RIYADH, 8 January 2008 — Azizia Panda Supermarkets of Savola Group have made sales worth SR3.7 billion last year, according to Dr. Mohammad Amin Kashgari, CEO for Savola’s retail sector. “The figure is 35 percent more than that of the previous year,” he said. Sales in the last quarter of 2007 amounted to nearly SR1.1 billion, 50 percent higher than the same period in 2006. Last year witnessed the opening of 11 new Panda branches, four of them were in Madinah, Hail, Yanbu and Abha.
IDB Bankrolls IITFC Projects
JEDDAH, 8 January 2008 — The Islamic Development Bank (IDB) will give $1 billion to support the International Islamic Trade Finance Corporation (IITFC), the bank’s decided here yesterday. The fund will enable the corporation to launch its activities this month. It also approved new finances worth $354.7 million for projects in Niger, Mali, Burkina Faso, Iran and Djibouti as well as grants to three Islamic organizations in India, Nepal and Kenya.
Stock Market Forum Slated
JEDDAH, 8 January 2008 — Abu Dhabi will host the third stock market forum on March 10-11, according to Abdul Raheem Naqi, secretary-general of the GCC Federation of Chambers. He said the forum is organized in association with the GCC Federation, the Federation of Chambers of Commerce and Industry in the UAE and the Abu Dhabi Chamber of Commerce and Industry.
Sharjah Hotel Classification
SHARJAH, 8 January 2008 — Sharjah implemented the hotel classification law since last week to upgrade the services rendered to tourists. Over 85 hotels will benefit from the new law. Hotel categories range from 1 to 5 stars, while the hotel apartments category ranges from deluxe to standard and basic categories. Mohamed A. Al-Noman, director general of the Sharjah Commerce and Tourism Development Authority, said.