MONDAY, AUGUST 14, 2017 BUSINESS Siemens to strengthen ’s national grid Company to build two new substations in Delta region for EETC

CAIRO: In a new move aimed at improving Completion is scheduled within 15 months the resilience of Egypt’s power grid, the from signing the contracts. Once construct- Egyptian Electricity Transmission Company ed, the substations are set to become one of (EETC) has awarded Siemens a contract for the largest turnkey substations ever supplied the construction of two substations. These to the national grid. will be used to transmit electricity from the Ghaly added: “The two news substations Burullus power plant, set to become the will not only deliver more electricity to more world’s largest combined cycle station, to homes, located near Alexandria and Kafr El the population. When completed the Sheikh Governorates, but also support the Burullus plant, located at Kaft El Sheikh focus on industrialization by providing reli- Governorate, will supply up to 15 million able power supply to energy-intensive Egyptians with reliable electricity. industries. They will feed power to cement, The two new substations are Samanoud oil and gas and petrochemical facilities as and Aboul Matameer will enable power well as ongoing infrastructure development delivery to Egyptian homes as well as differ- projects in the Delta region.” ent industries located in the Delta region. Egypt outlined an ambitious target of They will also help increase the capacity of developing 54 gigawatts (GW) of additional the national grid, which is a key requirement generating capacity by 2022 to accommo- to foster economic growth as defined by the date its rapidly-growing population and goals of Egypt’s vision 2030. economic expansion. To help the country Gamal Abdel Rahim, Chairman of the meet this growing demand, Siemens has Egyptian Electricity Transmission Company been analyzing Egypt’s energy system, car- (EETC), said: “To enable more resilient, effi- rying out a “Transmission Network Study”. In cient and reliable power systems, Egypt partnership with the Egyptian Ministry of needs to enhance the country’s transmission Electricity and Renewable Energy, the study lines to accommodate the increase in power will include the existing, as well as the generation capacity. This is why the EETC has expected increases in Egypt’s power genera- been redefining the conventional approach- tion capacity until the year 2025. Siemens es to upgrade the grid infrastructure across has been a development partner to Egypt the country.” for over 115 years. The company is set to As part of the agreement, Siemens will be boost Egypt’s power generation capacity by responsible for the design, engineering, con- 45 per cent come 2018 through its mega struction, supply, installation and commis- switchgear (GIS); power transformers; control “An efficient and robust electricity network is to boost grid infrastructure.” projects. To date, 50 per cent of the substa- sioning of the two new 500/220-kilovolt (kV) systems as well as protection and telecom- an essential part of Egypt’s vision to drive The fast-track project is being executed in tions in the country are built by Siemens substations that will be delivered on a munication equipment. long-term economic growth. We are pleased a consortium with El Sewedy Electric for the technology, improving national grid stability turnkey basis. This includes gas-insulated Emad Ghaly, CEO of Siemens Egypt, said: to build on a trusting relationship with EETC construction work of the substations. and responsiveness. Ithmaar announces continued profits for 2017 BHD4.38 million net profit for first half of 2017

KUWAIT: B.S.C, a Bank’s commitment to listening to, -based Islamic retail bank and delivering on, customer expecta- and a wholly-owned subsidiary of tions. The corporate card allows for a Ithmaar Holding, reported yesterday one-stop payment solution which, a net profit of BHD4.38 million for ultimately, creates what could be the the first half of 2017. The net profit most convenient business payment attributable to equity holders of the solution for businesses. Bank for the six-month period ended In April, Ithmaar Bank became 30 June 2017 was BHD1.54 million. one of the first in Bahrain to The announcement, by Ithmaar be certified to the Payment Card Bank Chairman His Royal Highness Industry Data Security Standard (PCI- Prince Amr Al-Faisal, follows the DSS) v3.2, a prestigious, internation- review and approval, by the Board ally-celebrated payment security of Directors, of the Bank’s consoli- certification that puts the Bank on KFH announces cards summer dated financial results for the six- par with some of the best in the month period ended 30 June 2017. world. The PCI-DSS is a data security These are the Bank’s first half-year standard for organizations that han- campaign 9th draw winners results since the successful comple- Prince Amr Al- Faisal Ahmed Abdul Rahim, dle branded payment cards from the tion in January this year of a IthmaarBank CEO major card schemes. The PCI : (KFH) them additional value; thus achieving planned reorganization and the for- Standard is mandated by the card announced seven winners of the ninth customer