RAKISA
Rakisa Holding, the lead developer of the Prince Abdul Aziz bin Mousaed Economic City in Hail, has announced the signing of an agreement with impaQta Management Advisory Services to launch the Entrepreneurial Business Plan Award Program initiative aimed at developing a pool of young entrepreneurs and boosting investment in Hail and in Saudi Arabia. The agreement was signed by Abdullah Al-Rakhis, chairman of the board of directors of Rakisa Holding, and Rashad Kanbar, chairman of impaQta. The agreement was endorsed by Prince Saud ibn Abdulmohsen, governor of Hail and chairman of the Higher Commission for the Development of Hail, and Dr. Salim Al-Malik of the Saudi Arabian General Investment Authority (SAGIA). Under the terms of the agreement, impaQta will assist Rakisa Holding in organizing and setting the technical requirements of the 100 K Award.
SUZUKI SAUDIA
Suzuki Saudia, distributor for Japanese automaker Suzuki in the Kingdom, has announced an increase of 187 percent in SUV sales in the first half of 2006, compared to the same period in 2005. Suzuki Saudia’s robust performance in the sector has been driven by the success of Suzuki’s Grand Vitara SUV, which recently saw a complete redesign revitalizing its presence in the sector. “The Grand Vitara has witnessed rising popularity with young people and small families looking for a versatile SUV that can be civilized and refined, but can also go off-road at moment’s notice. The car’s base power has been increased with the introduction of a 2.7-liter V6 engine, outstripping other SUVs in its class. Essential safety features haven’t been neglected either and models include standard side curtain airbags, an electronic stability system with traction control, and antilock brakes with electronic brake-force distribution,” said Ahmed Shamaile, director of sales, Suzuki Saudia.
SACCS TRACCS
Heads of the SACCS TRACCS network, Mohamed Al-Ayed and Sarah Al-Ayed, participated in the annual two-day PR Congress, which ended in Dubai on Monday. Sarah’s topic focused on creating value and raising the standards of the industry. Titled “Raising the standards of PR within the region — Where to from here?” her discussion included subjects such as the PR industry today being viewed as a “Jack of all trades and master of none.” Other important elements of discussion included training, education and the recruitment of young professionals; education of the community and raising the awareness of PR as an important economic and social activity; and educating clients and organizations about the strategic role of PR. In his keynote address, Mohamed Al-Ayed, president and CEO of SACCS TRACCS, examined PR challenges when dealing with cultural anomalies and expectations. He covered the day-to-day challenges of dealing with cultural anomalies and bridging communications — the path forward.
CLOSE UP
Voting is under way in a new campaign by Close Up toothpaste involving consumers in choosing the taste they like best. Building on its leading position in the toothpaste market and after the launch of three new fresh flavors, consumers are in the final stages of having their say in which the winning flavor (chocoloco, tangerine or lychee) becomes a permanent fixture in the Close Up range. The winning variant will be elected and announced at Al-Shallal theme park in Jeddah on Thursday. With more than 1,500 displays across the GCC, the Close Up “Big vote” campaign continues to trigger massive excitement by engaging and encouraging the target audience through the legendary initiative. The campaign kicked off its second stage by voting for the new variant with consumers selecting one of the flavors, said Ahmed Osilan, Close Up brand manager for the GCC.
AIG MEMSA
Global insurance leader AIG yesterday strengthened its long-standing presence in the Middle East with the launch of its new regional insurance company, AIG MEMSA Insurance Company headquarted at Dubai International Financial Center (DIFC), responsible for the Middle East, Mediterranean and South Asia regions. The company brings AIG’s industry leadership in disciplined underwriting standards, providing world-class general insurance services localized to suit the specific needs of corporations and consumers across the MEMSA region. Charles Bouloux, president, AIG MEMSA, said: “We recognize the Middle East as developing into one of the world’s most important centers of financial activity. Having been in this region for over 50 years, we’re excited at the opportunity to contribute to the ongoing growth of the region. As a well established player in the Middle East, we are attuned to the specific needs of each market.”
INVESTCORP
Investcorp, an asset management firm specializing in alternative investments, on Sunday announced the election of a new director, Abdullah Mohammed Mazrui, to its board. Investcorp chairman Abdul Rahman Salim Al-Ateeqi welcomed Mazrui to the Investcorp board and said: “We’re delighted to be joined by such an eminent figure from the corporate and financial world. Mazrui brings invaluable experience and knowledge to our board which plays an important role in leading, guiding and supporting this firm.” Investcorp’s President and CEO Nemir Kirdar, said: “The addition of such a distinguished gentleman to our board comes at a time of increasing momentum for this firm. As evidenced by the recent announcement of a record net profit for Investcorp’s fiscal year ended June 30, 2006, we achieved solid performance and growth in all product areas. This demonstrates the enduring strength of this institution.”
QATAR AIRWAYS
Qatar Airways welcomed its first Airbus A340-600 aircraft last week to become the launch customer of the high gross weight version of the world’s longest passenger jet. The 266-seat aircraft, which is capable of flying non-stop between Doha and the US east coast with a full load of passengers and cargo, arrived to a fireman’s salute welcome at Doha International Airport, following a flight from Airbus headquarters in Toulouse. Abdul Aziz Al-Nuaimi, chairman of Qatar’s Civil Aviation Authority and the New Doha International Airport Steering Committee, and Col. Nasser Al-Malki, director of the airport’s passports and security department joined Qatar Airways’ CEO Akbar Al-Baker at the ceremony. The airline also showed off a brand new livery to take it into the next generation of air travel.
EVOLVENCE
Evolvence Capital, a major global private equity investment house headquartered in the Middle East, is helping to bring together the leading players in private equity in Asia, Europe and the United States to discuss the most important issues affecting the rapidly evolving private equity and venture capital landscape, with its co-sponsorship of the SuperReturn Asia 2006 conference, which was held in Hong Kong last week. Jay Jegannathan, MD, Evolvence India Fund, was part of a discussion panel on the investor perspective on Asia. In addition, Hari Buggana & Dr. Anula Jayasuriya, the managing directors of Evolvence India Life Sciences Fund, gave a presentation on the opportunities in the Life Science space in Asia with a focus on India. Evolvence Capital, which is headquartered in Dubai has offices in New Delhi and US operations in New York.
MOULINEX
The all-new La Moulinette from Moulinex, a Groupe SEB brand, offers more power and additional functions that could come quite handy for the harried women in the kitchen. In fact, for those who intend to buy a mini chopper that can also function as a blender, juicer or a shredder, La Moulinette DPA5 is claimed to be the perfect choice. It is an upgraded version of the Old Moulinette but imbibes the Moulinex technology and comes form 800W power. The four attachments — chopper, blender, juicer and shredder — come separately but offer the most convenient way to ease oneself out of complex cooking maneuvers.