EMAAR
Emaar, The Economic City (Emaar.E.C.), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has awarded a SR200 million development contract to Saudi Arabia-based CEMCCO for undertaking phase one infrastructural work within the Resort Cove. The work is to be completed in March 2009. The contract covers the utilities work of over 880,000 sq m of land and consists of various infrastructure work to be constructed in accordance with international standards and to meet the requirements of a modern Smart City development. Fahd Al-Rasheed, board member and CEO, Emaar.E.C., and Salim Sadiq Al-Akhras, GM, CEMCCO, Saudi Arabia, recently, signed the agreement in Jeddah. CEMCCO will undertake the construction of roads, sewage, storm drainage, water supply, irrigation, fire fighting, electrical (with both medium and low voltage cables), street lighting and telecommunication infrastructure. The total length of network to be constructed for Package A infrastructure is 144 km. Al-Rasheed said: “King Abdullah Economic City is making rapid strides in its evolution as the first Smart City in the region. CEMCCO has proven competencies in infrastructure development and their extensive expertise will help establish a modern infrastructure for the first phase of the Resort Cove.” The current agreement follows a SR115 million contract awarded by Emaar.E.C. to CEMCCO earlier this year to undertake the first phase infrastructural work of the mega-project’s Industrial Zone. Al-Akhras, said: “CEMCCO, part of the TOEC Group, which has a strong regional presence in the Middle East and North Africa region, is proud to be partnering with Emaar.E.C. once again. We have plans to have a major presence in KAEC by entering the industrial sector and heavy construction alongside the infrastructure development. We are committed to providing all the necessary expertise and ensure that the project is delivered on schedule.”
H&M
H&M, Hennes & Mauritz, an international fashion retailer, will soon be available to eager followers of fashion in Dammam. The 1,181 sq.m. store will open on Saturday (in Mall of Dhahran, located in Dammam, and will feature a ladies and kids only concept. The expansion of the trendy high street brand is a result of H&M’s strategic partnership with M.H. Alshaya, one of the Middle East’s leading retailers. “We are very excited to introduce the second H&M store to the Saudi market. We believe the brand will rapidly become a popular choice as it has done in other parts of the region. The wide assortment on offer coupled with the introduction of new garments into the store every day will be something unique in the Kingdom and will enhance the shopper’s experience”, said Mohammed Al-Shaya, chairman of M.H. Alshaya Company. Jazz Hayer, business director H&M Middle East, said: “We are very excited to be bringing the H&M philosophy of ‘fashion, quality at the best price’ to different provinces in the Kingdom. This newest addition to Dammam’s retail landscape will be sure to entice families with the launch of its latest ladies’ and children’s collections. Shoppers will be spoilt for choice as they choose from an unparalleled selection of accessories including turbans, straw hats, couture scarves, obi belts, wood jewelry, sandals, ballerinas and Mary Janes to name but a few. Also available will be H&M’s organic collection which features colors and designs inspired by the 60’s and 70’s. The launch of the H&M Dammam store will come soon after the successful launch of the first in Jeddah on Sept. 13. Founded in 1947, there are now over 1,500 H&M stores in 29 countries. The H&M brand is synonymous around the world with affordable, up to date and high quality fashion. More than 100 in-house designers create the company’s collections.
SAMBA
Samba Financial Group, the dominant leader in the credit card business, launched Samba Al-Khair Business Card, claimed to be the first Islamic business card in the Kingdom and Middle East-North Africa (MENA) region. The card targets the unique needs of the Saudi entrepreneurs who own small or medium enterprises in the Kingdom. Eisa M. Al-Eisa, MD and CEO of Samba Financial Group said: “The SME segment is a rapidly growing sector within Saudi Arabia and very important to the economy. Several and multidimensional efforts are being made to encourage Saudi businessmen do even better and Samba Al Khair Business Card is especially designed for this purpose. The product offers access to greater business cash flows, convenience and control on business expenses to this segment all on a fully Shariah-compliant platform. The card is indeed designed to be an excellent business companion and once again bears testimony to Samba’s ongoing customer centric innovation and leadership.” The card offers a range of value added benefits from discounts on business specific needs such as courier service, office supplies, rent a car and hotels apart from the usual superior world class privileges that only Samba Credit Cards bring such as Dial-A-Draft payments, utility bill payments, worldwide acceptance, 24-hour customer care, cash withdrawals and convenient day-and-night payment options via SambaOnline, SambaPhone or at Samba ATMs.
