JEDDAH, 4 December 2005 — Saipem, a wholly owned subsidiary of the Italian giant ENI, has won an onshore construction contract in Saudi Arabia to convert the existing East-West (EWG-1) pipeline from oil to gas transport. The renovated pipeline will deliver gas to the industrial zone in Yanbu. The turnkey contract was awarded by the Saudi Arabian oil company, Saudi Aramco, and requires decruding, cleaning and purging the 960-kilometre-long EWG-1 pipeline. The contract also calls for detailed design, fabrication, construction, installation and commissioning of new sections of EWG-1 line and related communication facilities. Completion is expected in early 2008.
Makkah Attracts SR3.5bn Investment
MAKKAH, 4 December 2005 — Saad Al-Humaid, the general director of Makkah Industrial Zone, has said that Makkah has attracted SR3.5 billion in new industrial investments for the establishment of 134 new plants in the zone. With the addition of the new plant, the total number of plants in Makkah will be 235, employing more than 13,000 employees. Al-Humaid said that at the moment there were 35 plants under construction with 18 plants in the industrial zone and 17 outside it.
Jabal Omar Offers SR1.6 Billion for IPO
MAKKAH, 4 December 2005 — Jabal Omar Development Company is offering SR1.6 billion of its SR5 billion capital for an initial public offering (IPO). This is in compliance with the request of the Saudi Capital Market Authority that the share company offers in the public offering should equal 30 percent of its total capital.
Fitaihi Turning Shariah Compliant
JEDDAH, 4 December 2005 — The board of directors of Ahmad Hassan Fitaihi Co. decided to make the company’s financial activities Shariah compliant. The company made SR7.7 million in net profit in the first nine months of 2005.
