JEDDAH, 8 April 2007 — Commerce and Industry Minister Dr. Hashem Yamani has licensed the establishment of Saudi Kayan Petrochemical Company with a capital of SR15 billion. It will have 1.5 billion shares, each with a nominal value of SR10. Kayan’s founders have subscribed to 825 million shares valued at SR8.25 billion. The Jubail-based company will float 675 million shares worth SR6.75 billion for public subscription. It will invest in projects in the petrochemical, chemical and other industries.
AlNasr Makes New NCB Appointments
JEDDAH, 8 April 2007 — Al-Sharief Khaled Al-Ghaleb has been appointed manager of personal banking sector at National Commercial Bank, according to an official statement. Adel Al-Howar was named manager of personal financing and Ameen Al-Afeefi, manager of corporate sector at the bank. NCB’s CEO Abdulkareem Abu AlNasr made the new appointments as part of the bank’s efforts to redraw its strategies to match with new economic developments and strengthen its various financial services divisions.
