JEDDAH, 12 November 2007 — Jeddah Gov. Prince Mishaal ibn Majed will open COMMTEL — Saudi Arabia’s 22nd international event for computing, the Internet, office equipment and accessories, business communications and mobile phones — at the Jeddah International Exhibition & Convention Center, at 5 p.m. today. COMMTEL, is an international event catering for a fledgling market of computers and business communications. Business equipment, mobile phones and Internet providers are included in its comprehensive show portfolio in keeping with market demands, according to Al-Harithy Company for Exhibitions Ltd., which is organizing the five-day event. It assumes great importance in the context that Saudi Arabia accounts for nearly half of all IT spending in the Gulf. (K.S. Ramkumar)

Bahrain Set to Become Arbitration Center

MANAMA, 12 November 2007 — Bahrain has the potential to become a commercial arbitration hub in the region due to its background in the field, an international commercial law expert said. “Bahrain, which has an arbitration system since the end of the 19th century, is also among the countries that have joined the convention on the Recognition and Enforcement of Foreign Arbitral Awards,” said International Chamber of Commerce Institute of World Business Law Chairman Serge Lazareff at the Arbitration Industry Conference and Workshop. “Bahrain is also working on the formulation of a commercial arbitration law,” he added. Justice and Islamic Affairs Minister Shaikh Khalid bin Ali Al-Khalifa stressed the need to push for the introduction of alternative methods to settle commercial and financial methods. This, he noted, would contribute to attracting foreign investments. (Walid Mazi)

Ford Launches New Sedans

DUBAI, 12 November 2007 — Ford Middle East has launched its lineup of mid- and full-size sedans across the Ford, Lincoln and Mercury brands, ushering another breakthrough year for the company in the region. The new vehicles make their regional debut during the Middle East International Motorshow, which will occupy 50,000 sqm at the Dubai International Convention and Exhibition Center. The five-day show will open on Nov. 14. The Ford passenger car lineup will feature the new 2008 versions of the Focus and Mondeo, both boasting Ford of Europe’s new kinetic design concept, as well as the all-new North American made full-size Ford Five Hundred. With these new introductions, the Ford passenger car family offers six different models. The Lincoln luxury brand will see the debut of its all-new mid-size entry level sedan, the MKZ, while Mercury adds the all-new Mariner compact SUV as well as the all-new Montego full-size sedan to its lineup. “2007 has been a landmark year for us in the Middle East, with a reinvigorated lineup across all three brands, new product offerings in most segments, active dealers and ongoing investments — all remarkable achievements that have fuelled our success story,” said Waldo Galan, Ford Middle East’s managing director. (K.T. Abdurabb)

SICO Buys Into TAIB

MANAMA, 12 November 2007 — Securities and Investment Company (SICO) has concluded a transaction on behalf of Dubai Financial Group to acquire a 60 percent stake in Bahrain-based TAIB Bank BSC. SICO represented the group as its buy-side broker responsible for 78.92 percent of the effective price, or $2.044 per share, on the day of the transaction that took place on the Bahrain Stock Exchange (BSE). The total trade value was $128 million. The transaction was completed on Nov. 8, 2007. The total acquisition transaction value was $162.2 million. Anthony C. Mallis, chief operating officer of SICO, said: “This assignment given by DF reflects their trust in our abilities to deliver distinct, discreet and excellent execution and service. Our strategy to provide first class service to institutional clients is bearing fruit in making BSE market an attractive destination.” (Mahmood Rafique)

Education Show Starts in Sharjah

SHARJAH, 12 November 2007 — A four-day Education Show that features a wide range of higher study options from Germany will open today at Sharjah Expo Center. To provide detailed information about German academic institutions to UAE-based students, the German Academic Exchange Service (DAAD) will be making its presence at the show. “Germany has for long been known for its quality of education,” said Saif Al-Midfa, director general, Expo Center Sharjah. Besides Germany, the show will also be featuring a presence of institutes of higher education from UK, Malaysia, Oman, and the UAE. More than 70 universities, colleges, polytechnics, IT institutes, business schools, technical management training centers, medical schools, hotel management institutes, fine art schools, language centers, aviation colleges, distance learning institutes, and other tertiary institutions from these countries will be represented at the event.

Matsushita Electric Group Sales Up 1%

DUBAI, 12 November 2007 — Matsushita Electric Industrial Co., Ltd. has recently reported its consolidated financial results for the second quarter and first half and non-consolidated (parent company alone) results for the first half ended Sept. 30, 2007 of the current fiscal year which ends on March 31, 2008. Consolidated group sales for the second quarter increased 1 percent to 2,285.8 billion yen ($19.88 billion) from 2,252.6 billion yen in the same three-month period a year ago. Of the consolidated group total, domestic sales decreased 1 percent to 1,109.8 billion yen ($9.65 billion) from 1,118.2 billion yen a year ago. Overseas sales increased 4 percent to 1,176.0 billion yen ($10.23 billion) from 1,134.4 billion yen in the second quarter of fiscal 2007.

Champions Tower III Units Sold Out

DUBAI, 12 November 2007 — Property developer Memon Investments announced that it has completely sold out all units of its AED145 million Champions Tower III, the largest residential tower under the Champions Towers series. Situated in Dubai Sports City, the project generated huge amount of interest from investors in regional and international markets. “The response we generated for Champions Tower III speaks of the level of investor confidence in the Memon brand and in the viability of our projects, which was proven by achieving a sold out status within months of its launch”, said Ahmed Shaikhani, managing director, Memon Investments.