RIYADH: Etihad Atheeb, one of three firms that were licensed to operate a fixed-line network in Saudi Arabia, plans to sell shares to the public for the first time from next month, the Saudi bourse regulator said yesterday. Atheeb, which comprises Bahrain’s Batelco and private Saudi investors, plans to sell 30 million shares, or 30 percent of its capital, at SR10 ($2.67) each, the Capital Market Authority (CMA) said in a statement. The sale should raise SR300 million if fully subscribed. Subscription will open Jan. 24 to close on Feb. 2, CMA added.
Mobily halves call rates to Palestine
RIYADH: Etihad Etisalat (Mobily) has halved calling rates to Palestine for one month in sympathy with the victims of the Israeli aggression on the Gaza Strip. As of today, all calls to Palestine will be rated at half the normal rates as a contribution from Mobily to reinforce communication among friends and relatives of the victims of the aggression on Gaza. With such unprecedented rates, a voice minute to Palestine will cost only SR1 at all times.
Aramco awards Jubail contract
DUBAI: Saudi Aramco’s and French oil major Total awarded a construction contract for its $12 billion joint-venture refining and petrochemical facility in Saudi Arabia, the companies said yesterday. The contract, which is required to support the construction phase of the complex at Jubail, is an indication of the companies commitment to push through the project. The contract was awarded to the Saudi Arabian based contractor, Contracting and Construction Enterprise Ltd.
IDB to finance Gambia project
JEDDAH: The Islamic Development Bank (IDB) Group yesterday signed an agreement allocating $4.7 million to finance the Gunjur Water Supply Project in Gambia. IDB Group President Ahmad Mohamed Ali and Gambian Ambassador Lamin Kiti Jabang signed the deal at the IDB headquarters here.