RIYADH, 18 January 2006 — The Saudi Arabia Fertilizers Company (SAFCO) posted profits of SR1.1 billion in 2005, a record since the establishment of the company. The company had made profits of SR660 million in 2004. SAFCO Chairman Mohammed Al-Madhi attributed the record profit to the increase in the prices of the main product; rise in production by two percent, and sales by 10 percent. Profits in the fourth quarter were lower than the third by 18 percent due to a slump in sales by 13 percent and the increase in costs resulting from maintenance work at SAFCO-3 factories in Jubail. Regarding the SAFCO-4 expansion project, Madhi said it is expected to be commercially operational by the second quarter of this year.
New Incentives to Attract Investment
RIYADH, 18 January 2006 — The Saudi Arabian General Investment Authority has signed a joint agreement with the Ministry of Finance to offer additional incentives to businessmen willing to invest in the regions where investments have been very low. The incentives include tax credits. The move aims at attracting investors to launch certain projects within a specified period, Al-Madinah newspaper reported.
Two Companies to Be Set Up in Makkah
MAKKAH, 18 January 2006 — Adel Kaki, chairman of the Makkah Chamber of Commerce and Industry, said that the chamber intends to establish two joint stock industrial companies with a capital of SR2.4 billion early this year. According to Eqtisadiah newspaper, one company will specialize in petrochemicals with a capital of SR1.2 billion and another in cement with a capital of SR1.2 billion. Each will have 50 founding members.