AL-ALAMIYA
Al-Alamiya Cooperative Insurance Company, a Saudi joint stock company under formation, has appointed Riyad Capital as its lead manager and sole underwriter and Morgan Stanley Saudi Arabia as its financial adviser for its forthcoming initial public offering (IPO). The announcement was made at the formal signing ceremony held at Riyad Bank office. Paul Whittaker, CEO, emerging markets, RSA, Mark Cooper, proposed MD, Al-Alamiya Cooperative, Ali Alireza, proposed chairman, Al-Alamiya, Teofilo Masera, head of investment banking division, Morgan Stanley Saudi Arabia, Talal Ibrahim Al-Qudaibi, chairman of Riyad Capital, and Suliman Al-Gwaiz, deputy CEO, Riyad Bank were among those present. Mark Cooper, proposed MD of Al-Alamiya, said, “Our decision to appoint Morgan Stanley as financial adviser is based on the firm’s deep knowledge of Middle East capital markets. Similarly, Riyad Capital, the investment-banking arm of Riyad Bank, has been a long-standing partner of RSA in the Middle East and Al-Alamiya for many years. Our appointment of both Morgan Stanley and Riyad Capital is a testament to Al-Alamiya’s track record of working with leaders in their field, and represents our ongoing commitment to the Kingdom.”
MOBILY
Sympathizing with members of the Indonesian and Filipino communities in Saudi Arabia after the natural disasters that hit the two countries, Etihad Etisalat (Mobily) has announced rate reductions on outgoing calls to the countries as of Sunday. The lower rate of 66 halalas per minute, which applies to all prepaid and postpaid subscribers, is part of Mobily’s duty to help its subscribers among these communities to keep in touch with their loved ones in their home countries. The discount will last through Oct. 16. Khalid Al-Kaf, Mobily’s CEO, said that his company was doing its part to keep its customers connected with their families and friends after the earthquakes and typhoons hit the two countries. “We all pray to keep Indonesia, the Philippines and other countries in peace.” Mobily always aims to keep its customers satisfied by participating in a wide range of events. Earlier in 2009, Mobily introduced the Mabuhay service, aimed at members of the Filipino community in the Kingdom.
DAR AL-BANDER
Riyadh-based Dar Al-Bandar Group has announced the appointment of Abdullah Al-Ahmed as its chief administrative officer. The group owns 350 shopping centers and outlets in 25 cities across the Kingdom. Al-Ahmed was previously the vice president of Carrefour Saudi Arabia for five years, and prior to that he spent five years as Alshaya Retailing International’s GM. Neelesh Bhatnagar, group MD, Dar Al-Bandar, said he was confident that Al-Ahmed’s professional background and experience would provide significant contribution to the group and help achieve its ambitious targets. Al-Ahmad said he was delighted to join the group with excellent reputation in all of its businesses including Centerpoint, citymax and E-Max Home Center, in addition to a number of international brand names and trademarks specialized in fashion and retail in general with a vision to be among the top three retail players with its focus on excellence, integrity, empowerment and meeting the market needs.
SIEMENS
Siemens Ltd. has announced the appointment of Lutz Kahlbau as president and CEO of Siemens Saudi Arabia. He succeeds Christian Selch. Siemens has thanked Selch for his leadership and contribution over the years and wishes Kahlbau great success. As a world leader in industry, energy and healthcare, Siemens has grown to hold leading positions in these sectors in the Kingdom with more than 1,800 employees countrywide. Siemens activities in Saudi Arabia date back to the early 1930s when the country imported its first power plant equipment. From the very beginning, Siemens has made a significant contribution to the development of the country’s infrastructure. One third of the power used in the Kingdom is generated and distributed by Siemens. Today, Siemens in Saudi Arabia is committed to supporting the careers of young Saudis through targeted professional recruitment and training programs. The company also proactively supports the government’s efforts to effect social change in the country by recruiting Saudi women.
MODON/NTCC
Tawfig bin Fawzan Alrabiah, director general of Saudi Industrial Property Authority (MODON) has signed an agreement with NTCC to provide the Jeddah Industrial City 2 with district cooling service on BOT system. The system will provide the industrial city about 100,000 tons of district cooling services and produce electrical power of about 80 megawatts. Furthermore, a steam network will also be established for the first time in the industrial cities. These services will help in reducing plants’ costs and provide a unique service that helps to save energy, preserve the environment and increase productivity. The project is expected to be completed by the end of year 2011. Alrabiah said: “The selection of the system came as a result of the industrial cities’ efforts to raise and upgrade the levels of services. While it enables the customers to focus on their basic industry, MODON undertakes to provide them with needed support services,” he said.
GE/MASDAR CITY
Masdar City and GE Consumer & Industrial have announced a landmark pilot program that will investigate the reduction of peak power demand through the use of smart home appliances. Involving some of the first residents of Masdar City, the world’s first carbon neutral, zero waste city being built in Abu Dhabi, the program will test how GE smart (or demand response enabled) appliances and home energy manager (HEM) can lower power demand in the home and across the city. GE specifically designed and manufactured the appliances and networks for this pilot, which leverages Masdar City’s status as a cleantech cluster and one-of-a-kind “living laboratory” for exciting new sustainability technologies. The equipment will be installed in early 2010 in the first building to be completed at Masdar City, the Masdar Institute of Science and Technology. “The GE smart appliances used in the pilot will be the first in the world to provide two-way communication and built-in advanced energy management functionality that will reduce power demand in response to notification of changing utility prices and energy demand, while also measuring and transmitting real-time power consumption data,” said GE Consumer & Industrial President and CEO James Campbell. “This is truly a historic venture for both GE and Masdar,” said Steve Fludder, VP, GE’s ecomagination initiative.
