Euromoney Magazine, which specializes in finance and banking, has presented National Commercial Bank (NCB) with its new international award for best Islamic asset management during 2004. The magazine said that the bank won because of its exceptional role in innovating investment funds that comply with Shariah and also meets the needs of the changing markets. NCB General Manager Abdulhadi Shayif said the choice of NCB for this award coincided with the bank’s exceptional results at all levels during 2004. The crowning glory was the bank achieving the highest net income in its history at national and Arabic scale. He considered the award as a new confirmation of the advanced place, which “Al-Ahli” occupies in the field of introduction and management of different types of investment funds. It also has the special reputation among experts in the financial and economic sectors on national and international levels. He stated that this is the second time in succession that the NCB has won this award. The bank currently ranks first in the Kingdom in this sector; hence its shares comprise 41 percent of the total investment fund assets of all national banks.
Ettihad Etisalat
Ettihad Etisalat won the award for Islamic Finance Deal of the Year at the Euromoney Islamic Finance Awards held in London recently. The $2.35 billion Islamic deal to finance operations of Ettihad Etisalat was commended as a significant milestone in the history of Islamic finance. The company, which recently launched its official brand “Mobily,” is set to launch the second GSM mobile service and the first 3G service in the Kingdom soon. Hailed as the largest Shariah compliant financial transaction in the world and the largest debt transaction in the region, the deal represents the innovative spirit of Ettihad Etisalat “Mobily.” It raises the bar for achievement and scale in the global Islamic finance industry, as it is the first time such a large project was funded purely in a Shariah compliant manner. Fayyaz Siddiqui, the company’s chief financial officer who executed the deal, received the award from Euromoney. “We’re proud that our Islamic financing deal broke all records in the industry. As we can see, the strong growth of the Islamic finance industry is due to more companies adopting the just and equitable principles of the Shariah. We’re solidly behind this industry and are sure that its influence in the financial world will continue to grow,” Khalid Al-Kaf, CEO, Ettihad Etisalat said.
Khusheim Company/Makita
A convention of Makita dealers was held in Jeddah recently. Aside from thanking and appreciating the dealers for their efforts to make Makita Power tools a market leader in Saudi Arabia, the event was meant to demonstrate newly introduced tools, promote dealers to get professional technical and commercial training from Makita authorized trainers to offer right solution to customers, and also promote Makita accessories business in the Kingdom. “After the convention, both Makita and Khusheim Company will join hands to accomplish the objectives,” Waqar Waheed, regional manager of Khusheim Company for the Western Province, said. In fiscal 2004, Khusheim Company reported a 20 percent sales growth over 2003. Globally, Makita made record sales in 2004, the highest in Makita’s long history. Similarly, Makita introduced 20 new tools for different applications. Khusheim Company, under the leadership of President Dr. Raed Khusheim, is the sole distributor for Makita in the Kingdom for over three decades. Makita is a multinational company with its manufacturing facilities all around the world including the United States, the UK, Germany, the Gulf and the Far East.
MINI Cabrio
Mohamed Yousuf Naghi Motors, exclusive importer of MINI in the Kingdom, has announced the arrival of MINI Cooper and MINI Cooper S Cabrio. “The Cabrio will inject a fresh breeze into the world of motoring,” Saleh Katoa, MINI brand manager at Mohamed Yousuf Naghi Motors, said. It is a fully fledged four-seater and instantly recognizable as a genuine MINI, regardless of whether the roof is up or down. It combines the distinctive pleasure of driving an open car with the unique enjoyment and sense of fun you only feel at the wheel of a genuine MINI. Just like the rest of the MINI family, the Cabrio has striking good looks, gutsy personality and go-kart handling. With an optional equipment list longer than any other car in its class, four airbags and parking distance control are fitted as standard “The design features and proportions, so characteristic of the MINI, have been consistently carried over to both the MINI Cooper and MINI Cooper S Cabrio. The steeply raked windscreen and the optimum driving seating position ensure an unforgettable open-air experience with the roof down,” Katoa said.
Jotun Paints
Jotun Paints has launched a “Jotun stamps of fortune” loyalty program at its recent painters training seminar held Kingdomwide recently. “Painters are part of our Jotun community,” Deepak Pai, Jotun’s marketing manager, said. The training seminar was targeted to update the knowledge of Jotun paints and its various applications of both indoor and outdoor paints. Consequent to the spectacular performance of Jotun products like Jotun Metallic, Jotashield throughout 2004, Jotun Saudia Company Ltd. took the initiative to bring the painters in its “Jotun community” that gives a sense of belonging to painters and eventually to benefit the property owners. Under the loyalty program, every painter will get an appreciation stamp upon the use of Jotun paints. Once the painter completes a page with stamps in the given Jotun booklet, he will be entitled to a gift voucher. Painters can redeem the gift voucher at any of the Sony showrooms, the partner in this loyalty program, and can choose the item they like equivalent to the value of the gift voucher. Some 3,500 painters have attended the seminar and enrolled themselves in the loyalty program.
