RIYADH, 8 March 2006 — Ministry of Commerce announced the establishment of Emar Arabian Shield for Investment Company as a closed Saudi joint stock company with a capital of SR700 million divided into 14 million shares, each share worth SR50. The founders have subscribed the capital of the company, which will be based in Riyadh, in full. The company’s areas of interest include: Developing and investing in real estate; establishing markets; residential projects; exhibitions and commercial offices. The life of the company is 50 years and it is managed by a board of directors consisting of three members.
Savola Opens Its Fourth Hypermarket
JEDDAH, 8 March 2006 — Savola Group has opened its fourth hypermarket in the Kingdom at the Rimal Center, Faisaliya district in Riyadh, yesterday. The managing director of Savola, Abdul Rauf Manna, said that the group invested more than SR400 million to establish the center, which includes Hyper Panda, commercial stores, restaurants, a games area and a prayer area. This comes as part of Savola’s strategy to expand in the retail sector by building new branches that will total 25 Hyper Panda branches and 100 Panda supermarkets by 2010. Mohammed Gashgari, head of retail sector in Savola, said that the new hypermarket is around 18,500 square meters in size, making it the largest in the Middle East.
Two Industrial Cities Established
RIYADH, 8 March 2006 — The Ministry of Commerce has licensed the establishment of two industrial cities on land, around eight square kilometers, owned by the private sector in Riyadh Al-Madinah newspaper reported. The cities are expected to accommodate 700 factories with investments of around SR10 billion as a way of encouraging the private sector to establish and operate industrial cities.
40 Saudis Launch Brokerage Company
RIYADH, 8 March 2006 — Forty Saudis, along with Malaysian investors, are getting ready to launch a company with a capital of SR500 million specializing in financial brokerage, IPO management and financial consulting, Al-Eqtisadiah reported. Yassin Al-Jifri, representative of the Saudi investors, said that the Malaysian company is entering with a 20 percent share in the company and 40 Saudis with 80 percent.
Dates Joint Stock Firm Formed
RIYADH, 8 March 2006 — A group of Saudi investors in dates announced the establishment of a new company that will invest in producing and marketing dates and their derivatives as well as sweets under the name Al-Salhiya United, reported Al-Eqtisadiah. The company will be a closed joint stock company with a capital of SR300 million to prepare for its flotation as an IPO. The board Chairman Fahd Al-Salih, said that procedures for the establishment have been finalized after getting the approval from the Ministry of Commerce.
Economic City in Hail Soon
HAIL, 8 March 2006 — Chairman of Hail Chamber of Commerce and Industry and board member of Supreme Committee for Developing Hail, Mansur Al-Shammari, told Al-Eqtisadiah newspaper that the Saudi Arabian General Investment Authority intends to launch an economic city in Hail soon. Experts from SAGIA will be visiting Hail, Tabuk and Jizan regions to conduct a field study on the investment opportunities and obstacles in each region which will be completed by June 2006.
Public Transportation Set for Pilgrims
JEDDAH, 8 March 2006 — The Ministry of Transport with the cooperation of the private sector is implementing public transportation on all local, regional and international roads to transfer pilgrims and Umrah performers during Haj seasons as well as students and workers. It will import 500 King Long buses of different capacities from China, which will fulfill the needs of public transport in the Kingdom. Mohammed Mutabagani, chairman of National Trade Company, that this is a long-term deal.
