The Roads & Transport Authority (RTA) has beefed up the selling points of the Unified Fare Cards (Nol cards) as part of its ongoing efforts to broaden the scope of service delivery, and make these cards readily available for mass transit commuters, spanning the metro, public buses, and the water bus as well as motorists in paying for parking fees in Dubai.

Mohammad Yousuf Al Mudharreb, Director of the Unified Automated Fare Collection at RTA Corporate Technical Support Services Sector, stressed the importance of expanding the selling points of Nol cards to serve the largest possible segment of public transport users, particularly with the launch on 9 September last year of the Dubai Metro Green Line; which played a crucial role in integrating mass transit network in Dubai, and serving numerous landmarks & key business spots in the Emirate.

“To implement this Decision, the Unified Automated Fare Collection Dep’t at RTA Corporate Technical Support Services Sector increased the number of selling outlets of various types of Nol cards following the signing bilateral agreements with Al Fardan Exchange, Al Maya Group, and Aswaq; which are amongst the leading business entities with extensive selling outlets across the UAE. Accordingly Nol cards will be available for selling at 39 outlets at Al Fardan Exchange, 30 outlets at Al Maya Group, and 7 outlets at Aswaq,” announced Al Mudharreb.

“The new selling outlets will be subject to the same terms & conditions applicable to other selling outlets since the initial offering of Nol cards; which include a stipulation of maintaining a unified price at all existing and new selling outlets.

“The RTA is always seeking to open new channels & outlets for the delivery of services & products in collaboration with a plethora of government, semi-government and private entities to keep abreast of the growing demand for RTA services by public transport users in Dubai Emirate. We have high regards for the role to be played by Al Fardan Exchange, Al Maya Group, and Aswaq as they sprawl the entire Emirates of the country,” said the Director of the Unified Automated Fare Collection in a concluding remark.

It is note-worthy that RTA has launched a special offer involving a 50% discount on personalized Nol Blue Cards on the first of January and runs through the last day of February 2012.

Bahraini retail and commercial banking institution, BMI Bank announced its financial results for the fiscal year ended 31st December 2011.

The Bank reported a net profit of BD0.55m post provisions for the fourth quarter of the year as compared to a loss of BD7.8m during the same period in 2010. The Bank posted a net loss of BD3.38m post provisions for the year 2011 as compared to a net loss of BD26.5m during the corresponding period in 2010.

Commenting on the Bank’s results, Jamal Al-Hazeem, Chief Executive Officer of BMI Bank said, “2011 was a year of transformation for BMI Bank, with an emphasis on transparency, product innovation, stronger levels of customer service and openness; all key elements in realizing our objective of significantly increasing our market share within Bahrain whilst continuing to compete effectively. We have begun to witness the rewards of continuing our investment in our people, brand, system, product and services as reflected in both our net profits for the second half of 2011 as well as our position as a key player amongst local retail and commercial banks within the country.”

“Our transformation began in earnest at the start of 2011 with the roll out of several customer-centric products and services including the revamp of our flagship retail product Ayadi which witnessed tremendous growth in the portfolio. This was followed by a campaign announcing our refreshed brand identity under a new tag line, “better, together” to strengthen our position as an entirely customer and customer-service driven bank. We also opened three new branches, including one on the 16th floor of the Bahrain World Trade Center to cater to our high net-worth clientsgrowing our branch network to ten and our ATM network to thirtyduring the year.Further to the launch of our state-of-the-art core banking system in 2010, we launched two new payment channels for our credit card customers as well as several reward based promotions on our bouquet of retail products,” he added.

“Our commitment to actively support and sponsor community driven initiatives is paramount in our efforts towards managing a cognizant CSR program.During the year, we continued our support towards a set number of local and community led charities that we partner on a long term basis; Al Sanabel orphans care center, American Mission Hospital’s (AMH) community outreach program, the island classic charity golf tournament and think pink Bahrain by committing in excess of BD80,000 to their causes as well as towards a few other smaller charity foundations within the community at large,” Jamal Al-Hazeem said. “We have been very prudent and conservative in our lending practices as well as in our approach to provisioning during 2011, which we believe positions us well for the year ahead. At BMI Bank, we maintain an excellent Capital Adequacy Ratio of over 19% with strong liquidity and a portfolio of unique and innovative products and services.”

“We move into 2012 with a renewed commitment to deliver innovative products and services through our retail and commercial banking franchise and will continue to invest in them to better serve our customers.BMI Bank is now well-placed to become a leading retail bank in Bahrain. We have a stable and growing business to leverage on with strong shareholder and customer support. I take this opportunity to thank the Central Bank of Bahrain, our shareholders and customers for their confidence in our capabilities and our staff for their continued commitment and support,” he added.

Fifty One East, the retail chain in Qatar continues to digitalize the Commercial Bank Qatar Masters tournament for the 4th year in a row being the Official Audio Visual and IT Sponsor of the upcoming 2012.
 
