Since 1975, Arabian Bemco Contracting Co. Ltd. has made a significant contribution to the growth of infrastructure in the Kingdom and across the region. “It has transformed the landscape of the Kingdom,” George Aboufadel, its director proposals, said at the exhibition held alongside the three-day Jeddah Water & Power Forum, which ended on Monday. “Because global procurement involves a wide range of activities, Bemco utilizes its network of affiliate companies overseas. This network allows Bemco to explore new opportunities and it encourages more cooperation with foreign companies,” he added. As a developer and contractor of industrial and power projects, Bemco has been implementing major fast-track projects in power generation and transmission, and commercial and building services as well as operation and maintenance related to industry, water, oil and gas. As a turnkey contractor, the company has integrated capabilities in engineering, procurement, construction, fabrication, and testing and commissioning.
SAUDI ENERGY
Saudi Energy Conservation Company, which exposed its innovative programs on energy conservation at the 2nd Jeddah Water and Power Forum, says the consumption of electricity is increasing at a faster rate and may double in the foreseeing future, and so power conservation becomes more important for institutions worldwide. The company, which is in the business of conserving electricity, has been disseminating information on the perfect use of power for any institution without compromising on products and efficiency. Various conservation programs could help the electricity company in a proper distribution of system, thus reducing the pressure during peak hours. Wastage of electricity costs lots of money to both consumers and companies. “If our company norms are followed, there could be a conservation of electricity from five to 20 percent,” a company spokesman said. The company claims to have perfected its conservation system based on scientific studies, latest technology and customer needs.
MOTOR SHOW
The six-day 28th annual edition of Saudi International Motor Show ended in Jeddah last week. Visitors showed tremendous interest in various 2007 models that were launched or on display. The show earned all-round appreciation for its display and cars, according to Kamal Kalass and other show organizers. Camry and Yaris stole the show at the Toyota stand of the exhibition, Kalass said, adding that the exhibition attracted a large number of visitors with young drivers showing great interest in the latest models. An added feature was the test-drive that was available for some of the models on display including Camry and Yaris. “The show was an amazing success” said Adnan Al-Khamis of General Motors. The opening day of the motor show saw the launch of 13 new car models. Mark Pocock of Alesayi Motors said the company was able to secure SR400,000 worth of orders at the event. “Such was the success of the show that several regular participants were unable to take part this year because the whole space was booked much in advance,” said Zahoor Siddique of Al Harithy Company for Exhibitions Ltd.
POWER COW
Power Cow, a brand of Danya Foods Ltd., Riyadh, organized a festival for young patients to mark their Eid Al-Fitr day at one of Jeddah’s hospitals. Gifts were distributed to them, and a number of doctors and nurses expressed their gratitude to Power Cow for bringing joy to the kids, thus enabling them to overcome their health problems. The event came as a part of Power Cow’s community service. This time it brought cheers to more than 1,550 sick children and orphans during Ramadan and Eid. Power Cow also celebrated the festival with about 300 orphan and handicapped kids at Al Shalal Theme Park in Jeddah where it offered gifts to kids and helped them to enjoy various rides and games. It also visited a number of orphan homes. The orphans expressed their happiness and delight for the good time that Power Cow gave them.
OREO
Oreo, the “chocolate sandwich biscuits,” recently invited 40 mothers and their kids for a fun day at Al Shalal Theme Park in Jeddah. The event was marked by a variety of entertaining and energizing games centered around Oreo’s secret ritual of “Twist, Lick and Dunk” — including the Oreo Dunking Game. Oreo milk’s best friend, also showed moms and kids how we can have a nutritional glass of milk in a much more fun and interesting way — using its secret ritual of “Twist, Lick and Dunk.” Mothers and kids returned home with Kraft goody bags, and lucky winners for the several interesting games played were gifted with free entrance tickets to the Al Shalal Theme Park. Kraft Foods is claimed to be the world’s second-largest food and beverage company. Hundreds of millions of times a day, in more than 155 countries, consumers reach for Kraft cheeses, Maxwell House coffee, Tang refreshment beverage, Oreo cookies, Ritz and Philadelphia cream cheese, Milka and Toblerone chocolates. Its Belvita biscuit line products are among its latest additions.
CREDIT SUISSE
Raj Sehgal is joining Credit Suisse from Merrill Lynch, where he was a director and global head of the Non-Resident Indian (NRI) business. During his nine years with the company, he held a number of senior positions in the Ultra High Net Worth segment, with a specific focus on the Middle East and India. Prior to that, Raj Sehgal spent 11 years at American Express Bank, where he held a number of positions including corporate banking head, India, and financial institutions head, India/Europe and Middle East. In his new position as head of the NRI Group for private banking in the Middle East/Indian Subcontinent, Raj Sehgal will be responsible for the growth and further development of this important business throughout the region. In addition, in his role as deputy branch manager of Credit Suisse Dubai, he will be responsible for further strengthening Dubai as a hub for Credit Suisse’s Middle Eastern activities, according Bruno Daher, head of private banking in the Middle East/Indian Subcontinent and Co-CEO of the Middle East.
INVESTCORP
Investcorp, a global asset manager specializing in alternative investments, has announced the third significant strategic partnership for its single manager hedge fund platform. The firm has formed an alliance with successful specialist US hedge fund manager Silverback Asset Management. In the last two years Investcorp has partnered with two other respected hedge fund groups, Interlachen Capital Group and Cura Capital Management, as it develops its single manager platform. Silverback joins Investcorp’s platform of best-in-class hedge fund managers, through which it provides clients with access to talented investment managers, supported by ongoing monitoring and operational oversight and control. The managers in turn benefit from the backing of a leading financial services organization, including Investcorp’s global marketing and sales infrastructure and established client base.
SHAMIL BANK
Shamil Bank of Bahrain, a Bahraini Islamic bank, listed on the Bahrain Stock Exchange, has been assigned a “BBB-” long-term and “A-3” short-term counterparty credit ratings with a Stable Outlook by Standard & Poor’s Ratings Services on 6th November, 2006, according to the Bank’s spokesperson. The investment grade rating awarded to Shamil Bank reflects its good profitability, improving asset quality, and satisfactory capitalization. Mohamed Hussain, chief executive, Shamil Bank, said he was pleased with the ratings by Standard & Poor’s, the world’s foremost provider of financial market intelligence. “It reflects the consistent and robust financial performance of Shamil Bank. The impressive rating is a result of the successful implementation of the Bank’s strategic business plan.” Standard & Poor’s has cited in its report that the bank’s profitability is high. ROA and ROE has increased steadily in the past five years and reached stellar levels of 4.9 percent and 25.3 percent for the first half of 2006. The bank enjoys wide margins, expanding business volumes, and strong returns from its Pakistani affiliates. The rating agency has also noted that the bank’s asset quality has rebounded over the past five years and is now on a par with peers.
