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Olayan America, in association with Chelsfield, the European property group, has purchased 550 Madison Avenue in New York City.

The property is a landmark that has been known as the Sony Tower and before that the AT&T Building.  It is located between East 55th and East 56th streets in the prestigious Plaza District of Midtown Manhattan.  It was designed by Philip Johnson and John Burgee and completed in 1984.  It is well-known for its Chippendale-style roof pediment and dramatic four-story glass-covered atrium.

On March 28, 2016 Cummins Inc. (NYSE: CMI) and The Olayan Group announced the formation of Cummins Arabia, a 50:50, three-country distribution joint venture company in the Middle East.

Huhtamaki of Finland announced on March 22 that it has upped its stake from 40% to 50% in Arabian Paper Products Company. APPCO is a joint venture between Huhtamaki and The Olayan Group.

APPCO’s operative territory currently includes the countries of the Gulf Cooperation Council. Huhtamaki stated: “With the expansion of the joint venture relationship Huhtamaki continues to implement its growth strategy and strengthens its position in Middle East and North Africa."

The joint venture plans to expand its product line to include other Huhtamaki foodservice packaging products.