STC
Saudi Telecom Company (STC) participated in the five-day Jeddah Real Estate, Finance and Residential Exhibition (JREX2009), which ended on Friday. Ibrahim Ketjana, vice governor of Jeddah for Construction and Projects Affairs, opened the show, visited STC’s display stand and expressed his appreciation of the role that the company plays in developing and utilizing the latest technologies to provide the most advanced services. During his visit, the STC team introduced Ketjana to the “Model Districts Program for Executing Telecommunication Infrastructure Network” that is being carried out by the company’s network sector and was the main feature of STC’s presence in the exhibition. The program is currently being implemented to provide new property development sites with integrated telecommunication services and includes provision for future network expansion. To date, STC has signed a total of 170 agreements to establish telecommunications networks for property development projects across the Kingdom.
REEF REAL ESTATE
A groundbreaking ceremony marked the start of Reef Real Estate Investment’s two projects. “It’s a very special day for us as we lay the foundation for Baynonah Business Towers in Jumeirah Village and Park Residence in Downtown Jebel Ali — two of Dubai’s most exceptional commercial and residential developments,” Sheikh Ahmed Mohamed Zayed bin Saqr Al-Nahyan, MD, Reef Real Estate, said. Located in close vicinity to Sheikh Zayed Road, Baynonah Business Towers is described as a top of the line office building offering the ultimate facilities. The building comprises 21 office floors. Featuring a futuristic design, the offices vary from 700 sq. ft to 2369 sq. ft. Four multi-cuisine restaurants, a broad selection of retail and leisure outlets, CCTV network/Access Control/BMS facilities and hi-tech features ensure “world-class” office accommodation. Despite the downturn, Sheikh Ahmed remains optimistic about the market. “Our business remains steady,” he said.
VOLKSWAGEN
Last year, the Volkswagen Group delivered 6.23 million vehicles worldwide as against 6.19 million in 2007, thus setting a new record. “We have kept our promise. The Volkswagen Group delivered more vehicles than ever before in the difficult year of 2008. With growing shares on the world market and major single markets, including Germany and the US, we expanded our position further. This shows that our group’s multi-brand strategy is paying off and our young and attractive model range is popular with customers all over the world,” Professor Martin Winterkorn, chairman of the board of management of Volkswagen Aktiengesellschaft, said. Germany, China and Brazil have been the largest single markets for the group whose growth strategy is also convincing in Central and Eastern Europe, and India. It was a good year for Volkswagen in the US despite tough economic conditions. For the US automobile industry, 2008 was one of the toughest years for a long time.
AL-KHABEER
Al-Khabeer Merchant Finance Corporation, a provider of a full range of Shariah compliant financial products and services in the Kingdom, recently signed a Memorandum of Understanding (MoU) with Jazan Development Co. involving the allocation of SR400 million for real estate investments within Jazan Economic City (JEC). Farouq Fouad Ghulam, Al-Khabeer’s executive partner and head of asset management division, and Saleh Mohamed Binladin, VP, Saudi Binladin Group representing Jazan Co., signed the MoU. JEC is a 103 sq m mixed-use social, economic and agro-industrial development located along the Red Sea, 60 km northwest of Jazan City, which is home to the Port of Jazan, the Kingdom’s third most important port on the sea. JEC is expected to generate around 500,000 direct and indirect jobs and emerge as a vital hub along the Red Sea coastline. “The JEC is an excellent addition to our investment portfolio, which will certainly contribute to further expansion of the Kingdom’s rapidly growing real estate market,” Ghulam said.
TETRA PAK
Tetra Pak Arabia has appointed Jose Maria Hernandez as the company’s new liquid dairy products category manager, focusing on the dairy category across the GCC and Yemen. Based in Jeddah, Maria will be responsible for meeting sales and profitability targets and driving growth in the region. His new role will also see him work toward continuously monitoring, analyzing and measuring market trends in addition to supporting key account customers to further develop and build this category. Maria has been working at Tetra Pak since 1998 and has worked internationally in markets such as Tetra Pak Central America and Caribbean Region, Asia and most recently Tetra Pak Iberia, where he served as the juices, nectars and still drinks category manager for over two years.