satisfaction and boosting mal commencement of the new Ithmaar Bank Chief Executive developing our core brands and administered by the draw of the new banking cards sum- their confidence. The campaign also group structure and hence there are Officer, Ahmed Abdul Rahim, said business,” said Abdul Rahim. “Ithmaar Payment Card Industry Security no comparatives. that efforts to continuously devel- Bank operates one of the largest Standards Council. Ithmaar Bank mer campaign themed “Get Back aims at enhancing the bank’s pres- retail banking networks in Bahrain, Double the Value of your Purchases”. ence especially that it dominates the “On behalf of the Ithmaar Bank op the Bank’s products and servic- earned the certification after suc- Board of Directors, I am pleased to es, while also improving its cus- and is widely recognized as one of cessfully completing a comprehen- The campaign was launched in an largest market share in the field of announce that the Bank continues tomer service offerings and grow- the pioneer, most innovative Islamic sive audit and demonstrating com- attempt to encourage clients to use banking cards. to report profits in 2017,” said HRH ing closer to its customers, were banks in the region. We are confi- pliance to one of the most stringent KFH credit, prepaid and debit cards KFH strives to continuously offer its Prince Amr. “In the three-month clearly paying off. dent that we will continue to build and most coveted security standards while making purchases in Kuwait and clients new promotions and discounts period ended 30 June 2017, Ithmaar “Ithmaar Bank’s half-year finan- on this legacy by listening closely, in the world. overseas. in order to distinguish them among Bank reported a net profit of cial results show that we are, and responding quickly, to our cus- Earlier this month, Ithmaar Bank The winners are: Maha Almusailam, peers, not to mention to further bolster BHD1.3 million, with the net profit indeed, on the right track as we tomers,” he said. “The Bank’s sub- announced that it was honored at a Mai Bu Shaiba, Sharon Filomban, bank’s leading position in the field of attributable to equity holders of the work towards our shared vision of sidiary, Faysal Bank Limited in regional conference for its continu- Tahani Alotaibi, Talal Aldeihani, banking cards. Bank for the period being BHD0.4 becoming one of the region’s pre- Pakistan, opened 75 Islamic branch- ous support of the community and million,” he said. mier Islamic retail banks,” said Abdul es during 2016 as part of its branch presented with the Best Corporate Mariam Almutairi and Raed Alshati. KFH marketing campaigns play a expansion plan and has 50 Islamic The campaign that lasts for 120 significant role in underlining KFH’s “Ithmaar Bank’s half-year financial Rahim. “The results show that the Social Responsibility (CSR) Award for results show that the Bank is report- Bank’s total assets grew by 5 per- branches planned for 2017, out of an Islamic Bank 2017 award in recog- days gives KFH customers chances to principles that include boosting sales, ing continued profits and stable cent over the past three months which 10 have been opened till 30 nition of its various initiatives. The enter draw to win double cashback up and benefitting clients and merchants. income for the year,” said HRH Prince and stand at BHD3.26 billion as at June 2017, making the number of award was presented at the CSR to KD 2000 daily. KFH Credit and It is worth noting that KFH has won Amr. “In the first half of 2017, the 30 June 2017, up from BHD3.11 bil- total Islamic branches as 156 out of Conference and Award for Islamic Prepaid cards used for domestic and several awards in the field of banking Bank recorded a net income, before lion as at 31 March 2017. total of 364 branches,” he said Banks which was held in Bahrain and international purchases and KFH Debit cards which reiterates its success and provisions for impairment and over- Accordingly, the equity of unre- In May, for example, Ithmaar Bank attended by senior bankers, CSR cards used for international purchases efficiency in banking cards market. seas taxation, of BHD12.71 million, stricted investment accountholders introduced a new Sharia-compliant experts and representatives of Non- are eligible for the draw. For every KD KFH enjoys high confidence and lead- including BHD6.22 million for the grew by 4.8 percent during the corporate credit card with Governmental Organizations (NGOs) 1 spent locally earns 1 chance and ership in the market in addition to three-month period ended 30 June same period to stand at BHD1.05 Mastercard. The Card, which was tai- as well as government and banking 2017. The Bank recorded a total billion as at 30 June 2017, up from lored to meet the specific require- and finance officials both from every KD 1 spent internationally earn high quality products which have ments of corporate customers, as well 3 chances to enter the daily draw. enabled it to achieve growth in cards income for the first half of the year of BHD0.99 billion as at 31 March Bahrain, as well from Saudi Arabia, BD76.44 million, including BD39.23 2017,” he said. as business owners and Small and the , Kuwait, This campaign is part of KFH market and increase the number of million for the three-month period “This growth is, in a large part, a Medium-sized Enterprises (SMEs) cus- , Jordan, Lebanon, Sudan, and efforts to reward its clients and grant customers. ended 30 June 2017,” he said. result of the unwavering focus on tomers, was developed a result of the the Republic of Djibouti. Ahli United Bank appoints VIVA reveals winners of Tareq Muhmood ‘allo’ prepaid campaign

