RIYADH, 9 March 2006 — The first meeting of British Islamic Insurance Holdings (BIIH) took place in Riyadh to finalize the formation proceedings of the company and appoints its advisory team. Abdul Aziz Al-Jomaih of Al-Jomaih Holdings was appointed chairman of BIIH. The company also appointed two professionals from the UK insurance industry on its board. BIIH intends to raise its capital from £2 million to £20 million through a private placement and has elected Ernst & Young, Bahrain as its financial adviser to assist the company in preparation of its Private Placement Memorandum. Standard Chartered Bank, Bahrain has been appointed as the Receiving Bank. Norton Rose has been appointed as legal adviser to assist BIIH in preparation of regulatory application for the UK Financial Services Authority. Al-Jomaih spoke of the lucrative business opportunity for providing takaful products in the UK. After its private placement in March, BIIH intends to commence work on preparing the regulatory application for the FSA. An IPO is planned for sometime in 2007.
IDF Moves to
Recover Loan
Arab News
RIYADH — The Industrial Development Fund requested the Council of Ministers to allow it to collect government money from an unnamed company that refuses to pay back the remaining SR8 million of late installments. The company deals in livestock and borrowed an amount from the fund 28 years ago and has not paid back the full loan, reported Al-Madinah. The system allows government agencies the right to sequester transferable and non-transferable money, prevention from travel and holding imported products.
Fire in Yanbu
Cement Factory
Arab News
YANBU — A fire broke out at Yanbu Cement Company on Tuesday, reported Al-Riyadh newspaper. The fire caused damage to half of the main factory building, which produces around 4.8 million tons annually. Initial investigations indicate the fire broke out as a result of technical malfunction. The factory underwent an expansion recently, which increased its production level from 3.6 million ton annually to 4.8 million.
Al-Twairgi Invests in New Metal Factory
Arab News
DAMMAM — Al-Twairgi Group began working on establishing a new SR1-billion metal factory in the second industrial city in Dammam, according to Al-Eqtisadiah. The factory will produce metal rods for trains with a capacity of 500,000 tons. Meanwhile, one of Twairgi Group of Companies, National Company for Metal and Steel, has completed the first stage of metal production at its factory in the Western Region of the country with a capacity of 300,000 tons. It will begin implementing the second phase of production by establishing a new company with a capacity of 1.2 million tons annually by the end of this year.
Mobily Launches Contest for Youths
Arab News
JEDDAH — Mobily has launched a major contest on the Prophet Muhammad (pbuh), encouraging youth to write about some aspects of his life. The contest will address all young men in the Kingdom whose ages range is between 15 and 25 years. The company provides prizes worth of half million riyals to 24 major winners and 76 other winners. Writing an essay in English is one of the choices the contest offers, alongside writing an Arabic poem and an Arabic essay. The aspects of the Prophet’s life include his treatment of his companions, family, and non-Muslims. Each winner will get SR12,000 riyals, a mobile handset, a prepaid SIM card and 10,000 free local minutes, and this is only in the English section, while in the Arabic section, there will be 18 major winners. The entry deadline is March 31.