BANK ALBILAD
In what can be called a major step to protect the national economy against all sorts of fraud as per the guidelines of the Saudi Arabian Monetary Agency (SAMA), Bank Albilad has joined forces with Abana Enterprises Group Co. to install world-class currency counting machines. “Abana has completed the installation of Magner 75 Plus machines across all Bank Albilad and Enjaz branches,” announced Khaled Al-Othman, director of branches at Bank Albilad, in Riyadh on Monday. Al-Othman said that Magner 75 Plus machines offers sophisticated technology that allows accurate and high-speed currency counting and reliable counterfeit detection. The project seeks to ensure efficient currency counting with no chances to allow forged bills into the currency bundles, added Al-Othman. “We believe that with these new machines in place in our branches, we’ll be able to improve efficiency, especially in combating counterfeit notes”, said the bank’s official.
STC
Saudi Telecom Company (STC) has launched a new SAWA Ziyara Card promotion providing visitors a “SAWA” line with a 120-day validity from activation. The price for one SAWA Ziyara card is SR40 with a SR40 basic credit, which includes all the free basic and added services such as Internet, MMS, SMS and audio. The promotion also enables customers to purchase a Nokia 1209 mobile with a card and additional credit for SR140. The customer also has the choice to purchase a Samsung 1107 mobile with a card and additional credit for SR230. Meanwhile, STC customers won the international roaming prizes worth $20,000 from Umniah Jordan for June and July. Hamed Al-Shammari received $10,000 for roaming with Umniah in June at an event held in Amman and attended by the Director of Roaming and Datalink at STC, Munif Al-Mutairy, and the Director Value Services from Umniah Jordan, Wael Saleh.
KPMG
Findings of KPMG’s latest annual report reveals national and international oil companies (NOCs and IOCs) have shown that volatile markets have hindered the ever-increasing power of national oil companies in favor of their international rivals. While the immediate market conditions may not be economically viable for some companies, global financial decline is starting to open up deal opportunities for international oil companies with access to debt. National oil companies with governmental support, such as the Chinese also have the opportunity to access oil and gas reserves at prices, which, 12 months ago, would not have been possible. Abdullah Hamad Al-Fozan, KPMG’s senior partner in Saudi Arabia, said: “Oil companies have been hit badly by the economic downturn, however our research shows that market volatility has created a shift in the balance of power between NOCs and IOCs in exploring new projects and transactions. Unlike in 2008 where our survey showed that NOCs were excluding IOCs from new reserves, the position has now changed. While volatility is starting to open up the field for IOCs, both IOCs and NOCs face the same problem of surviving the lower oil price while maintaining multi-billion pound capital projects. This is likely to lead to closer relations between IOCs and NOCs and partnering will be seen as a mutually beneficial way forward.”
GFH
Gulf Finance House (GFH), a major Middle Eastern Islamic investment bank, intends to establish a joint Islamic financial services platform in the Middle East with Macquarie Group Ltd., a global provider of banking, financial, advisory, investment and funds management services. The platform will offer a broad range of wholesale Shariah- compliant financial services solutions to the MENA region. The proposed partnership, which is subject to board, internal, and regulatory approvals of both companies, includes a joint presence based in the region and about $100 million convertible murabaha investment by Macquarie in GFH as part of its (GFH) current capital management initiatives. The proposed partnership is the subject of a confidential memorandum of understanding signed by the parties in a private ceremony in Bahrain. GFH CEO Ahmed Fahour said: “The strategic partnership with Macquarie represents an exciting opportunity as we look to continue the bank’s diversification into new geographies and opportunities.”
ANB
Arab National Bank (ANB) recently held its first TeleMoney raffle draw for the ongoing campaign “Update Your Information and Be a Winner” in Riyadh. Riyadh Chamber of Commerce and Industry representative attended the event where 16 TeleMoney customers won various cash prizes. This comes as part of an overall campaign to encourage customers to update their personal information. The campaign, which ends on Sept. 20, has been very well received by customers since it started on June 20. Participating customers automatically qualify to enter the draw on cash prizes when they update their personal information and remit money through any TeleMoney Center or other ANB electronic channels. The opportunity for all customers to win cash prizes is still available with 32 cash prizes remaining to be given away.
LINDEX
Lindex, a trade mark of Sweden and several European markets, recently opened its first gallery in Riyadh, at Hayat Mall Compound, with the attendance of Lindex clients and representatives of marketing and exportation department at Lindex offices in Sweden along with the administration of Universal Delta Co. which is the owner of exclusive Lindex trade mark in the Middle East. Lindex is already available in the Kingdom for over a year. It has branches in Madinah, Jeddah and Alkhobar. The Hayat Mall is its seventh branch and the first in Riyadh. Universal Delta Co. is planning to open three other branches in Riyadh and Al-Hasa, which will take the total to 10 by the end of 2009. “Besides, we plan to strengthen our presence all over the Kingdom by providing women and kids’ clothes. Lindex has a collection of garments that keep up with going out in the morning, Denim collection for practical Jeans and Ritro collection that keep up with going out in the evening. It has a Ditoriet and NHL collections for kids.
