BEIRUT, 12 April 2007 — Lebanese Prime Minister Fuad Siniora opened here yesterday the joint annual meetings of the Arab financial bodies with the participation of Arab finance ministers and central banks governors. The delegation of Saudi Arabia is headed by Minister of Finance Dr. Ibrahim Al-Assaf to the meetings.
SAIB Profit Plunges 43%
Reuters
RIYADH — Saudi Investment Bank (SAIB) said yesterday first-quarter profit plunged 43 percent after the stock market crash hit earnings from its brokerage service. Net income in the three months to March 31 was SR306 million ($81.60 million), compared with SR540 million in the year-earlier period, when the bank made a one-off gain of SR167 million from the sale of investments, the bank said in a statement on the Saudi bourse website.
Yamamah Cement Q1 Profit Up 0.3%
Reuters
RIYADH — Yamamah Cement Co., Saudi Arabia’s largest cement company by market value, posted its third-highest quarterly profit in at least three years on more sales. Net income in the three months to March 31 rose 9.3 percent to SR173.5 million ($46.3 million), or SR1.29 per share, Yamamah said in a statement on the Saudi bourse’s website. The company made SR158.7 million, or SR1.18 per share, in the year-earlier period. Operating profit rose 13.4 percent to SR174.8 million, Yamamah said.
CMA Approves Kayan IPO
Reuters
RIYADH — Saudi Arabia’s Capital Market Authority (CMA) yesterday gave approval to Saudi Kayan Petrochemical Co. to sell shares to the public for the first time starting April 28. Saudi Kayan, of which Saudi Basic Industries Corp. owns 35 percent, has approval to sell 45 percent of its shares from April 28 to May 7, the CMA said in a statement posted on the bourse website. The minimum subscription is for 50 shares and the maximum 20 million shares, the CMA said. The shares will be offered at SR10 ($2.67) each.
Bank AlJazira’s Profit Falls 56%
Reuters
RIYADH — Bank AlJazira’s first-quarter profit plunged almost 56 percent after Saudi Arabia’s stock market crash slashed fee income at the Kingdom’s largest broker. The bank’s shares fell 4.34 percent, their biggest one-day decline in almost three months. Net income in the three months to March 31 was SR302 million ($80.5 million), or SR2.69 per share, compared with SR683 million in the year-earlier period, the bank said in a statement on the Saudi bourse’s website yesterday. Total income declined 49.2 percent to SR415 million, and fees, including brokerage commissions, plunged 63 percent to SR217 million, the bank said.
Gulf-China Trade May Surge 20%
Reuters
ABU DHABI — Trade between China and the oil-producing Gulf Arab states may surge as much as 20 percent to $17.3 billion this year as the two sides work on a free trade agreement, the United Arab Emirates economy minister said. Trade between China and the six-nation bloc that includes Saudi Arabia was worth $14.4 billion last year. That may grow 20 percent in 2007, Sheikha Lubna Al-Qassimi told reporters in Abu Dhabi.