RIYADH, 22 March 2007 — Prince Alwaleed bin Talal, chairman of Kingdom Holding Company, has been ranked No. 1 in Arabian Business Magazine’s 2007 list of 100 Most Powerful Arabs for the third consecutive year. Prince Alwaleed has previously been called the “Arabian Warren Buffet” and the “most powerful investor on earth.” The list was published simultaneously by Arabian Business Arabic edition. According to the magazine, it had been another busy year for Prince Alwaleed. “He has successfully maintained his position at the very top of this year’s Power List,” the magazine said.
Huge Response to Walaa Insurance IPO
Faiz Mazrouei, Arab News
DAMMAM — Saudi United Insurance Company (Walaa Insurance) said the IPO (initial public offering) coverage of the company reached 46 percent at the end of the fourth day of the IPO launch, which began last Saturday. In 53,929 applications, SR117.1 million worth 11.71 million shares have been applied for. Four more days of IPO remain. The shares are being sold at all branches of the underwriting banks, according to the executive president of the company yesterday.
DMCC Urges Caution in Gold Transaction
K.T. Abdurabb, Arab News
DUBAI — Dubai Multi-Commodities Center (DMCC) yesterday issued a warning to its members and investors in general to exercise caution in dealing with offers made to sell large quantities of gold at a discount to the market price. DMCC officials stated that they had become aware of a recent upsurge in such offers, which, they say, are almost always an attempt by the seller to defraud investors. Another characteristic of such fraudulent transactions is that sellers frequently approach honest business partners who are unaware of how the gold market operates.
Global House Opens New Bank in Syria
Arab News
DUBAI — Bahrain- based Global House announced the launch of a new Islamic Bank in Syria with a capital of $500 million, with an initial $250 million already paid. Dr. Ahmed ibn Hussein Al-Dawsary, chairman of the board of directors for Global House, said that the Syrian market is a fertile country for investment, with a promising outlook that has become more open and liberal to foreigners. He stressed that within this context, many Arab and foreign investors alike will turn their sights to this market over the next five years.
New Cooling Plants to Rise in Abu Dhabi
Arab News
ABU DHABI — Tabreed, the award-winning Middle East district cooling pioneer, has entered into a joint venture with Aldar Properties, Abu Dhabi leading real estate developer, to build 25 new district cooling plants in the UAE capital at an investment of up to $3 billion.