RIYADH, 9 April 2006 — Saudi Investment Bank (SAIB) said yesterday its first-quarter net profit jumped to SR540 million ($144 million), up 156 percent from the same period in 2005. Banking services income rose 172 percent to SR265.9 million after loans rose 30.1 percent to SR19.8 billion against a 22.3 percent rise in deposits at SR29.3 billion, SAIB said in a statement posted on the bourse website. Return on shareholders’ equity reached 40.1 percent at the end of March and the bank’s investment portfolio rose 36.5 percent to SR11.1 billion.

NSCSA Expects SR158m Profit

RIYADH, 9 April 2006 — Saudi Arabia’s National Shipping Company (NSCSA) said yesterday its first-quarter net profit is expected to reach SR158 million ($42.1 million), up 10.5 percent from the same period in 2005. Compared to the fourth quarter of 2005, net profit at the end of the first quarter of this year would be up 75.5 percent, NSCSA said in a statement citing preliminary figures. The firm plans to increase its share capital by half and float a 30 percent stake in its National Chemicals Transport Company (NCTC) subsidiary.

Khozama Eyes IPO in 4th Quarter

RIYADH, 9 April 2006 — Saudi real estate management firm Al-Khozama plans to float up to 49 percent of its capital in the fourth quarter of this year, a senior company manager said yesterday. Some of the cash raised from the IPO will be used to fund a real estate project in the heart of the capital Riyadh worth between SR1 billion and SR1.2 billion ($267 million-$320 million), Deputy Managing Director Bandar ibn Saud ibn Khalid Al-Saud told Reuters in an interview.

NBB Net Profit Up 9.6 Percent

MANAMA, 9 April 2006 — National Bank of Bahrain (NBB) said yesterday its net profit rose to 9.98 million dinars ($26.5 million) in the first quarter of 2006, up 9.6 percent from a year earlier. A bank statement said earnings per share increased to 18.5 fils from 16.9 fils in the first quarter of 2005. Customers’ deposits stood at 1.1 billion dinars at the end of the period, up 10.4 percent from a year earlier.

Occidental Wins Oman Oil Contract

MUSCAT, 9 April 2006 — US firm Occidental Petroleum Corporation said yesterday it has won a concession to develop Oman’s southern oil field, block 54, with firms from Japan and the United Arab Emirates.