Fifty One East will provide the tournament with a comprehensive AV Solution for the total duration of this global sporting event.

The 2012 Commercial Bank Qatar Masters tournament will be hosted by Qatar’s Golf Club and will kick start on the 2nd of February.

Fifty One East will supply the tournament with the latest gadgets in technology through the astonishing “3D World Created by Sony”. This sponsorship goes hand-in-hand with Sony’s status as Qatar’s leading brand in the field of technology as it brings back to this year’s Qatar Masters the new BRAVIA Internet LED TVs that redefined the TV industry in addition to the VAIO laptops especially the “Z” series being for the World’s Chosen.

Established in 1998, The Commercial bank Qatar Masters is prestigious golf tournament hosted every year by Qatar’s Golf Club and is part of the four European Tour golf tournaments staged in the region. Each year many of the world’s most distinguished golfers compete on the Club’s unique and challenging desert-type Championship Course measuring 7,374 yards from the tournament tees and designed by Peter Harradine, one of the world’s leading golf course architects. This year’s prize is a whopping $2.5m.

Fifty One East is the longest-standing retail chain in Qatar and the most exclusive address for a style-savvy population seeking the best life-enhancing elements. Driven by unfaltering customer loyalty, immeasurable retail known-how and a diligent belief in its commitment towards providing its community with nothing short of the most premium indulgences, Fifty One East brings the epitome of modernity fused with the essence of the Orient.

Fifty One East houses a gamut of international electronics and non-electronics brand names the caliber of Sony, Bose, Yamaha, Apple, Sony Ericsson, Gigaset, Belkin, HTC, Rolex, Boucheron, Tudor, Armand Nicolet ,Pasquale Bruni , Vulcain, Faberge, BRM Watches, H. Moser & Cie, Guy Laroche, Cacharel, Chanel, Givenchy, Amouage, Elizabeth Arden, Dior, Lancôme, YSL, Brioni, Smalto, Cerruti, Calvin klein, Fabio Inghirami, Moreschi, Azzaro, Balmain, Georges Hobeika, George Chakra, J Mendel, Temperley, Zagliani, Vanlaack, Bally and much more.

Fifty One East paves the way for Darwish Holding’s vision to bring forth internationalism in standards in-keeping with the country’s well-respected heritage and identity. Representing Qatar’s coordinates, Fifty One East accentuates Darwish Holding’s productive role in boosting the country’s developmental endeavors.

Fifty One East at Lagoona is today the main anchor store and a world-class retail destination with the largest multi-brand superstore in the Middle East with 13,500 square meters of retail concepts that are aligned with the lifestyle of Doha’s savviest shoppers.

Mashreq, one of the UAE’s National financial institutions reported a net profit of Dhs820m for the year ended 31st December 2011 on operating income of Dhs3.9bn over the same period.

Mashreq’s total assets witnessed a moderate decline of 6.6%, reaching Dhs79.2bn compared to Dhs84.8bn at the end of 2010, due to the bank’s balance sheet management strategy. The bank continued to maintain high liquidity. The liquid assets of Dhs24.9bn led to a healthy liquid to total asset ratio of 31% as of December 31st, 2011.

In addition to specific provisions, Mashreq maintains a healthy general provision

(collective impairment allowance) which at year end stood at 2% of net loans and advances.

As a result of proactive risk management, Loans & Advances reported Dhs37.7bn, a decrease of 8.5% from Dhs41.2bn at the end of 2010.

Commenting on the financial results, H.E. Abdul-Aziz Al Ghurair, Chief Executive Officer of Mashreq, said: “The 2011 annual financial results reflect our policy of balancing prudence with profitability. Although 2011 was a challenging year for the Region, we continue to maintain high levels of capitalization and liquidity and remain fully committed to the markets across the GCC.”

Given the elevated level of liquidity, Mashreq could afford to rationalize its liability structure by shedding some high-cost deposits, leading to an 11.4% reduction from December 2010 to Dhs45.4bn. However, the bank continues to maintain a robust loan-to-deposit ratio of 83% as at December 2011.

Abdul-Aziz Al Ghurair added, “Our single minded goal is to deliver sustainable financial results while adapting to rapidly changing market conditions by focusing on customer centricity across our businesses. Meeting and exceeding the needs of our customers is the corner stone of our business philosophy.”

The total income for 2011 of Dhs3.9bn represents an 11.7% drop relative to 2010; Net interest income and income from Islamic products net of distribution to depositors for the year 2011 reported at Dhs1.9bn was down 15.1% while Net fee, commission and other income at Dhs1.9bn was down 8.0%. However the ratio of Net fee, commission and other income to operating income stood close to 50%, which is one of the best in its class.

