RIYADH, 2 January 2006 — Kingdom Holding Company Chairman Prince Alwaleed ibn Talal announced the investment of $15 million in IFA Hotels & Resorts Company, a subsidiary of International Financial Advisors Company (IFA), which will be listed in the Kuwait Stock Exchange (KSE) on Jan.3. This deal falls within the existing strategic alliance between Kingdom Holding and IFA.
Samba Recommends SR14 Dividend
RIYADH, 2 January 2006 — Managing director of Samba Financial group, Eissa Al-Eissa, announced yesterday that the board of directors decided to recommend to the general assembly to approve distribution of 2005 net profits by SR14 per share dividend. This is after the increase of capital to SR6 billion, which brings the profits to be distributed to the shareholders to SR1.78 billon in 2005 compared to SR1.74 billion in 2004.
RCCI Plans Fund for Small Establishments
RIYADH, 2 January 2006 — Riyadh Chamber of Commerce and Industry (RCCI) is planning to establish a fund to support small establishments in the Kingdom. The small establishments development center at RCCI is in contacts with UNIDO and AGFUND to benefit from their experience in this regard. The fund aims at supporting small establishments to succeed and contribute to the national employment strategy, reported Asharq Al-Awsat. The fund’s capital will be provided by businessmen. The fund will have a specialized management and will not only offer cash loans but also other types of loan programs and training.
Major Developments in Agriculture Sector
RIYADH, 2 January 2006 — The general director of marketing at the Ministry of Agriculture, Saad Khalil, said that 2006 will witness a number of economic agricultural developments, reported Al-Watan newspaper. Among these developments is supporting agricultural export, activating the role of cooperative societies and completing the Saudi certificate program for consumer agricultural products free of pesticides and chemicals. Khalil also said that the ministry is developing the agricultural sector by focusing on three basic aspects: market penetration, supporting agricultural exports and supporting local agriculture. He said that marketing in 2006 would be very important as well as improving agricultural infrastructure in the Kingdom.
Taibah to Raise Dividend by 25%
RIYADH, 2 January 2006 — Saudi Arabia’s Taibah Investment and Real Estate Development is set to raise its dividend for 2005 by at least 25 percent, the company said yesterday. Taibah will distribute “profits worth at least 10 percent of its capital” for 2005, it said in a statement posted on the bourse’s website. Taibah has a capital of SR3 billion ($800 million) of which SR750 million is paid-up capital. “The 10 percent of our capital we plan to distribute will be on paid-up capital...or SR75 million in dividends,” a company official told Reuters. This means Taibah, which has 15 million shares, will distribute a dividend per share of SR5 for 2005 against SR4 it gave its shareholders in 2004, or a 25 percent increase. (Reuters)
Gypsco Sets 2005 Dividend at SR20
RIYADH, 2 January 2006 — Saudi National Gypsum Co. (Gypsco) has set a dividend per share of SR20 ($5.33) for 2005, up almost 18 percent from the year before. Gypsco said in a statement posted on the bourse’s website that it will distribute dividends worth the equivalent of 40 percent of its capital for 2005. The firm distributed a SR17 per share dividend for 2004. Based on yesterday’s share price, the 2005 dividend gives Gypsco shareholders an earning per share of SR1.7 per share against SR3.3 per share for 2004.(Reuters)
