SABB

The Saudi British Bank (SABB) has been named the Kingdom’s strongest bank of 2009 by a prestigious Singaporean publication. The Asian Banker journal, which analyzed 92 leading Middle Eastern banks, also ranked SABB as the seventh largest in the Middle East. In a statement SABB said the award demonstrates that while larger banks can earn points for their size, they also need to score high in other criteria. “This accolade is a tribute to SABB’s strategic approach to assessing risk in its lending and investments, to its accurate targeting of its business expansion activities and to the commitment of the bank to our customers,” said Managing Director Richard Groves. The Asian Banker’s research wing claims to be the first to provide banks in the Middle East with an evaluation of their strengths compared to others in the region. The Asian Banker’s assessment calculates business strength using a range of key indicators including balance sheet growth, risk profile, profitability, asset quality and liquidity as a response to the financial crisis.

EMPOWER

Emirates Central Cooling Systems Corporation (Empower) will be offering sub-metering facility that allows end users of district cooling to control consumption. Empower announced this as it began customer registration at Business Bay Executive Towers (BBET), the company’s second project after Jumeirah Beach Residence. The registration is taking place at the Dubai Properties Sales Center located in BBET. Empower CEO Ahmad bin Shafar said: “We expect 2,300 customers to register. These customers will all benefit from the 45,000-ton district cooling plant. The Business Bay project further consolidates our position as the largest district cooling company in the region.”

EMAAR

Emaar Middle East, a subsidiary of global property developer Emaar Properties PJSC, opened its sales center in Riyadh. To celebrate the opening, Emaar will mark the Riyadh-launch of its Emaar Residences at the Fairmont Makkah. The Riyadh sales center also features the company’s developments including Emaar Middle East’s pioneering master-planned communities in the Kingdom — Jeddah Gate and Alkhobar Lakes. Alaa Abdullah Saed, CEO, Emaar Middle East, said the Riyadh sales center was part of the company’s commitment to reach out to a wider Saudi audience and highlight the significant socio-economic change being ushered in through lifestyle community development.

JETAIRE

The Georgia Department of Economic Development announced at the Dubai Airshow that Jetaire Group, an industry leader in complete avionics and electrical systems solutions, has completed its first sale of an innovative product that can keep auxiliary aircraft fuel tanks from igniting. Saudi Arabian major conglomerate Dallah Albaraka is the first company to receive and implement Jetaire’s ground breaking solution that reduces the complexity and cost for transport airplanes “Jetaire’s successful development and sale of this unique product illustrates the vitality of Georgia’s innovation economy,” said Ken Stewart, commissioner of the Georgia Department of Economic Development.

GO

Etihad Atheeb Telecom Co. (GO), a major 4G Telecom operator in Saudi Arabia, has announced the launch of its nomadic 4G voice services for the first time in the Kingdom, with highly competitive prices and new numbers beginning with (08-111). Ahmed Abbas Sindi, CEO, GO, said: “The launch of the new GO nomadic 4G voice services is the beginning of a new era in the Kingdom, where we work to generate a new technical revolution and change the usage nature of the traditional fixed line communication eternally by providing through introducing unique features and services which will enrich the user’s lifestyle, and as part of the company’s recognition to our customers and our commitment to provide them with latest technologies and the exclusive features and offers, we’re pleased to provide the 4G voice service to all our customers free of charge.”

SCA/BCCL

The Securities and Commodities Authority (SCA) has signed a memorandum of understanding with the Banking Control Commission of Lebanon (BCCL), Lebanon Central Bank, aimed at facilitating and promoting collaborative monitoring work. The agreement was signed by SCA CEO Abdullah Al-Turaifi and Lebanon Central Bank President Riyadh Salam during the Arab Annual Banking Conference 2009, organized by Arab Bank Union. Also present were Rahma Hussein Al-Zuabi, UAE ambassador in Lebanon, and Waleed Alam Al-Deen, head of BCCL. The MoU covers the setting up of a framework that guarantees collaborative teamwork and information exchange so that each entity can accomplish their tasks while making sure laws and legislation related to capital markets and companies are adhered to.

NETJETS/NAS

In commemorating the tenth anniversary on the NetJets Middle East Program, NetJets and National Air Services (NAS) look forward to the continuing relationship. The two organizations, which started working together in 1998, have enjoyed considerable success in recent months as interest in fractional aircraft ownership increases and the benefits are better understood, according to Vincent Santulli, chairman, NetJets Middle East: “This is an exciting time for the private business jet sector generally and for our program specifically.” The NetJets Middle East Program, a “favorite” of some of the region’s most successful individuals, private companies and multinationals, has a fleet comprising the Falcon 2000LX, the Gulfstream 450 and Hawker 750.

