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ECONOMY

TUESDAY 20 FEBRUARY 2018,

SAUDI GAZETTE

14

Kanoo Machinery opens a new

Spare Parts Showroom in Jeddah

McGraw-Hill appoints Obeikan as

distributor for education solutions

K

ANOO Machinery has an-

nounced the opening of its

new Spare Parts showroom

in Jeddah. The new showroom

located on Madinah Road along-

side Kubri AlMorabba bridge was

officially opened for business last

Feb. 1 by Ahmed Fawzi Kanoo

– Reginal Director – “Yusuf Bin

Ahmed Kanoo Company” in the

presence of prominent customers,

invitees and senior company ex-

ecutives. The opening of this new

showroom which is the sixth Spare

Parts outlet in KSA demonstrates

the growth and expanding network

of Kanoo Machinery division within

KSA as well as its commitment to

cater to the needs of its valuable

customers. The showroom will act

as a window for anyone interested

in buying genuine spare parts of

Perkins, Grove, Hyster. HIAB, Bre-

don etc.—

SG

L

EARNING science company

McGraw-Hill Education has

signed an exclusive distribution

agreement in the Kingdom of Saudi

Arabia (KSA) with Obeikan Educa-

tion, a leading regional education

solutions company. Through this

agreement, McGraw-Hill Education’s

English languageUS editions and

KSA adaptations of K-12 print and

digital products within its Math and

Science portfolio and its English

Language Learning Products that

serve both the K-12 and Higher

Education markets, will be available

via Obeikan Education’s well es-

tablished and extensive distribution

network of private and international

K-12 and higher education institu-

tions in the KSA.

The partnership supports

McGraw-Hill Education’s vision of

unlocking the full potential of each

learner and also reinforces Obeikan

Education’s commitment to be the

supplier of choice for the leading

Education partnership

Modon 1 Advanced logistics

solutions launched

Al-Faisaliah Resort at Durrat

Arriyadh designates new GM

“T

HE Modon 1 project in

the heart of the Jeddah

Industrial Area will provide

more services to existing and future

clients, explaining that through

this project they will receive a

collection of advanced solutions

that are aligned with international

standards,” said Hemanth Prakash,

Managing Director of LogiPoint.

He added that “The projects

built in the form of Modon 1 are

meant to be part of the vast diversity

and acceleration of the Kingdom›s

economy, providing opportunities for

new and high-quality businesses.

We are ready to innovate modern

solutions that go hand in hand with

global standards and expectations.”

“What makes Modon 1 inter-

estingly unique is that it is fully

equipped with all the facilities that

are equivalent to international stan-

dards, which must be met by any

logistics platform,” said Prakash.

“Modon 1” is located in the first

industrial zone in Jeddah, close

to the Jeddah Islamic Port, allow-

ing easy access while minimizing

transport costs. The total area of the

project is 120,000 Sq M.

The Managing Director pointed

out that “The city - in reference to

Modon 1 - offers a variety of ameni-

ties for potential clients. For exam-

ple, they can lease a space that is

built to their exact needs and specifi-

cations or simply lease land with full

infrastructure connectivity and build

their warehouses themselves. To

ensure long term sustainability for all

parties, we typically offer contracts

for up to 10 years and help in facili-

tating the design and construction to

the client’s own standards.”

According to Prakash, Modon

1 is fully flexible and facilitates all

design and construction operations

in accordance to the customer›s

own criteria. There are also spa-

cious parking spaces and open

AL-Faisaliah Resort & Spa at

Durrat Arriyadh announced the ap-

pointment of the General Manager of

the resort Rida Abu Bakr Nooh who

has a broaden experience in hotel

management and hotel operations in

many of the world-renowned hotels

over the past years.

Noah also has a rich experience

in multicultural environments includ-

ing hospitality industry in the King-

dome of Saudi Arabia and plans to

take the challenge by adding more

vital experiences to his own with Al

Faisaliah Resort & Spa at Durrat

Arriyadh, stressing the importance

of keeping abreast of developments

in the local hospitality sector and the

importance of capturing the promis-

ing opportunities in it.

