Royal Commission for Jubail & Yanbu and Saudi Basic Industries Corporation (SABIC) Chairman Prince Saud ibn Abdullah ibn Thunayan Al-Saud opened SABIC’s office in Cairo yesterday. Hisham ibn Mohieddin Nazir, Saudi ambassador to Egypt, Mohamed Al-Mady, SABIC’s vice chairman & CEO, senior officials of the company and representatives of industry and finance were among those present at a reception held to mark the event. Prince Saud referred to the excellent bilateral relations and appreciated the endeavors of the leadership of both countries for developing promoting an effective interaction at economic and other levels. He recalled that SABIC was building close economic relations with Egypt since 1985. SABIC products and services now reach more than 100 countries.
BANGLADESH TRADE FAIR
The Bangladesh business community is organizing a single country trade fair at the Riyadh Palace Hotel in the capital from today until Saturday. Dr. Abdullah Al-Hamoudi, deputy minister for foreign trade, Ministry of Commerce & Industry, will be the chief guest at the inauguration. As may as 50 companies are participating in the fair. Thirty of them are displaying Bangladeshi products, notably pharmaceuticals, herbal medicine, garments and knitwear, frozen and dry food, tea, jute goods, leather products, cosmetics and toiletries, melamine items and electric cables.
AL-ARABIYA
Al-Arabiya is sponsoring Saudi Arabia’s first two-day CSR Forum, organized by Arab Conferences Company and the Riyadh Chamber of Commerce & Industry in cooperation with UNDP, which kicks off on Sunday (May 28) at Al-Faisaliah Hotel in Riyadh. As part of the deal, Al-Arabiya will cover the forum with a series of reportages and interviews. The event features leading executives from the Kingdom as well as guest international speakers. “We’re pleased to have Al-Arabiya as a key supporter of the CSR Forum. Al Arabiya is one the most influential media tools in the Arab world and we’re more than certain that it will help us deliver the key messages of the forum,” said Mohamed Al-Ayed, president and CEO, Arab Conferences Company. “Mandatory or Voluntary” is the forum theme.
ITHMAAR BANK
Bahrain-based Ithmaar Bank announced yesterday the composition of its new board of directors and the appointment of three key members of its new management team. These appointments follow the successful completion earlier this year of an initial public offering (IPO) of 150 million shares and a private placement of 60 million shares, which have more than doubled the bank’s paid-up capital to $360 million. The formation of a seasoned board of directors, including three independents with no stake in the bank, will add significant value for the bank’s new shareholders. Further, this will ensure the highest levels of transparency and compliance with the latest corporate governance guidelines set by the Bahrain Monetary Agency, said bank Chairman Khalid Abdulla Janahi.
INVESTCORP
Investcorp, the global investment group, has launched a new real estate investment portfolio, US Retail Properties IV, that offers clients the opportunity to invest in the fast-growing retail markets of Houston, Dallas, and San Antonio, Texas, USA. The 29 properties, which cover 2.8 million square feet, are valued at $388 million. The portfolio has over 500 diversified tenants, including a number of institutional quality occupiers on long-term leases. Investcorp’s chief operating officer, Gary Long, said: “Retail properties, such as those in this portfolio, that are well-established in key locations in fast-growing metropolitan markets and have multiple tenants and strong operating histories, have delivered robust returns to our investors. We are confident that the strategic location of these retail properties and the diversified nature of the portfolio, reinforced by the experience and expertise Investcorp will bring to bear, will generate strong returns.”
MTC-VODAFONE
MTC-Vodafone (Bahrain) launched on Tuesday the region’s first new high speed 3.5G service. High Speed Downlink Packet Access (HSDPA) — also referred to as 3.5G technology — is one of the world’s fastest wireless broadband access technology using mobile phones and Data Connect cards. It dramatically increases the speed of down linking data to five times that of existing 3G networks, and 15 times faster than GPRS networks. MTC Vodafone (Bahrain)’s launch of the new service puts the Kingdom among the first countries in the world to have 3.5G technology, which, due to the massively increased speed, enhances the appeal of mobile technology for internet access and downloading of high resolution movies, video, interactive games and multimedia music tracks. MTC-Vodafone (Bahrain)’s HSDPA technology (3.5 G) further enhances the customers’ experience of data and expands the range of “WoW” services.
GE
GE’s ecomagination report shows that the company’s revenues from the international sale of environmentally advanced products and services hit $10.1 billion in 2005, up from $6.2 billion in 2004 — with orders nearly doubling to $17 billion. “Ecomagination is paying off for our investors and customers,” said GE Chairman and CEO Jeff Immelt. “Our advanced environmental products and services are helping customers increase their energy efficiency and reduce costs and emissions. And it is providing the growth we expected for GE, as we’re ahead of our plan to reach $20 billion in annual sales of ecomagination products by 2010.” Launched internationally in May 2005, ecomagination is GE’s commitment to imagine and build innovative technologies.
PANASONIC
Panasonic has announced the introduction of its Care Plus International Warranty for Middle East consumers. The warranty spans many countries and is applicable on a wide range of Panasonic products bought in the Middle East region. This move is a reinstatement of Panasonic’s worldwide commitment to customer care through excellent quality products and services. Seiji Koyanagi, MD, Panasonic Marketing Middle East FZE, said: “Panasonic prides itself in setting high standards for our products by strictly controlling quality and procedures at each of our manufacturing facilities. Care Plus International Warranty is an assurance of our company’s commitment to give the very best to our valued customers.” The Care Plus International Warranty scheme covers 19 countries.
NOKIA
NOKIA has announced the availability of two of its new enterprise devices in the Middle East market. The Nokia E60, Nokia E61 — the first of the new Nokia Eseries — are distinctively different in design and allow businesses of all sizes to mobilize their workforce. A third device, the Nokia E70, will follow soon. The range combines easy-to-use designs that appeal to individual business users with new underlying technologies that allow IT departments to effectively manage security settings, corporate applications and data. Each of the devices is designed to accommodate must-have mobile applications needed in today’s business world like mobile email and advanced voice calling functions, said Eric Anderbjork, Head of Nokia’s Middle East and Africa Enterprise Solutions Business Unit.
