RIYADH, 3 March 2006 — Saudi authorities have officially lifted the ban on exporting scrap metal by issuing a circulation to all its outlets ending a 16-year ban, according to Al-Eqtisadiya newspaper. These procedures are in compliance with requests of World Trade Organization after Saudi Arabia joined it as the 49th member in 2005. Sources told Al-Eqtisadiya that the outlets received clear directives from the relevant authorities to allow export of scrap metal in any amount without consideration to weight.
Rabegh Company Gets Loan
RIYADH, 3 March 2006 — The General Investment Fund and the Japan Bank for International Cooperation (JBIC) have loaned Rabegh Company for refinement and petrochemicals, which is founded and owned equally by Aramco and Sumitomo Company, SR3.75 billion to finance establishing a complex for producing refined petroleum products and petrochemical products. Also financing this project is a group of local and international banks, reported Al-Eqtisadiya. The complex is expected to produce 18.4 million ton annually of high quality petroleum products and around 2.4 million ton annually of chemical byproducts of ethylene and propylene.
Saudi Businesswomen to Visit China
RIYADH, 3 March 2006 — Twenty Saudi businesswomen would be departing to China on March 6 on a visit that aims at opening investment channels to Saudi and Chinese businesswomen. Organizing this visit is the Saudi Arabia General Investment Authority and the Chinese Chamber of Commerce. Jawaher Al-Sedairi, in charge of organizing the visit, said that the 20 businesswomen are from the chambers in Riyadh, Jeddah and Eastern Province and they are headed by Princess Lulwa Al-Faisal. She said that SAGIA has been preparing for this visit for three months and chose the date to coincide with Women’s International Day on March 8.