Siemens, a global powerhouse in electronics and electrical engineering, operating in the industry, energy and health care sectors with over 75 years of operations in Saudi Arabia, has announced the completion of Phase I of the Mashaaer Mugaddassah Metro Project (MMMP), a rail transportation solution that will allow pilgrims to undertake Haj in convenience and comfort akin to the most advanced urban metro systems. The rail solution significantly reduces the travel time for pilgrims between the holy sites. Hartwig Lankow, VP, Siemens Mobility, Saudi Arabia said: "Siemens is a major player in the development of the local infrastructure in the Kingdom and in particular in the development of infrastructure of the holy sites to facilitate millions of pilgrims every year. With the commissioning of MMMP, a long cherished dream has come true - Pilgrims can use a modern rail-transportation system significantly saving transportation time while performing the Haj in the holy area of Makkah." The project, which achieved operation during Haj 2010, will be ready to operate at full capacity during the next Haj season. The project consists of an 18 km double track, which was electrified in order to interlink the Arafat district with that in Muzdalifah and Mina/Jamarat by a heavy metro system. Siemens has delivered the whole power supply system, traction substations and the entire overhead cable system. Siemens Mobility is an active local partner in the Kingdom.
Bahra Cables Co., the latest and among the leading cable factories in the Kingdom and a member of CPC Group of Companies, has started the first phase of establishing a specialized plant for polyvinyl chloride (PVC) production, a plastic substance commonly used in various fields. PVC is used widely in cables and electric wires packaging and isolation. The plant is expected to start operations after the completion of construction works and machinery installation in the first quarter of next year. Talal Idriss, CEO of Bahra Cables, said: "The move is to cover the company's consumption of plastic in order to achieve the highest level of quality in providing the best and finest types of cables." He added that the PVC material would be manufactured at the cable factory in Bahra and that the unit complex built by the company "Buss" of Switzerland, using the latest international technology. The company also plans to take advantage of this productive energy in manufacturing plastic connections necessary to protect cable systems with the use of PVC pipes and joints, manufactured in accordance to international standards followed in the industry. He said the factory had the capacity to produce more than 36,000 tons per year, which will meet the company's need to boost its presence in the cable production market.
Legendary astronaut Neil Armstrong and fellow spacewalkers Jim Lovell and Gene Cernan recently experienced Qatar Airways' award-winning "Five Star" service on a "Legends of Aerospace Tour" mission to the Gulf. Armstrong, the first man to set foot on the moon, Apollo 13 mission commander Jim Lovell and the last man on the moon, Gene Cernan, flew from the US to Bahrain via Doha. The "Legends of Aerospace Tour" takes legendary American aviators and astronauts around the world to meet US military personnel stationed overseas. Qatar Airways transported the entourage from Washington DC to Bahrain, where troops greeted them aboard the USS Harry S. Truman aircraft carrier. A panel discussion by the group, moderated by David Hartman, the first host of the TV show Good Morning America, was followed by opportunities to meet troops. Qatar Airways CEO Akbar Al-Baker said: "On behalf of the entire Qatar Airways Group, it was a great pleasure to have such an elite and legendary group of astronauts and aviators, who have made a significant mark on the history of mankind, travel on our airline." Upon the tour's return to the United States, Al-Baker personally hosted the trio at Qatar Airways' Premium Terminal at Doha International Airport. The Premium Terminal, for exclusive use by the airline's First and Business Class passengers, features facilities ranging from exclusive concierge-style seated check-in, to duty free shopping, spa treatment rooms and fine dining.
DAC and Carrefour have joined forces in an environmental initiative to bring awareness to the world's ecological crises. DAC has recruited children from Al-Faris International School in Riyadh, Dar Jana in Jeddah and New World in Alkhobar to educate Carrefour shoppers about the harmful effects of their actions and inform them of the many ways in which they can help to create a better future for the coming generations. Enlisting children to speak up and demand change is the most worthy aspect of both DAC and Carrefour's initiative. Conveying such an important message, through the generation who will experience the effects of our actions today, is the most hard-hitting method to bring attention to a cause that does not have enough. The children have been trained to discuss topics ranging from the harmful outcomes of plastic use and water consumption, to energy wastage and the irreversible effects of phosphates. The children are also qualified to provide helpful hints on how we can adapt our habits to counter these negative effects - encouraging shoppers to turn off their taps when they brush their teeth and switch off lights as they exit a room. What these eco-savvy kids are teaching us is that change does not have to be drastic, but can prompt drastic consequences. In a country where we are so dependent on oil and its poisonous derivatives, DAC and Carrefour show the importance of focusing on where our future is taking us, and ensuring that it is a cleaner, greener and brighter tomorrow.
