RIYADH, 31 December 2007 — In order to open-up the vast Indian investors’ market to the foreign companies, the Securities and Exchange Board of India (SEBI) has made several changes in the norms that regularize issuance of shares by the companies. For Indian Depository Receipts (IDR), a foreign company making a share offer in India for Indian investors, SEBI has lowered the minimum application limit to Indian rupees 20,000 (SR1,900) and made retail investors eligible to apply. The companies can offer 10 percent discount to retail investors from the stipulated price at the time of initial public offer (IPO). SEBI also allowed existing listed companies of a certain size and track record to make follow-on share issue under the “fast-track” route.
Tuwaiq Awards $50m Contract to Sysorex
JEDDAH, 31 December 2007 — Tuwaiq Communications has awarded a $50 million contract to Sysorex Arabia, LLC, a subsidiary of Sysorex Consulting, Inc. headquartered in Mountain View, California to build and operate a new state-of-the-art high availability data center and provide related IT services. Under the contract, Sysorex will build a world class Tier IV date center for Tuwaiq. Sysorex will also manage and operate the data center under the agreement. Sysorex has a strong history of building and managing data centers in Saudi Arabia and in the US.
$9.6bn Revenue From Pilgrims Generated
DAMMAM, 31 December 2007 — The private sector in the Kingdom made a revenue of $9.6 billion during the last Haj and Umrah seasons, according to estimates given by an economic study. Pilgrims spent nearly SR8 billion ($2.1 billion) on gifts and souvenirs. Pilgrims from the Gulf topped the list of spenders followed by those from the US, Europe, Canada, Australia and South Africa. (Faiz Al-Mazrouei)
