EMAAR, HSBC
Emaar, The Economic City (Emaar.E.C.), the Tadawul-listed company and master developer of King Abdullah Economic City (KAEC), has appointed HSBC Saudi Arabia Ltd. as the financial adviser for infrastructure work within the mega-project. HSBC Saudi Arabia has been mandated to offer financial advisory services and investment consultancy for infrastructure work related to power, water, waste-water and solid waste. Fahd Al-Rasheed, board member and chief executive officer of Emaar.E.C., and Timothy Gray, chief executive officer, HSBC Saudi Arabia, signed the agreement in Jeddah, recently. Emaar.E.C. plans to offer multiple Build-Own and Operate (BOO) opportunities to private sector companies to undertake the infrastructure work in the coming months. HSBC Saudi Arabia will play a key role in establishing international guidelines in realizing these contracts. Al-Rasheed said: “KAEC has made rapid strides in on-schedule project execution with several key components taking shape. Emaar.E.C. is committed to offering the highest standards in infrastructure support cost-effectively. HSBC’s global expertise as project associate for leading developments makes the company an ideal financial advisor and partner for developing the utilities and infrastructure work of KAEC.” He added: “Mandating HSBC is an important step toward developing the essential infrastructure within KAEC.” Gray said: “We are very pleased to be working with Emaar.E.C. on this important and ground-breaking initiative to diversify the economic base in Saudi Arabia. This is further evidence of HSBC’s capabilities in the investment banking sector and our continued commitment to the development of the Kingdom.”
MOBILY
Mobile phone users who wish to migrate their numbers to Mobily from the other operator can now do so at any of Mobily’s 255 branches. The best part, however, is that they don’t even have to go to the other operator to cancel their old numbers. Speaking of old, should they wish to, migrating subscribers can keep the same number combinations they had before, through Mobily’s Raqamy service. With that out of the way, there would be nothing to stop them from enjoying Mobily’s state-of-the-art products and services and — best of all — the competitive rates. All what subscribers have to do is what they have always done: Just show up, ID or iqama in hand. The next step is as simple as filling a form, and they’re hooked. The bills, you ask? No problem. They can pay up their bills with the other operator at any of these 255 branches, even the newly opened ones. Mobily’s simply irresistible latest offers and services have been a boon for its subscribers, attracting subscribers of the other operator to migrate their phone lines to Mobily. One of those perks was chopping down the rates of calls to STC and Zain and land networks: As soon as any given phone call to these networks hits its third minute, the cost is the princely sum of 12 halalas per minute.
STARBUCKS
Starbucks Coffee Company introduced to customers in Middle East, Europe and Africa the company’s cent percent responsibly grown, ethically traded espresso. This is part of the company’s global commitment to doing business responsibly. The espresso comes from farmers and suppliers who follow the company’s comprehensive sourcing standards and guidelines for social, economic and environmental responsibility developed in partnership with the environmental nonprofit organization Conservation International (CI). “I’m proud to introduce our responsibly grown, ethically traded espresso to our customers,” said Howard Schultz, CEO and chairman of Starbucks Coffee Company. As part of Starbucks’ commitment to working with farmers and coffee growing communities, the company has renewed its work with CI to address the critical issue of climate change.
FIRST ENERGY BANK
First Energy Bank (FEB), the world’s first Islamic investment bank focused exclusively on the energy sector, has named Mohamed Shukri Ghanem as deputy CEO — chief investment and business development officer and Mohammed Al-Nusuf as deputy CEO — chief placement officer. The appointments will further strengthen the bank’s leadership team, and will ensure that FEB has the breadth of experience necessary to achieve the bank’s strategic objectives in the future. Announcing these key appointments, FEB Chairman Esam Y. Janahi said: “Both Mohamed Ghanem and Mohammed Al-Nusuf are fully immersed in the region’s economies, and have a comprehensive understanding of the world’s energy markets. I am confident that together they will make an immensely positive contribution to FEB’s future and development as the world’s first specialist energy bank.” Mohamed Ghanem comes to FEB from the Arab Banking Corporation (ABC) where he was the lead adviser for a number of private and public entities. Mohammed Al-Nusuf joins FEB from Gulf Finance House (GFH) where he was senior executive director (regional head) of placement for the UAE, Oman and Yemen market and responsible for the marketing and product placement for GFH’s diverse client base of high net worth individuals, family-owned conglomerates and financial institutions based throughout the MENA region.
