LG
LG Electronics, a global and regional digital leader in home appliances, and United Yousef M. Naghi Co. Ltd., one of its distributors in Saudi Arabia, organized the annual LG cooking competition under ‘LG Life Tastes Good Championship’ at the Jeddah Hilton last week. Over 400 Saudi and expat women attended the event. LG’s SolarDom oven was the star of the event, as the competitors used it throughout the competition to prepare their dishes. SolarDom proved its efficiency and ability to cook the foods four times faster than other traditional ovens. Like last year, this year’s winners will also be qualified to participate in the regional competition in Dubai scheduled in November and the winners will get a chance to take part in the global competition in Thailand, said LG GM Simon Lee. “LG Cooking Competition has been a success thanks to the great efforts by LG Cooking Academy and its management staff as well as those of our partners,” he added. Shon Kim, LG’s product manager, said, “The annual LG Cooking competition which is held in cooperation with the United Yousef M. Naghi Co. is part of our CSR program.”
BAHRA CABLES
Bahra Cables Company, a member of CPC Group of Companies, has received the world-famous KEMA certification for its range of 0.6/1 kV power cables. The test certification by the Netherlands-based KEMA Quality BV, an independent authority in quality testing and certification of power distribution and electrical equipment, is a major endorsement of Bahra Cables’ quality processes. KEMA is an independent knowledge leader and a global provider of high-quality services to the energy value chain, specializing in business and technical consultancy, operational support, measurements and inspection, and testing and certification. Talal Idriss, CEO, Bahra Cables Company, said: “The KEMA certification is one of the pivotal steps for us. This endorsement shows that our general operational processes are of high quality and it is a rewarding experience to receive this quality confirmation from an independent accreditation body.” Dr. Faysal Alaquil, CPC director, business development and administration affairs and CPC official spokesperson, said: “The KEMA certification will further boost our growth strategy across the region.”
CHEVROLET
The Chevrolet Tahoe has been named as the ‘Editor’s Choice’ in the latest issue of Saudi Auto, a major Saudi automotive magazine. The Tahoe was recognized after a comparative test against the Toyota Sequoia. Bakur Azher, publisher and editor in chief of Saudi Auto, said: “In a closely fought contest, the Chevrolet Tahoe wins the Editor’s seal of approval as the full size SUV of choice. Its ability to combine all its attributes together with excellent value puts it ahead of the competition.” Johnny Amiouni, Chevrolet SUV marketing manager in the Middle East, said: “The Chevrolet Tahoe dominates the market in terms of raw power, value, quality and comfort. Designed to deliver a sharper driving experience, segment-leading fuel efficiency, increased interior refinement and improved quietness, the Tahoe is truly a leader in its category. With these qualities in mind, we are delighted to receive this prestigious accolade from Saudi Auto.” The Chevrolet Tahoe is available in three trim levels: LS, LT and LTZ.
KRAFT FOODS
Kraft Foods Inc. has reported strong Q2 2009 results fueled by solid performance across all geographies. Organic net revenue growth reflected the impact of cost-driven pricing actions taken in 2008, positive volume/mix and the benefits of incremental investments in brand building. Income growth and margin expansion were driven by lower costs due to the completion of the 2004-08 Restructuring Program, improved product mix and lower fixed manufacturing costs. In developing markets, which includes Middle East and Africa, Central and Eastern Europe, Asia Pacific and Latin American countries, organic net revenues increased 9.3 percent driven by solid gains in most regions, mainly fueled by Power Brands such as Tang powdered beverages, Kraft cheeses, Philadelphia cream cheese and Oreo biscuits. Kraft Foods Middle East and Africa contributed to these results by continuing its trend of strong growth, driven by successful regional investments in cheese, powdered beverages and snacks, and favorable product mix.
ALJ/TOYOTA
Toyota Brazil has started construction of its second plant in Brazil, following a number of delays including Toyota’s stalling investment plans and cuts in global production. The new plant, located in Sorocaba, is initially planned to have an annual capacity of around 150,000 units per annum (upa), which could be extended to around 400,000 upa. The plant is expected to be operational by 2011, with an estimated investment of around $800 million. Toyota said in December last year that it was reviewing its investment plans in developing markets including Brazil, owing to the ongoing global financial turmoil and its constricted liquidity position. Toyota’s existing plant in Indaiatuba, Sao Paulo, has been the subject of speculation for some time as it belongs to private owners, and Toyota’s decision to maintain the investment is largely due to this factor and its long-term belief in the strength of the Brazilian market. The company recorded an 18.9 percent year-on-year increase in Brazilian light vehicle sales to 50,312 units during the January-July period.
SEDCO
Saudi Economic and Development Company (SEDCO), a major Shariah-compliant private wealth management company in Saudi Arabia, has announced the selection of 3i Infotech’s C-Matis Solution, which is described as a complete wealth management suite that helps investment firms streamline their wealth, asset and fund management operations. Established in 1976 and headquartered in Jeddah, SEDCO is one of the largest private wealth management companies in the Kingdom, with more than 3,500 employees. The company has a portfolio comprising a wide variety of Islamic investment products, direct investments in private companies, and investments in the real estate sector across four continents. 3i Infotech’s end-to-end wealth, asset and fund management solution, C-Matis will simplify and increase operational efficiencies for the primary businesses of SEDCO. Pankaj Chawla, CEO and president, 3i Infotech, Middle East, Africa, Russia & CIS, said: “We are confident that 3i Infotech will reliably manage and support the future growth of this company.” SEDCO’s CEO Ahmed S. Banaja said: “In line with the evolving market environment, SEDCO’s business model is becoming more dynamic, and the company therefore requires software analytical tools and business solutions that can aid our operations and marketing efforts.”
NBAD
National Bank of Abu Dhabi (NBAD) has successfully launched a 5-year dollar transaction under its recently updated $5 billion EMTN Program with Barclays Capital, BNP Paribas, National Bank of Abu Dhabi and the Royal Bank of Scotland plc as joint-bookrunners. NBAD enjoys one of the highest credit ratings assigned to a Middle Eastern bank and is ranked among the world’s safest banks by Global Finance. This transaction represents the first dollar international public benchmark transaction by a GCC Financial Institution since 2007. The success of NBAD’s transaction was underpinned by the international marketing strategy undertaken in the UAE, Europe, and Asia. The transaction order book was over 4.8x oversubscribed with 284 orders. “I am delighted by this overwhelming interest expressed by the international investor community in the Abu Dhabi 2030 vision and in our bank,” said Michael Tomalin, NBAD Group chief executive.