General and Administrative expenses for the full year 2011 remained stable at Dhs1.8bn, showing a slight increase of 1.7%.

Mashreq provisions for loans and advances continued its downward path in 2011, decreasing by 32% to Dhs1.2bn from Dhs1.8bn in 2010, while the efficiency ratio increased modestly to reach 46.3%.

The bank continued to maintain a very healthy capital adequacy ratio which stood at 22.6% as of December 2011, while the Tier 1 ratio went up to 16.2% for the same period.

Operational update:

Mashreq launched ‘Mashreq Majestic’, a one of a kind offer for customers in UAE which bundled a wide selection of banking products and services, specifically tailored to meet the unique requirements of our varied customer segments. The Salary, Loan, Mortgage and SME Finance packages are custom made to offer unmatched value for money, ease and accessibility - another trailblazing innovation in the market.

As part of the bank’s commitment to customers to provide the highest quality of service in personal banking, Mashreq has completed a total makeover of its branches, carrying out extensive renovations across the branch network. The new cutting edge design creates a welcoming and comfortable environment for the bank’s valued customers when they visit any of the branches located strategically in the UAE.

During 2011 Mashreq continued its social and community building efforts having launched the first Student Banking Centre (Electronic Banking Unit) at Dubai International Academic City (DIAC) which serves 27 universities and academic institutions. The bank signed an agreement with Higher Colleges of Technology (HCT) to become one of the founding members of the HCT Foundation’s HCT 100 corporate group. In furtherance of its Emiratisation strategy, Mashreq announced the recruitment of the second batch of UAE Nationals from Abu Dhabi. Recently, the bank recruited graduates of Mashreq Al Mustaqbal Management training programme as Branch Managers, demonstrating its commitment to employ more and more UAE Nationals.

The bank continues to reinforce its online and mobile banking services with the latest enhancements which allows Mashreq customers to enjoy world class remote banking from the comfort of their homes with additional service features and improved security measures, with complete financial freedom.

Reflecting its on-going SME development strategy, Mashreq opened a call centre to facilitate service queries such as account maintenance, updating trade license, cheque book issuance, inward and outward remittances; the call centre acts as the single point of contact for all Small & Medium Enterprises customers for service queries. Mashreq also signed a partnership agreement with Dubai SME, the agency of the Department of Economic Development (DED), Government of Dubai, to offer benefits to the top 100 SMEs in recognition to the importance of supporting startup companies.

From a corporate standpoint, Mashreq witnessed a good business year with improvement in revenue and net profit. Traditional areas of business contracting finance and trade finance performed well. Relatively new services offered under Global Transaction Services Unit (GTS), particularly cash management services did particularly well in providing innovative solutions to customer needs.

To reflect the bank’s renewed commitment to the Abu Dhabi market, Mashreq announced the appointment of Karim Mahmoud as the CEO of the bank’s operations in the Capital.

Mashreq’s Corporate Investment Banking group facilitated clients’ access to the debt market. In 2011, the bank successfully closed two syndicated term loans for Sri Lanka’s largest bank, Bank of Ceylon (BOC) for USD 175m and USD 140m facilities. Moreover, Mashreq effectively led USD 403m syndicated facility for the engineering, construction and procurement works of the Borouge 3 expansion project, which was awarded to the Tecnimont S.p.A - Samsung Engineering joint venture.

Through a sophisticated 24 hour dealing room, Mashreq provides traditional and complex treasury products like options, swaps and other hedging products to customers to accommodate their business needs.

Internationally and in line with its strategy to be a leading regional financial institution, Mashreq’s presence in significant markets such as Qatar, Kuwait, Bahrain and Egypt is a clear indication of its constant endeavor to provide accessibility to its customers across the Region. With the completion of it’s first year in business, Mashreq Kuwait reported a healthy and profitable performance during 2011.

During 2011, Mashreq announced the opening of its representative offices in Nepal. Additionally, in a path breaking move, the bank signed an exclusive agreement with the Bank of China to establish a ‘China Desk’ in the UAE.

Mashreq also signed a Memorandum of Understanding (MoU) with the Export-Import Bank of Korea (Korea Eximbank). Under the agreement, Mashreq will facilitate various investments and comprehensive banking solutions for projects implemented by Korea Eximbank in the UAE and the Middle East region.

The Correspondent Banking facility had a particularly good year offering trade and payment products to correspondent banks through dedicated branches in London, New York, Hong Kong and India.

In recognition of his demonstrated commitment to excellence in the banking industry, H.E Abdul-Aziz Al Ghurair, CEO of Mashreq received a clutch of awards for his accomplishments: the Outstanding Contribution to the Industry Award from The Banker Middle East Industry Awards 2011, the MEED Leadership Award 2011; The Arab Banker of the Year in the Private Sector Award 2010-2011from The Union of Arab Banks (UAB) in Rome, Italy.

