JEDDAH, 23 July 2007 — General Motors (GM) sales in Saudi Arabia rose by 12 percent to 40,396 in the first half of 2007 to fuel continued record sales growth for the automaker in the Middle East. Saudi Arabia accounted for 61 percent of total GM sales in the region. Chevrolet sales were up 26 percent to 28,464. Cadillac and HUMMER sales were up 99 percent to 865 while GMC sales were down 13 percent to 11,067 due to lower fleet sales in the first half of the year.
Red Sea Housing Revenues Up 16.2%
JUBAIL, 23 July 2007 — Red Sea Housing Services, a global leader in the manufacture of modular buildings around the world, yesterday reported revenues of SR287.3 million for the first half of 2007, a 16.2 percent increase over revenues of SR247.2 million for the same period in 2006. Dr. Majid Abdullah Al-Kassabi, chairman of Red Sea Housing, made the announcement during a full meeting of the board of directors at the company’s Ghana manufacturing plant in Accra. Operating profits for the six months ended June 30, 2007 were SR54.2 million, compared with SR49.3 million during the corresponding period in 2006, an increase of 10 percent. The company reported earnings of SR1.67 per share during the period, up 1.2 percent from the EPS of SR1.65 recorded during the first six months of last year.