YANBU, 11 April 2006 — Transportation Minister, Dr. Jubara Al-Seraisari, has signed the contract with Hotafield Saudi Company for the first phase of deepening the entrances and docks of King Fahd Industrial Port for SR40 million. Work is to be completed within 18 months. According to Al-Madinah newspaper, this contract is part of agreements to develop and raise operational standards to increase its capacity of receiving large ships. Three previous contracts to improve the infrastructure of the port at a cost of SR110 million were signed and implemented.
Lecture on Challenges for Islamic Banking
JEDDAH, 11 April 2006 — The Islamic Fiqh Academy, part of the Organization of the Islamic Conference, is holding a lecture this evening entitled “Future Challenges for Islamic Banking Services: The Experience of the Islamic Development Bank.”The lecture will be given by Dr. Basheer Fadhlallah, former Sudanese minister of finance and political adviser to Islamic Development Bank (IDB). It will be held at OIC headquarters.
Technical Industries Development Center
RIYADH, 11 April 2006 — The Council of Saudi Chambers of Commerce and Industry plans to establish the first national center for developing information (technical) industries, reported Al-Madinah newspaper. The center’s role will be to facilitate the environment for developing these industries which will diversify the country’s economic base and provide jobs. There will be membership fees for companies interested in joining the center ranging from SR5000 to SR20,000.
SR1.5 Billion for Makkah Water Projects
MAKKAH, 11 April 2006 — The Ministry of Water and Electricity is implementing projects that will connect a number of Makkah’s districts with water and sewage network at a cost of over SR1.5 billion, reported Al-Madinah newspaper. The third phase of the Shuaiba project which will begin water production in three years is expected to relieve the water shortage problem in Makkah. The project will increase the pumping of water to Makkah from 240 cubic meters a day to 550 cubic meters.
Bourland Gives Lecture at Effat College
JEDDAH, 11 April 2006 — Brad Bourland, the chief economist at Samba Financial Group, on Saturday gave a lecture to students and staff at Effat College. Entitled “Global and local economic trends,” the lecturer examined trends in the Saudi economy, the characteristics and current events related to the Saudi stock market. He also discussed such global economic factors as oil prices and interest rates. The lecture was followed by questions from the audience revealing their interest and concern about these issues and the future of women’s employment in the Kingdom.
