TRIPP LITE
The GCC is expected to invest close to $100 billion to increase its power generation capacity within the next 10 years, as studies reveal that the six countries that comprise the GCC member states need at least 100,000 megawatts to support the power requirements of their rapidly growing economies. With aims to leverage the booming power market, Tripp Lite, a world leading manufacturer of power protection and connectivity equipment, has announced plans to expand its current portfolio of power protection and continuity products, while intensifying its product development initiatives as part of its efforts to address the growing demands of regional markets. “The GCC is leading the way in the development of power production facilities, which is focused on supplying the growing power requirement at a more economical cost,” said Vipin Sharma, VP, EEMEA and India sales, Tripp Lite. “With government bodies focusing on ensuring that there is adequate power supply to sustain development, we have identified the outstanding prospect in aiding their initiatives by providing highly secure power protection equipment, which not only facilitates continuous electricity supply but enables power conservation as well.”
DUBAI EGOVERNMENT
Dubai eGovernment has announced the winners of Modhesh Friends Forum, a competition at a glittering awards ceremony held in Modhesh Fun City. It has been organizing the contest every year during Dubai Summer Surprises (DSS). This year, the competition generated a record 45,789 posts from 1,183 members on the English and Arabic online discussion forums. In all, 14 prizes were distributed during the awards ceremony. Samiha Mirza Asad was adjudged winner for her article titled ‘How to spend a fruitful vacation in summer’, while the four winners for the post titled ‘My journey across the UAE’ were Hamda Abdullah Bani Yas, Abdulhamid Mohammed Saleh, Mohammed Mirza Asad and Fatma Mohammed Haji. The prizes for the ‘Best Modhesh Fun City Photograph’ were presented to Mohamed Maan Fadhel, Omar Mohamed Haji, Ibtisam Abdallah Hussein and Maliha Muhammad Malik. The five winners for the ‘Modhesh Ramadan Greeting Card’ contest were Nora Ali Al-Mutawa, Mohammed Ahmed Al-Madhani, Sarah Abdul-Aziz Mohammed, Ibtisam Ali Al-Mutawa and Sharifa Al-Mutawa. “The Modhesh Friends Forum has once again emerged as one of the most popular activities during DSS, especially because it is entertaining and educational at the same time,” said Salem Al-Shair, eServices Director, Dubai eGovernment.
ALJCSP
As part of Tanweer, a program of Abdul Latif Jameel Community Services Programs (ALJCSP), and in cooperation and coordination with the Ministry of Social Affairs, ALJCSP organized its annual summer travel for the outstanding orphan students from all over the Kingdom. Supervisors from the ministry accompanied the children in their journey to Turkey. Naser Al-Eid, head of the travel program and representative of the Ministry, said that the orphans had expressed appreciation and gratitude to ALJCSP for this valuable annual initiative, which began in 2004. Al-Eid stated that the orphans had enjoyed their eight-day journey and toured Turkey’s landmarks and visited historical places, museums and entertainment venues. Abdul Rahman Al-Fihaid, manager of ALJCSP in Makkah area, said that Tanweer was one of ALJCSP initiatives. The program aims at saving orphans from their isolation and providing them opportunities to go on summer vacation like other children. “Such journeys help expanding horizons of students and make them feel equal to their counterparts,” Al-Eid added. Ahmed Naser, a student participating in the program, said: “Visit to Turkey was an excellent reward for us. We have been eagerly waiting for it, and it was the first time that I traveled abroad.” In the previous years, journeys to Malaysia, Turkey and France were organized under the Tanweer program.
GREAT PROPERTIES
Great Properties, the UAE-based real estate agency, has recently announced its commitment to protecting the environment by taking up numerous initiatives, which include becoming members of Dubai’s Emirates Environmental Group (EEG) taking part in the group’s activities, in addition to numerous other self-established prospects. The decision to join hands with the EEG is part of Great Properties’ strategy to demonstrate its commitment to sustainable development and protection of the environment. This initiative aims to create and strengthen awareness among the public and also within the property development sector of the vital need to adhere to and promote sustainable practices in an effort to minimize harmful impacts upon the sensitive environment. Becoming a new member of the EEG has brought forth valuable and creative ways in helping the environment for Great Properties. “As a socially responsible company, Great Properties is totally committed to not only protecting the environment and adopting practices to minimize environmental degradation, but also to build awareness of the importance of sustainable development throughout the community,” said Mohammed Al-Zarah, VP, Great Properties.
MORGAN STANLEY
Morgan Stanley has announced that Morgan Stanley Saudi Arabia (MSSA) has become the first investment bank to enter into a ‘Swap agreement’ with a non-resident foreign investor for a single stock, as authorized by Saudi Arabia’s Capital Markets Authority (CMA). The announcement comes shortly after the CMA approved a resolution to allow authorized persons, such as MSSA, to enter into swap agreements with non-resident foreign investors for individual stocks. While MSSA retains legal ownership of the shares, the economic benefits of the Saudi companies’ shares are transferred to the investor. “This transaction marks a historic milestone for Saudi Arabia, as it is the first time foreign investors are able to have access to companies listed on the Tadawul,” Dr. Fahad Almubarak, chairman of MSSA, said. “The CMA’s move to enable foreign investors to indirectly access Saudi stocks is an extremely welcome move. Interest from international investors in the GCC’s biggest capital market is very high, and we expect to see a lot more interest in these swap transactions from investors around the world,” Craig Niven, MD, Morgan Stanley, said.