BMG Financial Group has agreed to act as the financial adviser for Allied Cooperative Insurance Group's (ACIG) upcoming rights issue. The deal has been reached after the Saudi Arabian Monetary Agency approved ACIG's capital increase to SR200 million. The right of subscription to the issue will be limited to shareholders registered by the end of the trading day when the extraordinary meeting is held. The meeting will be scheduled after the approval of the official parties, and the number of shares and the price of shares offered determined after the end of the trading day when the extraordinary meeting is held. BMG's Chairman Basil Al-Ghalayini has expressed his enthusiasm that ACIG selected BMG Financial Group as its financial adviser which highlights its extensive experience in the insurance industry undertaking the initial public offerings of more than 30 percent of the listed companies in the sector. In addition to the completed transactions, BMG continues to actively play a role in consolidating listed companies and help currently listed companies in improving their structure through capital raises or potential M&A's to better compete in this highly competitive market. Al-Ghalayini added that the insurance market continues to hold tremendous potential in Saudi Arabia as witnessed by the rapid growth even during times of distress. In 2009, the insurance market witnessed a substantial growth rate of 33.8 percent, with gross written premiums reaching SR14.6 billion compared to a total of SR10.9 billion in 2008. Increasing demand for general insurance and health insurance by 14.4 percent and 51.8 percent respectively has led to insurance market growth.
The Saudi Aviation Flight Academy (SAFA), a joint venture between the Saudi Aviation Club (SAC) with Prince Sultan bin Salman as chairman, and SAFA, chaired by Prince Bandar Al-Faisal, has taken delivery of its first two training aircraft from Diamond Aircraft Industries. The two DA40 NG single-engine trainers arrived in Saudi Arabia recently. These trainers are the first batch of a total of 20 training aircraft and 12 technically advanced flight training devices (aka simulators) that Al-Thumamah Airport-based SAFA has agreed to purchase and will form the foundation for SAFA's advanced approach to pilot training. The equipment will play a key role in supporting SAFA's objective to develop pilots who not only possess superior "stick and rudder" skills, but are immersed in a strong safety culture as well. The state-of-the-art curriculum has been developed using international experts with the ultimate goal of supporting the growth of aviation in the Kingdom. The Diamond DA40 NG is a four-seat, single engine aircraft primarily constructed from composite materials. Built in both Austria and Canada, the plane is manufactured by Diamond Aircraft Industries, which was founded in 1981 as Hoffman Flugzeubau in Friesach, Austria. "The engines have been started and we are now preparing for the take-off of our project, which will produce locally trained, high-quality Saudi pilots for the Kingdom's aviation sector," Captain William Roe, MD, SAFA, said.
Mufareh bin Mohammed Al-Zahrani, director of transport and road affairs (Western Region) will open Saudi International Motor Show (SIMS) at Jeddah Centre for Forums & Events at 5 p.m. on Sunday. Al-Harithy Company for Exhibitions (ACE) is organizing the event, with Riyad Bank as the show sponsor. This is the Kingdom's 32nd International Event for Motor Vehicles, SUVs & Motorcycles, Auto parts, Accessories and Garage Equipment. The show is being held with the support of the Ministry of Transport and Jeddah Traffic Police Department. Nissan, Honda, Hyundai, Kia Motors, Universal Motors Agencies, Nippon Motor Design Technologies, Subaru, Peugeot and Chinese cars, are showcasing their latest vehicles in Hall 1 and launching their 2011 models at the show. A Turkish group of 17 companies and four Iranian companies for spare parts and accessories are also occupying a major exhibition space to showcase their products and services, according to Zahoor Siddique, exhibitions director of ACE. Hall 2 is dedicated to aftermarket and accessories. A section is also dedicated for classic and luxury cars and an outdoor area dedicated for commercial vehicles, with features including modified cars and a number of other attractions for the youth. The show will run from Dec. 26-30, from 5 p.m. to 10 p.m.
Abraaj Capital, the region's private equity firm, has announced the first acquisition by its new income-generating real estate fund, ASAS, of a grade-A commercial office building in Cairo. ASAS, which means foundation in Arabic, is a yield-generating real estate fund that complies with the principles of Shariah. ASAS capitalizes on the opportunity resulting from the lack of institutional ownership of commercial real estate in the Gulf and wider MENA region, as well as the asset-heavy balance sheets of many regional companies and the severe undersupply in certain real estate sectors. Structured as a unique blend of quarterly returns and sustained capital stability, ASAS focuses on long-term, income-generating assets in the real estate market. These characteristics of the fund have proven to be appealing to investors at a time when they are focused on cash-flow management. "The ASAS private equity real estate platform is a demonstration of Abraaj Capital's commitment to its holistic alternative asset management strategy, leveraging the firm's expertise in the region with the support of a dedicated real estate investment team," said Mustafa Abdel-Wadood, MD, Abraaj Capital.
BMW invited its customers to experience the "Joy" of driving at its first ever "M meets X" driver training session at Riyadh's state-of-the-art Reem Racetrack recently. A host of VIP customers and members of the media took part in the event, in which BMW driving trainers guided attendees through the wide range of driving options on BMW M and X vehicles. Organized by Mohamed Yousuf Naghi Motors (MYNM), the exclusive importer of BMW in the Kingdom, customers benefited from specialized sessions on how to handle M and X vehicles in a variety of different conditions. Attendees also enjoyed a unique track driving experience that allowed the drivers to test the limits of their vehicles in a safe and controlled environment. "The flat and repetitive terrain of city driving, in addition the traffic rules here in Saudi Arabia means that many customers have never experienced the true power of a BMW M or X vehicle," said Anees Jamjoom, MD, MYNM. "Events such as these allow them to gain a greater appreciation for the technology and innovations that go toward ensuring 'Sheer Driving Pleasure' and further convinces them of the quality built into every BMW with regards to performance, comfort, safety and design," he added.