Furthermore, the industry recognized Mashreq’s achievements and commitment to offer customers the highest form of banking through constant innovation. The awards include Best Call Centre of the year Award - strategically aligned category from Middle East Call Centre awards 2011 organized by INSIGHTS and the Best Islamic Window from The Banker Middle East Industry Awards 2011 for Mashreq Al Islami for the second year in a row. The bank was also awarded the ISO 9001:2008 Certification by the British Standards Institute (BSI) for its Operations Group.

Mashreq’s funds won top three awards at the MENA Fund Manager 2011 Performance Awards; The Newcomer Fund of the year Award went to Mashreq Al Islami Income Fund for having the highest risk adjusted returns, Makaseb Income Fund received the Fixed Income Fund of the Year Award, and Mashreq Capital was awarded the UAE Asset Manager of the Year award.

The bank was also recognized by Dubai Women’s College when it was given the Employer of the Year Award in the private sector for Mashreq’s Emiratisation strategy and due to Mashreq’s constant efforts to empower Emirati students by providing the necessary training to develop their skills. Moreover; the prestigious Lipper Fund Award 2011 for the Best Equity Fund over 3 years and 5 years under Equity, UAE category was given to Mashreq’s Makaseb Emirates Opportunities Fund (MEOF).

International engineering firm Thornton Tomasetti announced that Ahmed Al Hashimi has been named vice president in the company’s Middle East division. Mr. Al Hashimi is joining the company to help expand Thornton Tomasetti’s business in the region and support clients locally.

Based in Abu Dhabi, United Arab Emirates, Mr. Al Hashimi is a Chartered Structural Engineer with considerable experience in the region.

Key Points

• Mr. Al Hashimi has 27 years of structural engineering experience in the design and management of high-rise and long-span buildings in the Middle East, Europe and Asia-Pacific. His experience in the Middle East includes projects in the commercial, residential, hospitality, sports and leisure sectors in both steel and concrete.

• Most recently, Mr. Al Hashimi was a senior structural design manager with Tourism Development & Investment Company in Abu Dhabi, an owner/developer of high-profile cultural and hospitality projects such as Saadiyat Island and Sir Bani Yas Island in the United Arab Emirates. While there, he managed a team of international design consultants working on a variety of projects, including museums, retail and mixed-use projects, commercial buildings and resorts hotels.

• A British national, Mr. Al Hashimi holds a Bachelor of Science degree with honours from the University of Glasgow in the U.K. He is a member of the Institution of Structural Engineers and a Chartered Engineer with the United Kingdom Engineering Council.

Manny Velivasakis, practice leader for the Europe, Middle East and India (EMA) region, “Everywhere, but more so in the Middle East, clients demand immediate attention and expect solutions on the spot. Therefore, having senior-level people based in the region to interact with clients is essential to our growth. Ahmed has considerable professional experience as well as experience in the Middle East, which will further enhance our ability to provide excellent service to our clients.”

Regency International Company LLC, a joint venture of Seven Seas Company LLC-Oman and Regency Group for Corporate Management-Dubai, opened their new outlet of Sultanate of Oman at Ibrion Sunday 22nd January 2012 at 04.00 pm.
 
The new outlet “Grand Hypermarket” at Ibri was officially inaugurated by SHAIKH SAIF BIN HAMYER AL MALEK AL SHEHHI,Governor of Al Dhahira Regionin the presence of Anvar Ameen Chelat (Managing Director), Aboobacker Mohammed (Director), Mahmood TP (CEO), Nizar PK (Head of Oman Operations), Vijay Kumar (Retail Operations Manager-Oman),other senior officials and many more.

K. Balakrishna Pillai (Former Minister of Kerala), Sultan Bin Majid Al Mammari (Member MajlisAshura), Humaid Bin Ali Al Nasri (Member-Majlis As Shura), Ali Bin Salih Al Kalbani (Ministry of Commerce), Khalifa Bin and HamoodSalim Al Yaqubi (Ibri Municipality) were also present. A large number of expats along with locals were also present on the occasion.

The new hypermarket in Ibri is Group’s 5th outlet in Sultanate of Oman; taking its store count to 38 amid an aggressive expansion drive. Spread over 45,000 sq. ft.,the hypermarket showcases fresh food section comprising fruits, vegetables, dairy products, meat, fish, it also has a huge area dedicated to department store items such as electronics, stationery and fashion brands for ladies, gents and kids. The outlet is situated at Souq Road, Ibri; andeasily accessible from the major road with ample car parking.

This is another initiative by Regency Group towards providing better shopping experience to the local and expatriates community in Ibri at unmatched affordability, guaranteed quality and choices of products/services. The store planning, atmospherics and layout has been designed specifically to provide “a complete solution” to the customers at Ibri and nearby locations, Mr. Anvar Ameen said.

