BUSINESS TUESDAY, MAY 19, 2015

Dr Lina Shabib, Jordan Minister of Transport, inaugurates the first flight. Jordan goes operational with first flight to Kuwait

AMMAN: A new era of low-cost aviation in the nectivity for people living in Jordan, Air Arabia Commenting on the launch of flights, Adel our priorities, especially given their capacity to new low cost carrier (LCC). Queen Alia Levant began today as the first Air Arabia Jordan aims to support the on-going develop- A Ali, Group Chief Executive Officer of Air generate jobs and service contracts, thus posi- International Airportis Air Arabia’s fifth global Jordan flight departed its base at Queen Alia ment of the local economy by bringing more Arabia, said: “Jordan is a country full of poten- tively impacting the national economy at large. fixed-based operation, following Sharjah and International Airport in . The airline’s tourists and business people into the tial with its steady economy and historical We are pleased that Air Arabia Jordan has cho- Ras Al-Khaimah in the UAE, Alexandria in inaugural flight to Kuwait City was marked by a Kingdom. It will also create a significant num- attractions. Therefore, the Kingdom’s travel sen QAIA as its newest hub, which consequent- Egypt, and Casablanca in Morocco. ceremony attended by senior executives from ber of skilled jobs in the fast-growing aviation and tourism growth is a key driver for its sus- ly will create healthy competition that will Air Arabia, listed on the Dubai Financial the airline, the Jordanian aviation industry and sector. tainable economic development. Today marks inevitably spur innovation and market growth Market, is the largest low cost carrier (LCC) member of the press. “The Kingdom’s newest carrier provides the start of a new era of value air travel for within the Jordanian aviation industry.” operator in the MENA region. The carrier began Inaugural flight 9P 301 departed Amman Jordan-based passengers with cost-effective people in Jordan and across the Levant. We are The newly established carrier is managed operations in October 2003 from its main hub QA International Airport today at 12:00 pm options to travel across the region while offer- confident that Air Arabia Jordan will comple- by Air Arabia Group and will operate a fleet of at Sharjah International Airport in the UAE. It local time and was received upon arrival by ing excellent value-for-money opportunities ment and positively contribute to the overall new Airbus A320 aircraft equipped with the has since grown to serve more than 100 desti- officials at Kuwait International Airport. Air for regional travellers to visit Jordan” said Riad all aviation growth from and into the world’s most spacious economy seat pitch. nations, spanning Europe, the Middle East, Arabia Jordan will also launch its services to Khashman, Chairman of Air Arabia Jordan. “We Kingdom.” Earlier this year, Air Arabia announced the Africa and Asia from four international hubs in , Erbil and Sharm El Sheikh on May thank the local authorities for their continuous In turn, Kjeld Binger, Chief Executive Officer establishment of its fifth international hub in the UAE, Morocco and Egypt. 19th, 20th and 21st respectively. The new air- support and presence today; we are confident of Airport International Group - the Jordanian Jordan following the acquisition of a 49 per Founded in 2002 and listed on the Amman line will offer customers comfort, reliability, that being a national Jordanian carrier based in company responsible for the rehabilitation, cent stake in with its principle Stock Exchange, RUM Group is one of Jordan’s and value for money air travel from and into Amman, Air Arabia Jordan will play an impor- expansion and operation of Queen Alia shareholder RUM Group maintaining a 51 per leading travel and transport provider provid- The Hashemite Kingdom of Jordan. tant role in supporting the on-going economic International Airport (QAIA)- stated, “At QAIA, cent stake. The new partnership has led to the ing wide range of hospitality and tourism serv- In addition to increasing international con- growth and tourism development of Jordan.” establishing new routes is at the forefront of creation of Air Arabia Jordan, the Kingdom’s ices across the Hashemite Kingdom of Jordan. Renault Kuwait, technician completes training

DUBAI: Ermilo Cupido attended the Renault Electro Mechanic (EM) Technical training at Renault - Dubai Technical Hub , conducted recently. Course covered advanced tech- nologies like double clutch and direct Fuel injection. He scored excellent grade in the final skill assessment which con- sisted of theory as well as many practical tips and situation analysis. Previously he has successfully completed the Renault Mechanic Technical Training Level - ML1 & ML2. On this occasion, Chief Operating Officer of Al Babtain group, Mohammed Shalaby, expressed his appreciation for the employee’s efforts and motivation in continuous learning. “These training course are part of the Company’s vision of having best skilled employees to ensure their peak perform- ance, which finally add value in serving the end customer. Skilled and professional staff are our main focus areas in meeting customers convenience and expectations,” he noted. A memento of appreciation was presented to Cupido and other team members