RIYADH, 30 November 2005 — The Saudi Telecom Co. (STC) signed a contract with the Saudi Commission for Industrial Cities (SCIC) to construct the infrastructure of telephone networks in all existing and future industrial cities in the Kingdom. By signing this contract, the total number of contracts between STC and the authority reached 100 contracts.

Saudi Banks Launch New Asian Funds

RIYADH, 30 November 2005 — The Banque Saudi Fransi (BSF) and Saudi British Bank (SABB) are both launching new investment funds which invest in Asian markets. The objective of BSF’s “Al-Nagaa” is long-term capital appreciation through investing in the stocks of both large and small companies in the Asia-Pacific region which conform to Shariah principles. SABB’s China-India flexible fund’s objective is the same as “Al-Nagaa” but the fund will invest mainly in China and India, the two fastest growing economies in Asia. HSBC financial group manages the new SABB fund.

30% of Dallah Health Going Public

RIYADH, 30 November 2005 — Tariq Al-Qasaby, the CEO of Dallah Holding for Health Services, revealed that his company intends to offer 30 percent of its capital in an IPO (initial public offering) next year. Al-Qasaby believes that turning the company into a joint stock company will enhance its performance in the face of challenges resulting from the accession of the Kingdom into the WTO (World Trade Organization).

150 Firms to Take Part in ComTel Show

JEDDAH, 30 November 2005 — One hundred fifty major local and international companies will be participating in Jeddah’s ComTel Exhibition in mid-December. Microsoft, Bravo, Toshiba, and Saudi Telecom Co., which specialize in communication, information technology, and e-commerce, to take part in the show.

Egypt to Privatize Eight Flour Mills

LONDON, 30 November 2005 — Major wheat importer Egypt plans to sell off 20 percent or more in eight state-owned flour mill firms through an initial public offering (IPO) or to an anchor investor, a senior government official said yesterday. “We are planning to sell around 20 percent of all the government-owned flour mill companies through an IPO in early 2006,” Ahmad Al Rakibi, chairman of the Holding Company for Food Industries, told Reuters from Cairo. “But we could also sell more than 20 percent of a company to an anchor investor if we have a good offer.” The companies slated for sale are Alexandria Mills, East Delta Mills, Middle West Mill, Central Flour Mill, North Cairo Flour Mill, South Cairo Mill, Upper Egypt Mill and Giza Flour Mill. (Summer Said)

Muslim Common Market Proposed

MANAMA, 30 November 2005 — Iran’s Minister of Commerce Masud Mir-Kazemi, who is on his first foreign official trip, called on Islamic countries to develop a common market. He pointed out that developing such an approach would help the Islamic countries to face the challenges that presently face them. “If the Islamic countries develop and improve their inter-trade that will enable us to face the challenges that face the Muslim world now,” Mir-Kazemi told reporters during a joint press conference with his Bahraini counterpart here yesterday. (Mazen Mahdi)