The National Commercial Bank (NCB) celebrated the graduation of 79 Saudi trainees who successfully completed the theoretical and applied requirements for the Saudization program for the two years of 2004 and 2005. They have been appointed for suitable positions at different departments and sectors of the bank in various regions of the Kingdom. Abdulkareem Abu AlNasr, the NCB chief executive officer, who hosted the graduation, stated that the bank’s strategy in developing human resources was based on attracting the best national capabilities from graduates of distinguished academic institutions, whether from within the Kingdom or abroad, and enrolling them in advanced programs in various fields of banking work. Saud Sabban, the NCB head of Human Resources Division, indicated that the NCB has been a leader in this area, hence, it launched its nationalization program early in 1995. It also provided employment opportunities to more than 692 trainees at various fields till 2005.
BSF
Standard & Poor’s Ratings Services said yesterday that it assigned its ‘A/A-1’ long- and short-term counterparty credit ratings to Banque Saudi Fransi (BSF). The outlook is stable. “The ratings reflect BSF’s adequate market position and risk profile, strong profitability, and sound capitalization,” said Standard & Poor’s credit analyst Emmanuel Volland. The long-term rating also includes a one-notch uplift from the stand-alone rating, as Standard & Poor’s believes that extraordinary support from the interventionist Saudi government — if needed — would be likely. The ratings are constrained by the bank’s limited geographical diversification, concentration risks, and increasing competition in the Saudi banking market.
GIB
International credit rating agencies Standard & Poor’s and Capital Intelligence have recently reaffirmed Gulf International Bank’s (GIB) long-term foreign currency ratings of “A-” and “A” respectively. GIB’s short-term foreign currency ratings have also been reaffirmed at “A2” by both agencies, with a stable outlook. Standard & Poor’s stated in its report that GIB’s ratings reflect “the bank’s supportive ownership structure, enhanced merchant-banking franchise, improving profitability, and solid asset quality.” Capital Intelligence explained that “GIB is a highly regarded institution in the GCC and wider region commanding a noted market position. The merchant banking strategy launched a few years ago focusing on the regional market continued to manifest itself in the year under review through a further increase in profitability.”
HILL & KNOWLTON
Hill & Knowlton, Inc., one of the world’s premier communications consultancies, yesterday announced that former US Secretary of Transportation Norman Y. Mineta will join the firm as vice chairman effective July 24. The firm says Secretary Mineta’s diverse experience and his extensive knowledge of public policy and business will enable him to provide valuable counsel to Hill & Knowlton clients on a broad range of domestic and international issues. Based in the firm’s Washington, D.C. office, he will report to Paul Taaffe, chairman and CEO. Mineta’s distinguished career includes 20 years in the US House of Representatives representing the heart of California’s Silicon Valley, the chair of the National Civil Aviation Review Commission and Cabinet service under the last two US presidents. Mineta joined the administration of President George W. Bush in Jan. 2001, becoming the 14th secretary of transportation and was the longest serving secretary in the history of that Cabinet post. He was formerly U. Secretary of Commerce under President Bill Clinton. “We feel enormously privileged to have a leader with Secretary Mineta’s reputation and track record join us,” said Paul Taaffe.
NBK
National Bank of Kuwait (NBK), the largest Kuwaiti bank and the highest-rated in the Middle East, reported a record net profit of KD129 million ($447 million) during the first six months of 2006. Compared with the same period last year, earnings were up by 32 percent. The bank also reported an improvement in return on average assets to 4.1 percent and return on beginning equity to 39.7 percent, both demonstrating the strong earning power of NBK. Ibrahim Dabdoub, chief executive officer of NBK, said “We are very pleased with our accomplishments and our continued ability to generate record profits year after year. Our results this year reflect positive momentum across all business lines, manifested in underlying growth in business volume from new and existing clients, industry leading service quality, and market share gains in our core businesses. Underlying this excellent performance also lies our ability to leverage our strong financial standing and liquidity, while staying disciplined in managing liabilities, costs and risks.”
INVESTCORP
Investcorp, the asset manager specializing in alternative investments, has won the Hedge Fund of Funds Leader of the Year award at the prestigious Alternative Investment News hedge fund industry awards organized by the international publication Institutional Investor. Investcorp’s hedge fund team beat four other highly regarded fund of funds on the short list. The award was presented in New York this week at a ceremony that celebrated the achievements of the hedge fund industry. The awards were judged by a panel of experts from leading institutions including J.P. Morgan, Goldman Sachs and Bear Stearns.
CHINA GATE
China Gate restaurant chain achieved another milestone by opening their first restaurant in the Eastern Province (Alkhobar). This is the fourth restaurant in Saudi Arabia and another one scheduled to open by the end of July in Jeddah which makes a total of five restaurants in the country. China Gate in Alkhobar was officially inaugurated by Chairman of Arabian Entertainment Co. Ltd. (parent company of China Gate) Waleed Bin Mahfouz and Vice President Ahmed Marashde. “This opening is in line with our grand expansion strategy to take China Gate chain across boundaries,” said Kamran Khan, operations manager. He added that this is the right time to expand our market share as the Kingdom is witnessing an economic boom and lots of other companies are also investing in this sector. People are enjoying increased disposable income and are willing to spend more on leisure and dining out activities. Khan said that China Gate is the only established successful chain in Saudi Arabia that offers an “All You Can Eat Buffet” concept in its true sense with a wide range of oriental cuisines with a unique and elegant ambiance theme. China Gate is also in the process of registering its name in the MENA region and is eyeing regional expansion in the coming years.
PIZZA INN
As part its expansion plan, Pizza Inn has announced the opening of a major world-class dining outlet in Dhahran with huge dining rooms for both singles and families. This new restaurant is part of that plan under which it recently decided to open 15 new outlets across the Kingdom this year, said Rajendra S. Shah, Pizza Inn’s marketing chief, here yesterday. “This new Pizza Inn outlet on Dhahran Road in the golden grass belt of Al-Hada area has a huge play area for the children, the first of its kind in terms of its ambience, children entertainment and free Nintendo games,” said Rajendra, while spelling out the salient features of this new diner outlet. He said that “this outlet had a soft decor in an environment, where one could have the largest buffet choices of Pizza and salad bar.” “This is in addition to a special function room for your needs and two large plasma TVs to maximize the dining experience,” said Rajendra.
