NCB
Jeddah-based National Commercial Bank (NCB) recently celebrated the graduation of 21 trainees who had completed a “How to start your own small business” program. It is part of the AlAhli programs for small businesses. It aims to support youth seeking to establish their own small businesses and help them become socially productive businessmen and businesswomen. Mahmoud Al-Turkistani, the NCB’s head of community service unit, referred to the cooperation offered by the Small and Medium Business Center at the Eastern Province Chamber of Commerce and Industry and commended their deep vision and ideas in supporting this sector of society. Al-Turkistani added that the duration of the academic training period was six weeks, followed by a six months monitoring period during which free consultation would be provided for the trainees to help them establish their own businesses. He said that the course aimed to qualify participating youth and help them acquire necessary basic skills to launch their businesses by training them to conduct feasibility studies, market research, how to define investment opportunities and clarify the business concept.
GIC
The international rating agency Fitch Ratings has assigned a long term IDR of ‘A’ to Gulf Investment Corporation (GIC). GIC has also been assigned a short-term rating of ‘F1’ and the outlook for both is Stable. “This rating action from Fitch reaffirms GIC’s premier position in the region, and is an external validation of our successful business model,” GIC CEO Hisham Al-Razzuqi said. GIC is rated A- by Standard & Poor’s and A2 by Moody’s. This is the first time Fitch has rated the corporation and the rating agency has highlighted GIC’s ownership structure and adequate capitalization as key strengths. “The individual rating of GIC reflects its satisfactory capitalization and cost efficiency, as well as consistent profitability and good franchise in private equity investments,” an excerpt from the Fitch report stated. Fitch also viewed positively the high quality asset base of the corporation, as is highlighted in the rating report.
AVON
Avon last week celebrated the 120-year anniversary of Avon Products, Inc., which was founded by David H. McConnell in 1886 in the United States. In Jeddah, Avon Associates reflected on Avon’s history spanning from 1886 through 2006 and Binzagr’s accomplishments in the region at a press conference. McConnell was a successful bookseller, making sales door-to-door and often accompanying his sales with a gift of perfume to his female customers. Realizing the success of the perfume, McConnell saw an opportunity and in 1886 created the California Perfume Company, which initially produced five scents in a small lab in New York City called The Little Dot Perfumes. Today, more than five million representatives sell Avon products to customers in over 100 countries. “From our first Representative to our current representatives 120 years later, empowering women has been key to Avon’s success,” said Howida Khougeer, national sales manager, Binzager-Avon.
AL-RAJHI BANK
Al-Rajhi Bank has announced the opening of 30 new remittance centers across the Kingdom before the end of the year. “Three new high-tech customer-friendly Tahweel Al-Rajhi centers have been opened this week alone and these centers are fully geared to serve customers during Ramadan,” said Tahweel Al-Rajhi chief Sami H. Al-Rajhi said yesterday. “The move to open new Tahweel Al-Rajhi centers is primarily intended to tap the growing remittance market of the Kingdom and to serve expatriate and Saudi customers,” he added. Foreign workers in Saudi Arabia remit over $16 billion a year to their home countries, said Tahweel Al-Rajhi manager, quoting a study. This figure represents 60 percent of the total funds transferred by expatriates alone from the six GCC countries annually. “We’ll have more than 100 Tahweel Al-Rajhi centers including 30 new ones to be operational by the end of 2006.” He said that these new remittance offices, popularly known as “Tahweel Al-Rajhi” centers, could be used by Saudis and expatriates for a range of services such as remitting money, making demand drafts, traveler’s checks, local transfers and debit account remittance.
GLOBAL
Global Investment House (Global) on Tuesday announced the conclusion of the fourth real estate acquisition in the United States as part of its US Real Estate Fund’s management strategy and as a continuation of its investments. Sameer A. Al-Gharaballi, EVP at Global and the fund’s manage, said that it finalized the purchase of the third medical office building to become the fourth property in its portfolio. He stressed that Global relentlessly investigated and analyzed all acquisition opportunities throughout the United States, which has resulted in the conclusion of this deal. The property is located at the junction of 18th and Villa streets on the campus of the St. Luke’s Medical Centre and is directly adjacent to the 225-bed hospital. The Van Buren Street has experienced modest growth in recent years including a 100,000 sq f biomedical facility currently under development.
DHL/UNICEF
Deutsche Post World Net, DHL’s parent company, and UNICEF have launched a global partnership under the motto “We deliver help.” The goal of the initiative is to reduce child mortality around the world. Deutsche Post World Net and UNICEF announced this global cooperation at a joint press conference in Berlin. “By providing our logistics know-how, our group can make a significant contribution to improving children’s lives in disadvantaged regions around the world. A partnership with UNICEF offers an ideal platform for us to contribute to this critical goal,” Dr. Klaus Zumwinkel, Chairman of the board of management at Deutsche Post World Net, said. “Every day in communities around the world, 30,000 girls and boys under the age of five die mostly of diseases that could be prevented or treated,” said UNICEF patron, Eva Luise Köhler. “Through the UN Millennium Goals the international community has committed itself to reducing child mortality by two-thirds by the year 2015. I am very pleased that Deutsche Post World Net is helping UNICEF to achieve this key objective.”
HSBC BANK
HSBC Bank Middle East Ltd. said yesterday that it has been granted a license from the Dubai Financial Services Authority (DFSA) to provide institutional financial services from the Dubai International Financial Center (DIFC). These activities include a significant proportion of the bank’s corporate, investment banking and markets activities, along with a major portion of HSBC’s Private Bank, coupled with representation from the bank’s Islamic financial service vehicle, HSBC Amanah, and some insurance-related activities. Niall Booker, deputy chairman and CEO, HSBC Bank Middle East Ltd., said: “Following the announcement made by our Group Chairman Stephen Green last year about the bank’s strong desire to establish a significant presence in the DIFC, I’m pleased to confirm that the DFSA has approved our request for authorization and that we’ll relocate a number of staff into the DIFC during 2006.”
