Business | Markets
Al Jaber to hire new chief executive
Al Jaber Group will hire a new chief executive to replace the founder's son
- Compiled from staff and agency reports
- Published: 00:00 February 23, 2012
Al Jaber Group, a family-held conglomerate in the midst of a $1 billion (Dh3.67 billion) plus restructuring, will hire a new chief executive to replace the founder's son in a management reshuffle that also saw a new finance chief appointed late last year, three sources said yesterday.
A recruitment firm has been retained to bring in a new CEO, replacing Mohammad Al Jaber, the son of the group's founder and chairman Obaid Al Jaber, two of the sources said, speaking on condition of anonymity.
In addition, Richard Hollands was hired in November as chief financial officer from an Emirates airline unit.
"It was presented at one of the earlier creditor meetings that they would be looking to make management changes, including a new CEO," said one source familiar with developments. "A firm has been hired to do this." An Al Jaber spokesman declined to comment.
Citigroup
Citigroup's venture capital arm and Dubai-based Levant Capital have bought a $100 million controlling stake in Saudi Arabian supermarket chain Al Raya For Foodstuff Co Ltd, lured by growth prospects in the kingdom's consumer sector.
Al Raya, based in Jeddah, operates 25 supermarkets in 14 cities in Saudi Arabia, and had posted sales of 800 million riyals in 2011, a joint statement from Citi Venture Capital International (CVCI) and Levant said.
"The transaction, valued at $100 million, presents an opportunity for Levant Capital and CVCI to capitalize on the growth in consumer-driven demand and the increasingly attractive middle income segment of the Gulf region's largest economy," it said, adding that the deal closed on Tuesday.
Advanced Petrochemical
Saudi Arabia's Advanced Petrochemical Co said yesterday its shareholders have approved a board proposal to increase its capital by 16 per cent to nearly 1.64 billion Saudi riyals from about 1.41 billon riyals.
The propylene and polypropylene producer said in a statement posted on the Saudi bourse website that it will use its retained earnings for the capital hike that will be carried out via a 1-for-6.25 bonus share issue.
The shareholders have also approved a proposal for a cash dividend payout totalling 141.4 million riyals for the second half of 2011 at the rate of one riyal a share, according to the statement.
KACST
Saudi Arabia's King Abdulaziz City for Science and Technology (KACST) launched on Tuesday the operations of the state-run Saudi Co for Technological Development and Investment (Taqnia) with a capital of 200 million Saudi riyals, the pan-Arab daily Asharq Al Awsat reported yesterday, citing an official.
The capital will be used for operating the new company that will be engaged in research-based product development and technology transfer and that will focus on the solar energy and water desalination sectors, Turki Bin Saud Al Saud, Taqnia's chairman and Kacst's vice-president for research institutes, told the paper.
Dogan Sirketler
Dogan Sirketler Grubu Holding, a Turkish group with interests in media and energy, completed the sales of some of its media units under plans started in 2010, acting chairman Hanzade Dogan Boyner said.
Dogan Holding will focus on energy and retail, including e-commerce, Dogan Boyner said at a businessmen meeting, according to an e-mailed statement yesterday.
Royal Dutch Shell
Royal Dutch Shell says one of its top executives, Malcolm Brinded "has agreed to step down" as head of its crucial international exploration and production arm as of April 1.
The company did not give any reason for the departure of Brinded, 58, who has been with Shell since 1974. It said he will remain with Shell until April 30. He is being replaced by Andrew Brown, a vice-president for the company in Qatar.
Shell's Chief Executive Officer Peter Voser said Brinded had a "distinguished career ... and has made an important contribution to Shell's success." He added the company's "upstream" division is on track to deliver current growth targets.
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