ALSHAYA/PAYLESS
Collective Brands Inc. and its Payless ShoeSource unit have signed an agreement with M.H. Alshaya Co., the “most influential retail franchisee” in the region, as its franchisee for the new market expansion initiative. The specialty footwear retailer is on a mission to democratize fashion and design in footwear and accessories to the World. The two companies said in Riyadh they expected to start opening new Payless stores in 2009 in the region including Saudi Arabia, Kuwait, the UAE, Bahrain, Qatar, Oman, Egypt, Jordan and Lebanon. This is a multiyear transaction. “Consumers in the Middle East want the latest fashions and women, in particular, enjoy expressing themselves through shoes and accessories,” said Matthew Rubel, CEO and chairman, Collective Brands, Payless. Alshaya said they believe the Middle East could, in the long term, support more than 200 stores. “We believe the Payless name and all it represents including great brands will mean a fun inspiring shopping experience,” said Mohammed Alshaya, executive chairman of M.H. Alshaya Co.
ERNST & YOUNG
Ernst & Young, the world’s leading professional services firm, has announced the launch of its Entrepreneur Of The Year 2008 awards program throughout the Middle East. The world’s “most prestigious business award for entrepreneurs” is now in its second edition in the region. The program has already been successful for over 22 years in 135 cities in over 50 countries and seeks to honor entrepreneurs whose ingenuity and perseverance have created and sustained successful, growing business ventures. It makes a difference by encouraging entrepreneurial activity and recognizes the contribution of people who inspire others with their vision, leadership and achievement. In 2007, from a competitive pool of 17 finalists across the Middle East, Samih Darwazah, chairman of Jordan-based Hikma Pharmaceuticals was named as the Ernst & Young Middle East Entr(epreneur Of The Year. This year, the pool of finalists is expected to increase and the competition will intensify. “The Ernst & Young Entrepreneur Of The Year award is an ideal platform for Arab entrepreneurs to highlight their achievements and to take their place amongst global business leaders,” said Ernst & Young’s Middle East Chairman Ahmed Al-Aiban. “We hope to see a cross-section of industries represented in our program this year including the emerging green technology companies,” Fouad Alaeddin, MD, Ernst & Young Middle East, said. An independent judging panel will be drawn from business executives, entrepreneurs, ministers and academics to decide the overall winner of the Middle East Entrepreneur of the Year title. The winner will be announced at a gala dinner in Jordan in November 2008.
TAMEER TOWERS
Real estate leaders Tameer and Sorouh have finalized an agreement with a joint venture of Al-Habtoor Engineering, Murray & Roberts and Al-Rajhi Projects to construct the Tameer Towers project in Abu Dhabi at a cost of 6 billion dirhams, bringing the total cost of the project to 8 billion dirhams. This announcement represents the accomplishment of a major milestone in the Tameer Towers project, a joint venture between Tameer Holding Investment LLC and Sorouh Real Estate PJSC. The construction partners will join the Tameer-Sorouh joint venture in an alliance that will include the architect Gensler from London, along with the structural engineer Thornton Tomasetti, the mechanical engineer Hilson Moran, and the façade engineer Buro Happold in addition to the project manager Hill International and the construction manager Bureau Veritas. Tameer Towers is in SHAMS Abu Dhabi, a major new development on Al-Reem Island, which is master-planned by Sorouh Real Estate PJSC. Home to 45,000 residents, SHAMS Abu Dhabi will be a completely new self-sustaining city based around canals and parks, which integrates world-class master planning practices and extends the lush green of Abu Dhabi’s landscape. A key area of SHAMS Abu Dhabi will be Central Park, an 8.1-hectare landscaped open space with extensive recreational and educational offerings. “The innovative alliance concept is another pioneer concept adopted by Tameer with the utmost attention to quality, cost, and delivery,” Dr. Abdallah Shaaban, MD, Tameer Abu Dhabi, said.
