JEDDAH, 7 January 2006 — Jeddah officials allocated SR200 million to fix the roads in the municipality over the next four years, reported Al-Madinah newspaper. The municipality signed a number of contracts to maintain the main roads and side streets starting early this year from the north to the south of Jeddah. Six field teams have begun surveying certain roads that need maintenance at the first stage of the plan starting with the Corniche, Heraa and Palestine roads.
CMA Prepares for Parallel Stock Market
RIYADH, 7 January 2006 — The Capital Market Authority (CMA) began the first stages of establishing a parallel Saudi stock market to guarantee the stability of the market and reduce the negative effects of sudden market jolts, reported Al-Madinah newspaper. According to the report, the CMA met with 50 financial experts and advisers to discuss the way for launching this second market, which will be for companies that have not achieved profits during the past three years or distributed dividends to its shareholders. It expects 30 companies to be listed in this market.
Ministry Distributes SR5 Billion to Poor
RIYADH, 7 January 2006 — The minister of social affairs, Abdul Mohsin Al-Akkas, told Al-Madinah newspaper that his ministry distributes SR5 billion to the poor and needy annually. He said that zakah money used to be put into an account held by the Finance Ministry to be used as needed but now the money is handed to the Ministry of Social Affairs to be used for social security and helping the poor. Akkas also said that the name of the Poverty Fund has been changed to the National Fund and that SR8 million of the fund’s SR100 million were used for research and follow up. He expressed optimism at the fund’s success in helping the poor establish small businesses with loans that do not exceed SR50,000.
Madinah Sets Up Tourism Info Center
MADINAH, 7 January 2006 — A tourism information center was opened at the arrivals lounge of the Madinah airport, reported Al-Watan newspaer. This is the second tourism information center set up by the Supreme Commission for Tourism. The first was opened in Riyadh.
Etisalat Takes Control of Pakistan Telecom
ISLAMABAD, 7 January 2006 — Pakistani officials announced yesterday the sale of Pakistan Telecommunications Ltd. to Etisalat, the largest telecommunications company in the United Arab Emirates, in a $2.5 billion deal. In the deal announced fallowing a meeting chaired by Pakistani Prime Minister Shaukat Aziz, Etisalat would pay down $1.5 billion for immediate administrative control of the company and pay out the remainder over the next four years.(Azhar Masood)