joined in congratulating him on his suc- The 2015 GMC Acadia is now available cess. Abdulmohsen Abdulaziz Al-Babtain, Group General Manager (Human Resources and Administration) , Al-Babtain Group added “Our group is committed to developing its peo- with unprecedented support package ple to learn new technologies, thus ensuring excellence in customer service”. KUWAIT: GMC Middle East has just launched design. Al-Babtain Group places major emphasis on training & its Total Confidence Package on the GMC Acadia’s lineup includes the SLE-2 trim, development needs of its staff , as it helps in achieving the ACADIA premium mid-size crossover, and the SLT (with SLT-1 and SLT-2 trims) and the Company’s goal to be the preferred and leading brand in with it, offers customers extended peace of Denali models, with seven- or eight-passen- Kuwaiti automotive market by delivering industry-best cus- mind and an enhanced ownership experi- ger configurations. All Acadia models are tomer experience. ence. The Total Confidence Package offers equipped with a 288hp 3.6L V-6 engine and customers a 5 years unlimited mileage war- a six-speed transmission powertrain, that ranty supplemented with 3-year or includes performance and fuel economy 60,000km free scheduled maintenance, and optimizing technology. a 3-year roadside assistance package. The Acadia’s interior functionality has The GMC Acadia total confidence pro- become a family staple, including the Smart gram is available on all GMC Acadia Trims Slide seating system, which allows easy including SLE, SLT and the range topping access to the third row for both seven- and Acadia Denali through all GMC dealers eight-passenger seating configurations. across the region. Additionally, the second and third row still fold flat for class-leading maximum cargo About the 2015 Acadia space. portable devices with Acadia’s infotainment tures Terrain and Acadia crossovers. The The GMC Acadia midsize crossover stand The spacious interior of the GMC Acadia system, allowing minimum driver distrac- Sierra half-ton pickup is the most powerful out for flexibility, spaciousness and function- is complemented with the user friendly and tions. light duty pickup on the market, and the first ality within a confident design package that feature rich IntelliLink infotainment system. Built on the philosophy of ‘Commands full-size pickup to receive the highest possi- illustrates the brand’s Commands Respect IntelliLink uses Bluetooth or USB to connect Respect’, GMC has built pickups since 1902. ble five-star Overall Vehicle Score for safety philosophy. The Acadia Denali builds on the driver smartphone to Acadia’s high-reso- With a rich heritage in the Middle East and since the National Highway Traffic Safety Saudi’s Algosaibi to those attributes with higher levels of luxury lution, full-color touch screen display. an impressive 111 years of presence, innova- Administration changed its New Car and style. IntelliLink allows smartphone control via tion and engineering excellence is built into Assessment Program for the 2011 model present improved For 2015, the Acadia gains a trio of new voice activation and steering wheel-mount- all GMC vehicles. The brand is evolving to year. Every GMC model, including Yukon and exterior colors Crimson Red Tintcoat, Dark ed controls, and streaming stereo audio offer more fuel-efficient pickups, crossovers Yukon XL full-size SUVs, is available in Denali offer to creditors Sapphire Blue Metallic and Midnight from the phone. Most importantly, IntelliLink and SUVs. luxury trim. GMC also offers customers a Amethyst Metallic and a new 20-inch wheel enables seamless integration of stowed The GMC portfolio in the Middle East fea- high-level aftersales service experience. DUBAI: Saudi Arabian family conglomerate Ahmad Hamad Algosaibi and Brothers (AHAB), at the centre of one of the US homebuilders’ confidence Middle East’s largest debt restructurings, said yesterday it Greece needs bailout would present an improved offer to creditors on June 2. in sales prospects ebbs The firm collapsed in 2009 along with Saad Group, a sep- deal by end of May arate Saudi business empire led by Maan Al-Sanea. Since then, NEW YORK: US homebuilders are feeling January and February closed construction sites the two have been battling over who was to blame for the ATHENS: Greece’s cash-strapped govern- while the Athens Stock Exchange dropped slightly less confident about their sales and likely pushed back potential sales this issues affecting their conglomerates. AHAB has direct liabili- ment signaled yesterday it needs a deal nearly 2 percent in midday trading. prospects, a reflection of the sluggish start to spring, traditionally the peak period for home ties to banks and financial institutions worth around $6 bil- with its bailout lenders by the end of the In the talks, Greece’s left-wing govern- this spring’s home-selling season. Even so, sales, to later in the year. Job gains over the lion, it disclosed in May 2014, when it made an initial offer to month to avoid defaulting on its debt, as ment is proposing reform measures that builders’ overall sales outlook remains favor- past year have put homebuyers in a stronger creditors of a minimum of 20 cents on every dollar owed. renewed concern rattled the country’s might protect Greeks hammered by a