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IBM released the following statement today:

ARMONK, N.Y.--The IBM (NYSE:IBM) board of directors today elected Hutham S. Olayan to the board effective January 1, 2016. Ms. Olayan, 61, is a principal, director and senior executive of The Olayan Group, a private multinational enterprise that is both an international investor and diversified commercial and industrial business in Saudi Arabia.

Below is a preview of an article published in the September 15, 2015, issue of Fortune magazine on the occasion of Lubna Olayan being listed at number 16 on their list of Europe, Middle East, and Africa Most Powerful Women List

To access the full article please click here.

 

This CEO is Helping Saudi Women Break A Gender Barrier

by Erika Fry 

SEPTEMBER 14, 2015

In a joint venture with Mandarin Oriental, The Olayan Group acquired The Hotel Ritz in Madrid for $148 million on May 22. The Olayan Group and Mandarin Oriental will each own a 50% interest of the Hotel Ritz Madrid from its previous shareholders.

The property was purchased from Belmond Spanish Holdings S.L.U, and Landis Inversiones, S.L. The hotel will undergo a $103 million renovation in 2017. All of the rooms and public spaces will be refurbished and several new amenities will be added including restaurants and a spa.

Starwood Capital and The Olayan Group have sold the brand new Baccarat Hotel  in New York City to Sunshine Insurance Group Co., a Chinese insurance firm. The Group had invested in the hotel through a joint venture with Starwood Capital in February 2011.

Olayan Financing Company has acquired 51% of Gulf Union Foods Company (GUFC), a leading beverage maker in Saudi Arabia and the Gulf that specializes in fruit juices. 

As part of the transaction, Jadwa Investment, a Saudi private equity house and investment bank, sold its entire 30% stake in GUFC to Olayan Financing Company (OFC). Based in Riyadh, OFC is the Middle East arm of The Olayan Group.

On June 25, The Olayan Group, in association with Chelsfield, completed the purchase of the Paris real estate portfolio from Risanamento S.p.A., the Italian publicly listed real estate company. The value of the acquisition makes this the largest single real estate deal The Olayan Group has undertaken to date.

The Olayan Group, in a joint venture with Morgan Properties, has acquired the American Mid-Atlantic Portfolio from Berkshire Property Advisors.

The 2,671-unit multifamily portfolio is comprised of nine separate apartment communities located in the Maryland towns of Parkville, Laurel, Fort Washington, and Hyattsville as well as in Newport News, Virginia. The portfolio is concentrated in the Maryland-Washington, DC, corridor, a robust employment hub.

Saudi Arabian Airlines (Saudia) has selected CH2M Olayan to lead development of its smart technology hub in King Abdullah Economic City (KAEC), located about 100 kilometers north of Jeddah.

CH2M Olayan will serve as designer and program manager for the hub, known as Sinnovate (“Saudia” plus “innovate”). It will lead a team that includes Microsoft and Dimension Data, which will provide IT solutions and enterprise architecture, including hardware, software, and networking.

Olayan Voltas Contracting Company received the award for “Sustainable GCC Project of the Year” from MEP Middle East magazine, which covers the mechanical, electrical, and plumbing trades. The award was bestowed on Nov. 20 in Dubai.

Hutham S. Olayan received the 2013 Annual Achievement Award from the Arab Bankers Association of North America (ABANA) on October 8 at a sold-out celebration in the Grand Ballroom of the Plaza Hotel in New York City.

Ms. Olayan, a principal, director, and senior executive of The Olayan Group, is a founding member of ABANA. She received this year’s honor on the occasion of that organization’s 30th anniversary.

Ms. Olayan was introduced by James Gorman, chairman and CEO of Morgan Stanley, on whose board of directors Ms. Olayan has served since late 2006.

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