JEDDAH: Steel prices in the local market will be slashed by SR200 per ton effective from Sept. 1, according to a statement by Al-Ittifaq Iron in a letter to local iron distributors. “In view of the positive changes related to international developments in the iron and steel industry, reflecting on our products of reinforced iron of all sizes, the new delivery price per ton will be SR4,600 for 16mm, SR4,610 for 14mm and SR4,630 for 12mm,” the letter said. However, the price in Makkah and Jeddah will be fixed at about SR4,700 for 16mm and SR4,710 for 14mm and SR4,730 for 12mm. The manufacturing company also urged its distributors to minimize their profit margin so that the end consumer may benefit from the cut in prices.

Ericsson wins Saudi broadband order

STOCKHOLM: Telecom equipment maker Ericsson said yesterday it had signed a broadband deal in Saudi Arabia. A spokeswoman for Ericsson, the world’s biggest mobile network maker, said the five-year contract was with Emaar, developer of the King Abdullah Economic City project. No financial details were disclosed.

Dubai passes law to curb speculation

DUBAI: Dubai has issued a new law to regulate the sale of real estate still under construction in an effort to curb speculation that has sent property prices in the Gulf Arab emirate skyrocketing, an official said on Tuesday. Under the law issued this week sales of off-plan properties in Dubai must be registered with the department before they can be resold, Marwan bin Ghalita, chief executive of the Dubai Real Estate Regulatory Authority, said.

Wataniya leases planes from AerCap

KUWAIT: Kuwait’s Wataniya Airways said yesterday it has signed a deal to lease three Airbus A320 planes from Dutch aircraft leasing company AerCap. The three aircraft have been leased for nine years as of 2010, said the firm which plans to start operations in January without giving the value of the deal. The new aircraft would double the size of Wataniya’s fleet plans to operate six planes, said Wataniya, one of three airline firms in the Gulf Arab state.

Oman bank launches $650m CD auction

MUSCAT: Bank Muscat will issue 250 million rials ($649.7 million) in certificates of deposit (CDs)through an auction in a move supported by the nation’s central bank to encourage saving, the bank said yesterday. The auction — the first of its kind in Oman, where CD auctions are reserved for the central bank — will be open to local and foreign investors, Bank Muscat Chief Executive Abdulrazak Ali Issa said at a news conference.

Ricoh to purchase IKON for $1.62bn

MALVERN, Pa.: IKON Office Solutions, which sells and leases copiers, printers and other office machines, has agreed to a $1.62 billion buyout offer from one of its suppliers, Ricoh Co. of Japan. The deal will combine IKON’s sales and service capabilities with Ricoh’s engineering and manufacturing expertise, IKON said. It follows an “extensive review of our strategic opportunities,” said IKON Chairman and Chief Executive Matthew Espe in a statement. IKON shares rose $1.52, or 9.8 percent, to $17.08 in morning trading yesterday.