SONY
Sony’s latest range of Bravia LCD TV models aims to brighten up the home by adding a splash of fruity colors. The new 20-inch TV (KLV-20S400A) is available in fruity pink, green, blue and orange, as well as the classics - silver and black -- and allows consumers to add more style and personality to their living spaces. The new S-series offer new and improved features such as the enhanced Bravia Engine 2, Intelligent Signal Booster and MPEG Noise Reduction to enhance the true-to-life quality from standard definition sources. Our new design is all about enhancing your total TV viewing experience without distracting you from what’s on the screen. These new designs give you the best of both worlds - a stunning LCD flat screen with all the superb features and a gorgeously styled visual centerpiece that looks as good in the home as the pictures it displays, Yamato Tanikawa, head of the television business for Sony Gulf, said. The Bravia S400 series features 1,366 x 768 pixels WXGA resolution and fully supports HD signals (720, 1080i, 1080p). Sony’s new Bravia Engine 2 powers all the models from the S400 series.
FAKHRUDDIN
Many companies in the UAE’s real estate market have witnessed remarkable growth over the past few years with the sector averaging a growth rate of 1,200 to 1,500 percent in the period 2000 to 2007, led by Abu Dhabi and Dubai. According to recent statistics issued by Dubai’s Real Estate Regulatory Authority (RERA) and the Dubai Land Department, as well as data released by the Abu Dhabi Chamber of Commerce, the number of registered real estate developers and related companies in the two emirates has risen to 4,047, including 1,588 companies and contracting offices in Dubai, and 1,588 management, investment and real estate development companies in Abu Dhabi. “As one of the country’s most profitable investment sources, the real estate sector is attracting the attention of investors from all over the globe, due in large part to the composed projects and environment that the market provides for investment,” Ali Fakhruddin, director of UAE-based Fakhruddin Properties, said. As a result, bank funding for the real estate market alone in 2007 amounted to AED45 billion, of a total of AED75 billion allocated for the construction sector, he added.
NOBLES INVESTMENTS
Nobles Investments, a newly established AED4 billion real estate development company has been announced in Dubai, UAE. The company will be focusing on the ever-growing real estate markets in the UAE and the Middle East, and is fully committed to launching several high-end projects by the end of the year. “The establishment of Nobles Investments inaugurates numerous years of industry experience, and fuels a totally new concept the company is set to introduce based on best practices and business ethics,” the company’s Founding Chairman Omar Ayesh said. The company has adopted the “Art of life” as a core strategy, where performance revolves around three pillars: The team, the customers and the strategic partners.” Nobles Investments is committed to attracting the best industry talents who are destined to share the glory of Nobles’ success story as part of the team. The company is offering competitive and attractive packages, and is providing a dynamic working environment that has been carefully designed to stimulate creativity and teamwork. The offices and showrooms are equipped with areas designated for entertainment and refreshment, along with a specialized day care center.
DEUTSCHE BANK
Deutsche Bank announced on Aug. 26 that it concluded its first swap agreement on the Saudi stock market (Tadawul), a milestone in the Bank’s operations in the Kingdom. The trade was executed immediately following the receipt of the final go ahead from Saudi Arabia’s Capital Market Authority (CMA), the capital market regulator, which very recently took the groundbreaking decision to allow a few authorized entities to trade in shares listed on the Kingdom’s stock exchange on behalf of foreign investors through swap agreements. Previously, foreign non-resident investors were only able to access the Tadawul via mutual funds. Deutsche Bank is conducting all swap agreements through its subsidiary in the Kingdom, Deutsche Securities Saudi Arabia. “This is a momentous occasion for Deutsche Bank as a whole, and specifically for our operations in Saudi Arabia - the largest equity market in the Middle East and one of the most important emerging markets,” Jamal Alkishi, CEO of Deutsche Securities Saudi Arabia, said. Saudi Arabia’s stock market is the 11th largest in the world. Deutsche Bank opened its first branch in Riyadh in 2006. In 2007, Deutsche Securities Saudi Arabia, a subsidiary of Deutsche Bank, was granted a license by the Capital Market Authority of Saudi Arabia to offer brokerage and custody services, as well as arranging, advising and providing investment funds management.
SABB
RIYADH- SABB has won two awards in the World’s Best Internet banks competition in the regional sub-category consumer banking prizes awarded by the prestigious international publication, Global Finance, in its World’s Best Internet Banks in the Middle East and Africa 2008 awards. The awards won by SABB are: Best Investment Management Services and Best Online Consumer Credit Site for the year 2008. Winning banks were selected based on the following criteria: Strength of strategy for attracting and servicing online customers, success in getting clients to use web offerings, growth of online customers, breadth of product offerings, evidence of tangible benefits gained from Internet initiatives, and web site design and functionality. Winners were chosen among entries evaluated by a world-class panel of judges. It is worth mentioning that SABB dedication to continuous development of internet services provided to customers, and the utilization of cutting edge new technologies, to deliver its products to customers, and to facilitate their banking transactions and requirements, a strategy that has resulted in winning many awards in this field, in addition to fulfilling customers’ aspirations and needs, related to service quality and ease of access.