On March 26, for one hour starting at 8:30 p.m., IKEA stores in Riyadh, Jeddah and Dhahran will switch off their non-essential lights in support of Earth Hour, which is a global World Wildlife Fund (WWF) climate change initiative. Individuals, businesses, governments and communities are invited to turn their lights off for one hour all at the same time to show their support for global action on climate change. The event began in Sydney in 2007, when 2 million people switched off their lights. In 2008, more than 50 million people around the globe participated. Last year, about 1 million people from 4,616 cities and towns across 128 countries switched off their lights for one hour. Global landmarks that participated last year were London's Big Ben, the Sydney Opera House and the Petronas Twin Towers in Kuala Lumpur. Estimates are that more than 100 countries including Saudi Arabia are participating this year. IKEA incorporates environmentally friendly efforts into day-to-day business on a global level, and continually supports initiatives that benefit the environment. IKEA was founded in Sweden in 1943 and there are currently 320 IKEA stores in 38 countries of which most will participate in Earth Hour including those in Saudi Arabia. IKEA and the WWF have cooperated on a global level since 2002 toward a decreased ecological footprint by promoting responsible and sustainable use of resources. Today the partnership includes projects on forestry, climate and sustainable cotton production.
 

Sambacapital, the investment arm of Samba Financial Group, received three accolades from Global Finance magazine. The three accolades, all for 2011, are: "Best Investment Bank in the Middle East," "Best Equity Bank in the Middle East" and "Best Investment Bank in Saudi Arabia." Sambacapital was named "Best Investment Bank in the Middle East" for the sixth consecutive year since 2006. Sambacapital Chairman Eisa Al-Eisa said: "Being selected as winners of such accolades for several years by such an internationally credible and reputable magazine, reflects Sambacapital's formidable and consistent performance, despite the challenges and difficulties still facing the banking and investment industry, not only in the region, but also at a global level, driving us to reach this advanced level of achievement and place ourselves alongside the major international banking institutions." Al-Eisa added that Sambacapital keenly adopts highly professional policies and standards, backed up with deep expertise implementing its investment programs distinctively. The selection of Sambacapital for these awards came after the annual evaluation conducted by Global Finance, a specialist international magazine focused on the financial and banking industry, to choose the best investment banks in 2011, which will be announced in the magazine's April 2011 edition. "The best institutions are those that have a business model focused on customer needs," said Global Finance publisher Joseph D. Giarraputo.
 

NCB Capital, described as Saudi Arabia's largest investment bank and a major GCC wealth manager, has been named "Best Fund Manager" in the Euromoney Islamic Finance Awards 2011, at a recent ceremony in London. Highlighting excellence in the global Islamic finance arena, Euromoney noted: "NCB Capital is a world leader in developing Islamic investment solutions, having launched the first Shariah-compliant real estate fund and managing the most diverse Shariah-compliant product portfolio of any bank in the GCC region. Whether it is its expansion of innovative and client-inspired solution offerings or solid AUM growth, NCB Capital continues to demonstrate leadership that is firmly built on top of client-centric business conduct making it an obvious choice for this award." NCB Capital's CEO Jawdat Al-Halabi said: "The Euromoney awards are acknowledged as a true industry gold standard. We are proud to have been honored for our work with clients in Islamic finance in this way." NCB Capital's strength in Islamic fund management is typified by its AlAhli Saudi Riyal Trade Fund. With assets under management at a record SR16.5 billion and more than 17,000 clients as of December 2010, it is the "largest Shariah-compliant fund in the world." More broadly, NCB Capital has grown its assets under management by 23.46 percent since January 2010, adding SR6.8 billion, which represents 95 percent of the total market's growth last year and today it has a 36 percent share of Saudi mutual funds (Tadawul, December 2010).
 

In an effort to emphasize its commitment to society, individuals and organizations, LG Electronics organized a blood donation campaign for its employees and partners at King Faisal Hospital & Research Center. The company dedicated special days whereby management and employees from its different departments and partners took part in this noble cause. The initiative saw a total of 60-70 donors who participated in the campaign. The purpose of the campaign is to help accident patients who need blood transfusion as the first thing to survive. "The effort is expected to encourage our employees, who have shown enthusiasm to donate blood, to heighten their responsibilities as good citizens and to be active participants in the extra-curricular activities, especially those of humanitarian and social nature. Part of our corporate program is to ensure we give something back to the community we serve," said John Lee, MD, LG Electronics Saudi Arabia. Underlining the importance of donation, Lee appreciated the efforts of the employees who volunteered to donate blood. Many of LG's staff brought their family and friends to further support this initiative. The blood bank is constantly in need of fresh supply and so a large pool of regular blood donors will go a long way in lessening shortages, if any. The initial response received from LG employees and partners was overwhelming. Initially the campaign was scheduled for one day with maximum 30 persons however the response was great and 70 donors responded. In fact, some members of the public present at the hospital also came forward and willingly supported the drive by donating blood.
 

Ford Middle East and Al Jazirah Vehicles Agencies Co. (AJVA), the Ford and Lincoln importer-dealer in the Kingdom, are announcing two service campaigns involving some 2005-06 and 2009-10 model year F-150 trucks. On some of the 2005-06 F-150 trucks built at the Norfolk Assembly Plant from Nov. 1, 2004 through June 30, 2005, it may be possible for the clockspring to driver side frontal airbag wire harness to chafe on the horn mounting plate. This could cause the airbag warning lamp to illuminate in the cluster indicating service is required. This chafing may cause the driver side frontal airbag to inadvertently deploy, which presents a risk of injury or loss of vehicle control. There are about 20 vehicles included in this campaign in Saudi Arabia. Separately, in some 2009 and 2010 F-150 models equipped with chrome interior door handles, the springs holding each interior side door handle in place may lose tension, resulting in the handles not fully returning to the closed position which could potentially allow the door to open, increasing the risk of injury to an occupant. Approximately 415 vehicles are estimated to be included in this campaign in the Kingdom. "We at Ford are determined to maintain the quality and integrity of our products, and as always, the safety and satisfaction of our customers is our top priority," said Chris Noel, Ford Middle East's Regional Customer Services director. "Our dealers will contact owners to arrange for these repairs."
 

Kane, a major provider of specialist risk and insurance management services, has signed an agreement to acquire the insurance management operations of HSBC. Under the agreement, which has been signed with HSBC Bank Bermuda Ltd., HSBC Bank Cayman Ltd. and HSBC Insurance Agency (USA) Inc., Kane will acquire HSBC Insurance Holdings (Bermuda) Ltd., HSBC Insurance SPC Ltd., the insurance management business and assets of HSBC Bank (Cayman) Ltd., and HSBC Insurance Agency (USA) Inc. for a total amount of $27.5 million. Private equity firm CBPE Capital will back the acquisition. HSBC Insurance Management (HIM) is described as the world's fourth largest insurance manager and a recognized leader in the field of Insurance Linked Securities (ILS). HIM has an extensive and diverse customer base, which it serves from a global network of offices in Bermuda, Cayman, Guernsey, Malta, New York, South Carolina, Washington DC and Vermont, in addition to being approved to provide insurance management services in six other US States. The company provides management, administration and structuring support services for captives, cell companies, insurance linked securities, insurance and reinsurance companies, and life, pensions and investment (LPI) companies. Stephen May, CEO of Kane, said: "This agreement is a major step forward in the overall growth strategy for Kane." Roy Fellowes, CEO of HIM, said: "Kane and HIM have a number of synergies in relation to the products and services we provide."