By introducing the “GrandMe” loyalty card, our customers are getting splendid opportunity to make grand shopping a more pleasurable experience with value added shopping and boundless benefits, Mr. Aboobacker said.

The traditional dances performed by Omani cultural troup added colour to the grand inaugural celebration.Fabulous offers and promotions with competitive rates are available at store in connection with the inauguration.

Our next mall in the GCC will be opened at Dammam, Saudi Arabia on 1st February 2012.

Preparations are in full swing for Power-Gen Middle East and WaterWorld Middle East 2012 in the final count down for what promises to be an action packed conference and exhibition at Qatar National Convention Centre, Doha from 6-8 February.

This was announced at the event’s latest press conference headed up by speakers Mr. Abdulla Anbar Al-Jassim, Public Relations and Communication Department Manager, KAHRAMAA, Mr. Rashid Naser Al-Hajre, Public Relations & Shareholders Manager, QEWC, Mr. Abdulsattar Al-Rasheed, CEO Ras Abu Fontas Power Plant, QEWC, Mr. Glenn Ensor, International Events Director, PennWell Corporation and Mr. Nigel Blackaby, Conference Director, POWER-GEN Middle East, PennWell Corporation.

Organised by PennWell in partnership with KAHRAMAA and Qatar Electricity and Water Company (QEWC) as Co-Host and Platinum Sponsor, the event will kick off with the Opening Keynote Ceremony led by H.E. Dr. Mohammed bin Saleh Al-Sada, Minister of Energy and Industry on Monday 6 February followed by an official Ribbon Cutting Ceremony and opening of the exhibition floor.

His Excellency will be joined by other keynote speakers H.E. Eng. Essa bin Hilal Al-Kuwari, President, KAHRAMAA, Mr. Fahad Hamad Al-Mohannadi, General Manager, Qatar Electricity and Water Company and Mr. Glenn Ensor, Director of Events, PennWell Corporation, UK.

All up, the event hosts an impressive line up of more than 120 eminent international chairs and speakers and nearly 140 exhibitors from 23 countries. Regional and international perspectives about topical power and water issues and opportunities for future growth and development will be presented along with new and innovative solutions using pioneering technology to overcome the financial, resource and environmental challenges facing today’s power and water industry.

The power sector in the GCC region has seen exponential growth ranging from 10 to 15% annually in many of its member states, with demand for electrical power to triple over the next 25 years. Similarly, the water industry is expected to be worth $70bn over the next ten years. Such developments in the power and water sectors of the GCC countries underline the fact that the region is not only one of the fastest growing but also holds the most potential of global electricity and water markets.

Power-Gen Middle East Conference Director, Nigel Blackaby said, “Over the years the event has grown in size and stature and is now recognized as the principle meeting place for delivering a formidable conference programme that tackles head on important strategic management and technical issues concerning the power generation business in the GCC and wider Middle East region. Together, Power-Gen Middle East and WaterWorld Middle East will continue to grow significantly as the region’s leading event in the power generation and water industries.”

WaterWorld Middle East Conference Director, Tom Freyberg said, “The inaugural WaterWorld Middle East event will enable participants to learn about future opportunities and take advantage of the promising market dynamics as forecasters predict a total of 39 million cubic metres per day of desalination capacity to be added between 2010 and 2020 in the Middle East region alone.”

Highlights of the event include Power-Gen Middle East’s Country Spotlights session including a presentation by H.E. Karim Aftan El Jurnaily, Minister of Electricity, Iraq. This session will look at opportunities and challenges presented by established and developing regional power markets including Iraq, Oman, Qatar and the Kingdom of Saudi Arabia.

WaterWorld Middle East will also feature a spotlight session, MENA Spotlights. This session will be chaired by Khaldon Khashman, Secretary General, Arab Countries Water Utilities Association, ACWUA, Jordan, which will discuss regulatory changes, financing and water and wastewater infrastructure improvements in different countries including Qatar, Oman and Algeria, Bahrain and Jordan.

Other sessions expected to attract great interest include Power-Gen Middle East’s Project Issues-Encouraging Successes and Avoiding Pitfalls which will examine compensation issues related to major energy infrastructure delays in the Middle East and Trends in Finance, Risk & Investment, a look at how events in Europe and the US mean the fall-out of the credit crisis on major project finance is still being felt.

Similarly, WaterWorld Middle East’s popular sessions are likely to include Desalination Future Trends which will look at new wind and solar membrane powered processes that are being trialed in the region and Water Reuse with case studies from the Middle East and internationally demonstrating how wastewater technologies are helping to meet water reuse standards.

Aside from the conference, the dual exhibition has see a multitude of pioneering power and water technologies on display by leading players such as KAHRAMAA, Qatar Electricity & Water Company, MAPNA Group, Foster Wheeler, Balcke Duerr GMBH, Xylem, German Water Partnership; Metito (Overseas) Ltd and Protec.
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The event will kick off with the Opening Keynote Ceremony led by H.E. Dr. Mohammed bin Saleh Al-Sada, Minister of Energy and Industry on Monday 6 February.

