Ford Motor Company wins 10 vehicle honors, including three top segment performers. Ford brand has shown continuous improvement in this study since 2004. Mercury moves ahead of Honda on quality. Ford, Lincoln and Mercury sales for Jan-May grow by 32 per cent in the Middle East. Jeddah, 28 June, 2008 – Ford brand vehicles improved in quality at a rate faster than the industry average, according to a customer-based initial quality study conducted by J.D. Power and Associates. The Ford brand was also the only full-line brand to show continuous improvement since 2004. The research firm's 2008 Initial Quality Study (IQS) showed the Ford brand improving by eight points over last year's study, besting the industry average seven-point rate of improvement and continuing its five-year upward trend. Mercury improved by four points over last year, and the Lincoln brand exceeded the industry average. Furthermore, Ford and Mercury are among the study's top non-luxury brands, with both placing in the top ten and moving up in the brand level rankings compared with last year's performance. The Ford brand moved up to eighth place from 10th, while Mercury moved up two spots to sixth place, just ahead of the Honda brand. Lincoln ranked 15th among all brands. "For customers who make their purchase decision based on quality, Ford, Lincoln and Mercury vehicles must be on their shopping lists," said Bennie Fowler, Ford group vice president, Global Quality. "It is gratifying to see our commitment to quality paying off in such recognition by J.D. Power and Associates." Hussein Murad, Sales and Marketing director of Ford Middle East said, “Middle Eastern customers have become more discerning and demand quality vehicles and service. We are proud of the world-class lineup we feature across our dealerships and are confident that our customers are also discovering the great value and quality our products bring, and this is evidenced by the increasing sales performance year over year.” Ford, Lincoln and Mercury sales for January-May 2008 have seen an impressive growth of 32 per cent over the same period last year. Overall, Ford Motor Company received 10 vehicle honors, including three vehicles that scored highest rankings in their respective segments. Highest ranked: Lincoln Navigator, large premium multi-activity vehicle segment Ford E-Series, van segment Mazda MX5 Miata, compact sporty car segment Second: Ford Ranger, compact pickup segment Mercury Sable (Montego in the Middle East), large car segment Third: Ford Fusion, mid-size car segment Ford Escape, compact MAV segment Mercury Grand Marquis, large car segment Volvo S40, entry premium vehicle segment Volvo C70, compact premium sporty segment J.D. Power and Associates 2008 IQS is based on responses from 81,500 new 2008 model-year vehicle owners after having driven their vehicles for three months. It measures problems per 100 vehicles and was conducted between February and April. The study is the latest third party to demonstrate Ford's significant quality improvements. Recently, Strategic Vision released its Total Quality Index showing Ford Motor Company brands with five segment winners: Ford Edge, Mustang, F-250/350, Mercury Sable and Volvo C30. And Ford topped or tied for six segment awards in AutoPacific's Vehicle Satisfaction Awards. Earlier in April, RDA Group of Bloomfield, Mich., released the HYPERLINK "http://media.ford.com/article_display.cfm?article_id=28381" Global Quality Research System (GQRS) report showing Ford in a statistical tie with Toyota and Honda. The report, an analysis of "things gone wrong" in new vehicles as measured by customers, is commissioned quarterly by Ford. # # # About Ford Motor Company Ford Motor Company, a global automotive industry leader based in Dearborn, Michigan, United States, manufactures or distributes automobiles in 200 markets across six continents. With about 230,000 employees and about 100 plants worldwide, the company’s core and affiliated automotive brands include Ford, Lincoln, Mercury, Volvo and Mazda. The company provides financial services through Ford Motor Credit Company. For more information regarding Ford’s products, please visit HYPERLINK "http://www.ford.com" www.ford.com Ford Motor Company’s history in the Middle East goes back to nearly 60 years. The company’s local importer-dealers operate more than 55 facilities in the region and directly employ over 4,000 people, the majority of whom are Arab Nationals.
Hawkamah and UAB announce the 2008 Hawkamah – UAB Bank CG Award
The Hawkamah Institute for Corporate Governance (Hawkamah) and the Union of Arab Banks (UAB) today announced the launch of the 2008 Hawkamah – UAB Bank Corporate Governance Award, an annual award aiming at encouraging and promoting the adoption and implementation of good corporate governance practices among banks in the region.
The 2008 Award follows the success of last year’s Award which attracted applications from over 40 banks from countries across the region including Bahrain, Egypt, Iraq, Jordan, KSA, Kuwait, Lebanon, Morocco, Qatar, Sudan, UAE and Yemen.
Dr. Nasser Saidi, Executive Director of Hawkamah said: “Banks dominate the financial systems in the region and play a key role in the credit and investment process that is vital to economic development. To remain competitive in a dynamic global industry, banks must continue to innovate and adapt their CG practices and frameworks in order to meet new demands and grasp new opportunities. The yearly Hawkamah – UAB Bank Corporate Governance Award was created to continuously encourage banks to improve their CG practices and recognize those that have shown leadership in implementing good corporate governance practices. We look forward to receiving applications for the 2008 award.”
Dr. Fouad Shaker, Secretary General of the Union of Arab Banks added: “Effective corporate governance practices are essential to achieving and maintaining public trust and confidence in the banking system which are essential to the proper functioning of the banking sector and economy as a whole. The Union of Arab Banks is delighted to be working with Hawkamah on promoting corporate governance reform across the region and we anticipate yet another strong list of applicants for this year’s awards.”
The Award, which is open to all Arab banks, will be determined through a rigorous assessment by an eminent jury of international experts who will evaluate the banks’ CG practices across a number of key areas including: commitment to good corporate governance practices, structure and functioning of the Board of Directors; Control environment and processes; transparency and disclosure; and treatment of minority shareholders.
Submission of applications for the 2008 Award starts on 1st July 2008 and ends on 31st October 2008. The Award winner and the two runner-ups will be announced in December 2008 during a special awards ceremony.