DOW JONES
The Dow Jones Sustainability World Index recently announced it had rated the Dow Chemical Company as one of the top performers in the global chemical industry, marking the eighth time Dow has received this recognition since the launch of the Index in 1999. The Company was recognized for its operational eco-efficiency, product stewardship, customer relationship management and people development, among other things. Dow’s overall score was 85 percent, 24 percentage points higher than the average and just two points lower than the top score in the industry. Dow was one of nine chemical companies who made this year’s list, which includes a total of 320 companies from 19 super sectors. “Once again we are honored to be recognized by Dow Jones, reinforcing the positive impact we’re making with our sustainability efforts across the company,” said Dave Kepler, executive vice president and chief sustainability officer. “As the global marketplace increases its demand for sustainable solutions, Dow is well positioned to lead the chemical industry in meeting and exceeding these demands.” John Dearborn, president, Dow Chemical India, Middle East & Africa (IMEA) said, “At Dow, corporate citizenship is a critical component of setting the standard for sustainability. It means we are focused on local citizenship, sustainable innovations, and global footprint reduction. This recognition is a testament of Dow’s global commitment to sustainability that we bring to the region and the world over.” By connecting chemistry and science with the principles of sustainability, Dow is helping to address some of the world’s most pressing challenges...bringing new hope to communities across the globe, new prospects for our planet and new business opportunities for the company.
SME
Russian investors are expected to pump $1.5 billion into the Dubai property market in 2008, as studies reveal their eagerness to find more investor-friendly markets outside their country. With the outpouring of global real estate investments coming from Moscow-based multinational corporations, Strategic Marketing and Exhibitions (SME), organizers of the “International Property Show” in Dubai, is set to launch the “International Property Show Moscow 2008”, with the aim of attracting major Russian investors into the emirate. The high profile networking and transactional event will feature prime real estate projects from Dubai and across the globe within its three-day run, from Nov. 10 — 12 at Crocus Expo International Exhibition Center in the Russian capital. Set to occupy 4,730 sq. meters of in exhibition space, the “International Property Show Moscow 2008” is expected to welcome over 100 exhibitors and more than 15,000 trade visitors, making it the biggest transactional trade and public property exhibition in Russia. The event has been designed to attract high net-worth individuals, commercial and residential investors and specialized visitors from the Russian and global property industries. In addition to a wide selection of high potential investment opportunities, the event will also witness a showcase of a full spectrum of services in commercial, residential and holiday properties, as well as industrial projects. “The high potential of Russian-based investors to make large-scale investments into the booming Dubai real estate market has prompted us to bring the ‘International Property Show’ to their market,” said Dawood Al-Shezawi, MD, SME.
SPLASH
Splash, the Dubai-based international fashion retailer, has launched a brand new retail concept measuring 11,500 square feet as part of the new extension at Riyadh’s prestigious Olaya street. The new layout, that features distinctive niches for Splash’s in-house designed brands and international franchises, is based on the Yin-Yang concept, which describes two opposing yet complementary forces. “The fact that Splash is constantly moving with global changes in the fashion retailing industry is evident from the fact that this is our fourth retail design change in a mere 13 years. “A huge decision to take when you have a retail strength of 70 stores. This new layout in particular highlights the definition of space that we have always strived to achieve for each of our brands. It brings to life each brand’s unique personality through distinguishing décor, whilst being tied together through the overall concept of Yin-Yang combined with Splash’s staple black and white logo colors” said Raza Beig, CEO, Splash. “The new look promises to offer customers a one-of-a-kind fashion experience, taking Splash to that distinct next level.”