ArabWeeks

Investcorp, a leading provider and manager of alternative investment products with more than $11 billion of assets under management, announced today details of its executive management succession planning.

Following Nemir Kirdar’s decision to retire as Executive Chairman and CEO at the end of the current fiscal year on 30 June 2015, the Investcorp Board of Directors Nominating Committee and the Board of Directors have accepted his recommendation that non-executive Board Director Mohammed Al Ardhi be appointed as Executive Chairman. Also on Mr Kirdar’s recommendation, Mohammed Al-Shroogi, President, Gulf Business, and Rishi Kapoor, Chief Financial Officer, will be appointed as Co-CEOs. The appointments will be effective from 1 July 2015 and are subject to regulatory approval from the Central Bank of Bahrain.

 “I step down satisfied that Investcorp is now firmly established as a global financial institution,” Nemir Kirdar said. “The Board’s appointment of Mohammed Al Ardhi as Executive Chairman and Mohammed Al-Shroogi and Rishi Kapoor as Co-CEOs will mark the next chapter in Investcorp’s development.  Mohammed Al Ardhi is a valued and respected member of the Board and I have no doubt in his ability to lead the firm as Executive Chairman, and both Mohammed Al-Shroogi and Rishi Kapoor have proved themselves outstanding leaders. Their complementary skills and experience will ensure continuity and further upward momentum at Investcorp.”

Mr Al Ardhi added: “I am honoured by this opportunity to serve Investcorp and its investors.  Nemir Kirdar has built one of the world’s most respected and admired organisations with origins in the Middle East.  His contribution and that of Investcorp go far beyond investors and have benefited very many companies and economies around the globe.  Having been a Board member for some time, I look forward to continuing the journey, working with Investcorp’s excellent management team to build on Nemir Kirdar’s legacy and fulfil his vision for the organisation.”

Board Chairman Abdul-Rahman Al-Ateeqi commented: “While institutions continue in perpetuity, the time inevitably comes for changes in leadership.  Having founded Investcorp in 1982, Nemir Kirdar has now led it for over three decades. Under his leadership, Investcorp has become a world-class organisation, global in its outlook and culture, exemplifying the highest standards of the financial industry and generating attractive returns for its stakeholders.  Its reputation for reliability, transparency, sound judgement and client service is second to none and the firm has been profitable in all but one of its 32 years of existence – an achievement few financial institutions can rival. With this remarkable legacy, I have no doubt that Investcorp will continue to excel and to carry forward the values, the principles and the vision on which it was founded.”

Shell Lubricants in the Middle East, Central Asiaand Pakistan, today announced the launch of a next generation motor oil, Shell Helix Ultra with Shell PurePlus Technology – the company’s most advanced motor oil ever, featuring a base oil developed from natural gas. A launch event took place at the iconic Gate in Dubai’s International Financial Centre (DIFC) area, where VIP guests and industry leaders were hosted by Mr. Amr Adel, Regional General Manager, Commercial Fuels and Lubricants, Middle East, Central Asia and Pakistan, and Mr. Romi Arman, Cluster Marketing Manager.

In his welcome speech, Mr. Adel highlighted how Shell is pioneering an entirely new way to produce premium motor oils through a revolutionary gas-to-liquid (GTL) process to design a pure, synthetic base oil which delivers higher levels of cleansing and protection.

Mr. Amr Adel, said, “Shell Helix Ultra with PurePlus Technology harnesses the power of gas to produce a next generation motor oil, bringing together over 40 years of research and development in one new motor oil. It is our most advanced motor oil and is designed to meet the needs of today’s engines.

With Shell PurePlus technology, Shell Helix Ultra is able to keep engines close to factory clean¹ and we are proud to make it available to customers in Middle East, Central Asia and Pakistan”

Shell PurePlus Technology converts natural gas into a crystal-clear base oil with virtually none of the impurities found in crude oil for use in premium, synthetic lubricants. Base oils are the main component of finished motor oils, making up on average 75-90% of the end product. This next generation base oil is then enhanced with Shell’s unique additive ingredients to create the company’s most advanced fully synthetic motor oil ever; Shell Helix Ultra with PurePlus Technology.

In hot climates as experienced in the region, oil is prone to exceeding its normal operating temperature. As a premium synthetic oil, Shell Helix Ultra with PurePlus Technology is less prone to thinning at high temperatures, which is good for drivers in the region. The ability of the oil to function well in different climate conditions ensures that the engine is well protected and is constantly being cleansed.

Mr. Romi Arman said, “This is our most advanced motor oil ever. The unique combination of Shell PurePlus Technology with Active Cleansing Technology enables Shell Helix Ultra to deliver even higher levels of cleansing and protection. Shell Helix Ultra is already being used as a factory fill-oil by a number of leading manufacturers² and including Ferrari. This gives drivers confidence in the quality of the motor oil and its ability to provide the best performance.”

The Shell Helix Ultra range also combines Shell PurePlus Technology with Active Cleansing Technology to deliver higher levels of protection against build-up of engine deposits and unsurpassed sludge protection³. The product provides superior wear and corrosion protection⁴ which can help to extend engine life and reduce maintenance costs. Fuel economy benefits vary with viscosity grade, but certain products within the Shell Helix Ultra with PurePlus Technology range can deliver an improvement of up to 3% in fuel economy⁵.