“Riyadh is an attractive des-

tination for business and leisure

travellers, especially as Al Faisaliah

Resort & Spa At Durrat Arriyadh

aims to offer a personal and authen-

tic experience to guests along with

the distinctive character of the local

culture,” said Rida Abu Bakr Nooh.

“I am honored and pleased to

accept this new challenge as Gen-

eral Manager of Al Faisaliah Resort

& Spa and I look forward to leading

the team to create memorable expe-

riences for guests and discover the

spirit of giving and hospitality that Al

Faisaliah Resort& spa has to offer.

Characterized by the classic

architectural style of Riyadh city, the

resort offers handsomely appointed

contemporary accommodations that

include 162 remarkable abodes, in-

cluding 121 expansive guestrooms,

31 luxurious suites and 10 stately

private villas each with an outdoor

swimming pool.

The resort also features Grand

Durra Hall, which can host events

for more than 2,000 guests, and

Hemanth Prakash

Rida Abu Bakr Nooh

Manazel Real Estate

pledges social efforts

to the ‘Year of Zayed’

Nestlé registers

2.4% organic

growth in 2017

M

ANAZEL Real Estate PJSC,

a leading UAE developer,

has launched a series of

initiatives dedicated to the Year of

Zayed. The move is in response to

Sheikh Khalifa bin Zayed Al Nahyan,

President of the UAE, announcing

2018 as the Year of Zayed, to honor

the legacy of the UAE’s founding

father, the late Sheikh Zayed Bin

Sultan Al Nahyan. Therefore, 2018

will be about remembering all that

Sheikh Zayed did to create the UAE

of today, as well as instilling his

values across our community. Key

themes will be tolerance, progres-

sion, environmentalism and leader-

ship, as well as charity.

In support of this, Manazel Real

Estate has started a series of initia-

tives with a community event at its

residential Al Reef 1 downtown com-

plex in Abu Dhabi, beginning Febru-

ary 14Th and offering a range of ac-

tivities for all age groups in an effort

to raise environmental awareness

and sustainability, which was em-

phasized by the late Sheikh Zayed

(may God rest his soul in peace). In

collaboration with Bee’ah, Sharjah’s

leading environmental management

company, Manazel Real Estate has

installed the cutting-edge Reverse

Vending Machine (RVM) in advance

of the event, to encourage recycling

through an innovative and fun ap-

proach. Additionally, small trees will

be planted with the help of children

to encourage awareness on the

importance of the environment and

wider social and corporate respon-

sibility.

These activities will help cel-

ebrate Sheikh Zayed›s significant

N

ESTLÉ reported 2.4% organic

growth, trading operating prof-

it margin up 50 basis points in

constant currency for 2017.

Total reported sales increased

by 0.4% to CHF 89.8 billion (2016:

CHF 89.5 billion). Net divestments

had a negative impact of 1.9%

(mainly due to the creation of the

Froneri joint venture).

Trading operating profit margin

decreased by 60 basis points on a

reported basis to 14.7%, in line with

our October 2017 expectations. This

included a CHF 900 million increase

mainly in restructuring and related

costs to CHF 1.5 billion.

Underlying trading operating

profit increased by 2.9% to CHF

14.7 billion. The underlying trading

operating margin was up 50 basis

points in constant currency, and up

40 basis points on a reported basis

to 16.4%. This improvement puts us

on track to meet our 2020 target.

Margin expansion was sup-

ported by operating efficiencies and

successful execution of ongoing

restructuring initiatives. These cost

savings largely offset the increase

in commodity costs of around CHF

900 million.

Restructuring expenditure and

net other trading items increased by

CHF 900 million to CHF 1.5 billion

due to the acceleration of restructur-

ing projects. As a consequence,

trading operating profit decreased by

3.4% to CHF 13.2 billion. The trading

operating profit margin decreased by

60 basis points on a reported basis

to 14.7%, in line with our guidance.

However, net profit decreased

by 15.8% to CHF 7.2 billion and

earnings per share decreased by

15.8% to CHF 2.32. This was mainly

due to an impairment of goodwill

related to Nestlé Skin Health, which

was taken to reflect the current pros-

pects of the business.