PIZZA INN
Pizza Inn has launched a new “Chicago Thick Crust Pizza”, which is yet another innovation on the culinary front of Saudi Arabia. Speaking on this occasion, Khushru Mistry, United Food Company’s general manager, said: “Our new product ‘Chicago Thick Crust’ incorporated with large size offers, has been launched with an aim to maintain the best value deals, appealing to different consumer segments. We are confident that the Saudi market is ripe to handle more up-market international brands to cater to the ever-changing consumer tastes and discussions are ongoing to add some exciting concepts to our portfolio again.” Rajendra Shah, Pizza Inn’s regional head of marketing, said that “Pizza Inn is best known for its fresh dough, 100 percent Mozzarella cheese and specially blended sauces.” He said that the Pizza Inn customers can avail the ongoing offers, under which Al-Rajhi credit card members, Iktisaab card members, and City Plaza privilege card members have special status. The incentives include discounts on regular prices and combo offers.
RAKAA
Rakaa Properties, the real estate arm of Saudi Rakaa Holdings, has been exploring various investment opportunities in the region, attending meetings and conferences with numerous large real estate companies also participating in the exhibition, with the aim of fostering partnerships for future projects. Abdul Rahman Al-Tasan, Rakaa Properties CEO, said: “The activity we have seen, during our participation in Cityscape Dubai, defines the appeal of the property market in the region, and is proof of the continuous rise and growth of the real estate market. In addition, the projects launched and deals signed prove the significance of the growth the market is currently experiencing, and should form the parameters that will stabilize the market, giving way to authentic real estate investors and resulting in ‘speculators’ being booted out of the property sector.” Al-Tasan added that, while nobody can deny that the recent international financial crisis has struck fear into the hearts of some investors, who were seen to recollect their thoughts and redirect their investments and capital, they will soon find that the real estate sector in the region is the safest and best developed.
ROLLS ROYCE
The latest addition to the Rolls-Royce Phantom range was unveiled in Jeddah on Sunday. The new two door Phantom Fixed Head Coupé, joins the 4-door-Phantom, Phantom Extended Wheelbase and the two-door convertible Phantom Drophead Coupé. Anees Jamjoom, managing director of Mohamed Yousuf Naghi Motors, said that the feedback on the new Phantom Coupé so far had underpinned that it was engineered with the driver in mind. The Drophead Coupé was introduced in 2006 and has proved very popular, accounting for 26 percent of all sales in 2007, encouraging the development of its fixed head sister. The order list extends through to 2010. It is still the extended wheelbase version however that accounts for 75 percent of sales worldwide. The Middle East region accounts for 15 percent of world sales. The Fixed Head Coupé continues Rolls-Royce’s long tradition of touring coupes. Frank Tiemann, manager corporate communications Europe and Middle East, said that the new car had slightly firmer suspension and more communicative steering which, while giving increased feedback to the driver, did not compromise the comfort, ride or the hallmark ultra silent drive of the car. The car is built on the Phantom’s aluminum space-frame chassis but with a 250mm shorter wheelbase and a shaved roofline. The real difference with the coupe comes from the chassis and makes this, according to Chief Executive Ian Cameron this is the stiffest Rolls ever. “More sporting, but not a sports car” he says.
ALDAAR
ALDAR Properties and Millennium Development International recently announced, on behalf of Global Capital — an investment entity representing prominent GCC (Gulf Cooperation Council) and Malaysian investors, the opening of sales for their new project Iskandar Financial District in Malaysia. The Iskandar project is a multibillion dollars financial district that will place Malaysia as an important Islamic financial center in Southeast Asia. The IFD project provides a world class planned district for financial institutions, banks and corporate headquarters, commercial office buildings, shopping centers, condominiums and serviced apartments, 5-stars hotels, conferencing and meeting facilities as well as community service facilities. Gaining global attention and recognition, while also being supported by the Malaysian government, The Iskandar Financial District will be the new heart of Medini Iskandar Malaysia, an integrated development area in the Iskandar Development Region, itself a premier economic growth region promoted by both the national and local governments as a strong and sustainable metropolis of international standing.