Prince Turki ibn Muhammad ibn Fahd opened the 150th branch of Abdus Samad Al-Qurashi company, which coincided with the 75th anniversary of the company at Tahlia Street in Jeddah recently. Members of the board of directors of the company were present including Ehsan Abdus Samad Al-Qurashi and Abdul Samad Al-Qurashi and Adil Kaki, chairman of the Makkah Chamber of Commerce & Industry. The company is a manufacturer of perfumes, which has a network of presence in major European countries. Ehsan Qurashi said there were possibilities of opening an academy to train Saudis in perfume manufacturing. Abdus Samad Al-Qurashi said the company’s strategy was to focus on European market and strengthen its presence. On Nov. 1, a branch of the company will open in London.

Arab National Bank

Arab National Bank (ANB) signed an agreement with Arabia Insurance Cooperative Company (AICC) to act as financial advisor, underwriter and lead manager for the company’s initial public offering from Oct. 27 to Nov. 3, 2007. ANB has finalized all necessary arrangements with the two receiving banks — National Commercial Bank and Al-Jazira Bank. ANB will provide subscribers with a “straight through processing service,” which will enable customers to subscribe using ANB’s branches and alternative channels including Al-Arabi ATMs, Hatif Al-Arabi and alarabi e-bank. AICC will float eight million ordinary shares, representing 40 percent of its share capital. Dr. Robert Eid, ANB managing director and CEO, said “the agreement reflects ANB’s new strategy in providing advisory, corporate finance, arranging, underwriting, lead managing and financial brokerage services to corporations and businesses sector in the Middle East.” He further said that “ANB is ready to receive subscribers in all regions throughout the Kingdom and will provide them with smooth and efficient subscription service.” Eid said that in AICC public offer, “subscribers will be able to invest in a strong and growing company” that thrives “in a promising and prosperous sector.” The AICC offer price is SR10 per share. Founding shareholders hold the 60 percent of the remaining capital at 12,000,000 shares.

MINI ROOF DESIGNER

The MINI, which is expanding its Saudi market share, continues to reflect its lively spirit by offering customers more creative design opportunities. Do you like dots or stripes? Or are you fond of crazy checked designs? If so, there’s now a platform for MINI drivers with creative potential to show their flair for design. The new tool, the MINI Roof Designer, offers the MINI community plenty of opportunities for personalizing the roof of their MINI. At www.MINI.com/roof-designer, users can access the virtual parking area, where 90 existing roof designs (so far) are available as a source of inspiration. The highlight of the website is the “MINI Workshop”, where users can give free rein to their creativity. You can select your ideal MINI, click on the body and roof colors, and then you’re off! An innovative 3D Design Machine allows users to create their very own personal roof design from a wide range of backgrounds and shapes — including camouflage, checked and striped patterns — in which the colors can be adapted to suit the user’s requirements.

Wartsila

Wartsila signed a 31.5 million euro turnkey contract with Al-Katarana Cement Company in Jeddah on Tuesday, to supply a power plant for a new cement factory in AlKatrana, Jordan. The 49 MW power plant will be delivered at the end of 2009. “Wartsila has been powering industry in Saudi Arabia for 35 years. This order is again testimony to the confidence that exists in the Middle East in Wartsila´s power solutions,” said Ole Johansson, president and CEO of Finland-based Wartsila Corporation. Johansson and Sami A. Al-Shubaily, president of Katrana Cement, signed the contract at the Arabian Cement Co. Also present on the occasion were Nabieh Al-Jehni and Raed Al-Saadouni of Katrana Cement, and Nils Norrgard, Atul Dua, and Khalid Abuzahra of Wartsila. During the past two years Wartsila has won orders for more than 500 MW of power generating capacity from the cement industry alone in the Middle East. The installed power plants are all running successfully and are demonstrating high fuel efficiency with low generating costs using heavy fuel oil. “Wartsila enhances the business of its customers by providing them with complete lifecycle power solutions. Through innovative products and services, Wartsila sets out to be the most valued business partner of all its customers. This is achieved by the dedication of more than 15,000 professionals manning 130 Wartsila locations in close to 70 countries around the world,” the company said.

Coca-Cola

Coca-Cola has outlined the company’s corporate social responsibility activities in the Middle East and highlighted the importance of such programs in the ongoing fight against illiteracy and environmental degradation. Amer Ahmed, public affairs and communications manager for Coca-Cola, said: “Transnational companies often have a bird’s eye view of problems such as poverty and pollution that transcend national boundaries, since they operate in multiple markets. We can all do more to better the communities in which we operate; this has positive effects that reach far beyond the bottom line.” Coca-Cola operates numerous social responsibility campaigns across the Middle East, such as the schools.com project in Jordan, which saw underprivileged schools receive computers to help the country develop into a knowledge economy. The company has also constructed children’s libraries in hospitals around the Arab world. “Coca-Cola is committed to supporting organizations and events such as the New Woman Forum that benefit the community at large, and that will bring us closer to all of our social, economic and financial development goals,” he added.