HSBC
The places at the top of the cash management table seem secure: According to the Euromoney cash management poll, Citigroup and HSBC have this year widened the gap between themselves and their closest rivals, confirming the notion that, for all the protestations about client satisfaction and bespoke product supply, this is ultimately and increasingly a game of scale. The interesting battles are those that will be fought at the lower end of the table. Citigroup and HSBC have been battling it out for lead position - last year, it looked as if it could go either way. In 2006, respondents indicate, by a significant margin, that HSBC is the ICM that is used most worldwide. Also this year in a surprise move, Standard Chartered breaks into top 3 for the first time. Euromoney analyzed the responses of 1,681 respondents to discover the top banks for local and regional cash management services from 77 countries, a record response rate. It is worth mentioning that HSBC Bank is considered one of the largest banks in the world, with more than 9,800 branches in 77 countries worldwide, including Saudi Arabia, where it offers its banking services through his strategic partner the Saudi British Bank (SABB).
ALHOKAIR
In an initiative uncommon in Saudi markets, a group of Muslim scholars joined Prof. Abdulla Al-Mutlaq, member of the supreme committee of Islamic scholars in Saudi Arabia, in sanctioning the initial public offering (IPO) and trading of Fawaz Abdulaziz Alhokair & Company shares in the market. Al-Mutlaq has asserted that all operations of the company are Shariah-compliant. Prof Al-Mutlaq is now joined by Mohammed Alqerri, Khalid Aldaeiji, Prof. Mohammed Aloussaimi, Shaikh Yousef Alshubeili, Shaikh Abdulaziz ibn Fawzan AlFawzan in proclaiming Fawaz Abdulaziz Alhokair & Company “Naqia.” Mutlaq clearly stated that the company’s activities were Shariah compliant and that it holds no liabilities or investments that contradict Shariah rules and regulations. Therefore the company is considered “Naqia,” and buying and selling of its shares is “Halal.” Mohammed Alqerri stated that he had reviewed the company’s financial accounts and the prospectus offering 30 percent of the company’s shares for public, and after research about the company’s financial activities he came to the conclusion that it complied with all accepted standards for Islamic investment.
SAMBA
Samba Financial Group will participate in the World Islamic Banking Conference (WIBC) 2006 as “Capital Markets Partner & Shariah Open Forum Host.” The key industry event takes place in Bahrain from Dec. 9 -11. Samba is the leading provider of financial services in the region, committed to providing world-class financial solutions to various customer segments. Samba’s activities span retail banking, private banking, corporate & investment banking, treasury services, asset management, and Islamic banking for all business segments. Eisa Al-Eisa, MD and CEO of Samba said: “We are delighted that Samba is participating in this important event. The bank has an Islamic Banking and Shariah Supervisory Board, consisting of internationally-renowned Islamic scholars. All components relating to our Islamic banking products are carefully monitored by the board, so that our customers are provided with truly Shariah-compliant products.” The Shariah & Business Open Forum will include key discussion points: Ensuring an EffectiveIinterface between the Shariah board & the Business; Balancing Product Innovation & Shariah Compliance and Addressing Shariah Interpretation Issues.
SAMSUNG
Samsung Electronics has once again proved itself a market leader in consumer electronics and IT equipment by winning five international awards. The EISA (European Imaging and Sound Association) award, one of Europe’s most recognized awards for multimedia technologies, is in recognition of Samsung’s record accomplishment in Europe. The company’s award-winning product lineup includes a LED Backlight LCD TV, a Home Theater System, an Ultra Mobile PC, and a Photo Printer. The products will certainly bolster the company’s sales in the Middle East and Africa (MEA) region. Chi Won Suh, Samsung’s president and CEO for MEA, said “these prestigious awards mark Samsung’s continuous pledge to provide advanced technology and functional products that elevate consumers’ digital life. Most of these products will see their way to the MEA market within this year.” The NV10 of Samsung Techwin Co. Ltd. - an affiliate of Samsung Electronics - was chosen in the compact digital camera category by EISA Video Innovation.
IIB
International Investment Bank (IIB), a globally focused investment bank based in Bahrain, yesterday announced further progress on the development of West Bay Tower, a commercial real estate investment in which the bank holds a 65 percent shareholding. IIB’s investment in West Bay Tower was heavily oversubscribed by investors from across the Gulf Cooperation Council (GCC) in June 2006 and represents IIB’s second investment in Dubai’s Business Bay development. “Following the appointment of several leading firms to manage the development of the uniquely designed 27-story X-shaped tower, there has been significant movement forward in a number of key areas over the past months. Preliminary designs of the tower have been completed and submitted to Dubai authorities TECOMM for approval, and work on the detailed design is now underway. Soil investigations and land demarcation have also been completed setting the stage for construction to commence in November 2006 with a view toward completion of the project in the fourth quarter of 2008,” said Aabed Al-Zeera, chief executive officer of IIB.
AL BAIK
In an effort to recognize the efforts and support given by various training organizations in Jeddah, during the annual Al Baik summer program, With Al Baik You Are the House Hero, the Al Baik management hosted a sahur and recognition ceremony event at the Hilton Hotel in Jeddah. The dinner was attended by officials and representatives from the Civil Defense, Saudi Red Crescent Society, Jeddah Secondary Industrial Institute and media personalities. “Each of these organizations plays a pivotal role in the sustenance and development of the program,” reiterated Rami Abu Ghazaleh, CEO of Al Baik Food Systems Ltd. “The program which is part of our corporate social responsibility platform Ta’awanuh, aims to not only offer training to the youth on important skills in an innovative manner, but at the same time educate them on the importance of responsibility. As an incentive for excelling, the registration fee of SR500 is refunded upon completion of the program depending on the final grades achieved. This unique and signature motivational tool is meant to encourage students to utilize their potential to the ultimate while enjoying the benefits of learning new skill sets, making them their own “house heroes.” Initially launched for boys in 2001, at the Jeddah Secondary Industrial Institute, the “With Al Baik You are the House Hero” summer program has witnessed phenomenal support and interest from students, training associations and the general public. In 2002 the program was expanded to include a special training program for girls hosted at the Al Faisaliyah Women’s Welfare Organization in Jeddah.
YALLAUTLOB
New and distinguished service in the field of food delivery to homes provided for the first time in Saudi Arabia by “Yallautlob” company, a division of Logic. By the beginning of the holy month of Ramadan, “Yallautlob” company began food delivery of all types of foods to homes in Jeddah around the clock. Customers need only make their orders from the menus of any restaurant in Jeddah and “Yallautlob” delivers the order to the customer’s doorstep. The cost of home delivery is SR22 to locations between Hira’a Street, King Abdullah Road, Prince Majed Street and the Corniche. Delivery can be made to houses located outside these areas with additional cost to be determined according to location. “Yallautlob” is based in Jeddah, and specializes in food ordering and delivery service. Orders are received through its call center and delivery made through its own fleet of delivery cars. “Yallautlob” is currently servicing various high-end restaurants in Jeddah which do not have home delivery service.
