DOHA, 22 December 2006 — The Gulf Organization for Industrial Consulting (GOIC) recently held a meeting for managers of industrial banks in the GCC countries to discuss the profitability of industrial development banks and the effect of a unified Gulf currency in these banks. The presentation by GOIC showed that the reason for the poor profitability of the banks in Oman, Bahrain and Qatar is the low capital size. The banks in the other countries had two other reasons for their low profitability: high operating costs and the focus in loans on a certain industrial sector. As for the effect of the unified currency, the presentation recommended focusing on projects that need large economies and on companies that can penetrate international markets.
Marafiq Real Estate Firm Contract OK’d
JEDDAH, 22 December 2006 — The general assembly of the partners for Modern Marafiq Company Ltd., 30 percent owned by Savola and 70 percent by local partners, in their last meeting have approved the contract for establishing the company after the joining of new partners and the election of the board of directors. The board consists of nine members, three of them representing Savola. The assembly approved the main financial and administrative procedures taken by the company’s administration after Savola sold 70 percent of its capital shares in Marafiq, which was wholly owned by Savola and one of its subsidiaries.
JCCI Holds Meeting of Fair Companies Panel
JEDDAH, 22 December 2006 — The National Committee for Exhibition Companies held their third meeting at Jeddah Chamber of Commerce and Industry to discuss raising the exhibition and conferences sector in the Kingdom by cooperating with the Ministry of Commerce and the chambers. The committee is in the process of formulating a suitable bylaws for organizing exhibitions in order to remove all problems and obstacles facing some investors in the sector.
Juffali Foundation, UNDP Sign MOU
RIYADH, 22 December 2006 — The UN Development Program signed a Memorandum of Understanding with Tarek Ahmed Al-Juffali Foundation to fund a water project for SR600,000 under the supervision of the Ministry of Water and Electricity that provides safe drinking water for Madaya Villages in Jazan. This partnership between UNDP and the Foundation is part of the strategic goals agreed upon between the UNDP and the Kingdom to improve national capacities in planning and implementing sustainable development. The Tarek Ahmed Al-Juffali Foundation has committed the donation of $1 million annually to support several UN projects around the world.
