Arasco/NSCSA
Arabian Agricultural Services Company (ARASCO) and the National Shipping Company of Saudi Arabia (NSCSA), have announced in Riyadh their agreement to establish a new joint venture shipping company, with 60 percent ownership of NSCSA and 40 percent of ARASCO. NSCSA CEO Humoud Al-Ajlan and ARASCO Executive President Abdulmalik Alhusseini signed the deal. The new company, to be named Bahri Dry Bulk (BDB), will seek to own, charter, and operate dry bulk ships. ARASCO will sign long-term charter agreements with BDB following its formation. “Let us start with the big picture. Our government realizes that self-sufficiency cannot be equated with food security given the limited water resources in the country and the region. This is why our government is trying to encourage the private sector to import rather than grow water-consuming crops such as wheat, feed grains, and forages. This is in perfect alignment with ARASCO’s business model, which is import-based and strengthened by over 25 years of experience, strategic alliances with key players, and supply chain excellence,” said Alhusseini. “This joint venture adds more strength to our business model.” He added: “As far as ARASCO is concerned, this move is basically backward integration into sea freight. Our strategic objectives are to better manage our freight operations and to broaden our supply base by converting a portion of our business from CFR to FOB.”
 
WIRBC
The Second Annual World Islamic Retail Banking Conference (WIRBC) will be held at Park Hyatt Dubai from Oct. 25-27. Themed “Spearheading change in the Islamic retail banking landscape,” the event is scheduled at a time when global Islamic finance landscape is undergoing a period of change, which comes along with opportunities as well as challenges for Islamic retail banking. At WIRBC, opportunities and challenges will be analyzed from the following perspectives: Conventional competition, how to build a competitive edge, sustain innovation of Islamic retail banking products and expansion within the Middle East and elsewhere in the world. Event features include case studies led by industry key players representatives (Tayssir Bank’s experiment in France, introduction on experiences in South Africa and more...), a presentation on financial independency for women in the GCC and interactive CEO panel discussions. This year, 14 leading industry institutions are sponsoring the WIRBC, with global Islamic retail bankers among the participants. “The conference will witness a unique exchange of ideas on the prospects of the industry and the impact of the global events,” Welma Williams, production manager at Fleming Gulf Conferences, said. Three key CEO panel discussions will engage participants to question the industry trendsetters and help understand, how to spearhead change in their own Islamic retail banking strategy.
 

Businesses owned by their employees have proved more resilient than other companies in the downturn, according to new research by Cass Business School (CBS). The study also reveals that employee owned businesses (EOBs) tend to create new jobs more quickly and typically outperform those companies in which employees do not have an ownership stake. Joseph Lampel, professor of strategy and entrepreneurship, and Ajay Bhalla, senior lecturer in information and knowledge management, CBS, London, conducted the study. The findings were based on a survey of more than 60 senior executives, and financial data from more than 250 firms. “The advantage for EOBs comes from taking a stakeholder rather than a shareholder view of management. Employees who have a stake in the company they work for are more committed to delivering quality and more flexible in responding to the needs of the business,” said Bhalla. In Britain businesses wholly or substantially owned by their staff are estimated to turn over 25 billion pounds a year, or about two percent of the UK GDP. In the Middle East, employee owned businesses are less common due to the local ownership regulations. However, some international companies such as leading management, engineering and development consultancy Mott MacDonald have extended their EOB model to the Middle East, where they are experiencing much success. Paul Looker of Mott MacDonald said: “In the Middle East at present, many of our publicly owned competitors have been under stress with their stock market positions, so being structured as an employee owned business has been a major benefit for us.”
 

Starwood Hotels and Resorts Worldwide Inc. and its new hotel brand, Aloft Hotels have announced the opening of Aloft Brussels Schuman, the first Aloft hotel to open in Europe. “Aloft Hotels delivers urban-inspired, modern design and an energetic guest experience at an affordable price point,” the company says. Owned by Thornsett Group, Aloft Brussels Schuman introduces jet-setting style to Belgium. Located in the heart of the buzzing European Union district, the hotel features 147 loft-like guestrooms including three ‘Breezy Lofts’ (Aloft’s re-interpretation of a suite), a buzzing open lobby, an urban-inspired grab-and-go cafe and industrial design elements throughout. A vision of W Hotels, Aloft’s stylish urban attitude is set to “shake up” the European mid-market hotel scene. With more than 40 hotels open since its June 2008 debut, Aloft Hotels has become the talk of the hospitality industry by going global while in launch mode. Aloft currently operates hotels in the United States, Canada, China, the UAE and India, with Belgium marking its sixth destination. Besides opening its first hotel in Europe, Aloft is continuing its global expansion with further openings planned in India and the United States as well as brand introductions in Thailand and the UK. “The launch of Aloft in Europe underscores the strength of the Starwood network and the power of the Aloft brand,” said Brian McGuinness, SVP, specialty select brands, Starwood.
 

