JEDDAH, 28 November 2005 — Ahead of its opening scheduled in the first half of 2006, the International Medical Center (IMC) held its 8th quarterly board of directors meeting on Nov. 20, for the first time on their newly constructed premises. A site tour around the facility, live project updates, and other operational issues were on the agenda of the meeting chaired by the IMC CEO Dr. Walid Fitaihi. Attending the meeting was Dr. Floyd Loop, former CEO of the Cleveland Clinic Foundation, and IMC board member who arrived to take part in the discussions and decision-making. “The IMC is going to become the finest in the region if it continues to uphold its commitment to quality,” he said. “The board of the IMC is so unique with its vibrant members that there is no doubt they will serve their community with compassion.”
Al-Naimi Visits Ras az Zawr
JEDDAH, 28 November 2005 — The Saudi Minister of Petroleum and Mineral Resources, Ali Al-Naimi, visited the mineral industrial complex at Ras az Zawr yesterday to check on the progress of the work there. The Saudi government is establishing a SR30 billion industrial mineral complex at Ras az Zawr, north of Jubail industrial city; it will produce 640,000 tons of aluminum smelter annually and 3 million tons of di-ammonium phosphate per year. Ras az Zawr is considered a big step in the diversification of the Saudi economy.
Al-Awjan Co.’s First Plant in Dubai
RIYADH, 28 November 2005 — Al-Awjan Co. launched its first plant in the Dubai Investment Complex on Saturday under the auspices of Sheikh Hamdan ibn Rashid Al-Maktoom, the deputy governor of Dubai and the minister of finance and industry. This step is a positive movement for Saudi companies which are seeking more integration in international markets.
Joint Venture for Ship Production
YANBU, 28 November 2005 — A Saudi company, Al-Houd Al-Aaim, is cooperating with a specialized international company to establish a specialized plant for the production and maintenance of ships. Naser Al-Mikirish, a member of the company’s executive board, said that the plant will cost an estimated SR1.5 billion, and is expected to be one of the largest plants of its kind in the world.
Al-Muqrin Group to Invest SR50 Million
RIYADH, 28 November 2005 — Abdul Al-Muhsin Al-Muqrin Group for Real Estate Investment has announced that it will begin construction of the “Badeaah Mall 2” at a cost of SR50 million. The mall will be one of the largest shopping centers in the west of Riyadh and will cover an area of some 25,000 square meters. There will be 250 stores in the mall plus a food court and a world-standard recreational center.
Yamamah Real Estate SR5 Billion Launch
RIYADH, 28 November 2005 — The minister of trade and industry, Dr. Hashem Yamani, has approved the establishment of Yamamah Real Estate Company as a Saudi joint stock company with a beginning capital of SR5 billion divided into 100 million shares valued at SR50 each. Ahmed Al-Abdul Latif said that the company was concentrating on establishing and developing residential, commercial, and industrial real estate projects.
Over 300 Experts to Attend PR Forum
JEDDAH, 28 November 2005 — The Kingdom’s first PR Forum opens at the Jeddah Hilton today, with the support of Prince Sultan ibn Salman, secretary general of the Supreme Commission for Tourism (SCT), and participation of more than 300 practitioners including experts, academics and specialists. Over 22 speakers, seven modules and four interactive working sessions feature the two-day event being organized by Arab Conferences Company (ARC). Major companies including Saudi Aramco, Al Hanoo Holding Company, Al Baik Food Systems, Savola Group, and Saudi Arabian Airlines have pledged their support to the forum. Arab News and its sister publication Al-Eqtisadiah, and Al-Tasweeq Al-Arabi are the official media sponsors.
SR43 Million for
Health Care in Haj
Arab News
MAKKAH, 28 November 2005 — In preparation for Haj, the Ministry of Health is establishing several projects for developing and enhancing the health care sectors in the holy city of Makkah. The total cost of the projects is approximately SR43 million and covers the establishment of housing facilities for staff at several hospitals, the development of intensive care units, and the purchase of new equipment. (K.S. Ramkumar)
Approval for Agricultural Loans and Funds
RIYADH, 28 November 2005 — The Saudi Agricultural Development Bank approved this week the financing of several agricultural projects valued at SR60 million. Abdullah Al-Thunian, the CEO of the bank, said that these projects were valuable because of the nature of their production using value added techniques. The bank also approved several loans for wheat in the Qassim area in preparation for the new season.
Saudia Installs Alarm Systems
JEDDAH, 28 November 2005 — In compliance with the Federal Aviation Administration’s (FAA) regulations, Saudi Arabian Airlines has successfully installed early alarm systems (EGPWS) on all of its Boeing 747’s, Boeing 777’s, Airbuses, MD-90’s, and MD-11 jets. The FAA is requiring all airlines to install this system by December 2005. Saudi Arabian Airlines aims for the highest standards of safety and the airline is cooperating with several specialized manufacturing companies in the field. The airline has also installed an Internet system on one of its Boeing 747 jets in order to assess and test the system.
SAIB Plans 40% Capital Hike
RIYADH, 28 November 2005 — Saudi Investment Bank (SAIB) plans to raise its paid-up capital by 40 percent to SR2.41 billion ($643 million) and issue one free share for every existing 2.5 shares, the bank said yesterday. It also proposed a SR3 dividend for existing shares. The two proposals will be put to an extraordinary general meeting of shareholders, the bank added without setting a date. SAIB’s nine-month profit rose 78 percent to SR776.5 million compared to the same period last year. (Reuters)
