PIF to pay 20% of firm’s capital
JEDDAH: The Public Investment Fund (PIF) has issued its approval to contribute 20 percent of the new home finance company’s total capital of SR2 billion. This represents the single largest investment in a mortgage company in the history of PIF. The Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group, is currently attracting founding sponsors for the new home financing company and is scheduled to close remaining investment by February-end.
Al-Mazaya sells Saudi property
DUBAI: Kuwaiti real estate developer Al-Mazaya Holding said on Monday it would add SR23.1 million of ($6.16 million) profit from the sale of a property in Saudi Arabia to its first quarter profits. The property was sold for SR104.6 million, the company said in a statement on the Dubai bourse website.
Aramco concludes deals for gas oil
DUBAI/SINGAPORE: Saudi Aramco has concluded supply deals to purchase up to 7.14 million barrels of gas oil for delivery in 2010 from private trading firms and international oil companies, industry sources said on Monday. The world’s top oil exporter has already agreed to buy nearly 5 million barrels of gas oil with four firms.
Jarir to give SR2.3 dividend
RIYADH: Saudi-based Jarir Marketing Co. said on Monday it would give shareholders a SR2.3 ($0.61) dividend for the fourth quarter. This would bring to SR7.37 the total dividend the bookstore, computer and office supplies retailer gave shareholders for 2009, it said in a statement posted on the bourse’s website. For 2008, Jarir gave shareholders dividends of 9 riyals per share.
Nasdaq Dubai alters hours
DUBAI: Nasdaq Dubai, one of two bourses in Dubai, is changing its opening hours to those of sister exchange, the Dubai Financial Market, in its latest attempt to boost trading, it said on Monday. Nasdaq Dubai plans to reduce its trading hours to 0600 GMT to 1000 GMT, pending regulatory approval. The operational functions of Nasdaq Dubai equities will be outsourced to the DFM, including trading, clearing, settlement and custody, it said.
Nokia to cutup to 285 jobs
HELSINKI: Nokia, the world’s top mobile phone maker, said Monday it would restructure operations at its plant in Salo, Finland, to focus production on smartphones and could cut up to 285 jobs as a result. “Salo is a crucial part of Nokia’s global manufacturing network... our aim is to ensure the plant’s future competitiveness and its special role as one best suited to the production of high value mobile devices,” Juha Putkiranta, a Nokia senior vice president, said in a statement.
— Compiled by Arab News
