SR 7.5 bn Saudi-Polish company to open for business in 2013

Updated 30 October 2012
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SR 7.5 bn Saudi-Polish company to open for business in 2013

A Saudi-Polish holding company will be launched in the first quarter of 2013 with an initial capital of $ 2 billion (SR 7.5 billion) during the first five years.
Company officials predicted to hit $ 30 billion in revenues during the next years of its inception, Board Chairman of the Saudi-Polish Business Council (SPBC), Yasir Al-Harbi, said.
The company is set to spur investment activity in Saudi Arabia and Poland through setting up joint service and industrial projects backed by the Polish technologies, Al-Harbi was quoted by Al-Sharq Al-Awsat newspaper as saying.
The SPBC, meanwhile, will explore investment opportunities that will, hopefully, absorb potentials of the proposed holding company and create more projects under its umbrella, he said.
A delegation from SPBC has recently concluded a visit to Poland and explored with their Polish counterparts investment opportunism in both countries.
Al-Harbi said the Saudi side in the talks was briefed on the investment opportunities in real estate in the two Polish cities of Elk and Olsztyn, particularly the technology park in Olsztyn, which is considered a free zone area for technological investments.
On the other hand, a Saudi-Polish company is expected to be announced with an initial capital of $ 250 million concerned with real estate investments in the eastern parts of Poland in addition to poultry projects with a view to maximizing Polish poultry exports to the Saudi market, he said.
During their recent visit to Warsaw, Saudi businessmen opened talks with the Polish side centered on investments, commerce, upgrading trade exchange, and the possibility of opening doors to Saudi businessmen to launch investment projects in Poland on different areas including petrochemicals, health, tourism, furniture, and accommodation.
They also met with Polish Investment Authority (PIA) officials who coordinated meetings with a number of Polish agriculturalists, industrialists and businessmen in different business areas, he said.
Based on the latest data, trade exchange between Saudi Arabia and Poland has been increasing steadily and stood at SR 2.38 billion ($ 630 million) in 2010 compared to SR 828 million ($ 220.7 million) in 2006.
The Custodian of the Two Holy Mosques King Abdullah paid a visit to Poland in 2007 where a series of agreements were signed between the two countries covering areas such as science and technology, commerce, vocational and technical training, health, and cooperation in combating crimes.
In April of the current year, Polish Premier Donald Tusk led a business delegation to the Kingdom including more than 100 representatives of the Polish companies which provided legal and official grounds for business ties between the two countries.


Christchurch Muslims praise King Salman’s Hajj offer

Updated 19 July 2019
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Christchurch Muslims praise King Salman’s Hajj offer

  • The president of the Muslim Association of Canterbury Shagaf Khan said people will be both financially and spiritually supported during the journey
  • Khan said a trip to Makkah would normally cost around 10,000 New Zealand dollars ($6,769), but King Salman’s offer would cover pilgrims “from the time they leave their house and come back”

CHRISTCHURCH: King Salman’s Hajj offer to host families of those affected by March’s Christchurch terror attacks is “something really special,” said the president of the Muslim Association of Canterbury, Shagaf Khan.
The Saudi king has offered to host and cover the expenses of 200 Hajj pilgrims when they journey to Makkah this year.
Khan said people will be both financially and spiritually supported during the journey. “For some of them, it’ll be a great comfort feeling like they’ve fulfilled the obligations of being a Muslim,” he added.
Khan said a trip to Makkah would normally cost around 10,000 New Zealand dollars ($6,769), but King Salman’s offer would cover pilgrims “from the time they leave their house and come back.”
When asked what the offer would mean for Canterbury’s Muslim community, Khan said it is part of the solidarity and support that has been shown to them since the Christchurch terror attacks, which claimed the lives of 51 people.
“Four months on … people still feel supported and they feel they’re still being remembered,” he added.
Sheikh Mohammed Amir, who is working closely with the local community, Saudi Arabia’s Embassy and its Ministry of Islamic Affairs to implement King Salman’s offer, said it will be available for those who had lost family members or been injured in the mosque attacks.
Canterbury’s Muslims are “very appreciative” of the offer, added Amir, who is chairman of the Islamic Scholars Board of New Zealand.
“I’ll say with full confidence that this will be a big relief for the deceased’s families, for the victims, for all those who’ve been injured and affected,” he said.
When asked how the organization of the pilgrimage is going, Amir said “so far, so good,” but added that it has been challenging without official records to track everyone down.
He said it is an honor and a responsibility to help organize the pilgrimage, which he has been helping to plan since the end of Ramadan. “People are very excited about it,” he added.
He said he believed that the king’s offer had been made to help people’s rehabilitation after the terror attacks.
“The community believes he’s going to contribute in building Christchurch and bringing people to a normal life,” Amir added.