Saudi Binladin Group (SBG) has successfully closed its second short term Sukuk, attracting more than SR3 billion of orders for an SR1 billion issuance. Books were opened on Saturday July 16 and were closed in the same day. The privately placed sukuk was offered to Saudi sophisticated investors and issued through SBG Sukuk Co. Following on from the success of last year's issuance, SBG’s second visit to the short term sukuk market has managed to attract even higher demand than the previous issue allowing for a longer term instrument with tighter pricing. The sukuk has a maturity of 364 days and pays a profit rate of 2.5 percent per year. The first sukuk, which was issued in July 2010, matured in April 2011. HSBC Saudi Arabia acted as the sole lead manager and bookrunner for the transaction and also the payment administrator and the sukuk holders' agent while HSBC Amanah acted as the Shariah adviser. The Saudi British Bank (SABB) acted as the security agent. With the current low interest rate environment, investors are finding it more challenging to find appropriate investments, and SBG short-term sukuk represents an ideal choice. Total number of investors reached 39, comprising of mutual funds, private investors, government-linked entities, financial institutes and corporates which sets a new record for number of private investors in private placements in Saudi Arabia.
The REDTAG Group now boasts 71 stores in the Middle East with the opening of its 41st store in Saudi Arabia at Ibn Khaldoon Plaza, Dammam. The Dubai-based value fashion chain has dramatically altered the region's retail landscape in a short span of time by offering an affordable range of quality fashionwear for men, women and children as well as homeware. Ernest J. Hosking, CEO of the REDTAG Group, said: "By opening our fifth REDTAG store in Dammam and our 41st store in Saudi Arabia, we have taken a significant step forward in our plan to position REDTAG as a fashion retailer who makes the shortlist of any price-sensitive shopper in Saudi Arabia. REDTAG is already a force to be reckoned with in Kuwait, Bahrain, UAE, Qatar and Jordan and we want the brand to achieve the same stature in Saudi Arabia during 2011. Shoppers at the REDTAG store at Ibn Khaldoon Plaza can expect to pick up good quality fashionwear and homeware at affordable prices. They can also expect to see new collections in the store regularly and frequently.” Riaan Albertyn, REDTAG stylist, said: The opening of our fifth store in Dammam is a clear indication that customers will always seek out the latest fashions — but at the best possible value. A 'Desire To Be Different' is the main concept behind our new summer collection at the Ibn Khaldoon Plaza store and it promises to entice! Bold and bright colors replace the classical black."
eXtra, Saudi Arabia's fastest-growing big box consumer electronics retailer, has announced the launch of its online shopping portal (extrastores.com), the first online retail store in the Kingdom providing secure, value-for-money e-commerce solutions to meet the needs of electronics and home appliances consumers across Saudi Arabia. The new eXtra website offers more than 3,000 products for immediate purchase 24 hours a day, including in-store pickup or free delivery and installation in major metropolitan areas, while enjoying maintenance and repair services backed by eXtra's range of extended warranty, computer, mobile and preventative maintenance service programs. The website will offer shoppers a new level of time-saving convenience by giving them the option to compare products and shop from the comfort of their own home 24 hours a day, seven days a week. "The launch of our e-commerce portal represents the natural next step in the ongoing evolution of eXtra, which is already by far the largest consumer electronics retailer in Saudi Arabia," said Mohammad Galal, chief executive officer, United Electronics Company (eXtra). "At a time where the appeal of online shopping has grown dramatically, eXtra has responded to that consumer demand and positioned itself to be at the forefront of that growth."
The project to develop a safety system that reduces the risk of collisions with wild animals is part of Volvo Car Corporation's vision for 2020 — that nobody should suffer serious injury in a new Volvo. The new system is based on technologies from the Pedestrian Detection with Full Auto Brake, introduced in 2010. "The system consists of two parts — a radar sensor and an infra-red camera that can register the traffic situation," said Andreas Eidehall, technical expert in the field of active safety systems at Volvo Car Corporation. It is essential for the system to also function in the dark since most collisions with wild animals take place at dawn and dusk and during the dark winter months. The camera monitors the road ahead and if an animal is within range the system alerts the driver with an audible signal. If the driver does not react, the brakes are automatically applied. "The goal is for the system to function at the normal rural highway speeds. In cases in which it cannot help the driver entirely avoid the collision, the system will slow down the car sufficiently to help reduce the force of impact and thus of serious injuries," said Andreas Eidehall. One challenge facing the engineers is to teach the system to recognize different animals. A development team from Volvo Car Corporation spent an evening at a safari park digitally logging film sequences of animals and their various behavioral patterns. On this particular evening the focus was on moose, red deer and fallow deer. By driving very slowly along a trail where fodder had been laid out to attract the animals, a lot of data was recorded and this will later be used to evaluate and develop the sensor system. In the first stage, the system will respond to large animals that risk injuring the driver or passengers in an impact, such as moose, deer and reindeer.
