JEDDAH, 21 December 2005 — The Jeddah municipality intends to build more than 15 new tunnels and bridges to provide route through intersections without stopping. Costs for the projects will exceed SR1 billion and will be implemented in stages over a period of five years, according to Madinah newspaper. The plan also includes removing some of the roundabouts, including the ones marked by the airplane and bicycle sculptures.
NSCSA Approves Five-Year Plan
RIYADH, 21 December 2005 — The board of directors of National Shipping Company of Saudi Arabia approved the five-year strategic plan (2006-2010) for the company. The report was prepared by McQuilling Services consultation office in New York. The plan focused on expanding all of the company’s activities and affiliates as well as developing its organizational structure to achieve the goals upon which the funding study to be done by HSBC will be based. The plan projects the doubling of the company’s shipping fleet at a cost of SR5 billion for the next five years.
SPIMACO Board Approves Work Plan
RIYADH, 21 December 2005 — The board of directors of Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) approved the coming year’s work plan and budget. The plan includes increasing investment in the various production sectors, developing commercial trademarks and expansion in the regional market. The board reviewed the company’s 2005 performance and was satisfied with its investment in the petrochemical sector. The board also approved the new administrative restructuring of the company.
Tabuk Cement, Al-Ahsa Increase Shares in NIC
RIYADH, 21 December 2005 — The shares of Tabuk Cement Company and Al-Ahsa Development Company in the National Industrialization Company have increased as a result of NIC increasing its capital by issuing additional stocks to the current shareholders. If the capital increase of NIC is approved, Tabuk’s additional shares will be 990,000 shares and Al-Ahsa’s will be 330,000.
Saudis Show Interest in Indian Plastics
JEDDAH, 21 December 2005 — Manufacturers and dealers of plastics across Saudi Arabia have shown “keen interest” in India’s rapidly expanding manufacturing industry, according to a visiting team of PLASTINDIA Foundation. The team, which includes Chairman Mohan K. Jain and Cochairman G. L. Banerjee, met with local plastics manufacturers at the Jeddah Chamber of Commerce & Industry yesterday and gave an overview of India’s potential as a manufacturer and exporter of plastics, and reflected on the PLASTINDIA 2006 expo being held at New Delhi’s Pragati Maidan from Feb. 9-14. (K.S. Ramkumar)