Underlying earnings per share

Mohamed M. Al Qubaisi

storage space for clients› vehicles

and goods so that they do not have

to stand inside parking lots on the

streets of the congested industrial

zone.—

SG

We are delighted to join hands

with Obeikan Education and thrilled

by the prospect of expanding our

focus within the KSA market, as well

as widening our regional footprint

within the Middle East. This move is

a testament of our commitment to

becoming the publisher of choice for

our print and digital customers in the

region.”

Eng. Abdallah Obeikan, CEO of

Obeikan Investment Group, said “we

believe that Obeikan Education’s

unique capabilities in education,

localization and curriculum develop-

ment, digital and distribution together

with McGraw-Hill Education’s exper-

tise in learning solutions and curricu-

lum content places our partnership

in a prime position to serve the

Kingdom of Saudi Arabia’s schools

and higher education institutions. I

am excited about the opportunity to

partner with McGraw-Hill Education

to deliver innovative offerings in this

growing market.”

— SG

national and international schools

and higher education institutions in

the region.

Hania Baramki, Regional Com-

mercial Director, Middle East and

Africa, of McGraw-Hill Education,

said “with this agreement McGraw-

Hill Education and Obeikan Educa-

tion will work together to further our

products’ availability for the local

markets, which we have served for

the past seven years.

meeting rooms equipped with state-

of-the-art technology, which is the

perfect choice for hosting different

events and ceremonies.

— SG

achievements within the environ-

mental space, which was a key

foundation in his strategy to build

the UAE into one of the world’s ad-

vanced nations. Further events will

be announced in due course.

Manazel’s Chairman Mohamed

M. Al Qubaisi said: “We are very

proud to align our Corporate Social

Responsibility activities with the

nation-wide initiative of the Year of

Zayed. These activities represent a

great opportunity to instil the concept

of leadership and the humanitarian-

ism adopted by our leaders to build

this country. Sheikh Zayed will al-

ways inspire our citizens to celebrate

our beloved country’s significant

achievements both at home and

on a world stage and we will be

forever thankful for his guidance and

legacy.”

— SG

increased by 4.7% in constant cur-

rency and by 4.6% on a reported

basis to CHF 3.55.

For 2018, organic sales growth

is expected between 2% and 4%,

underlying trading operating margin

improvement in line with our 2020

target. Restructuring costs are ex-

pected at around CHF 700 million.

Underlying earnings per share in

constant currency and capital effi-

ciency are expected to increase.

Mark Schneider, Nestlé CEO,

said: “Our 2017 organic sales growth

was within the guided range but

below our expectations, in particular

due to weak sales development

towards the end of the year. Sales

growth in Europe and Asia was en-

couraging while North America and

Brazil continued to see a challenging

environment. Our cost reduction

initiatives delivered margin improve-

ment ahead of 2017 expectations,

in spite of considerable commodity

price increases.”

“During the past months, we

have completed initial portfolio

adjustments with very favorable

results. We will continue this active

portfolio management approach in a

disciplined manner and fully in line

with our strategy. Regarding our core

portfolio, accelerating our growth

through product innovation and

renovation is high on the agenda.

Organic sales growth is expected to

improve in 2018 and we are firmly on

track for our 2020 margin improve-

ment target.”

Zone EMENA saw positive

growth across all sub-regions and

categories, with petcare and coffee

the main contributors. Petcare’s

performance was supported by very

strong growth in Russia and other

emerging markets. Nescafé had

good growth in Western Europe,

the Middle East and North Africa,

following price increases taken dur-

ing the year. Confectionery, culinary

and dairy all delivered improved

growth, helped by successful prod-

uct launches. The United Kingdom

returned to solid growth after a chal-

lenging start to the year, with posi-

tive RIG and pricing.

The Zone’s underlying trading

operating profit margin increased

by 80 basis points, despite higher

commodity costs. This improve-

ment was driven by price increases,

portfolio management, operational

efficiencies and structural cost sav-

ings.

— SG