JEDDAH, 12 March 2007 — The Shoura Council yesterday adopted a decision fixing the timings of commercial shops across the country from 6 a.m. to 10 p.m. during autumn and winter and from 6 a.m. to 11 p.m. during spring and summer, the Saudi Press Agency reported quoting Ahmed Al-Yahya, the council’s assistant secretary-general. Exceptions to this rule will be given to the holy cities of Makkah and Madinah and some other shops, the Shoura said. The consultative body also endorsed the agreement between Saudi Arabia and the International Atomic Energy Agency on implementing guarantees and approved a law regulating Umrah services.
Tabuk Cement toIncrease Capital
Arab News
RIYADH — The Tabuk Cement Co. said a general board meeting will be held in Tabuk on March 14 to discuss topics, including 28.6 percent capital increase from SR700 million to SR900 million. The number of the company’s shares will be enhanced from 70 million to 90 million by issuing two bonus shares for every seven shares held. The meeting will also discuss reducing the size of the board of directors from 11 to seven, according to a company statement posted on the Tadawul website yesterday.
DuPont Operations in Mideast Expand
Mazen Mahdi, Arab News
MANAMA — Saudi Arabia has gotten the line share of the US-based Multi-nationalscience company DuPont operations in the Middle East, a top official of the company said on Saturday. DuPont director for oil and gas in Europe, Middle East and Africa Dirk Bosman, said that their business in the area of oil and gas has grown at a steady 20 percent year-on-year over the past 5 years. “We expect this growth trend to accelerate or at least keep its current upward pace,” said Bosman, who is in Manama to take part in the 15th Society of Petroleum Engineers Middle East Oil & Gas Show and Conference — MEOS 2007 — that opened yesterday. He said the oil and gas markets account for approximately 10 to 15 percent of DuPont market share in the Middle East. The group’s revenues raised by over 40 percent in average across the region last year but their regional presence accounts for approximately 20 percent of the company’s world operations. Bosman pointed out that the biggest market for DuPont in the Middle East has been Saudi Arabia.
Oman Aviation Logs 187.5% Profit Hike
Arif Ali, Arab News
MUSCAT — Oman Aviation Services (OAS), which owns Oman Air, the Sultanate’s 14-year-old national carrier, has reported a profit of 2.893 million rials ($7.15 million) for the year 2006, compared to the previous year’s 1.006 million, a whopping 187.5 percent increase. OAS Chairman Said bin Hamdoon Al-Harthy said “the performance during the year 2006 has been remarkable. It indicates our successful operational policy. The impressive performance comes as a result of the comprehensive policies undertaken by the management as well as the achievements materialized department wise.”
Financial Experts Tour KAEC Project
Arab News
JEDDAH — Emaar, The Economic City (Emaar.E.C), the developers of the King Abdullah Economic City (KAEC), recently conducted a tour of the project for financial experts from various banks and other financial institutions in the Kingdom. Hazim Kamel, manager — sales agents, Emaar.E.C, accompanied the financial experts and also made a presentation to them highlighting the various facets of KAEC and the investment options available. KAEC, the largest private sector project in the region, offers investment opportunities in six distinctive components: the sea port, industrial zone, central business district encompassing the financial island, resort district, educational zone and residential communities.
UGB Appoints New General Manager
Arab News
BAHRAIN — UGB B.S.C. announced the strengthening of its executive management team with the appointment of Nicolas Toutoungi to the newly created position of general manager — Business Development. Toutoungi will be responsible for overseeing UGB’s treasury, asset management, investment banking, and investment and commercial banking network. Toutoungi brings to UGB an extended international experience.
Dubai Eases Property Rules
Arab News
DUBAI — The Dubai Land Department has announced its arrangement to simplify and expedite procedures for owning and registering property in Dubai Silicon Oasis (DSO) for local and foreign investors. The agreement was conducted between Dr. Mohammed Al-Zarouni, vice president and CEO of DSO, and Sultan Buti ibn Majren, head of Dubai Land Department. Al-Zarouni said “Dubai Silicon Oasis appreciates the tremendous effort by Dubai Land Department to simplify and expedite ownership and registration procedures for property in the different developments in Dubai in general and in Dubai Silicon Oasis specifically.”
Dubai to Host MECSC Convention
Arab News
DUBAI — Prominent business leaders from the regional and international retail real estate industry will talk at the Middle East Council of Shopping Centers (MECSC) Annual Convention, which will be held on March 19-20 at the Dubai International Convention & Exhibition Center. Speaker line up for the first day of the event include Majid Saif Al-Ghurair, MECSC chairman and president of Burjuman, UAE; James Bellini, a leading futurologist from the UK; Michael Kercheval, president of International Council of Shopping Centers; Phil McArthur, managing director Shopping Centers and Commercial Real Estate, Al-Futtaim Group, UAE; Kemper Freeman, CEO, Kemper Development Company, US and Clyde Fessler, ex-vice president, business development, Harley Davidson, US.
Reem, ASG Form Car Joint Venture
Arab News
ABU DHABI — Reem Investments and Alghanim Sons Group (ASG) of Kuwait yesterday jointly announced the formation of an automobile joint venture which will be based in the UAE for distribution of heavy trucks in the UAE. The joint venture agreement was signed in Abu Dhabi by Abdulhamid Saeed, managing director of Reem Investments, and Adel Alghanim, chairman of Alghanim Sons Group of Kuwait. Unveiling the details of the partnership and future plans, senior officials of Reem and ASG also announced that the joint venture has partnered with a leading commercial vehicle company in China, Shanghai Huizhong Automotive Manufacturing Company (SHAC), for heavy trucks and mini-buses targeted at the UAE market.