GULF AIR
Bahrain’s national carrier Gulf Air has unveiled its new corporate social responsibility (CSR) plan. The airline has developed an integrated program of research, development, education and outreach focusing on three key areas — climate change and clean air, waste management and community service, with goals to support each. The comprehensive plan, which was developed through consultations with external partners including Boeing and IATA, will see the airline launching a number of initiatives in the coming months which will improve the environment, benefit the community and improve the airlines operational efficiency. “As the airline has grown over 58-years from a small regional airline with one route to a global enterprise operating in more than 40 countries around the world, this value still holds true, shaping our thinking, decisions and actions,” says Gulf Air Chief Strategy Officer Tero Taskila. Bahraini Sameer Al-Saeed, an industrial engineer by qualification, who has been working with Gulf Air human resources department for several years, has been appointed to set up the CSR program. “I am honored to be spearheading a program that influences so many people, Al-Saeed added.
AMIRI
Amiri Capital LLP, the London-based Shariah-compliant alternative investment management group, has launched the Amiri Equity Alternative Strategies (AEAS) fund, with trading that began on Sept. 3. AEAS is the maiden fund from Amiri and the first Islamic alternative investment product to offer a fund of fund manager long/short equity strategy. Coronation, the London-based multimanager, is overseeing the AEAS fund, which will employ 10 underlying managers by year end, providing full diversification across investment geographies and currencies. A five-member Shariah Supervisory Committee chaired by Sheikh Hussain Hassan has certified the fund as Shariah-compliant. In addition, Amiri has developed a proprietary system to screen equities for inclusion in the funds. The system, S3, scrutinizes over 36,000 stocks worldwide to determine their suitability for inclusion in an Islamic fund. Equities held by the AEAS sub-funds will meet the criteria prescribed by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), ensuring AEAS managers have access to the widest possible universe of acceptable equities. The AEAS fund is targeting $1 billion in assets, to be achieved in two to three years from Middle Eastern and Asian institutional investors. ABN Amro has developed a structured product with 100 percent capital-protection and will be developing further structured products ideas. Richard Ellis, a partner and founder of Amiri Capital, said: “We estimate that over the next few years there will be up to $90 billion available to the Islamic alternative investment market.”
RENAULT
Representatives from Renault Asia-Africa’s top management team recently joined Zahid Renault to launch the all-new 2009 Renault Safrane at the newly opened Zahid showroom at Auto Mall in Jeddah. The new car was launched recently under the theme “Take the Safrane challenge,” with an opportunity to test and compare it with the leading competitive sedans in its class. Heading the Renault Asia-Africa delegation was Katsumi Nakamura, executive vice president and leader of the Asia Africa Management Committee, who was joined by Asia-Africa Commercial Vice President Thierry Koskas, Director and Controller Sales and Marketing Jean Paul Franco, Quality and Services Director Christian Bocquet, Renault GCC Managing Director Mohamed Bennani, GCC GM, after-sales, Amaury Galliez and Asia Africa Region Executive Secretary Ayumi Kurose. “This top-level participation reflects not only the importance of the Saudi market to Renault, but also our belief that the new Safrane offers families the best value for money proposition in the segment,” said Alain Sykora, director automotive at Zahid Tractor. “The new Safrane is a stylish and roomy sedan that comes with the acclaimed V6 2.3-liter engine developed by the Renault Nissan Alliance,” said Renault Franchise Manager Yousuf Khaja. The Safrane Challenge is now under way at all Zahid Renault showrooms.
DHL
DHL has appointed John Pearson as CEO for the Eastern Europe, Middle East and Africa (EEMEA) region. Pearson will lead one of most dynamic and fastest growing regions within DHL Express. As the largest region in the DHL Express network, EEMEA comprises 86 countries, 14 time zones, and employs over 10,000 people, serving customers in over 850 languages. “John has always had a singular focus in responding to the needs of the business and in identifying and securing appropriate and new channels for profitable growth,” John Mullen, CEO, DHL Express, said. “EEMEA has been going from strength to strength and, together with our excellent team, I am determined to foster continued growth and maintain our market leading position with customers in the region,” Pearson said. Pearson, who has over 20 years of experience within DHL Express, joins from DHL Express’ global office, where he held the position of Executive Vice President Commercial. Under his leadership, DHL Express has implemented strategic customer-focused initiatives that have been critical in DHL’s continued success.
