The Rolex Awards for Enterprise, one of the world’s most respected philanthropic programs, are coming to the Middle East for the first time in their 30-year history. The biennial awards, which support individuals working to improve human knowledge and well-being, will be held in Dubai next year under the patronage of Princess Haya Bint Al-Hussein, wife of Sheikh Mohammed Bin Rashid Al-Maktoum, vice president and prime minister of the UAE and ruler of Dubai. Rebecca Irvin, head of the Rolex Awards Secretariat in Geneva, said at a press conference recently that holding the awards ceremony in Dubai would focus special attention on the MENA region and inspire social entrepreneurs across the area to apply to the 2008 Awards. To encourage local participation, the submission deadline for regional applicants has been extended to Oct. 25, 2007. Application deadlines for much of the rest of the world — including North, Central and South America, Asia and the Pacific — have passed, and the deadline for Europe and sub-Saharan Africa is at the end of September.
DRIVE COMMUNICATION
Drive Communication recently organized a competition for the best anti-smoking ad aimed at showcasing young Saudi talent and simultaneously fighting smoking. More than 300 young Saudis, as well as others from outside the Kingdom, participated in the competition. Entry submissions lasted for three months. A seven-member committee was formed, which included three Drive Communication representatives – CEO Cheriff Tabet, Jeddah-based MD Gene Bou Nacklie, and Chief Creative Officer Ramzi Barakat, Ibrahim Barakat of Abdul Latif Jameel Company, Ibrahim Badr of the Jeddah Chamber of Commerce, Angela Anderson of Dar Al-Hikmah College and Miassar Al-Shammari of Al-Hayat newspaper.
First three winners were Abdul Rahman Mohammad Al-Attas, Fuad Maan Al-Azm, and Bassam Abdallah Al-Muhaymed. Prizes and trophies were presented in Jeddah. All winning ads are scheduled to appear in newspapers. Drive Communication said it intends to organize annual creative competitions that address a variety of socially relevant issues to arouse social awareness.
HEDGE FUNDS SUMMIT
John Paulson, founder and president of Paulson & Co. Inc. (PCI), and the fund manager for the Paulson funds specializing in merger and event arbitrage announced that he will be attending their 3rd Annual Middle East Summit, sponsored by Investcorp, and to be held in Bahrain on Nov. 5-7. The inaugural session of the event will be attended by Rasheed Mohammed Al-Maraj, governor of the Central Bank of Bahrain. In 2007, PCI’s Paulson Credit Opportunities fund was up approximately 410 percent, making it the best performing hedge fund of the year. Prior to organizing PCI in 1994, John was a general partner of Gruss Partners and a managing director in mergers and acquisitions at Bear Stearns. Developed in close conjunction with event partners, Bahrain Financial Services Development (BFSD), part of the Economic Development Board, and global alternative asset manager Investcorp, the summit will attract major investors from across the GCC region, with leading fund managers from MENA, Europe, Asia and the US discussing innovative alternative investment strategies.
BEAC
Ahmad Ali Badgaish Electronic Company (BEAC), which has 30 stores and over 500 dealers across the Kingdom, holds exclusive distribution rights of Pioneer, BEAC and UNI-PEX. “Our strength is the firm belief we have in our core business value which is to provide our customers with the best product at the best price and to be available at maximum locations to serve them,” said Shariq F. Khan, GM at the company. It has been in the electronics and household appliances business for more than 50 years, having been founded by Ahmad Ali Badgaish in the early 1950’s. “We have come a long way, remained resilient and kept our status as a provider of top of the line quality electronic products as a result of which we continue to enjoy the highest trust of our customers.” Khan added. The company is headquartered in Alkhobar, with regional offices in Riyadh and Jeddah. It has branches in Madinah, Riyadh, Alkhobar, Dammam, Jubail, Al-Hassa, Buraidah, Jeddah, Khamis Mushayt and Yanbu.
AL SAWANI GROUP
Al-Sawani Group, a major fashion retail company in the Middle East, opened Go-Sport, its newest sports shop on Prince Sultan Street in Jeddah on Thursday. “Go-Sport is a new concept from Al-Sawani. It is a complete sports shop in the Kingdom all that the customer needs from the sports world,” Bilal Hafiz, Go-Sport brand manager, said. Go-Sport has been a leading distributor of sports equipment in France for the past 20 years. In addition to its fashion aspect, it offers all kinds of professional and recreational equipment. Its qualified distribution skills reach the goal of every type of sports requirements from the smallest size to the largest possible equipment.
AL-SORAYAI GROUP
Saudi Arabia has occupied the third global rate in carpet production through Al-Sorayai Trading and Industrial Group that produces 40 million square meters annually. This achievement puts the Kingdom before the top global carpet producers like the US and Belgium. Saleh ibn Naser Al-Sorayai, CEO, Al-Soraiya Group, said, “We are proud of this new success, which has contributed to the Kingdom’s big achievements. Al-Sorayai group has developed its business and production over two decades to cope with the global standards.” The group fully addressed demand of the local market and exported its production to over 65 countries including the United States and China.
