Kinan's Suburb in Yanbu

Kinan International Real Estate Development Company unveiled its over SR300 million "Al-Basateen Residential Suburb" project in Yanbu, at Jeddah Real Estate Show earlier this week. Designed to deliver unparalleled luxury living in Saudi Arabia, the sprawling 250,000-square-meter suburb of 240 villas is located in Aziziah, the most sophisticated area in Yanbu industrial city. "The project has prime locality in the new residential area of the new city of Yanbu, next to Dana Mall owned by Kinan," said Kinan's Executive Director Abdul Malik Fathuldin. The environment-friendly suburb is designed for high-end living, providing for parks and green spaces that start from the doorstep of the villas. The villas come in three models, ranging in size between 412 and 554 square meters. Fathuldin said 45 percent of the classy urban sprawl is allocated for constructions and 55 percent for green spaces and support services. "Al-Basateen Residential Suburb is designed for maximum convenience for residents and visitors," said Fathuldin. "This includes social and recreational facilities, security measures and equipment, and traffic-friendly streets - all in a prime location." Kinan, founded in 2005, won "Shopping Malls Best Developer Award" in 2005 and 2006 for building and operating an impressive array of large commercial malls in Saudi Arabia. In 2007, Kinan opened Aliat Al-Madinah, the largest commercial center in Madinah and Dana Yanbu in Yanbu. "We at Kinan are very enthusiastic about building distinctive projects," Fathuldin said. "Our vision is to be the leader in the Middle East through innovative development of great real estate investment opportunities."

Samsung Music Phone

Samsung Electronics Co. Ltd., a global leader in the mobile phone industry, has announced its strategic focus in the Middle East on the music phone category with Lebanese singer Elissa as its 2008 music brand ambassador and the launch of the company's newest music phone that meets the needs and tastes of all music lovers on the move. Samsung unveiled its flagship in the music category for 2008 - the Impulz i450, a music-dedicated phone that brings both attractive dual-slider design and various multimedia features to its 2008 mobile phones lineup. Also, the unique i450 package showcases 3 of Elissa's hit singles Ayami Bik, Bastanak and Moush Kiteer Aaleik offered to Samsung phones for a period of one year. "It is my pleasure to be Samsung Mobiles' brand ambassador for its music category. My partnership with Samsung is an ideal synergy with a brand that truly appreciates the importance of music in people's lives" said Elissa. "The Impulz i450 is a great phone; its advanced features make it easier for my fans to listen to my music wherever they go" commented Elissa on the new Impulz i450.

DAMAC Takes Part in QREX

DAMAC Properties, a private master developer in the Middle East and a multibillion-dollar conglomerate, took part in the four-day Qatar Real Estate Exhibition (QREX), which ended yesterday. The occasion provided an opportunity for investment in the region's most luxurious developments undertaken by DAMAC such as "Piazza" in Doha, Dubai's "Ocean Heights", "Marina Bay" in Abu Dhabi, Al "Jawharah" in Jeddah, "Hyde Park" in Cairo and "Park Avenue" in Amman. Hussain Sajwani, chairman of DAMAC Holding, said: "This event is just another example that Qatar is one of the fastest growing and richest per-capita countries globally which represents an incredibly exhilarating opportunity to us as a property developer. In 2006 we launched The Piazza in Doha. We are looking into developing more projects in the Qatari market upon finalizing the land and location." Demand for high-end housing and retail has been growing very fast in the last few years in the Middle East, in line with the increasing purchasing power in the market and recent GDP growth. In addition, the interest of foreigners in luxury property investments in this part of the world has seen an upward trend in the past few years," he said. A recent report by the International Monetary Fund stated that Qatar's per capita income jumped 12.5 percent to $70,754 for 2007 and the estimated figure for 2006 stood at $62,9214. In addition, the country's Gross Domestic Product (GDP) will rise 12 percent per annum all the way to 2012. "The exhibition provides an excellent opportunity for DAMAC Properties to showcase their exclusive and vast range of developments across the region that meet the different requirements of buyers and investors whether they are looking for a holiday home, a place to retire to or simply looking for a good return on investment," said Peter Riddoch, CEO of DAMAC Properties.

