BankMuscat Brokerage Unit, a brokerage house on the Muscat Securities Market, received the “Best brokerage award” (by trading volume) at a function organized by the Muscat Securities Market in Oman. The unit also bagged the second position in terms of ‘Services offered by a brokerage house’ in the Sultanate for 2005. “BankMuscat has time and again shared its vision of providing our clients with the finest of products, services and solutions across our business lines. This award is testimony to our efforts in this direction. We’re indeed grateful to our customers for their continued patronage and confidence in the bank and would like to assure them that such a vote of confidence only help us strive harder in this direction,” Abdul Razak Ali Issa, chief executive of BankMuscat (SAOG), said.
Al-OTHAIM
Al-Othaim Investment and Real estate Development, an Al-Othaim Holdings company, has announced the appointment of Memac Ogilvy as a strategic ally to spearhead its communications program in Saudi Arabia as part of its new multifaceted development plan. The range of agreement covers the provision of a wide spectrum of advertising and PR consultancy both on strategic and tactical levels. “Our leadership in the Saudi marketplace calls for the best in communications,” said Fahd Al-Othaim, VP, Al-Othaim Investment and Real Estate Development. “Memac Ogilvy’s recognized communications expertise coupled with the in-depth understanding of our business will play a key role in further strengthening our position.” George Laham, MD, Memac Ogilvy, Saudi Arabia, said.
NCB
The National Commercial Bank (NCB) recently signed an Islamic Finance contract (Commercial Taysser) supported by assets with Abdul Latif Jameel Company worth SR725 Million. Abdulkareem Abu AlNasr, the NCB Chief Executive Officer, and Muhammad Abdul Lateef Jameel, chairman of the community service programs at ALJ, signed the deal. Adnan ibn Himd, head of Islamic Finance Group, said that the NCB was considered a leader in the Islamic Tasneed. hence many Islamic compliant contracts had been signed through the Islamic Finance group at values exceeding SR2 billion by using advanced Islamic products. He said that these services were continuously being developed and new products innovated to meet the needs and expectations of clients.
LG
LG Electronics Vice Chairman & CEO S.S. Kim and Middle East & Africa Operations President K. W. Kim visited the Kingdom recently. Kim met with exclusive LG partners - H.G. Ibrahim Shaker Company, United Yousef M. Naghi Co. Ltd. and Al-Jassim Electronics Est. He assured them of LG’s ongoing commitment by providing the world’s most advanced technology and highest standard of experience in terms of after-sales service, maintenance and training. LG sales totaled $2.27 billion in the Middle East and Africa in 2005, marking an eight percent increase over 2004. LG is targeting a 20 percent increase in 2006. “LG is ranked first in the category of air-conditioner, refrigerator, washing machine, microwave oven, plasma screens and optical storage devices,” the CEO added.
SABIC
The Saudi Basic Industries Corporation (SABIC) honored its Western Province polymers customers at a function in Jeddah recently. Present at this special event were Dr. Abdul Rahman Ibn Saleh Al-Ubaid, vice president, Polyolefins and nearly 200 representatives of plastic factories in the two regions. Dr. Al-Ubaid referred to the constructive cooperation between SABIC and the plastics downstream sector and said the number of factories had already exceeded 800 now compared to 100 in 1986. “The last three years have seen a major breakthrough. The number of SABIC polymers consumer factories rose to 837 compared to 615 factories, a growth increase of more than 36 percent, leading to a 26 percent increase of consumption,” he added.
PASSAT
The Volkswagen Passat is on a winning streak with a number of accolades won in Europe and the Middle East. “A car that fits like a bespoke suit” describes the range of requirements that the new Passat fulfills across a very broad spectrum of conditions. With its design that is dynamically perfect for day-to-day use, the Passat is both a vast and spacious family car and is the vehicle of choice for Europe and remaining world especially the Middle East region. Since its worldwide introduction in March 2005, it has risen on the popularity charts of customer preference offering new dynamism in its design and engineering with comfortable and ergonomic interiors, a host of safety features and ground breaking technological innovation, said Volkswagen’s Middle East MD Andreas Prinz.
FOOD EXPO
The annual Food, Hotel and Propac Arabia expo is scheduled at the Jeddah International Exhibition & Convention Center from May 28 to June 1. The 11th edition of the exhibition will showcase food, beverages, processing, packing, canning, hotel equipment, supplies and services, according to Al-Harithy Company for Exhibitions Ltd. (ACE), the organizer. Turkey will feature its foods and Taiwan its processing and packing equipment as well as machinery. Besides, many Arab countries and a contingent of major Saudi companies in the food industry will be among the participants. The event will once again prove to be a place and a forum for interaction among decision makers, businessmen and supplies, as well as chefs, dieticians and fast-food professionals, ACE stated.
THE LAND
The Land, a Middle East-based real estate development company operating across the region, had its corporate launch earlier this week at the Four Seasons Hotel in Doha. The Land is investing over two billion Qatari riyals for its first development in the country, which will be one of the largest in the Porto Arabia district. The project, to build seven residential towers at Porto-Arabia, the main marina of The Pearl-Qatar, is already under way with piling almost finished on the first tower. “We’ve chosen this time to launch The Land, as construction has now started on the Porto Arabia site. It’s important to us that the project is under way as we take our commitment to clients very seriously. We believe this ethical approach will inspire confidence in The Land,” Salam Said, MD, The Land, said.
MALAYSIAN CENTER
The Center for Malaysian Products and Services was opened recently at the Umm Al-Qura as part of the continuous economic cooperation between Malaysia and Saudi Arabia. “The Kingdom has played a key role in establishing excellent diplomatic relations between Malaysia and Saudi Arabia and the Malaysian Center will bolster the economic ties,” said Malaysian Consul General Taj Alaman Mohammed at the opening ceremony. The center showcases several Malaysian products in a bid to attract foreign investors in Malaysia. Political Attache Abdulhalim Ashari, Commercial Attache Naeem Abdulrahman and other Malaysian embassy officials, and Saudi businessmen were among those present. Al Qaba Group President Abdullah ibn Abdulaziz Al Qaba also addressed the gathering.
