FERRARI
Ferrari recently celebrated the arrival of its relay, which was launched to mark its 60 anniversary as one of the major sport car producers. A ceremony on this occasion was held at the showroom of Fast Auto Technic, Ferrari dealer in Saudi Arabia, in Riyadh in the presence of Italian Ambassador Eugenio D’Auria and a Ferrari delegation. Mamdouh Khayat, GM, Fast Auto Technic, said: “Our participation as a Ferrari dealer is a clear indication of the significant importance of the Saudi market. The German F1 driver Michael Schumacher joined Ferrari a few years ago and won the F1 championship five times on board a Ferrari F1 car. The envoy referred to the participation of the Italian Embassy and said the event would deepen social and economic ties between Saudi Arabia and Italy. The relay will tour Asia, Europe and America, and will end at Ferrari headquarters in Italy where a grand celebration is set in June.
SAKANA
Sakana Holistic Housing Solutions has introduced a new and innovative product that enables existing homeowners to unlock the hidden wealth in their real estate assets. The company’s new Equity Release solution financially empowers homeowners by providing funds against the current value of an individual’s existing property, using the property deed as collateral. Sakana’s CEO R. Lakshmanan said: “Our equity release solution is a highly versatile financial tool that has been introduced in response to the needs of our customers who are on the “higher rungs” of the property ladder. As existing homeowners they are able to unlock the value of their property assets which will inherently be substantial, given the phenomenal growth in the value of Bahrain real estate over the past few years.” “By releasing the equity in their property, people now have greater ability to unleash the power of their real estate assets,” he said.
PAMPERS
Encouraged by the success of its recently launched “Let’s grow” campaign, Pampers has joined hands with Al-Otheim, one of the biggest retailers in the region, to launch a unique charity drive. Pampers will collect SR50,000 from its sales and donate it to the Riyadh-based Society for Handicapped Kids. This drive provides continuity to Pampers’ ongoing commitment to social development causes that are centered on child development. It will donate SR1 from the sale of jumbo pack of Pampers. The drive will run until a total of SR50,000 has been collected and the date of the donation will then be decided. Karim Kamel, Pampers brand manager, Arabian Peninsula, said: “The campaign and our recent partnership with Society for Handicapped Kids stems from our deep-rooted conviction to promote healthy, well-balanced growth of children. The high level of interest shown has been extremely encouraging.”
GIC
Gulf Investment Corporation (GIC) has announced the outstanding performance of its flagship hedge fund-of-funds, the Alternative Strategies Fund. The strong returns achieved in 2006 were in the region of 10.8 percent, outperforming many other such funds currently available on the market and above the industry standard. It started 2007 on a strong note by posting January and February performance of 2.65 percent. GIC provided the seed capital in August 1999 to create a multi-strategy fund-of-funds for GCC investors in close collaboration with EACM Advisors LLC. Its assets have grown to over $800 million, representing one of the largest investment funds of its kind in the Middle East. In August 2006, both companies joined forces to launch a more focused portfolio designed to take advantage of the opportunities in the event-driven sector, Malek Issa Al-Ajeel, senior VP and head of business development at GIC, said.
MEDIA GRAPHICS
After 15 years of continuous progressive growth, Media Graphics advertising agency has taken a decision to move forward and adapt itself to the demands and needs of the new business world, unveiling its new corporate brand identity, “In Communications.” The agency started its transformation process with a survey done across both clients and media services to assess the equities. The new name and identity embodied these equities and the principles of the agency while reflecting power and evolution. Each circle of the new logo represents the five disciplines of the agency sharing a common purpose. The circles symbolize the mental and ethical traits of the brand personality — insightful, intelligence, informative, innovative and integrity. In Communications is moving forward to a new vision to be the leading national agency providing Saudi-based clients with a brand building expertise, Tarek Istanbouli of the agency said.
AMIANTIT
Two of Saudi Arabian Amiantit Company’s manufacturing facilities in the Eastern Province wound up 2006 with contract awards amounting to a total of almost SR1.25 billion received in the last quarter of the year. The total amount is made up of 26 orders for various projects across the Kingdom, adding up to SR125.52 million. The majority of the orders are for glass reinforced epoxy pipes and fittings that are being produced at the Amiantit Group’s manufacturing facility Bondstrand Ltd., while the remaining orders are glass-reinforced polyester pipes and fittings that are being manufactured at Amiantit Fiberglass Ltd. (AFIL). “These contract awards enabled Bondstrand and AFIL to start 2007 with full order books and it is gratifying to see that most of the orders come from within the Kingdom, which is and always has been our core market,” Fareed Al-Khalawi, president and CEO, Amiantit Group, said.
PORSCHE CAYENNE
The second generation of the sporty all-terrain Porsche Cayenne will soon be available at the showrooms of Jeddah-based Samaco. The SUV has been upgraded with newly developed engines that have gasoline direct injection and is distinguished by higher performance combined with lower fuel consumption. In real operating conditions, a saving of up to 15 percent is possible and CO2 emissions are correspondingly lower. “The second generation Cayenne is a great offroader that looks as stylish on the highway as it is tough on sand or in rocky terrain,” David Matta, GM, Porsche Saudi Arabia, said. “It is not surprising that worldwide Porsche has already sold more than 150,000 units of the Cayenne’s predecessor and we are confident that the new Cayenne models will continue the success story.” All Cayenne models come with Porsche stability management featuring brake assist, advanced vehicle stabilization and offroad ABS as standard.
CROWNE PLAZA
As part of its first major multimillion riyal renovation plan in over two decades of its existence, Crowne Plaza Jeddah hopes to set new standards for the hospitality sector in the region. “The plan is being embarked upon in three phases, each lasting six months, even as the property remains operational and hassle-free for our guests,” Rafique I. Izhiman, general manager of the hotel told a press conference on Sunday night. With the completion of renovation, its 323 single and double rooms, executive rooms and suites — a majority of them overlooking the Red Sea — will be equipped with state-of-the-art technologies and facilities to meet the ever increasing demand of Haj and Umrah pilgrims as well as business and other visitors. “The plan also involves providing a new blend of oriental and modern look to the hotel’s facade, lounges, lobby facilities, meeting rooms, and Sakura Japanese and Al-Yasmin Arabic restaurants,” Izhiman added.
