RIYADH, 7 March 2007 — Saudi Arabia’s central bank has no intention to revalue the riyal currency, its governor said on Monday. “There is no intention to change the riyal exchange rate,” Hamad Saud Al-Sayyari, the governor of the Saudi Arabian Monetary Agency, (SAMA) said when asked by reporters if Saudi Arabia backs possible plans by the six member states of the Gulf Cooperation Council to revalue their currencies.
SAI Plans $173m Rights Issue
Reuters
RIYADH — Saudi Advanced Industries Co. will open a rights issue on Saturday to raise 648 million riyals ($172.8 million). The company will offer shareholders one new share for every three held at 20 riyals each, including a premium of 10 riyals, the company said in a statement on the bourse website. Advanced Industries invests in industrial projects in the Kingdom and holds stakes in around half a dozen firms, including Yanbu National Petrochemicals Company.
Emirates, GECAS Sign Agreement
Arab News
DUBAI — Emirates has signed an agreement with GE Commercial Aviation Service (GECAS) to lease five more Boeing 777-300ER aircraft. All five aircraft, scheduled for delivery in the second half of 2008, will boast a three-class configuration, mini-suites in first class, lie-flat seats in business, spacious economy seats, crew rest area and the very latest in inflight entertainment.
DFM Shares to Start Trading Today
Arab News
DUBAI — Following a successful initial public offering, and for the first time in the region, the trading of shares of Dubai Financial Market (DFM) will begin today. Abdullah Salem Al-Turifi, chief executive officer of Emirates Securities and Commodities Authority, will ring the bell to signal the start of trading of the world’s first Islamic stock market shares. DFM Company is the 50th company to list its shares on the market.
Mideast IPO Summit Set for Late March
Arab News
DUBAI — The second Middle East IPO Summit will take place on 24-29 March at the Madinat Jumeirah, Mina A’Salam Hotel in Dubai.
The event will debate the whole spectrum of issues concerning IPOs with a special panel discussion on how various bourses operate and the comparative merits of listing on different exchanges. Henry Azzam, chairman, Dubai International Financial Exchange, Habib Mulla, chairman, Dubai Financial Services Authority, Vivek Rao, head of Finance, Tamweel, Zahed Chowdury, head of Middle East Research, Deutsche Bank and Mark Hanson, head of Corporate Finance, Saudi Hollandi Bank, are set to speak.
Motexha 2007 to Take Place in DIEC
Arab News
DUBAI - Motexha 2007, the largest annual garments, textiles, leather and fashion accessories event in the Middle East, will take place at the Dubai International Exhibition Centre (DIEC) on March 19-21. The organizers said in a statement that it has attracted the largest contingent of participants ever from Pakistan. In all over 220 exhibitors from over 25 countries are expected to participate, a 35 per cent increase over 2006 and Ladies’ Wear & Fashion Accessories will continue to dominate the overall industry mix at Motexha 2007.
Al-Mansouri Opens Electronic Expo
Arab News
DUBAI - Sultan ibn Saeed Al-Mansouri, minister of governmental sector development, yesterday opened the three-day Electronic Media and Satellite Communications Exhibition, CABSAT2007. The event brings together over 500 exhibitors from 50 countries, highlighting a range of advanced trends in such breakthrough areas as High-Definition Television (HDTV), Mobile Television, IPTV and Broadband via Satellite. Major exhibitors include ArabSat, AVID, Dubai Studio City, Eutelsat, Eurostar, eVision, Harris, Intelsat, Oasis, Panasonic, SONY, Technosat, Televes and Triax. The show takes place at the DIEC 4, from 11 a.m. to 7 p.m.