Shell PurePlus Technology base oils are produced at the Pearl Gas-to-Liquids (GTL) plant in Qatar; a partnership between Shell and Qatar Petroleum. This facility is the world’s largest gas-to-liquids facility, and can produce approximately one million tonnes of base oils per year.

The new Shell Helix Ultra with PurePlus Technology range is currently being rolled out across the region.

The Middle East’s hospitality sector is among the world’s fastest-growing audiovisual markets thanks to increasingly technology-savvy tourists, according to industry experts.

In the audiovisual market, the hospitality sector is among the fastest-growing in the Middle East and Africa, and is set to grow by 66 percent from USD 282 million in 2012 to USD 469 million in 2016, according to a recent report from InfoComm International.

“From boutique hotels to large-scale resorts, the Middle East’s hospitality sector requires holistic audio-visual solutions to differentiate themselves from competition, and attract both leisure and business guests,” said Elie Khairallah, Technical Director of Dubai-based Venuetech, which was named Televic Conference Middle East Distributor of the Year.

Audiovisual technology like lighting, sound, signage, and use of mobile devices is impacting every aspect of the hospitality sector – to make destination dining, and enhance the guest experience in the entertainment sector across concerts, performances, and live events.

The hospitality audiovisual market will continue to flourish in the Middle East beyond 2016, as Dubai hosts the World Expo 2020, set to attract 25 million tourists, and as Qatar hosts the 2022 FIFA World Cup Qatar, along with Qatar expanding its conference and meetings market.

“Technology is evolving every day and we share a common passion for advanced technology to create an interactive and engaging experience through our 2014 dynamic commercial display line-up,” said Kevin Cha – MEA president, LG Electronics. “Our display solutions are giving businesses new ways to communicate with their audience and as the digital world rapidly evolves, it is important that hardware optimizes the user experience and enhance those platforms across various verticals such as hospitality, retail, education to name a few”.

The Middle East and Africa is one of the world’s fastest-growing audiovisual markets, set to reach USD 4.63 billion by 2016, according to InfoComm International.

“As the Middle East and Africa continue to expand, professionals in the hospitality sector want to reap the benefits of audiovisual technology, and get a better understanding of how they can use this technology to create an unforgettable experience for their customers,” said David Lim, Project Director at InfoComm Asia.

Helping the region’s audiovisual professionals and distributors understand market opportunities is InfoComm MEA 2014, the region’s leading trade exhibition and summit on the audiovisual market.

Organised by InfoComm Asia and the Dubai World Trade Centre, InfoComm MEA 2014 will host more than 200 manufacturers and suppliers from 30 countries. Visitors can see a multitude of the latest technology solutions, including audiovisual, public address, command and control, digital signage, interactive touch screen, imaging and simulation, multimedia presentation, and security.

InfoComm MEA 2014, held under the theme of “See. Hear. Touch. The Future of Your Business.” returns for a fourth year, from 13-16 October 2014, and will be co-located at GITEX Technology Week 2014 at the Dubai World Trade Centre.

Investcorp, a global provider and manager of alternative investment products, announced today that it remains on track to complete the previously announced sale of Berlin Packaging, a leading supplier of rigid packaging products and services in North America, to Oak Hill Capital Partners. The transaction is valued at $1.43 billion and is expected close during the first week of October.

Founded in 1898, Berlin Packaging is the leading full-service Hybrid Packaging Supplier of plastic, glass, and metal containers and closures in North America. The Company serves over 7,500 core customers with more than 90 sales offices and warehouse locations across North America.

Investcorp acquired a majority stake in Berlin Packaging in 2007 and since then the company has delivered strong revenue and profit growth, under the leadership of Andrew Berlin, Chairman and CEO, despite broad economic downturn. During its period of ownership, Investcorp supported Berlin Packaging’s robust organic growth with several strategic add-on acquisitions that included All-Pak and Continental Packaging Solutions in 2010 as well as Lerman Container and United States Container Corporation in 2012. These acquisitions strengthened the Company’s reach and operational capabilities.

Commenting on the transaction, Yasser Bajsair, Managing Director at Investcorp in the Kingdom of Saudi Arabia said, “Our exit from Berlin Packaging is another example of how the Investcorp team continues to identify and create value around the world for our investors in Saudi Arabia. Corporate investments are a key strategy for Saudi investors allocating to alternative investments and we are seeing increasing interest as the global economy stabilizes and asset values adjust. We continue to work closely with our clients across the Kingdom to ensure our investment strategies are fully aligned to their exact investment needs as we seek to deliver optimal returns from our targeted acquisitions.”

Andrew Berlin, Chairman and CEO of Berlin Packaging commented, “We have enjoyed our partnership with Investcorp and greatly appreciate their support over the last seven years. Investcorp’s resources and expertise have been invaluable to our business and I will always be grateful for their contributions, as well as their investors, for their commitment and friendship.”

Following the closing of the transaction, Andrew Berlin and the entire management team will continue in their current roles and Berlin Packaging will continue to serve as a one-stop-shop for all of its customers’ packaging needs.