Money supply growth slows

RIYADH: Saudi Arabia’s M3 money supply grew 10.7 percent year-on-year in December, slowing for the third month in a row, Saudi Arabian Monetary Agency (SAMA) said on Monday. The Kingdom’s money supply, the broadest measure of money circulating in the economy and an indicator of future inflation, rose 11.3 percent in November. SAMA did not publish more details for December.

Tawuniya to double dividend

RIYADH: Tawuniya said on Monday it would give shareholders a SR4 ($1.1) dividend for 2009, which is twice as much as 2008. The dividend, proposed by Tawuniya’s board, will result in a total payment of SR200 million, the biggest Saudi insurer by both market share and value said in a statement. Two state-run pension funds are Tawuniya’s top shareholders and together hold 46.5 percent of its capital. Tawuniya made a net profit of SR296 million in 2009, up 341 percent from 2008.

Aramco signs deal with Japan’s JGC

ALKHOBAR: Saudi Aramco and Royal Dutch Shell said on Monday they signed a contract with Japan’s JGC Gulf International to build two units at their joint refinery, in a bid to improve the refinery’s environmental performance. The units will help reduce sulfur dioxide emissions to less than 250 part per million on start up, the joint company, Sasref, said in a statement.

Kuwait Cabinet OKs $16.7bn plan

KUWAIT: The Kuwaiti Cabinet approved late on Sunday a 4.78 billion dinars ($16.65 billion) draft law for the government’s development plan for the 2010/11 fiscal year, the state news agency reported. The plan includes the establishment of five public shareholding firms, and encourages the participation of the private sector along with the public sector in the projects, KUNA said. The plan has been referred to the emir for approval, and will then be referred to the Parliament.

Singapore seeks to cap foreigners

SINGAPORE: Singapore will be less welcoming to low-skilled job seekers from abroad as it seeks to cap the proportion of foreigners in the workforce at current levels of about one-third amid growing unhappiness among its citizens. Singapore depends on foreigners to staff its factories and construction sites but the numbers have risen sharply in recent years. About one-in-three of Singapore’s 3 million workforce is now foreign compared with about 10 percent back in 1990.

Pakistani rice team coming

JEDDAH: A 20-member Pakistan trade delegation, organized by the Rice Export Association of Pakistan, is visiting Saudi Arabia from Feb. 8-15. The delegation will have meetings with local rice importers and dealers at the Jeddah Chamber of Commerce and Industry from Feb. 13-15. The group will also attend the Jeddah Economic Forum. The delegation will host a Biryani show at a local hotel to demonstrate the aromatic qualities of Pakistani Basmati rice.

— Compiled by Arab News