EEA
Sheikh Ahmed bin Saeed Al Maktoum, president of the Dubai Civil Aviation Authority and chairman of Dubai Airports, recently welcomed a delegation from the Emirates Energy Award (EEA). He praised the extensive efforts made by the EEA in promoting energy awareness in the GCC, as well as the success of its training courses in 2008. The EEA, a sustainable energy-focused awards program designed by the Dubai Quality Group (DQG), the UAE-based non-profit organization established by the Department of Economic Development to help improve and develop standards of business in the region, was represented by DQG Chairman Wafi Dawood, EEA chairman Abdullah Al-Amiri, Marwan Al-Sawaleh, honorary board member of DQG, and Samia Al-Yousuf, MD DQG. “The objective of the EEA is to highlight the current global energy situation and encourage companies to invest in the future through energy conservation and sustainable development,” Dawood said. The Emirates Energy Awards 2008 will be held on Jan. 20.
DBFS
Direct Broker for Financial Services LLC (DBFS), the operator of the Mubasher Trade online trading system in the UAE, has joined NASDAQ Dubai as a Member. DBFS is a subsidiary of Mubasher Financial Services, which operates the Mubasher trading system across all the Gulf Cooperation Council (GCC) countries, Egypt, and many other international markets. DBFS is the fourth broker to join NASDAQ Dubai directly from the regulatory jurisdiction of the UAE and is a leading broker on the UAE exchanges. The company ranked second in the Dubai Financial Market stock exchange for the month of November 2008 in terms of turnover and ranked first in terms of number of trades, proving its resilience amid the ongoing global financial crisis. “By becoming a member of the international exchange serving the region, we are providing access to a unique and growing range of regional and international securities for the thousands of investors who trade through the Mubasher systems,” Ibrahim Abu Gharbieh, CEO, DBFS, said.
EMAAR
Emaar, The Economic City (Emaar.E.C.), the Tadawul-listed company developing King Abdullah Economic City (KAEC), has awarded Freyssinet Saudi Arabia a SR120 million contract for the construction of the mega-project’s first school in the city’s Esmeralda District. Fahd Al-Rasheed, board member and CEO, Emaar.E.C., and Amjad Demashqyah, MD, Freyssinet Saudi Arabia, recently signed the contract in Jeddah for the state-of-the-art school spanning 16,928 sq m, to be built to the international standards of world-renowned KAEC. The first phase of the school is scheduled for completion in August to meet with the new school year and will accommodate up to 1,000 students of different grades. “The Letter of Acceptance (LOA) has been issued for the ‘Design & Build Contract’ to Freyssinet Saudi Arabia”, said Al-Rasheed. “The school buildings will be iconic with inspirational and exciting spaces to meet the education requirements of its occupants,” Demashqyah said.
AL-RABIE
The nationwide “Drink Milk” campaign that was launched recently by the Ministry of Health has generated substantial support from the Kingdom’s corporate sector, with several companies actively contributing to the campaign that aims to raise awareness about the benefits of milk consumption among various age groups. Al-Rabie Saudi Foods Co. Ltd. was one of them. In line with its “health for all” motto, Al-Rabie is creating awareness about the importance of milk in the diet, especially for children, by distributing large quantities of bottled milk to schools across the Kingdom. “To begin with, we will be focusing on schools as children develop their eating habits at a young age and often these habits will be decisive factors in their health throughout their lives. Meanwhile, we have already formulated an integrated plan to help bolster the campaign’s initiatives while affirming our commitment to provide good health for all,” Monther Al-Harthi, GM, Al-Rabie Saudi Foods Co. Ltd, said.