Mojil Group (MMG), Saudi Arabia's premier industrial construction and construction services company, announced on Tuesday that the Saudi Capital Market Authority (CMA) has approved the company's application to hold an initial public offering (IPO). The offering consists of 30 million shares, representing 30 percent of the company's share capital. The IPO will open for retail subscription on May 3 and close on May 12, 2008. HSBC Saudi Arabia Limited has been appointed the financial adviser and lead manager for the IPO. A portion of the offering will be offered to selected institutional investors. Established more than 50 years ago, MMG has grown to become one of Saudi Arabia's largest industrial construction companies, with 24,000 employees working on significant projects across the Kingdom. With a track record of delivering results on time, on budget and to the exact specifications of its clients, MMG is the construction and construction services provider of choice for many of the Kingdom's largest companies, including Saudi Aramco, the world's leading producer of energy. To date, MMG has completed projects worth more than SR37.5 billion. Fahad Al-Raqtan, managing director of MMG, said: “This IPO announcement is a significant step for the company and will allow the Saudi public to participate in the success of the company. Last year our revenues approached SR2 billion, while our net profit has grown at an average annual rate of 95 percent in the last three years.” He added that “these results were due to MMG's continued efforts to develop its projects and strengthen its position as a contractor specialized in industrial construction in key sectors of the economy such as oil, gas, petrochemicals and water desalination.” Timothy Gray, chief executive officer of HSBC Saudi Arabia Limited, said that the preparation work for MMG's IPO is proceeding smoothly. “The share price will be determined based on the institutional bookbuilding process and will be announced soon afterwards,” he said. MobileAccess expansion DUBAI – MobileAccess Networks, a leading global provider of multi-service in-building wireless solutions for operators and enterprises, launched its Middle Eastern operations with a local office presence in Dubai on Tuesday. Building on its success in other markets, the company has initiated a global expansion strategy into high-growth markets to address the increasing demand for accessible and reliable indoor connectivity for wireless services and applications. With its innovative Universal Wireless Network solution, MobileAccess is a leading pioneer of indoor wireless solutions. This modular, multi-service wireless platform not only provides simultaneous coverage for mobile services such as GSM, DCS-1800, and UMTS, but also was the first indoor coverage solution to offer integrated support for Wireless LAN (WLAN) and, more recently, for Mobile WiMAX services. Moreover, MobileAccess networking solutions are inherently broadband, allowing clients to easily and quickly accommodate both current and future wireless requirements without costly overlay networks. As part of its global expansion program, MobileAccess has commenced intensified marketing initiatives in the Middle East to cater to the rapid adoption of wireless technologies and applications in the region. The UAE has been a particularly strong market as the country has been ranked number one in the Arab World in the 2006/2007 World Economic Forum/INSEAD Global Information Technology Report's Network Readiness Index, according to the latest Madar Research study. “MobileAccess offers an innovative universal platform that connects the people and the applications that power business enterprises. We provide wireless connectivity that empowers all components of any business facility, a very critical feature particularly among hospitals, business centres, office buildings, public venues and other large-scale facilities wherein fast and easy access to resources located in different areas is a necessity,” said Cathy Zatloukal, president and CEO of MobileAccess.Eye of Dubai DUBAI – Eye of Dubai, a leading provider of online business and event information for Dubai residents and visitors and the premier tourism and investment guidebook, has announced that it has initiated a planned global expansion after signing an agreement to be the media partner of MIPIM 2008, the world's premier real estate summit being held in Cannes, France from March 11-14, 2008 with over 26,000 international property players in attendance. For more than 18 years, MIPIM has been the key meeting place for real estate decision makers from all over the world, showcasing hundreds of new high-quality real estate development projects for office, industrial, hotel and resorts, luxury residential properties or mixed use from over 80 countries. At this year's event, there are more then 6,600 investors and corporate end users from around the world gathering in the global networking event. “Dubai's property market has been one of the country's strongest selling points and it is part of our responsibility to make sure this message is heard across all relevant marketing platforms in the world. As such, Eye of Dubai's high-profile involvement in MIPIM 2008, which is one of the most prestigious in the world, will provide a significant boost to our ultimate goal of helping international investors facilitate their activities within Dubai's lucrative real estate sector,” said Abdullah Al-Harbi, CEO, Eye of Dubai. According to recent statistics, over $100 billion worth of residential projects are now underway in Dubai, adding more than 150,000 new homes to the market. Lufthansa private jet DUBAI – Lufthansa will build up its own private jet fleet in the course of this year. The first of the new aircraft, a Cessna Citation CJ3, is due for delivery to the airline in March. All in all, nine new private jets will be entering service in the coming months. Lufthansa is creating its own private jet fleet in order to accommodate surging demand: In comparison with the previous year, the number of private jet flights operated in 2007 rose by 26 percent. Customer demand strongly outstripped capacity, over the year by an average of around 25 per cent and in peak months by as much as 60 percent. Customer satisfaction ratings with the Lufthansa Private Jet (LPJ) service remain consistently high at over 90 percent. The nine aircraft set to operate in the new fleet have been chosen from the Cessna and Bombardier plane makers, with first deliveries expected in March. “We are the only airline in the world to operate a successful private jet service alongside our portfolio of scheduled flights,” said Thierry Antinori, executive vice president, Marketing and Sales, at Lufthansa Passenger Airlines. “In the premium segment, we offer our passengers peerless flexibility and exclusivity.” Demand for aircraft especially in the mid to large-size category, accommodating seven to 12 people, rose disproportionately in the past year.Developer of Year Award DUBAI – A UK-based property magnate received industry-wide acclaim on the first day of the Vacation Ownership Investment Conference (VOIC) for his vision in seeing the early potential in Dubai's timeshare market. Pervaiz Naviede is the developer behind the first fully sold-out timeshare resort in the emirate: Royal Club at The Palm. Naviede was presented with the Developer of the Year Award by Craig M. Nash, chairman and CEO, Interval International and David R. Clifton, managing director Europe, Middle East, Africa and Asia, Interval International. Naviede saw Dubai as a prospective timeshare location and created a resort concept that would offer owners the lifestyle of the rich and famous, for a fraction of the cost. Development of Royal Club began in 2003. __