Etisalat Group announced that Etisalat Board of Directors has appointed Mr. Saleh Al Abdooli as Chief Executive Officer for Etisalat UAE and Mr. Saeed Al Hamli as Chief Executive Officer for Etisalat Misr, one of the largest and the most successful subsidiaries of Etisalat Group, effective April 2012.

A strong leader with a proven track record, Saleh Al Abdooli has been for the past five years the CEO of Etisalat Misr. His leadership years in the Egyptian market have been a great success story in the telecom industry and have earned him a great reputation and several international awards as a leader of one of the best third entrants in mobile operation worldwide. He has achieved remarkable results in the mature Egyptian market that had been dominated for about a decade by a duopoly of two giant operators, Vodafone and Orange (Mobinil).

His Excellency Mohamed Omran, Chairman of Etisalat, said, “Etisalat Group enjoys a wealth of experienced leaders that achieved series of great successes starting since it has started expanding into international investment back in 2004. Etisalat also has invested heavily and continuously in the development of its human capital which is the cornerstone of its success. Today the number of UAE nationals employed in Etisalat’s foreign operations exceeds 70 UAE citizens.”

Omran also stressed that the Etisalat Group utilizes flexible restructuring strategy to reflect the challenging and changing markets conditions.

Al Abdooli has succeeded in breaking the duopoly in the Egyptian market decisively and transforming the industry into a field for innovative competition. He has demonstrated a great ability to meet and exceed challenging business objectives in an extremely tough business environment. Despite the fierce competition, he has led Etisalat Misr from a startup operator to a full-fledged competitor that leads the market in technology, innovation, and growth and sets the standards for competition to adopt and follow. In less five years of operation, Etisalat Misr today covers 99% of the populated areas in Egypt with its 2G/3G networks and leads the market in 3G Broadband subscriber.

Commenting on Saleh Al Abdooli’s appointment as CEO of Etisalat UAE, H.E. Mohamed Omran, Chairman of the Board of Directors of Etisalat, said: “Saleh Al Abdooli is the best choice for this position.I am confident that with his demonstrated leadership abilities, Saleh Al Abdooli will take Etisalat UAE to a new level of performance.”

H.E. Ahmed Julfar, Etisalat Group CEO, said: “Saleh Al Abdooli is assuming his new role as CEO of Etisalat UAE at a time when the company needs to continue its innovative leadership and fortify its competitive position in the UAE market. His great execution skills combined with his strong ability to motivate, lead, and improve customer services will be very much needed at the helm of Etisalat UAE.”

Saleh Al Abdooli said: “I am honored and excited to lead Etisalat UAE. Having successfully accomplished my mission in Egypt, I am glad to move to a greater challenge in the UAE and use my experience and expertise to serve my home country. My primary objectives in my new role will be to achieve a high level of staff engagement, better customer experience, and greater value for shareholders.”

Saleh Al Abdooli is a graduate of University of Colorado at Boulder, USA, where he established a brilliant academic record and got his Bachelor’s degree in Electrical Engineering and his Master’s degree in Telecommunications with honor: GPA 3.99/4.0

Commenting on Al Hamli’s appointment as CEO of Etisalat Misr Julfar added: “Saeed is one of the great Etisalat leaders with a proven track record. He is the right person for the Egyptian. Al Hamli, who comes from diverse technical and commercial backgrounds, enjoys more than 20 years of experience in the telecom industry. Since he joined Etisalat in 1991, he has held a range of managerial and executive positions and demonstrated remarkable performance.”

Al Hamli has worked both inside and outside the UAE, a diverse exposure that has enriched his knowledge of the industry in various competitive business environments. From 2007 to 2011, he worked as the CEO of Etisalat Afghanistan where he achieved excellent business and operational results.

Commenting on Al Hamli’s appointment as CEO of Etisalat Misr, Mohamed Omran, Chairman of Etisalat, said: “Saeed Al Hamil has the right international experience to assume his new role and to continue the remarkable performance of Etisalat Misr in the Egyptian market.”

Al Hamli said: “It is an honor to be appointed CEO of Etisalat Misr at this interesting time in the history of Egypt. I will capitalize on the great success story of the company to achieve new breakthroughs and take the company to a new level of performance.”

Al Hamli holds Bachelor of Science degree in Electrical Engineering from Florida Institute of Technology, USA and Executive Master of Business Administration degree from the American University of Sharjah.

Etisalat enjoys a wealth of experienced leaders. Mr. Nasser bin Obood previously held the position of Acting CEO. During that period he demonstrated great determination and commitment in completing strategic projects and achievements such as Etisalat’s nationwide fibre optic network.

