Catalog Show
A catalog exhibition of Indian industrial companies opened at Yanbu Chamber of Commerce and Industry on Tuesday. Ibrahim bin Mohammed Badawi, chairman of the chamber, opened the show in the presence of the Indian Consul for Commercial Affairs Cyril Tigga and a large number of Saudi businessmen. Badawi highlighted the “distinguished relations” between Saudi Arabia and India and hoped that the exhibition would strengthen economic and commercial relations between the two countries and benefit their peoples. Badawi had a word of appreciation for Tigga for his efforts to boost relations between Saudi Arabia and India as well as between the Indian Consulate in Jeddah and the Yanbu chamber. More than 500 Indian companies are taking part in the show.
Cartier
The Cartier Women’s Initiative Awards are looking for innovative women-led business projects in the start-up phase. Created in 2006, by Cartier and the Women’s Forum with the support of McKinsey and INSEAD management school, the Cartier Women’s Initiative Awards are an annual international recognition for innovative female entrepreneurs and offers the chance to win personalized coaching support for a full year, a $20,000 grant, numerous networking and visibility opportunities. Last year, The Awards Ceremony was held at the annual Women’s Forum for the Economy and Society in Deauville, France where 5 candidates were awarded this prestigious award. Sheikha Lubna Al-Qasimi, minister of economy of the United Arab Emirates, was present as jury president, whose missions include acting as spokesperson for the awards.
BIG
Brother International Gulf (BIG), a global leader in the development and manufacturing of printing, communication and digital imaging products for homes, SOHOs and enterprises, is eyeing a 100 percent growth from its current sales figures by 2012. The manufacturer has also announced that it has achieved an impressive 195 percent growth in the color laser multifunction center (MFC) segment in the UAE from January to September 2008. The announcement was made at a press conference held in Dubai on Monday, which was attended by Japan’s Brother Industries Ltd. President Terry Koike and Brother International Corporation President Tetsuo Watanabe. “The Middle East is a key market for us, and we at Brother Industries Ltd. are proud to be associated with this region since September 1991, when we established the Dubai office as our regional headquarters,” Koike said. Watanabe revealed the organization’s aggressive expansion activities in the region including plans to increase investments within Saudi Arabia, Turkey and Iran.
UPS
UPS on Monday announced adjusted diluted earnings per share of $0.83 for the fourth quarter, a 22 percent decline from the $1.07 adjusted diluted earnings per share for the same period last year. On a reported basis, diluted earnings per share were $0.25 and a loss of $2.52 for the fourth quarters of 2008 and 2007, respectively. Reported results for the 2008 fourth quarter include the impact of a $575 million non-cash impairment charge primarily related to the UPS Freight business unit due to an extremely challenging LTL environment. Reported results for the 2007 fourth quarter included a $6.1 billion charge in the US domestic package segment related to the withdrawal of UPS employees from the Central States Pension Plan. For the full year, UPS posted adjusted operating profit of $6.0 billion and adjusted diluted earnings per share of $3.50, within the range the company provided mid-year. On a reported basis, operating profit was $5.4 billion and diluted earnings per share were $2.94.
NBK
National Bank of Kuwait (NBK), the largest Kuwaiti bank and the highest rated in the Middle East, announced recently net profits of $925 million (255.3 million Kuwaiti dinars) as compared with $991 million in 2007. NBK, however, reported an increase in operating income for the year to $1.84 billion, a 20 percent increase over the previous year, reflecting impressive growth in the bank’s core activities. NBK’s total assets reached $43.4 billion (KD11.97 billion) at the end of 2008, while shareholder equity stood at $5.2 billion (KD1.44 billion), excluding proposed dividends and minority interest. “NBK’s clear strategy, prudent culture, and rock-solid franchise have always gained us the trust and confidence of customers. This is a testament to NBK’s position in the region and continued drive to offer innovative, best in class products and services, based on an understanding of customer needs,” said Ibrahim S. Dabdoub, NBK’s group chief executive officer.
BUPA
Bupa Arabia has been ranked 12th on the list of 100 fastest-growing Saudi companies at the 2009 Global Competitiveness Forum in Riyadh. This ranking underscores Bupa’s strong market presence and solid position as the preferred partner of the health insurance industry. Founded by The Saudi Arabian General Investment Authority’s National Competitiveness Center, Al-Watan newspaper and Next Economics with Strategic Partner the National Commercial Bank (NCB), the Saudi Fast Growth 100 is an annual ranking of the fastest-growing emerging companies in Saudi Arabia. Its objective is to build momentum for a robust and sustainable entrepreneurial culture. Bupa Managing Director Tal Nazer said: “We are proud of this award, to be recognized as a Saudi company that has distinguished itself as an exceptional leader in strategy and modernism. This growth is a result of our continued focus on quality of customer service and value. This has helped differentiate Bupa in a market as an innovator and leader”.
Al-Khabeer
Al-Khabeer Merchant Finance Corporation has jointly formed forces with Al-Mutajra installments company to establish “Dari for Home Loans,” a new SR1 billion capitalized Saudi joint-stock company under development stage, which will specialize in financing the construction and purchase of houses and residential properties in accordance with Shariah principles. Dari Home Loans will become one of the first real estate financing companies in the Kingdom to specifically cater to the middle-income sector, providing the highest levels of excellence, quality and services. The company will assist in assessments of potential house purchases, the construction of villas and residential buildings, and will also offer favorable payment periods in keeping with Shariah provisions. The property-funding specialist will initially operate in Riyadh, eventually expanding to cover the Western and Eastern regions of the Kingdom.
LG
H.G. Ibrahim Shaker, distributor in Saudi Arabia of LG Electronics, a major producer of consumer electronics and mobile communications, organized its annual marketing conference in Jeddah recently. Y.J. Kang, head of air conditioning regional business leader, and Yong Kim, GM, air conditioner for the Middle East, were among those present. The meeting discussed LG’s successes and achievements in 2008 and highlighted the new products that LG will launch during this year including the chillers and Titan, which will change LG into a “Total Solution Provider,” that offers a complete range of air conditioning products in the Saudi market including RAC, Split, Multi V and Chillers. Kang said: “LG’s partnership with Ibrahim Shaker is the cornerstone toward our success.” Simon Lee, LG Electronics’ GM in Saudi Arabia, said, “LG Electronics and Ibrahim Shaker will continue their efforts to boost their sales in the Kingdom.” Ibrahim Shaker Co. CEO Hassan Shaker said: “Kang’s visit is a strong motivation for us to make more efforts toward increasing LG sales.”
