SIMS 2008
The Saudi International Motor Show, which marked its 30th year, or pearl anniversary, ended at Jeddah Center for Forums & Events with a resounding success on Wednesday. “The turnout of visitors including families and car buffs was outstanding on each of five days,” Zahoor Siddique, exhibitions director at Al-Harithy Co. for Exhibitions, said. Seventy exhibitors showcased their latest vehicles including sedans, SUVs, 4x4s, luxury cars, pickups, trucks, buses and motorbikes. Abdul Latif Jameel Co. Ltd. (ALJ) exhibited their Toyota vehicles at one of the major stands of the show. Alhamrani United Company (AAU) had Infinity and other Nissan’s luxury brands alongside various models including GT-R, an iconic sporty model and rated as one of the world’s fastest cars. “The Kingdom’s car market will remain stagnant in 2009 despite the downturn in world automobile market caused by the global financial crisis,” Dr. Usman Hayatt, general manager, national marketing at AAU, said. Abdullah Hashim Company Ltd. displayed Honda’s Pilot and other latest models. Alesayi Motors’s stand displayed Mitsubishi and Fuso vehicles.
Emaar
Emaar, The Economic City (Emaar.E.C), the Tadawul-listed company developing King Abdullah Economic City (KAEC), hosted the newly appointed US Consul General Martin Quinn and Vice Consul Deborah Kanarek on a tour of the mega project, north of Jeddah, last week. Joseph Killar, COO, and Dr. Hosam Joma, executive director-projects, Emaar.E.C, presented a detailed overview of the 168 million sq m mixed-use project and the various investment opportunities offered at its six key components — the Sea Port, Industrial Zone, Central Business District, Educational Zone, Resort District and Residential Communities. “KAEC is at the forefront of ushering in a new era of industrial and economic growth and is a truly world-class project. As a major trading partner of the US, Saudi Arabia is a preferred investment destination for American companies,” Quinn said.
NCB
Crown Prince Sultan recently honored the National Commercial Bank (NCB) for establishing the Prince Mohammad Bin Fahad University building for the preparatory year (boys section) worth $10 million as part of an agreement between the bank and university. NCB Chairman Shaikh Abdullah Bahamdan expressed the bank’s gratitude and appreciation to Prince Sultan for his patronage of the event and his interest in science and education, and acknowledgement of the bank’s contribution to national institutions and their efforts to improve this vital sector. He added that the bank’s support for the university was due to its social sense of duty to establish programs and initiatives in education and scientific research across the Kingdom. Mahmoud Al-Turkistani, head of community service unit at the bank, said the building donated by the NCB consists of two integrated structures on an area of 6,387 sq m. One building is for the preparatory program and other is for the basic curriculum.
Elaf Group
Elaf Group of Companies, described as a pioneering company in the Saudi Arabian travel, tourism and hotel industry, has decided to develop a strategic plan to set the tone for corporate activities during the next five years. Elaf, a subsidiary of Saudi Economic and Development Company (SEDCO), is fully committed to the effective implementation of its ambitious expansion and development strategy, which will complement government plans to evenly diversify the development of tourism, Elaf Group President Ziyad Ahmed bin Mahfouz said. The planned multisector initiative of the Kingdom is expected to boost domestic tourism revenue to around SR73.3 billion by 2010, he added. “Saudi Arabia’s tourism industry is rapidly evolving, especially as it is experiencing stronger government support and due to a consistent flow of substantial investments. Elaf is gearing up for a new wave of religious tourism, with the number of pilgrims performing Haj and Umrah increasing year after year. “We are setting clear directions that will guide us to maintain our industry leadership,” he added.
Safari Motors
Safari Motors Saudi Arabia launched the new Leon Cupra to the Kingdom at an event held at the Jeddah Raceway recently. Later, the New Leon Cupra was officially unveiled at a gala ceremony held at the new Safari Showroom in Jeddah. “The reason why Jeddah Raceway was chosen for the launch was because “The Leon CUPRA is a car that was born in the racetrack and made for the road,” a Safari Motors’ senior executive told reporters. The Leon Cupra delivers the most powerful engine ever installed in a SEAT production car. It is capable of accelerating from 0 to 100 in only 5.9 seconds, introducing 240 hp TSI engine ready to soar at a heart-stopping 247 km/h and covering the first 1,000 meters in only 26.4 seconds and all with a moderate petrol consumption and an amazingly low CO2 emissions of only 199 g/km. Yet it returns impressive fuel consumption.
Qatar Airways
Qatar Airways has struck two deals worth $500 million for the financing of three Boeing 777 aircraft in a move that clearly demonstrates the finance community’s firm support and commitment toward one of the “world’s fastest growing airlines.” The Doha-based carrier appointed Calyon and Natixis Transport Finance as Joint Arrangers for the financing of two recently-delivered Boeing 777-300ER aircraft. This transaction received a Jane’s Transport Finance ‘Deal of the Year’ award in early December. In addition, the airline has appointed Arab Bank, Calyon, Europe Arab Bank, ING Bank and Natixis Transport Finance as arrangers for the financing of one Boeing 777-200LR aircraft due to be delivered in Spring 2009. This is the first transaction in which Arab Bank and its UK subsidiary, Europe Arab Bank have acted as arranger for Qatar Airways. Together, the transactions represent a six-year, two tranche finance lease structure. The financing has been underwritten and financed by a pool of eight banks: Arab Bank, Calyon, DekaBank, Europe Arab Bank, Fortis Bank, ING Bank, KfW IPEX-Bank GmbH and Natixis Transport Finance. “In the current financial climate, banks are focusing their liquidity on the strongest airlines. I am very pleased that these banks continue to demonstrate their support for Qatar Airways,” Qatar Airways CEO Akbar Al Baker said.
IATA
The International Air Transport Association (IATA) has announced results for November showing a 4.6 percent drop in international passenger traffic and a 13.5 percent drop in international cargo. International capacity dropped by one percent. The November international passenger load factors stood at 72.7 percent, which is a decline of about three percentage points over the same month last year. “The 13.5 percent drop in international cargo is shocking. As air cargo handles 35 percent of the value of goods traded internationally, it clearly shows the rapid fall in global trade and the broadening impact of the economic slowdown. By comparison, this is largest drop since 2001, in the aftermath of September 11,” said Giovanni Bisignani, IATA’s Director General and CEO.
iPromar
A new consortium comprising Singapore-based companies was formed recently to provide a suite of turnkey engineering, procurement and construction services, as well as supply chain solutions for the downstream oil and gas industries and offshore and marine industries in the Middle East. The International Process and Marine Consortium (iPromar) was formed under International Enterprise Singapore’s International Partners (iPartners) Program. Adopting a project-management framework, iPromar will standardize design and target technological innovations for clients’ projects.