STC Cuts 50% Call Charges on Holidays
Lulwa Shalhoub, Arab News
JEDDAH, 12 August 2007 — As part of the Saudi Telecom Company (STC) contribution to the expatriates living in the Kingdom, the company is offering special discounts for them on their countries national days. Pakistanis, Indians and Indonesians will have 50 percent discounts on call charges to their countries on their national days on August 14th, 15th and 17th, respectively. The discount will last for 24 hours starting 12 a.m. This will include STC landline customers, Al-Jawwal, SAWA and LANA cards. Those who use landline calling cards would also benefit from the offer. Two months ago, STC offered similar discounts on Philippines, US, Egypt and Morocco during their national days.
Jabal Omar to Hold Founders’ Meeting
Badea Abu Naja, Arab News
MAKKAH — The Ministry of Commerce and Industry has approved Jabal Omar Development Co. to hold a meeting of its founding members on Aug. 29 at its headquarters in Makkah, founding committee chairman Abdul Rahman Faqeeh said. The meeting will focus on verification of capital subscription, company bylaws and the appointment of the board of directors and auditors. Faqeeh said formalities could be completed about a month after the holding of the meeting before the company’s shares could be traded in the local bourse. Jabal Omar, which is building hotels and apartments in Makkah, offered a 30 percent stake or 201.4 million existing shares at SR10 each, valuing the company at around SR6.71 billion.
Dubai Launches Souvenir Gold Coin
K.T. Abdurabb, Arab News
DUBAI — “Visions of Dubai” — Dubai’s first souvenir gold coin, will be available in the local market from September. Produced in Dubai under the guidance of Dubai Multi Commodities Center (DMCC), the first coin in the series features the image of Sheikh Mohammed ibn Rashid Al-Maktoum, vice president and prime minister of the UAE and ruler of Dubai, on one side, while Burj Al-Arab is engraved on the other. Jumeirah Retail and Dubai Duty Free are the authorized distributors of these souvenir gold coins.
Doha Bank Gets Syndicated Loan
Mehmood Rafique, Arab News
MANAMA — Barclays Capital (the investment banking division of Barclays Bank PLC “Barclays Capital”), Calyon, Commerzbank AG, Gulf International Bank, Mizuho Corporate Bank and Standard Chartered — together, the initial mandated lead arrangers — announced the successful closing of the $350 million syndicated term loan facility for Doha Bank. The facility, which is for general corporate purposes, was signed in London by the participating banks yesterday. The transaction was launched on June 27, 2007 to a group of banks for take and hold tickets.
DFM Net Foreign Investment Grows
Arab News
DUBAI — Dubai Financial Market (DFM) announced yesterday that the value of shares bought by foreign investors, or non-UAE nationals, during last week reached AED1.064 billion, comprising 36.15 percent of the total value of stocks traded during the period. The value of stocks sold by foreign investors during the same period reached AED1.268 billion, comprising 43.11 percent of the total value of stocks traded during the period.