BNP PARIBAS
BNP Paribas, a European leader in banking and financial services, has been awarded the top position as a primary dealer for the fourth year in a row in an annual survey commissioned by Agence France Tresor. In all fixed income products, BNP Paribas is the leading counter party of investors surveyed. This outstanding result is the fruit of the constant work of BNP Paribas Fixed Income teams. Frederic Janbon, global head of Fixed Income for BNP Paribas, said, “The quality of our research, advice and execution is essential to constantly improve the service we seek to offer our clients, both investors and issuers. This ‘Smart Trading/Smart Sales/Smart Research’ strategy gave us critical mass in flow products and enables us to meet the increasingly sophisticated needs of our clients. We are also at the cutting edge in inflation products (e.g. indexed bonds and swaps) or exotic derivatives in Europe and Asia of-course, but also in America.”
DUBAI REAL ESTATE INSTITUTE
Dubai Real Estate Institute was launched yesterday as the Middle East’s first academic institute for real estate professionals. The institute has been established to address the recent growth witnessed by the real estate sector in the UAE and the region as a whole. It will also cater to the growing need for industry specific education in the region. The Dubai Real Estate Institute will open in the forthcoming academic year and will offer graduate, post graduate and executive programs and short courses on real estate studies. A board of directors has been established to drive the vision of the Dubai Real Estate Institute. The panel currently comprises three entities of Dubai Holding including Sama Dubai, Tatweer and Dubai Properties. Dubai World, Emaar, Emaar India, and Dubai Islamic Bank have signed on as shareholders.
NCB
The National Commercial Bank (NCB) was honored for participating in the Platinum sponsorship of the first National Conference for Electronic Transactions by Mayor of the Communications and Information Technology Commission Dr. Mohammad Al-Suwail. Al-Suwail, who is also the director of the Organizing Committee for Electronic Transactions Conference, honored NCB during a ceremony held recently in honor of sponsoring companies at the International Hotel in Riyadh. Rayis Bin Mahfouz, NCB head of Alternative Distribution Channel, accepted a honorary plaque on behalf of NCB. The conference was a valuable opportunity to gain an insight into various international practices in the electronic field and provided a generous environment for bank officials to exchange expertise and perspectives with experts and specialists participating in the conference. The conference also defined requirements for the application of government electronic transactions, information security and transaction properties, and gave participants an idea of the best technical practices and ways to develop the concept of social information. The NCB has won many international and national awards in electronic banking.
ASSAUDIA
Assaudia Real Estate Development Company, the real estate and property development arm of Saudi-based business conglomerate Omar K. Alesayi Group (OKAG), announced on Tuesday the winners of its Affordable Housing Competition, a design competition to produce concepts for a one million-sqm housing project in Jeddah. The reception was attended by Deputy Mayor of Jeddah for Services Khalid Aqeel together with Jeddah’s leaders in design, architecture and housing, in addition to representatives from six participating firms from Saudi Arabia, Egypt, Lebanon, and the United States. Winners announced are: first prize — Dr. M. Yousry and Associates, Cairo, Egypt; second prize — Environmental Consulting Bureau (ECB), Riyadh, Saudi Arabia; third prize — Erga Group Architects and Consulting Engineers, Beirut, Lebanon. The competition ended on Jan. 20, 2007, with six designs submitted by leading local and international architectural firms for the $1.3 billion project in Jeddah. The site is located in Sharm Obhur on the Red Sea coast north of Jeddah and will be converted into a neighborhood of apartments, condominiums, small villas, recreational areas, medical centers and commercial zones. Aidaroos Abdullah Albar, executive manager of Assaudia Real Estate Development, said, “Omar K. Alesayi Group was keen to ensure that both the design and development of the project resulted in an exceptional concept for affordable housing in the future. We are excited by the designs we received and feel that both their innovative designs and environmental approach will provide an example of how affordable housing can be attractive, imaginative and built within a tight budget.”
DEUTSCHE BANK
Deutsche Bank published on Wednesday a white paper outlining the investment structure that facilitates the issuance of Shariah-compliant securities that offer investors access to alternative asset classes. Deutsche Bank has made public its procedures both in the interests of transparency in an attempt to help alleviate some of the “supply” constraints that exist in Islamic financial markets. These constraints are mainly related to capacity — in respect of the number of qualified bankers involved and their Islamic structuring capabilities. In addressing these issues, the market will be more able to develop in line with customer demand. Geert Bossuyt, managing director and regional head of ME structuring at Deutsche Bank, said, “We are confident that the structure will eventually be viewed as a significant milestone in the development of the Islamic finance industry as it provides Islamic investors with exposure in a liquid and cost-efficient way to new asset classes and pay-outs removing one of the main structuring barriers.
INFINITY TOWER
Plans were unveiled on Wednesday for Bahrain’s Infinity Tower, the first ultra-high end residential complex, which is set to introduce a new standard in design ingenuity and luxury high-rise living. The 50-story structure, which is expected to be developed at a cost of approximately $150 million, will feature some 350 luxury apartments. These will range from well-appointed one bedroom loft apartments to sprawling double-story four bedroom duplex apartments and penthouses boasting sea and city views and equipped with “skygardens” and infinity edge swimming pools. Infinity Tower has been conceptualized and designed by world renown architects and engineering consultants WS Atkins, who have been responsible for the design of some of the Middle East’s most unique and well-known structures including the Burj Al-Arab and the Bahrain World Trade Center towers. The building’s development will be managed by DTZ Bahrain.