six- able. The National Association of Home financial position, which also points to AHAB had agreed a draft that improved on that offer with finance markets. For almost four months, year recession, but lenders say they remain Builders/Wells Fargo builder sentiment index stronger sales this year. And the average rate a five-member committee charged with negotiating on behalf Greece has been haggling with its credi- too vague. Athens has already pooled cash released yesterday slipped to 54 this month, on a 30-year, fixed-rate mortgage remains low of creditors, it said in a statement. tors over what economic reforms it must reserves from schools, hospitals and local down two points from 56 in April. by historic standards. Last week it stood at 3.85 Under the earlier proposal, claimants would have make before it can get the final installment government to fund the state’s debt pay- Readings above 50 indicate more builders percent. A year earlier, the rate was 4.20 per- received an initial cash payment equivalent to 10 percent of of its bailout plan, worth 7.2 billion euros ments. And Sakellaridis confirmed the view sales conditions as good, rather than cent. all outstanding claims, which AHAB intended to fund from ($8 billion). government this month used a reserve poor. The latest reading is up nine points from Builders remain optimistic that sales will some of the proceeds of the sale of its securities portfolio. It has survived the last few weeks by account with money in a currency unit a year ago. Measures of current sales condi- pick up. The NAHB’s index of future sales Under the new proposal, claimants will share the entire value scraping together cash from reserve used by the IMF to repay a loan to the tions and traffic by prospective buyers also fell. expectations has been tracking upward all of the portfolio, AHAB said. In the earlier proposal, AHAB’s real accounts, but admits it is running out of Fund. Builders’ outlook for sales of single-family year. The latest NAHB index was based on estate assets were to be used as collateral for a minimum level options as key debt repayments come due Sakellaridis also insisted Greece would homes over the next six months edged higher. responses from 298 builders. Its measure of of debt recoveries. Claimants will now also keep an interest in next month. not accept a one-off bank deposit levy to “Consumers are exhibiting caution, and want current sales conditions for single-family the real estate value beyond such minimum thresholds. “We have demonstrated that we can resolve the cash crisis - a similar measure to be on more stable financial footing before homes declined two points to 59, while a Also, the proposed sharing of litigation-based debt recov- repay our (debt) obligations so far - with had been used in euro-zone member purchasing a home,” said NAHB Chief gauge of traffic by prospective buyers dipped eries between AHAB and claimants has been adjusted to give great difficulty, we are not hiding this,” Cyprus two years ago. Economist David Crowe. one point to 39. Builders’ outlook for sales over the company more of an incentive to obtain maximum gains, government spokesman Gabriel In Spain, meanwhile, the country’s con- Sales of new US homes plummeted 11.4 the next six months rose one point to 64. AHAB said. Sakellaridis said. To honor its debt obliga- servative economy minister said he was percent in March, as the spring buying season Though new homes represent only a frac- The company said further details of the proposal tions this summer, Greece needs more confident an agreement will be reached in opened with sharp declines in the Northeast tion of the housing market, they have an out- remained to be worked out, including documentation and a financial assistance, he said. As a result, the coming days. Speaking at a business and South, according to the Commerce size impact on the economy. Each home built timeline. Ninety of 109 identified claimants, representing Sakellaridis expects a deal with creditors breakfast yesterday, Luis de Guindos said Department. New home sales slid to a season- creates an average of three jobs for a year and approximately 60 percent of the overall debt, are formally “by the end of May.” Uncertainty over Greece an agreement was imperative giv- ally adjusted annual rate of 481,000, a swift generates about $90,000 in tax revenue, involved in the settlement process or have written to AHAB to Greece caused the interest rate on the en Greece’s financial difficulties. He said he reversal from an annual sales pace of 543,000 according to NAHB data. say they will participate, the company said last month. government’s two-year bonds - a gauge of was not aware of any alternative emer- in February, which had been the strongest per- The builder survey data sent shares in most The steering committee comprises Arab Banking Corp, default risk - surge about 3 percentage gency plan should an accord not be formance in seven years. Even so, sales for the US homebuilders slightly lower, with UCP Inc BNP Paribas, Emirates NBD, Fortress Investment Group and points yesterday to above 24 percent, reached. — AP January-March period increased versus the declining the most. The broader market was Standard Chartered. — Reuters same quarter last year. Winter storms in flat in morning trading yesterday.— AP