Al-Munajjed Elected SFBC Chairman
Arab News
RIYADH, 5 October 2006 — Businessman Kamil Salahuddin Al-Munajjed has been elected chairman of the Saudi-French Business Council (SFBC) for three years. Salah ibn Abdul Hadi Al-Qahtani and Ibrahim Mahmoud Foda were named deputy chairmen. The election was held at Riyadh Chamber of Commerce and Industry in the presence of a large number of businessmen.
ICIEC Arranges Training for IPAs
Arab News
JEDDAH — The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the IDB group, in collaboration with Malaysian Industrial Development Authority (MIDA) conducted a familiarization program for officials of Investment Promotion Agencies (IPAs) of Organization of the Islamic Conference (OIC) member countries in Kuala Lumpur, from Sept. 14-22. The program was the first major initiative under the IDB Group’s Investment Promotion Technical Assistance Program (ITAP).
IDB Finances Indonesian University
Arab News
JEDDAH — The Islamic Development Bank signed a financing agreement with Indonesia worth $26 million for developing and improving Alaaddin University in Makasar city. President of IDB, Dr. Ahmed Mohammed Ali, signed the agreement with Indonesian Vice President Yousuf Kala who is visiting Saudi Arabia. The vice president commended the bank’s relief efforts in response to the Tsunami that hit Indonesia in December 2004.
Nakheel Hands Over Buildings
Arab News
DUBAI — Nakheel, the UAE’s leading property developer, has handed over the first of 387 buildings at International City. This begins the process of handing over 75 percent of residential buildings by the last quarter of 2006, with the following 25 percent to be handed over in 2007. The building was handed over to owner Abraj Property Developers at a ceremony attended by Nakheel’s CEO Chris O’Donnell, International City’s General Manager Rashid Al Helli, and Abraj Property Developers’ Managing Director Saad El Zein. The four story (G+3) mixed-use building, developed by main contractor Al Shafar Transport & Contracting Co. LLC, is based in one of the China Clusters in International City’s residential district. The building consists of 60 residential units and 18 retail shops.
MFC, AEL to Finance RAK Petroleum
Arab News
DUBAI — Millennium Finance Corporation (MFC), the investment banking subsidiary of Dubai Islamic Bank, yesterday announced that it had advised Anzon Energy Limited (AEL), an Australian oil and gas exploration and production company listed on the AIM, on issuing $75 million worth of shares, bonds, and convertible bonds to Ras Al Khaimah Petroleum (RAK Petroleum). AEL will primarily use the proceeds to further its development by strengthening its existing positions and fund its plans in the Middle East, with a primary focus on the UAE. MFC’s advisory also extends to AEL signing a Memorandum of Understanding with RAK Petroleum to form a joint venture at a later stage. The proposed venture will explore interests beyond the Middle East with clearly stated objectives of building a major influential oil and gas exploration, and production group in several geographic locations.
Facilities Management Gets Importance
Arab News
DUBAI — Facilities Management has acquired greater importance in the region with the boom in the retail and real estate sectors, according to Duncan Waddell, an international authority on facilities management, he was speaking at a workshop organized by the Middle East Council of Shopping Centers (MECSC) in Dubai on Essential Skills for Operations and Facilities Management. “The facility manager’s role is no longer just a maintenance job. It has a positive impact on the value of retail, commercial and residential properties as a facility manager ensures smooth running of operations to guarantee shoppers, visitors and tenants are happy with the services offered,” said Duncan Waddell, managing director, FM Intelligence Pty Ltd, Australia.
Gastech 2006 Set at ADNEC
Arab News
ABU DHABI — DMG world media has announced that it is to launch Gastech 2006, the 22nd international conference and exhibition for the LNG, LPG and natural gas industries. The conference is being held from Dec. 4-7 at Abu Dhabi National Exhibition Center (ADNEC) and Emirates Palace. In addition to the traditional elements of Gastech, this year’s event will see a number of firsts including the 2006 Excellence in Energy Awards, the Gastech IT Zone, Gastech and LNG Hosted Buyers Program, GasTV Live, the 1st Gastech Open Golf Tournament, and Meet at the Oasis — an initiative designed to ensure that attendees can arrange onsite meetings in an effective way.