as Senior Deputy CEO KUWAIT: VIVA, Kuwait’s fastest-growing entertainment experiences. The compa- and most developed telecom operator, ny has rapidly established an unrivalled KUWAIT: Ahli United Bank (AUB) has ing and related gained revealed the second week winners of position in the market through its cus- the all new “allo” draw for its prepaid tomer centric approach. VIVA’s quest is announced the appointment of Tareq through a 23 year career working in a dif- CBK announces winners in daily Muhmood in the position of Senior ferent countries across North America, customers. to be the mobile brand of choice in Deputy CEO - Banking Group. The role Europe, the Middle East and Asia. draw of Al-Najma Account The names of the $1,500 daily prize Kuwait by being transparent, engaging, covers Corporate Banking, Treasury, The appointment of Muhmood KUWAIT: were as follows: Hawraa Hussain Ali energetic and fulfilling. VIVA continues Commercial Bank of Kuwait held the daily draw on Aljadi, Shafqatulla Khan Azizullah Khan, to take a considerable share of the mar- Retail Banking, and reflects AUB’s established policy of “Al-Najma Account” yesterday at the Bank’s Head Office to Tariq Mohammed Al Ali, Laksman Lal and . Muhmood strengthening its professional team with select 5 winners to win a cash prize of KD 7000 for each. The will report direct to the Chief Executive highly experienced bankers in order to draw was held in the presence of Abdulaziz Ashkanani, rep- Dolaji, Mohammed Jameel Abu Zaid, Officer. maintain a strong management structure resentative of the Ministry of Commerce & Industry. The fol- Mishal Abdulamir Abdulrasol Alkhayat, With a Bachelor of Science degree in and the solid institutional organization lowing names were announced as winners of the prizes: Nawal Salem Mudhhi Almutairi. Management Science from The that the Bank has always enjoyed. 1. Abbas Ali Mohammed Ahmed, 2. Mariam Ali Winners will be announced through- Speaking on this occasion, Richard Mehajer, 3. Saifaldeen Hasan Rashed Ismaeil, 4. Shaikhah out the campaign with a grand total of Groves , the Bank’s chief Executive AbdulRahman Al Hendal, 5. Ali Asgar Abdultayeb almost $ 150,000 to give away! VIVA cus- Officer said: “I am delighted to wel- Rambor Wala. tomers can enjoy this wonderful oppor- come Tareq to our senior management Al-Najma Account allows its customers to win a daily tunity to win amazing cash prizes of $ team. I am sure he will contribute to the prize of KD 7000 which is the highest daily prize in Kuwait. In 1,500 daily and $ 30,000 monthly, Bank’s future success through his richly addition, the Account offers quarterly draws that provide throughout the campaign by simply diversified management experience and customers with opportunity to get their dreams turned to buying a new “allo” line or recharging banking knowledge. The Bank continu- reality by winning great prizes starting from KD 100,000 for their current line through Direct Debit, ally recruits staff of the highest caliber, the first quarter escalating thereafter by KD 50 thousand for VIVA website, VIVA’s Kiosks, VIVA App or ket by offering an innovative range of each quarter to reach KD 250,000 in the last quarter. and Tareq is no exception.” by calling 102. Every KD 1 spent, earns best value products, services and con- Customers can enjoy additional benefits including obtaining VIVA customers 10 chances to win, tent propositions; a state of the art, Speaking of his vision concerning ATM card and a credit card against the customer’s account his role at AUB, Muhmood said: “I am increasing their winning chances the nationwide network and world-class along with enjoying all other banking services. more they spend. service. VIVA offers internet speeds of Tareq Muhmood proud to join Ahli United Bank, which The Bank congratulates all the lucky winners and draws has a rich and long history in Kuwait. I VIVA is the fastest-growing telecom more than 100 Mbps, due to the imple- their attention that the cash prizes will be credited into their operator in Kuwait. Launched in mentation of the most advanced fourth look forward to being a member of the accounts with the Bank. Further, the Bank appreciates the December 2008, VIVA makes things generation (4G LTE) network in Kuwait University of Manchester Institute of Bank’s team and contributing to its Ministry of Commerce & Industry’s significant role and its Science and Technology, Muhmood pos- success and supporting the continued continuous cooperation and effective supervision on the Possible for its customers by transform- resulting in superior coverage, perform- sesses an extensive experience in bank- economic progress in Kuwait.” draw that was smoothly and transparently organized. ing communication, information and ance and reliability.