RIYADH, 19 February 2007 — Prince Alwaleed bin Talal’s office at Kingdom Holding Company termed a recent report in Yedioth Ahronoth, an Israeli newspaper, as “false and baseless.” In a clarification issued by the office yesterday, the office said: “We at KHC clarify that the information in a recent article in the Israeli newspaper Yedioth Ahronoth about a hotel project in Tel Aviv published on Feb. 15 is false and baseless. We would like to thank the local, regional and international media for their news coverage about KHC and Prince Alwaleed bin Talal. However, we at KHC urge writers to verify information related to significant/important news before publishing, to maintain the integrity and credibility of their reputable publication. Media queries can be sent to fax: +966 1 211 1205 e-mail: [email protected]. With this, KHC confirms its commitment to support the Middle East peace process and will base its investment strategies in accordance with the international community’s ambition to achieve long lasting peace in the region.”
Yamani Approves New Companies
Arab News
JEDDAH — Saudi Minister of Commerce and Industry Dr. Hashim Yamani yesterday approved the establishment of Saudi-Swiss Company for Securities with a capital of SR100 million, Saad Commercial Investment Company with a capital of SR300 million and Jubail Energy Services Company with a capital of SR750 million. He also approved transformation of UniTrans Budget into a joint stock company with a capital of SR183 million, and Banawi Trading & Industrial Group into a limited liability company with a capital of SR100 million, the Saudi Press Agency said.
Zamil Steel Takes Part in BAU 2007
Arab News
DAMMAM — Zamil Steel participated in BAU 2007, the world’s largest building materials trade fair. The bi-annual event was recently held at the New Munich Trade Fair Center in Germany. This year’s BAU 2007 was deemed a success by organizers, exhibitors and visitors alike. With more than 206,000 visitors in attendance, 36,000 alone from countries outside Europe, the mood was upbeat and everyone was eager to learn about new products and technologies, initiate new business relationships and revitalize old ones. Survey figures demonstrated a distinct sea change in expectations from the 2005 event. The number of surveyed participants that perceive conditions as ‘excellent to good’ increased from 38 percent in 2005 to 86 percent this year. The increased attendance figures indicated new participants from a steadily increasing number of countries — 143 at this year’s event.
Global Launches Jordan Fund
Arab News
KUWAIT — Global Investment House “Global” announced yesterday the launch of its latest regional fund, Global Jordan Fund, which will focus primarily on listed equities on the Amman Stock Exchange (ASE). “We believe that this is an opportune time to enter the Jordanian capital market given the favorable economic conditions and attractive market dynamics that will continue to inflate investor confidence in Jordan,” Omar El-Quqa, executive vice president at Global, said.
DIC Closes First Round of GSEF
Walid Mazi, Arab News
DUBAI — Dubai International Capital LLC (DIC), the international investment arm of Dubai Holding, announced the closing of the initial round of its $2-billion Global Strategic Equities Fund (GSEF). The fund intends to make structured investments in Fortune 500 global companies. DIC is the cornerstone investor in this fund while other investors include government investment arms, family businesses and key institutions in the UAE, Qatar and Saudi Arabia.