Etisalat’s Board of Directors commended Mr. Nasser’s efforts during his role as Acting CEO and will announce his new leadership role soon.

Damas, the Middle East’s leading international jewellery and watch retailer, has today (Tuesday, February 1st, 2012) unveiled its new Valentines Collection 2012, featuring pendants inspired by the memorable ‘key to your heart’ theme.

“These key pendants have a lot of meaning attached to them, as they indicate that the lady wears the key to her loved one’s heart very close to her own,” said Raj Sahai, Director – Retail, Damas Jewellery. “This is a very romantic new collection, and reflects the magic, intrigue and allure of true love. Memorable pieces such as this do not last one day – they remain memories that last a lifetime.”

An 18k gold key from Damas’ Kiku Pearl brand is highlighted by the sparkle of round brilliant diamonds, offset by a coined pearl. A solitary heart at the end of the key shadowed by diamond studs ensures the pendant sparkles with romance.

Another key pendant, crafted in 18k gold and round brilliant diamonds, has a large gold heart carefully cut in the middle, surrounded by a larger heart in diamonds, to create an elegant and stylish look. An additional two smaller heart outlines are engraved on the stem of the key. The moveable pieces of the external diamond heart, representing the man’s heart, represent that his love surrounds the woman’s golden heart.

The Kiku Pearl Key is priced at AED 1,390 and the Diamond Key is priced at AED 1,490.

In addition to the ‘key to your heart’ collection, a number of other Valentines Day-inspired designs have been unveiled in Damas’ popular ‘Farfasha’ collection, crafted in 18k gold.  These include necklaces and bracelets, through to earrings and anklets, available in the Dolce Vita, Moonlight, Mirror and Breeze collections.

The Valentines 2012 Collection is available at select Damas stores across the UAE for a limited time only. For more information, visit www.damasjewellery.com
 

- 4Q total orders grow 17 percent year-over-year; 2011 total orders grow 28 percent year-over-year

- 4Q cloud-based orders grow 500 percent year-over-year; 2011 cloud-based orders grow 179 percent year-over-year

- Cloud-based orders grow to 23 percent of total orders in 2011, more than double the 11 percent of total orders in 2010

- 2011 recurring revenue increases 33 percent year-over-year and represents 44 percent of total revenue

Interactive Intelligence Group Inc. (Nasdaq: ININ), a global provider of unified IP business communications solutions, has announced financial results for its fourth quarter and full year ended Dec. 31, 2011.

“Market demand was strong and we executed well during the fourth quarter, a combination that provided a strong finish to a year with record revenues,” said Interactive Intelligence founder and CEO, Dr. Donald Brown. “In 2011, we firmly established Interactive Intelligence as a vendor-of-choice at the high end of the contact center market. We continue to consistently grow faster than the overall market with our on-premise solutions and are emerging as a leader with our cloud-based offering.

“We show ever-increasing momentum among customer cloud deployments, which is the highest growth segment of our market. In 2012, we plan to capitalize on this momentum and step up investments to further enhance our brand recognition, extend our product capabilities and gain additional market share.

“Our order mix is expected to continue shifting toward the cloud, which combined with strategic investments in sales, marketing and development is expected to reduce our reported profitability from a near-term perspective. However, we’re confident in the long-term viability of our business model, and our ability to generate shareholder value. We’re addressing a multi-billion dollar market opportunity, and we’re taking focused action to grow the business for long-term financial success driven by increasing recurring revenue,” concluded Brown.

Fourth-Quarter 2011 Financial Highlights:

- Orders: Total orders increased 17 percent year-over-year, with cloud-based orders up over 500 percent year-over-year. The company signed 101 new customers during the fourth quarter of 2011, up 29 percent from 78 new customers during the same period in 2010, including 12 new customers for its cloud-based offering during the fourth quarter of 2011, up from 8 during the same period in 2010.

- Revenue: Total revenues were $57.7 million, with non-GAAP revenue of $58.0 million, an increase of 14 percent on a year-over-year basis. Recurring revenues, which include both maintenance contracts and cloud-based subscriptions, increased 23 percent to $24.4 million and accounted for 42 percent of total revenues. Cloud-based revenues increased 61 percent year-over-year to $3.8 million. Product revenues were $27.3 million and service revenues were $6.0 million, up 9 percent and 4 percent, respectively, compared to the fourth quarter of last year.

- Operating Income: GAAP operating income for the fourth quarter was $6.5 million, with an operating margin of 11.3 percent, compared to $9.1 million and an operating margin of 18.0 percent for the fourth quarter 2010. Non-GAAP operating income was $8.7 million with an operating margin of 15.0 percent, compared to $10.5 million and an operating margin of 20.7 percent for the fourth quarter of 2010. The year-over-year decline in operating margin was primarily due to the shift toward cloud-based orders, which are recognized ratably over the life of the contract, and away from on-premise product orders, which are typically recognized as revenue on an upfront basis.