LG Electronics exhibited its flagship products including NANO FULL LED TV, 3D TV, Smart TV, LCD TV, projector, Plasma TV, Blu-Ray disc player, audio, data storage, LED monitor and LED monitor TV, 3D Monitor, washing machine, dishwasher, refrigerator, cooking and cleaning range at IFA 2010 (International Funk Ausstellung) held in Berlin Messe, Germany earlier in September. The South Korean electronics giant showcased these products for the European market at the expo, described as the largest European home appliances fair. Under the theme “Life’s Good - Enriching lives through technology,” over 800 products including LED TV, smart TV, 3D TV, OLED TV, Blu-ray player, home theater system, network monitor, and environment-friendly home appliances were exhibited. The display products showcased include the world’s slimmest “Nano Full LED TV” with direct backlight, using Nano Lighting Technology, and the E50VR and E80VX LED monitor series, which deliver an exceptionally crisp and vivid picture with the SUPER+ Resolution function. On the consumer appliances side, a wide range of new products, including 6-motion steam drum washing machines, environment-friendly high-efficiency refrigerators, dust-compressing vacuum cleaners, and built-in appliances were introduced. Boasting an 11kg capacity in a European standard 24-inch cabinet, the “Big-in” product was showcased, which has six motion and steam functions.
 

Nearly all Saudi Arabia’s respondents (90 percent) said they were satisfied with the quality of college education they have received or are receiving according to the latest “Where are the Middle East’s Fresh Graduates Heading?” research survey. The survey conducted by the Middle East’s job site Bayt.com in conjunction with research specialists YouGov Siraj found that 22 percent of the Kingdom’s respondents were very satisfied, 35 percent satisfied, 33 percent somewhat satisfied. Only nine percent were dissatisfied and two percent were very dissatisfied. Overall in the region, 27 percent of respondents were very satisfied, 40 percent satisfied, 24 percent somewhat satisfied, seven percent dissatisfied and two percent very dissatisfied with the quality of their college education. “The figures are interesting because they show that against the current backdrop of challenging economic conditions, respondents are still very satisfied with the education they are receiving. This can be an indication of many things including higher quality education systems, increased alignment of the region’s higher education institutions with the needs of the local workplace and a sharper focus by students on studies that directly correlate with the local workplace,” said Rabea Ataya, CEO, Bayt.com. According to the report, the most appealing industries to respondents from a career point of view in the Kingdom were banking/finance and IT. The least appealing was electronics.
 

Claudio Ceccherelli, GM, Park Hyatt Milan in Italy, has been named “Hotelier of the Year 2010” at the Virtuoso “Best of the Best” Hotel Awards held in Las Vegas recently during Virtuoso’s 22nd Annual Travel Mart Conference. This award is designed to honor an experienced hotel manager with “an unrelenting passion for the industry, an astute appreciation for detail, and a keen sense of how to lead and manage a dynamic team of professionals.” Ceccherelli said: “The prestigious award by Virtuoso is a true honor to be recognized in this way by the industry. This award is testament to our unwavering commitment to authentic hospitality and I would like to thank my team for their continued dedication, which has undoubtedly played a key role in my winning this award. I also thank Hyatt Hotels and Resorts for the support and trust the company has shown me throughout my career.” Gebhard Rainer, MD, Hyatt Hotels and Resorts in Europe, Africa and Middle East, said, “Claudio is a most deserving recipient of this accolade, which recognizes the determination, passion and dedication for which he is well known. This is a very proud moment for Hyatt Hotels and Resorts, and Park Hyatt Milan.” Ceccherelli began his hospitality career in 1976 at the Principe di Savoia Hotel in Milan before going on to teach for five years at the Hospitality School in Florence and then worked in various cities across Italy.
 

AL-ANSARI Exchange, a provider of worldwide remittance and foreign exchange services, has extended its support to the victims of the massive floods in Pakistan, which has left over four million people homeless, in addition to major casualties and destruction of properties and crops. A total cash aid amounting to AED200,000 has been placed under the supervision of UAE Red Crescent, which will use the funds to distribute tents and emergency shelters to help house thousands of flood victims. “We are doing the best we can to help the unfortunate victims by providing them with the most basic need of shelter and food. By doing our share, we hope to make a difference in the lives of the people affected by the floods during Ramadan,” said Mohammed Ali AL-ANSARI, MD, AL-ANSARI Exchange. AL-ANSARI Exchange has been steadily supporting relief aid activities for victims of natural calamities and other disasters across the globe. With a defined CSR policy, the company was part of the UAE Ministry of Health’s initiative, and donated AED7 million toward the construction and set up of Shoukah Medical Centre in a remote area of Shoukah, Ras Al Khaimah. The company also extended help to the victims of the deadly floods in Philippines as a result of two typhoons that ravaged the country last year, by launching a fund-raising campaign that involved automatic donations of AED1 for every Philippine-bound transfer. AL-ANSARI is also active in supporting health and environment causes.