KBR

KBR will be part of the team unveiling the design for the world’s longest marine causeway, the Qatar-Bahrain Causeway. The project was scheduled to be showcased on Sunday at the Bridges Middle East Conference in Abu Dhabi. As program manager, KBR is responsible for management of the design and construction on behalf of the client, the Qatar-Bahrain Causeway Foundation, while the Qatar-Bahrain Causeway Consortium is the design/build contractor. When completed, this multi-modal connection of approximately 40 km between Bahrain and Qatar will feature a two-lane dual carriageway including 17 km of embankments and a further 23 km of viaducts and bridges, with two bow-string arch bridges soaring up to 40 m above shipping channels.

SWISS

Swiss International Air Lines (SWISS) achieved an operating profit of 113 million Swiss francs for the first nine months of 2009, compared to 373 million francs operating profit for the same period last year. Total income from operating activities declined 18 percent to 3.236 billion francs. SWISS also reported a black-ink result for the third-quarter period, posting an operating profit of 47 million francs. The airfreight business of Swiss WorldCargo continued to show less-than-favorable trends in Q3, however, in the current business headwinds. Pressure on yields increased in Q3, traditionally the strongest in business-volume terms.

LUFTHANSA

Deutsche Lufthansa AG has posted an operating profit of 226 million euros for the first nine months of 2009. For the first time, this figure also includes the results of Austrian Airlines and bmi, which contributed a total of 28 million euros. The group’s financial result therefore remained significantly below the previous year’s figure at the close of the third quarter. The reasons for the decline in the result lay essentially in the weaker demand due to the state of the economy and the disproportionate decline of average yields in the passenger business segment. The crisis-related slump in the number of business travelers has led to increased price sensitivity in all booking classes.

BAHRA CABLES

Bahra Cables Company, a member of CPC Group of Companies, has received the UL certification for its range of thermoplastic-insulated wires and power and control tray cable type TC. Commenting on the certification, Talal Idriss, CEO of the company, said: “The UL certification is one of the pivotal steps for Bahra Cables Company, which reflect that our products are truly one-of-their-kind with the latest technologies. This endorsement shows that our general operational processes are of high quality and it is a rewarding experience to receive this quality confirmation from an independent accreditation body.” Faysal Alaquil, CPC director, business development and official spokesperson said: “We are excited and privileged to receive this UL certification, which will further boost our growth strategy across the region. Bahra Cables is well positioned for a major spurt in business, considering the huge demand for cables in the country with the current projects in the Kingdom. The company is committed to the production of the best product quality products and world-class service and uses cutting-edge European Technology in manufacturing and processes.”

ALTAYYAR

Altayyar Travel Group, which was established in 1979 on Riyadh’s Thakasusi Street with a small strength and a mediocre travel agency has risen to remarkable heights in 30 years showing the vision and determination of a sole individual Naseer Altayyar, deputy chairman and member delegate of group, which has spread the wings of the agency and offers all travel related services under one roof. Altayyar Air Transport Establishment, an individually owned business, changed into LLC in 1997, and in 2005 The Saudi Ministry of Commerce approved the company to be transferred from limited liability to a closed joint stock company with a capital of SR150 million, which has been increased to SR800 million, thus reflecting the progress the group has made over the years.

AL ALAMIYA

The Ministry of Commerce and Industry in Saudi Arabia has announced the issuance of Commercial Registration (CR) to Al Alamiya for Cooperative Insurance Company (Al Alamiya), a Saudi Public Joint Stock Company, recently. Al Alamiya, part of the RSA Group, successfully completed its IPO (initial public offering). The IPO, which took place from Oct.3-9, was oversubscribed seven times, attracting 851,103 subscribers corresponding to SR449,217,000 capital. Mark Cooper, proposed MD for Al Alamiya, said, “The issue of the CR is a significant milestone for Al Alamiya in Saudi Arabia. On behalf of Al Alamiya, I extend my deep thanks and sincere appreciation to the Ministry of Commerce and Industry and the government of Saudi Arabia. We have been in the Kingdom since 1978 and we are fully committed to delivering brilliant service to the people of Saudi Arabia.”