DAMMAM, 29 December 2005 — Sources to Al-Eqtisadiah daily revealed a deal signed between number of Saudi and Sudanese real estate investors to establish a real estate company. The total capital of this new company is SR10 billion. A committee was formed from both sides to administer the deal. The new company will be floated for public underwriting in Sudan a year from the inception of the new company.
180 Firms to Take Part in Exhibition
Arab News
DHARHAN — Dhahran International Exhibition Company will organize an exhibition next Sunday in Dammam, the Al-Eqtisadiah daily reported. The exhibition will last for seven days. The exhibition is important because it attracts many foreign investment and because many national companies are participating in it. More than 180 companies from 11 countries are expected to participate in the exhibition.
Saudi-Taiwanese Deal Signed
Arab News
RIYADH — A Saudi technical company signed an agreement with a Taiwanese company valued at SR60 million to provide the latest technology to the Saudi market in information technology, Al-Watan daily reported. The deal signed is for three years with an extention option.
NSCSA Announces Investment Loan
Arab News
RIYADH — The National Shipping Co. of Saudi Arabia announced the acceptance of a general investment fund to grant the national company SR436 million in investment loan to finance the purchase of four chemical carriers. The new carriers are being built in South Korea.
Almarai Buys Out Small Dairy Firm
Reuters
RIYADH — Saudi dairy firm Almarai said yesterday it had bought small dairy firm Almazarii Al-Khadra for SR17 million ($4.5 million). Saudi Arabia’s leading dairy firm announced the deal in a short statement on the bourse’s website. It did not provide details on the size of the stake it bought nor on its potential impact on its business. Officials at the two firms could not be immediately reached for comment.
Dubai to Float 20% of Stock Exchange
Reuters
DUBAI — Dubai will float 20 percent of its bourse, the Dubai Financial Marke, the United Arab Emirates’ official news agency WAM said on Tuesday. It said Dubai’s Crown Prince Sheikh Mohammed ibn Rashid had ordered the flotation, which WAM said was the first by an Arab stock market. It did not give a date for the listing.
GFH Proposes 30% Capital Hike
Reuters
MANAMA — Bahrain-based Islamic investment bank Gulf Finance House (GFH) said its board of directors has recommended a 30 percent capital hike through a share issue to existing shareholders. A statement received yesterday said the shares would be issued at a premium of 300 Kuwaiti fils ($1.03) over a par value of 100 Kuwaiti fils. GFH, which is listed on both the Bahraini and Kuwait stock exchanges, has a paid-up capital of $135 million and an authorized capital is $300 million.