JEDDAH, 26 February 2007 — The board of directors of Saudi Electricity Company yesterday advised its general assembly to distribute SR547 million in dividend among its shareholders at 70 halalas per share. Meanwhile, the company’s net profit for 2006 declined to SR1.414 billion compared to SR1.483 billion in the previous year. However, operational profits rose by eight percent to SR1.155 billion compared to SR1.26 billion a year ago.

Yamani Approves 2 New Companies

Arab News

JEDDAH — Saudi Commerce and Industry Minister Dr. Hashim Yamani yesterday approved the establishment of a closed joint stock company for building materials with a capital of SR107 million. He also approved the formation of another closed joint stock firm named Hail National Company for Health Services with a capital of SR65 million.

Shamil Bank Net Income Up 57%

Arab News

MANAMA — Shamil Bank of Bahrain B.S.C. posted a net income of $61.6 million in 2006, an increase of 57 percent over 2005 net income of $39.1 million. Net income from investment accounts, both restricted and unrestricted, increased by 27 percent, from $24.2 million in 2005 to $30.8 million in 2006, the bank said yesterday. Total assets at the end of 2006 increased by 11 percent from $1.526 billion at the end of 2005 to $1.693 billion.

Air Arabia Flies to Karachi, Peshawar

Arab News

SHARJAH — Air Arabia airline has announced two new destinations in Pakistan. Inaugural flights will take off in the 4th and 7th of March to Karachi and Peshawar, respectively. Air Arabia will fly three times a week to Karachi, departing Sharjah at 11:45 and arriving Karachi at 14:35 local time. Frequency will increase to 4 flights per week effective April 3. Peshawar will have two flights a week, departing Sharjah at 12:40 and arriving Peshawar at 17:00 local time. Frequency will increase to 3 flights per week effective April 3.

Emaar Launches Lakefront Housing

Arab News

DUBAI — Emaar Properties is launching lakefront two-storey townhomes with sizes from 2,400 sq ft to 3,150 sq ft named Alma, located centrally within its Arabian Ranches.