Makkah Hilton

Makkah Hilton & Towers scooped the Hilton International "Best Close of Deal" at the 2008 International Sales Conference for the Hilton Family that took place at Conrad Hotel, Cairo, recently. James Farrow, Hilton vice president for sales, awarded Mohammed Youssef, Makkah Hilton & Towers director of sales the prize as a result of "Contracts and Sales" deals signed and sealed for the upcoming Umrah and Haj seasons. "We are delighted with the tremendous recognition that comes with the receipt of this important award," Mohammad Yousef said. "Following the extensive refurnishing completed in August, 2007 at a cost of SR120 million ($30 million), our property has witnessed unprecedented demand which in turn has spurred room revenues beyond expectations." The holy city's landmark hotel served over 690,000 guests from around the world in 2006. Delivering the benchmark of hospitality, the hotel in 2007 saw an increase in room revenues of around 16 percent as well as a 20 percent increase in the number of guests from the previous year. This year's guest figures are expected to grow by over 25 percent.

DFM, KSE Sign MOU

The Dubai Financial Market (DFM) yesterday signed a memorandum of understanding (MOU) with the Karachi Stock Exchange (KSE). The MOU will encourage listed companies in both stock markets to cross list their equities. The MOU was signed by Essa Kazim, chairman, DFM, and Adnan Afridi, managing director, KSE, in the presence of Abdul Hamid Chaudhry, the consul general of Pakistan in Dubai, and Dr. S. Qaiser Anis, president, Pakistan Business Council (PBC), UAE. "This MoU signals the strengthening of ties between two of the wider region's premier bourses," said Kazim. "Just as Dubai is in the midst of a period of sustained economic growth, so too is the Pakistani economy experiencing strong upward momentum, with the annual GDP growth approaching eight percent. "This agreement will provide great opportunities for both the DFM and KSE to share best practices in technology, expertise and training. Further, it will benefit listed companies in both markets, along with individual and institutional investors. I am extremely pleased to announce the signing of this important agreement. On behalf of the KSE, I am delighted to announce the forging of this new partnership with the DFM, which will lead to the cross listing of equities said Afridi." "This agreement comes as further evidence of the strength of the historic links that bind Dubai and Pakistan, which continue to grow even stronger. This is a significant announcement for the KSE and DFM, and a clear sign of even greater things to come." Qaiser Anis said: "The Pakistan Business Council in the UAE arranged the MOU between the KSE and DFM, playing a vital role in bringing the two organizations together with the objective of developing the capital markets of the UAE and Pakistan and encouraging cross listings, creating more investment opportunities for investors in both countries. Earlier, the PBC helped arrange an MOU between DFM and the Central Depository Company of Pakistan."

Amadeus

Amadeus, a global leader in technology and distribution solutions for the travel and tourism industry, has won three prestigious awards including the World's Leading Internet Booking Engine Technology Provider, the World's Leading CRS/GDS System and the World's Leading Travel Technology Provider, at the annual 2007 World Travel Awards ceremony. It is the fourth year running that Amadeus has picked up the award for the World's Leading Internet Booking Engine Technology Provider. Now in its 14th year, the World Travel Awards continues to acknowledge and celebrate excellence in the world's travel and tourism industry. As the most comprehensive travel awards ceremony, with trophies awarded in all areas of the industry including travel technology, votes are cast by travel professionals in over 160 countries. Nashat Bukhari, general manager, Amadeus, Saudi Arabia said: "It is a great achievement that is an evidence of our commitment to provide distinct travel solutions, while we continue to pursue innovative services for our customers. We are pleased that Amadeus is once again a winner at the WTA, winning three awards that recognize us as the leading global player during our 20th anniversary year." Edward Ross, director, corporate marketing said: "Once again, these awards underscore our commitment to the industry and our continued investment to enable our customers to better meet the growing needs of today's traveler." Manon Han, vice president, World Travel Awards, said: "Amadeus is once again recognized for providing differentiated solutions that benefit travel providers and travelers alike. It was widely agreed that Amadeus deserved to come top in these three important categories."