Maaden studies petchem venture operations

Updated 04 February 2014

Maaden studies petchem venture operations

Saudi Arabia Mining Company (Maaden) completed on Jan. 30 the performance test of running the Sahara and Maaden Petrochemical Company (SAMAPCO) plant at full capacity for 72 hours continuously, according to Maaden’s announcement posted on Tadawul website.
The test was performed by the team representing the company, financial institutions represented by license technology and technical advisers, as well as representatives of the main projects contractor.
The project is expected to start the commercial operation by the second quarter of 2014.
The latest development follows Maaden’s statement on Aug. 4, 2013, related to the operation and production of SAMAPCO. There is no material financial impact before the starting of the commercial operation. Any additional information will be announced in due course, Maaden said.
SAMAPCO is a limited liability company, jointly owned 50:50 by Maaden and Sahara.
Meanwhile, the board of directors of Maaden invited its shareholders owning 20 shares or more to attend the ordinary general assembly meeting to be held at the company’s headquarter in Riyadh on Abu Baker Al-Sadeeq Road, south of North Ring Road on March 9.
The meeting will consider the following agenda: Approve the consolidated financial statements for the fiscal year ending Dec. 31, 2013, approve the auditors report for the fiscal year ending Dec. 31, 2013 and approve the board of directors report for the fiscal year ending Dec. 31, 2013.
The agenda also includes discharging the board of directors members from liability for their management of the company during the year ending Dec. 31, 2013, recommend not to distribute dividends for the fiscal year ending Dec. 31, 2013, approve the audit committee’s recommendation to appoint external auditor to audit the company’s consolidated financial statements for the fiscal year 2014 and quarterly financial statements and determine their auditors fees.
One other item on the agenda is to approve the appointment of Sulaiman bin Abdulrahman Al-Gwaiz as member of the board of directors representing General Organization for Social Insurance. Al-Gwaiz will replace Soliman S. Al-Humayyd in his position.
“We would like to inform shareholders that each shareholder who owns more than twenty shares has the right to attend this meeting by himself or represented by others. The votes are calculated on the basis of one vote per share represented at the meeting, according to the article of association of the company. Each shareholder who wants to attend this meeting must carry with him ID Card or Commercial Registration and prove of ownership of Maadens shares,” the company stated.


Saudi business chiefs back 2020 budget

Updated 13 sec ago

Saudi business chiefs back 2020 budget

  • 2020 spending plan hailed as a positive driver in boosting country’s economy

RIYADH: Saudi businesses have welcomed spending plans of SR1.02 trillion ($272 billion) next year, announced by King Salman.

The Council of Saudi Chambers praised the efforts of the monarch, Crown Prince Mohammed bin Salman and others in reaching an agreement on the 2020 budget.

The government has predicted revenues of SR833 billion and a deficit of SR187 billion for next year, considered an indicator of the success of the Kingdom’s economic policies amid a bleak global economic backdrop.

Chairman of the Council of Saudi Chambers Dr. Sami Abdullah Al-Abaidi said that the Saudi business sector was optimistic about the new spending plans.

“These figures reflect the effective impact of the economic reform measures, the economy’s restructuring and diversification of sources of income,” he added.

Al-Abaidi praised the king and the crown prince for supporting the Saudi economy through numerous projects and initiatives aimed at boosting the business sector.

He said the most notable were business performance improvement initiatives, privatization, private-sector stimulation and local promotion programs.

“This has paved the way for the Kingdom to get the best international classifications, including its first world ranking in business environment reforms, which made it a hub for investments,” Al-Abaidi added.

The business chief reiterated King Salman’s determination to continue implementing reforms, diversifying sources of income, making optimal use of resources, empowering the private sector, and improving transparency and efficiency in government spending to boost growth rates.

“These trends are one of the most important requirements for achieving the Kingdom’s Vision 2030,” he said.

The council’s vice chairman, Muneer bin Saad, said the budget for the new year focused on investing in the human element and sectors that directly affected the lives of citizens, including the development of services.

Saad added the monarch had directed to extend the disbursement of the cost of living allowance until the end of 2020.

Council member Abdullah Al-Odaim said the budget met the expectations of Saudi citizens, and strengthened the confidence of international investors, as figures showed the determination of the state to move forward in its policies to raise the efficiency of government spending.

They also showed increases in non-oil revenues, projected to grow more in light of the improvement of economic activity.

The delegated secretary-general of the Council of Saudi Chambers, Hussain Al-Abdulqader, said the Saudi business sector welcomed the budget which through
its projects and programs would help improve investment opportunities as well as the Saudi economy, ultimately strengthening the Kingdom’s global economic standing.