ICD, YEMENIA LAUNCH FELIX
The Islamic Corporation for the Development of the Private Sector (ICD), a member of the Jeddah-based Islamic Development Bank Group, in collaboration with Yemenia airline company, announced the establishment of Felix Airways with a capital of $80 million. Felix has been launched to take over the domestic operations of Yemenia as well as to serve some selected regional routes. The airline is expected to capture the increasing domestic air travel demand, which is growing annually at six percent, according to the International Air Transport Association (IATA), by offering better services in terms of schedules, flight frequencies, pricing and operational efficiencies. Yemenia Chairman Capt. Abdulkalek Al-Kadi said Yemenia plans to concentrate on international routes and pull out of domestic routes, which will be served by Felix as a separate affiliated entity. Yemenia currently operates mainly large jet aircraft which are more suitable for long distance flights and could attend to increasing demand on international routes to and from Yemen. ICD CEO and general manager Khalid Al-Aboodi said ICD is taking a stake in the airline as part of its strategy to develop the airline and transport industries in member countries, especially where the business models are viable. ICD investment is also meant to encourage other investors to invest in Yemen, thereby increasing foreign direct investment flows into the country, he added.
ADNEC GREEN STRATEGY
Abu Dhabi National Exhibition Company (ADNEC) has launched a three-year environmental strategy which is designed to spread awareness about the impact of exhibition waste and to encourage waste reduction in the regional exhibition industry. The strategy has been launched to coincide with the inaugural World Future Energy Summit (WFES), held at ADNEC on Jan. 21-23. ADNEC launched its strategy —Reduce, Reuse or Recycle — which focused on the reduction and re-usability of exhibition waste. ADNEC has also commenced its unique long-term education program to educate both exhibitors and contractors about waste responsibility and disposal solutions. ADNEC Chief Executive Officer Simon Horgan said: “In response to the environmental challenges faced by the international exhibition industry, ADNEC is acting as a catalyst, to reduce the environmental impact of exhibitions. Our education program for exhibitors and contractors will help communicate the moral responsibility and economic sense of reducing, reusing or recycling exhibition waste.”
JOTUN PAINTS WORKSHOP
Jotun Paints, one of the world’s leading producers and suppliers of paints, coatings and powder coatings, hosted a workshop on walls designs and color psychology at the Dubai Ladies Club, Jumeirah Beach Road yesterday. During the event, Jotun gave out useful tips to ladies on the latest design trends, which will aid them in updating the overall appearance of their homes. The event also included activities aimed at motivating the participants to draw inspiration from their personal preferences as ladies. The workshop was highlighted by the introduction of the “Lady” interior paint aimed at familiarizing quality conscious ladies with the brand. Showcasing the quality and versatility of “Lady”, the workshop featured an interactive presentation on the unique characteristics and benefits of Jotun’s latest paint innovation. The event also included a “Color Psychology” session and a display of new wall designs, in addition to awarding of gifts and prizes. the workshop at the Dubai Ladies Club focused on raising awareness of “Lady”, which has been designed to meet the sophisticated requirements and expectations,” said Linda Tarifi Kender, regional interior brand manager, Jotun UAE.
AL-SORAYAI CARPETS
The Al-Sorayai Group’s stand at Domotex Hanover 2008 has received an overwhelming response from visitors to the world’s most comprehensive floor covering expo, which was held in Hanover on Jan. 12-15. The group, one of the Middle East’s largest carpet manufacturers and exporters, has introduced the latest trends and styles in the world carpet industry, particularly the antique designs that are related to the rich Arab culture and heritage. “The tremendously positive response from visitors reflects the high levels of development achieved within the regional carpet industry,” said. Saleh Nasser Al-Sorayai, CEO of the group. “We have been keen to participate, with the ambition of showcasing the rising star quality of our local industry. We are thrilled with the popularity of our handcrafted carpets, with their awe-inspiring designs that combine classic styles with contemporary ones. Our carpet and rug industry has actually become the pride of GCC and Arab industries,” he added. Transactions at this year’s event have reached the multi-million US dollar mark, and are expected to exceed the total transactions for last year’s event, which reached $60 million. Al-Sorayai Group’s sale activities this year have included a large number of retail transactions. Al-Sorayai said while their focus has been on wholesale, they are now ready to expand their scope and market coverage to include retail sales of tailored products that meet the different needs. The KSA consumes about 70 million square meters of rugs per year, according to industry resources, and is rated the world’s third largest manufacturer of rugs and carpets, producing 120-130 million square meters per year. Rugs accounts for 51 percent of total textile production in the Kingdom and are exported to 75 countries worldwide.
NAKHEEL’S EPIC DEVELOPMENT
Nakheel, one of the world’s largest property developers, has completed the land reclamation for its epic island development — The World. The World will only remain in this ‘virgin’ state for a short period of time before the individual islands are handed over to developers and construction on the islands themselves begins. Last week the final stone on the breakwater for The World was placed and reclamation work was completed — exactly to schedule. The completion of phase 1 has seen land reclamation requiring 320 million cubic meters of sand dredged from the sea and the creation of the breakwater that surrounds the 9km wide and 7kms long island destination. Nakheel is one of the world’s largest privately held real estate developer, and a key player in realizing the vision of Dubai for the 21st century: creating a world class destination for business and tourism. Nakheel currently has a portfolio of developments, including The Palm Jumeirah, The Palm Jebel Ali, The Palm Deira, The World, Dubai Waterfront, Jumeirah Islands, Jumeirah Park, and Ibn Battuta Mall. Nakheel’s projects aim to redefine the concept of property development.
TUSCAN TOWER UP FOR GRABS
Sabban Property Investments (SPI) has announced that Tuscan, the third tower of its luxury residential QR1.2 billion development Sabban Towers has been released for sale. The move follows the recent announcement that over 80 percent of Provencale and Florentine, the other two towers in the development have been sold. The developer has committed to the prompt delivery of the project by July 2008, which in addition to the fulfillment of the announced completion of project’s superstructure during the last quarter of 2007, reaffirms SPI’s commitment of delivering its projects within the predetermined time frame. Tuscan offers a total of 164 luxurious apartments ranging from one to five-bedroom penthouses including 24 one-bedroom, 78 two-bedroom, 56 three-bedroom, 2 four-bedroom and 4 duplex penthouses. Starting from QR10,500 per square meter, the third tower is expected to see an overwhelming response from regional and international investors, given the world-class facilities and amenities it will offer to residents. Tuscan is one of the three towers that make up the Sabban Towers development on The Pearl-Qatar, with the other two towers — Provencale and Florentine — garnering tremendous investor response. SPI-subsidiary Lifestyle Homes & Properties are set to handle the sales activities for the latest addition to the tower series through its in-depth market knowledge and expertise. John Browne MBE, managing director, SPI, said “Tuscan is being released for sale at a time when the property market in Qatar is at an all-time high, with the country attracting interest of investors from across the globe, who have realized the true potential of Qatar’s property and real estate sector.”
