SONY WORLD
A new Sony World showroom, described as the Middle East’s biggest, opened at La Terra Mall in Jeddah on Wednesday. It showcases a variety of latest products including television and projector, home video and audio, home theater system, digital photography, Handicam Camcorder, computer and peripherals, portable audio, in-car entertainment, storage and recording media, battery and charger, accessories, PlayStation and Sony Ericsson products. “This is the 36th Sony showroom in the Kingdom and we plan to continue to invest in such showrooms as demand for our products is continuously growing,” Ziad Tunisi, vice president of Al-Faisaliah Group Holding Co. Ltd., said at the opening ceremony. Kingdomwide, Sony now has 11 outlets each in Riyadh and Jeddah, nine in Dammam, and five in Makkah and Madinah. Among those present were Taro Kimura, general manager for sales and marketing of Modern Electronics Co. Ltd., a subsidiary of Al-Faisaliah Group Holding Co. Ltd., and some of its top executives including Managing Director Badr Al-Suwailem, Retail Manager Hassan A. Ubaidan, General Service Center Manager Asim Al-Humaid and Retail Marketing Coordinator Mario Randy F. Dumaoal.
BANK ALBILAD
Khalid Al-Jasser, the newly appointed CEO of Bank Albilad, started his work earlier this month. Razi Fakih, the bank’s deputy CEO, welcomed him. They discussed the bank’s accomplishments. Fakih presented to him the bank’s strategy as approved by the board of directors and apprised him of its implementation. Al-Jasser also visited various departments of the bank and Enjaz branches while familiarizing himself with his new working environment. During his visit, he was able to listen to various suggestions and opinions of the employees and customers’ requirements.
KANOO
Kanoo Commercial Group, a major engineering solutions provider in the Middle East, held a “Casthouse” seminar in Bahrain recently. The seminar, which was organized jointly with Otto Junker, Kanoo Commercial Group’s vendor partner, focused on aluminum casthouse and extrusion technology. Moin Qureshi, senior manager at the Kanoo Commercial Group, said: “Kanoo has been in the forefront of the regional metal industry for a very long time. We have been bringing the latest global technologies to our customers and holding events for them from time to time.” According to Roger Beard, director of Otto Junker UK, the Otto Junker Group, Kanoo’s principal, designs, manufactures and sells metallurgical and thermal equipment worldwide. The company deals in melting and heating equipment for high-grade foundry, cast iron, aluminum, and for copper-based alloys and other special applications in the metal industry. Senior executives from Otto Junker flew in from the UK, Germany, Holland and Sweden, specially to meet with Kanoo’s customers and covered topics ranging from casthouse gas fired melting and holding, tilt rotary to induction melting. The seminar also covered topics under heat treatment such as slab preheating and homogenizing, strip coil and foil annealing, plate solution and aging heat treatment, billet pre-heating for extrusion and billet homogenizing.
CAAM Saudi Fransi
CAAM Saudi Fransi has announced the launch of its new Al-Watheq Enhanced Murabaha mutual fund approved by the Capital Market Authority for distribution in Saudi Arabia. This fund has been developed as a direct answer to the worldwide financial crisis and the resulting low interest rate environment, CAAM Saudi Fransi said, adding that it has combined into one fund some secure investments to offer capital protection at maturity and a small exposure to the Saudi equities to act as a return enhancer/booster. Al-Watheq is an innovative low risk fund designed for conservative investors seeking both safety and a reasonable return above current Murabaha rates over a three-year period. Al-Watheq offers compliance with Shariah rules (approved by BSF Shariah Board), 100 percent protection of the invested capital (Net of front fees) at maturity in 2012, and a performance booster linked to the likely rebound of the Saudi equity market and the strength of the Saudi economy. Al-Watheq is a closed ended fund maturing in June 2012 with a unit price at inception of SR1,000. The subscription period is from May 9 to June 3.
AL-TOUKHI/POYRY
Al-Toukhi Company for Industry, Trading & Contracting Ltd. (Al-Toukhi), a Saudi-based Company, and Poyry Energy Ltd. (Poyry), a Swiss-based company, have signed a memorandum of understanding (MoU) in Riyadh paving the way for a future agreement to cooperate on engineering, procurement and contracting (EPC) projects. Mazin Al-Alami, president of Al-Toukhi, signed on behalf of his company, while Nico Kruger, Poyry Energy regional director, Middle East and Southern Africa, signed on behalf of the Swiss company. The agreement comes at a time when Saudi Arabia is witnessing a tremendous growth in the power sector and related projects prompted by increased demand due to population growth and economic expansion. Coupled with sector privatization, mega Saudi power projects will be a major player in the utilities expansion for years to come. Al-Toukhi will tap into Poyry’s expertise in preparing, proposing and executing such EPC projects, Al-Alami said.
SAMSUNG
Samsung Electronics has announced the launch of its new series in air conditioners — MBII Crystal Series. This new range of air conditioners combines “unsurpassed Samsung technology with sparkling beauty to provide the utmost in comfort.” The new air conditioner with ‘Comfort Care’ technology, MPI, and Multi-Step Filter not only dramatically improves the quality of the air people breathe, thus protecting health, but it also adds crystal elegance to the room. Recent research has shown that consumers are concerned with their health and the health of the environment, desiring products that are environment-friendly without sacrificing personal comfort. Therefore, Samsung Electronics has applied unique Samsung technology such as Comfort Care, Smart Saver, S-Inverter, MPI, Silver-nano, Auto-clean, and the Multi-Step Filter system to its MBII Air Conditioner series for healthier comfort. The Smart Saver function operates the air conditioner automatically in the least amount of time necessary to cool the room, saving up to 31 percent in electricity.