- Net Income: GAAP net income for the fourth quarter was $4.6 million based on a 30.0 percent effective tax rate, and includes an adjustment of the full year effective tax rate down to 33.4 percent. This compares to GAAP net income of $7.1 million based on a 22.3 percent effective tax rate for the same period last year. GAAP diluted earnings per share (EPS) for the fourth quarter was $0.23 based on 19.9 million weighted average diluted shares outstanding, compared to $0.37 based on 19.3 million shares outstanding for the same period last year. Non-GAAP net income for the fourth quarter was $7.3 million based on a 16.6 percent effective tax rate, compared to $10.4 million based on a 0.5 percent effective tax rate for the same period last year. Non-GAAP EPS for the fourth quarter was $0.37, compared to $0.54 for the same period last year.

Full Year 2011 Financial Highlights:

- Orders: Total orders increased 28 percent compared to 2010, with product orders up 11 percent and cloud-based orders up 179 percent year-over-year. The company signed 301 new customers in 2011, up 16 percent from 259 new customers during 2010, including 42 new cloud customers during 2011, up 91 percent from 22 new customers during 2010. Cloud-based orders were 23 percent of total orders in 2011, up from 11 percent of total orders in 2010.

- Revenue: Total revenues were $209.5 million, with non-GAAP revenue of $210.1 million, an increase of 26 percent on a year-over-year basis. Recurring revenues, which include both maintenance contracts and cloud-based subscriptions, increased 33 percent to $91.4 million and accounted for 44 percent of total revenues. Cloud-based revenues increased 96 percent year-over-year to $12.2 million. Product revenues were $94.7 million and service revenues were $23.4 million, up 19 percent and 32 percent, respectively, compared to 2010.

- Operating Income: GAAP operating income was $21.6 million, with an operating margin of 10.3 percent, compared to $23.4 million and an operating margin of 14.1 percent for 2010. Non-GAAP operating income was $29.3 million, with an operating margin of 13.9 percent, compared to $27.8 million and an operating margin of 16.7 percent for 2010.

The year-over-year decline in operating margin was primarily due to the shift toward cloud-based orders, which are recognized ratably over the life of the contract, and away from on-premise product orders, which are typically recognized as revenue on an upfront basis.

- Net Income: GAAP net income was $14.8 million based on a 33.4 percent effective tax rate, compared to $14.9 million based on a 34.0 percent effective tax rate for 2010. GAAP EPS was $0.74 based on 19.9 million weighted average diluted shares outstanding, compared to $0.79 based on 18.9 million shares outstanding for 2010. Non-GAAP net income was $24.9 million based on a 16.7 percent effective tax rate, compared to $26.5 million based on a 1.8 percent effective tax rate for 2010 and non-GAAP EPS was $1.25, compared to $1.40 for 2010.

- Deferred Revenue: Total deferred revenue was $75.4 million as of Dec. 31, 2011, up 39 percent from $54.1 million at the end of 2010. Unrecognized future cloud contracts were $34.6 million as of Dec. 31, 2011, up 172 percent from $12.6 million at the end of 2010.

- Cash and Cash Flow: As of Dec. 31, 2011, the company had cash and cash equivalents and investments of $92.5 million, an increase compared to $85.9 million at the end of 2010. During 2011, the company generated operating cash of $21.4 million and used $13.4 million for acquisitions and $13.3 million for purchase of property and equipment, including significant fourth-quarter purchases to support facilities expansions and cloud operations.

A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables. An explanation of these measures is also included below under the heading “Non-GAAP Measures.”

Additional Fourth Quarter and Full Year 2011 Highlights:

- For the fourth quarter of 2011, the company had 6 orders over $1.0 million and 31 additional orders over $250,000, compared to 5 and 26, respectively, during the same period last year.

- For the full year 2011, the company had 17 orders over $1.0 million and 96 additional orders over $250,000, compared to 19 and 71, respectively, for 2010.

- The company launched Customer Interaction Center™ (CIC) version 4.0, a major new release of its flagship all-in-one IP communications software suite, which added real-time speech analytics, increased scalability, Web portal access, and a private cloud deployment model.

- The company launched Quick Spin, a cloud-based communications-as-a-service trial program, providing a risk-free introduction to sophisticated applications with set-up time in minutes.

- The company was named among the Top 500 Software and Service Providers by Software Magazine for the eleventh consecutive year.

- The company was positioned in the Leaders Quadrant in Gartner’s Magic Quadrant for Contact Center Infrastructure, Worldwide report for the fourth consecutive year.

- The company was honored by Frost & Sullivan with its Company of the Year, Contact Center Systems North America award for the second consecutive year.

- The company was ranked by Forbes Magazine among America’s Best Small Companies for the second consecutive year.