JEDDAH, 7 December 2005 — The government will pay SR1.3 billion to small farmers for their wheat supplies during the last season, according to Agriculture Minister Dr. Fahd Balghunaim. The payment will be made through the offices of the General Organization for Grain Silos and Flourmills. The remaining wheat farmers will receive their dues after Eid Al-Adha holidays.
Al-Drees Offers 1.2 Million Shares
RIYADH, 7 December 2005 — Al-Drees Company for Transportation and Petroleum Services has received the approval of the minister of trade and industry to go public. Hamad Al-Drees, the company’s CEO, announced that his company is offering 1.2 million shares which equal 30 percent of the company in the initial public offering (IPO). The company has assigned Saudi Arabian HSBC Limited to be its financial adviser and the Saudi British Bank (SABB) to manage the IPO. Last year Al-Drees Co. made revenues of SR633 million and net profit of SR38 million.
NRIs Gulf Forum to Host Seminar
RIYADH, 7 December 2005 — The NRIs Gulf Forum will hold a seminar on “Economic Prospects in India Beyond 2005” here on Dec. 9 at the Indian Embassy auditorium. A well-known senior economic consultant Dr. Sanjiv Mehta, who taught international marketing to management students in UK, will be the keynote speaker. Dr Mehta, who also served as the CEO of the Mumbai Stock Exchange, is presently the managing director of a leading Indian-based wealth management company. (M. Ghazanfar Ali Khan)
GENTEC Stall at COMMTEL 2005
JEDDAH, 7 December 2005 — GENTEC, the “GENeral TEChnical” division of Haji Abdullah Alireza & Co. Ltd., is setting up a stall at the COMMTEL 2005 at the Jeddah International Exhibition & Convention Center, which is being held from Dec.12-16. On display will be GENTEC’s new products and telecommunications solutions, said Mohammad Saleem Abdul Ghani of GENTEC.
