UPS Tuesday reported adjusted diluted earnings per share of $1.13 for its fourth quarter, an 8.7 percent increase over last year. Revenue improved 6.1% driven by a double-digit increase in international export volume, growth and firm pricing in the US package business and market-leading shipment gains at UPS Freight. During the quarter, the company announced the ratification of a new five-year agreement with the International Brotherhood of Teamsters, eight months before expiration of the existing contract. As a result, $6.1 billion was paid to withdraw approximately 45,000 UPS employees from the Central States multi-employer pension plan and expensed to the US Package segment in the quarter.