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Top Saudi Arabia Business News

RATES OF ARAB CURRENCIES Free services in Saudia-Online
60 meningitis cases in Makkah

  Sixty cases of meningitis have been reported among pilgrims in Makkah, Okaz newspaper reported yesterday. Eighteen Pakistanis, nine Nigerians and eight Indonesians were among those infected by the disease, which also affected Saudis, Indians, Malaysians, Filipinos and Britons, the paper quoted Health Ministry sources as saying. The health authorities had taken strict precautionary measures to stop the spread of contagious diseases like meningitis among pilgrims, the report said. With about two million pilgrims flocking every year to Saudi Arabia, outbreaks of diseases are inevitable.
March 29th, 2001

Plan for sunshades around Haram

  Authorities are considering a proposal to build sunshades for the yards surrounding the Grand Mosque in Makkah for the comfort of worshipers. The squares accommodate half a million worshipers during peak seasons such as Ramadan and Haj and on Fridays. The shading project, an idea which has been backed by Custodian of the Two Holy Mosques King Fahd, will be a great relief to worshipers, particularly for those attending noon and afternoon prayers. The squares are paved with heat resistant marble.
March 29th, 2001

Pokemon games being withdrawn

  Authorities have decided to withdraw Pokemon games from the market after the country’s highest religious authority last week called for a ban on the popular children’s game. Abdul Aali Abdul Aali, director of the department for combating commercial fraud, told Al-Watan daily that the Commerce Ministry would also withdraw the products that use Pokemon characters for promotion. “We have instructed the customs department not to clear any Pokemon games or products,” he said, adding that all Pokemon games in the market would be confiscated and destroyed immediately.
March 29th, 2001

IDB loans Iran USD34m

The Saudi based Islamic Development Bank is to loan Iran USD34m for a new sewerage system in the western city of Hamedan, said the Irna news agency. The loan is repayable over 12 years at six per cent interest per annum, with a 15 per cent reduction on interest charges if payment is completed on time, Irna said.
March 28th, 2001

USD432m in new Islamic financing

The Jeddah based Islamic Development Bank has approved a total of USD432m in new financing for Islamic states. A statement said new approved funding included USD109m for Pakistan, and USD50m each for Turkey, Bangladesh, Morocco and Iran to finance imports.
The Bank said it was targeting around USD2bn in new trade financing for its member states in the Islamic year which started on Monday.

March 28th, 2001

SEC selects preferred bidders

The Saudi Electricity Company has chosen its preferred bidders for consultancy contracts for the restructuring of the Saudi power sector, reported the Saudi Review. The preferred legal partner is US firm White and Chase. Arthur D Little is preferred management consultancy, while Hay Group is selected for human resources. The advisors will conduct a six-month study into deregulation to restructure the industry ready for investment of up to USD116.8bn over the next 22 years. However, the SEC is not seeking a strategic partner, but instead plans to expand on a project-by-project basis.
March 27th, 2001

GIB advises Jubail, USD2bn loan

  Bahrain's Gulf International Bank has been appointed advisor to Jubail United Petrochemical Company for debt financing on a new USD2bn petrochemicals plant in Jubail industrial city. The company is a wholly-owned subsidiary of Saudi Arabian Basic Industries Corporation, and the new project is a key part of SABIC's expansion plans.
March 22nd, 2001

Saudi mulls centralized stock market

  Saudi Arabia is considering the replacement of its inter-bank electronic bourse with a transparent stock market supervised by an independent body, said finance minister Ibrahim Al-Assaf yesterday. He said the plan had been submitted to the supreme economic council for approval. The Kingdom has the Arab World's largest stock market with a capitalization of USD60bn, which gained 11 per cent in value last year after a 44 per cent hike in 1999.
March 22nd, 2001

Iraq, Saudi, USD600m contracts

  Iraq has signed new contracts with Saudi Arabian companies worth USD600m under the UN's oil-for-food program, reported Al Rafidain. The Iraqi external ministry said it was giving priority to other Arab states in awarding contracts.
March 21st, 2001

Saudi's United Sugar raises capital

  The United Sugar Company of Saudi Arabia, which is 51 per cent owned by the Savola Group, has raised its capital from USD60m to USD105.3m. This will fund an increase in output from 500,000 tonnes a year to 885,000 tonnes a year by the end of 2002.
March 21st, 2001

Savola Group pays USD36.3m

  Saudi Arabia's Savola Group is recommending a USD36.3m dividend to its shareholders for the year 2000, unchanged on 1999. The Kingdom's main supplier of cooking oil posted a profit of USD36.7m for 2000. Savola merged with Al Azizia Panda United in 1999, creating the Middle East's biggest food services group.
March 21st, 2001

Sabic invites Yanbu acid plant bids

 
Saudi Arabian Basic Industries Corporation has invited bids for a turnkey acetic acid plant at Yanbu industrial city, reported MEED. The 30,000 tonnes per annum plant will use new Sabic technology. Pre-qualified bidders include Technip, Foster Wheeler, ABB Lummus, and Mitsui Engineering.
March 19th, 2001

Sabic to build new Jubail plant

  Saudi Arabian Basic Industries Corporation has announced its intention to build another multi-billion dollar polyethylene unit at the Jubail industrial city. The objective is to double output to 800,000 tonne per annum.
March 18th, 2001

Foot-and-mouth cases found in Kingdom

  Two case of foot-and-mouth disease have been discovered in the western industrial city of Yanbu. “Two calves infected with the foot-and-mouth disease have been discovered in Yanbu during an inspection by authorities,” an official source at the Madinah Governorate told the Saudi Press Agency yesterday.
15 March 2001

Tourism project on Dammam Corniche

  A local company has decided to invest SR700 million on a tourism project on Dammam Corniche, according to a report carried by Al-Yaum newspaper.

  Faek Al-Saleh, director general of the Al-Maseela Group, said the project would include a SR400 million commercial center and a residential tower costing SR300 million. Work on the project will commence in May and will be completed by December 2003, Saleh said.

Environmental disaster looms over Jeddah

  Researchers and municipal officials have warned of a large-scale environmental disaster looming over Jeddah. They said the city was sitting atop a lake with 80 million cubic meters of contaminated sewage water.Full Story

International e-health conference in Jeddah

  The first international conference on electronic health will be held in Jeddah in May with more than 50 health experts from all over the world taking part, the organizers said.

  Hosted by King Faisal Specialist Hospital and Research Center under the motto, “Toward an international e-health”, the conference from May 5 to 8, will draw health executives and representatives of international agencies from such countries as the United States, Canada, France and Norway in addition to the World Bank and the National Aeronautic and Space Agency (NASA).

12 private colleges approved

  The Ministry of Higher Education has issued licenses to 12 private colleges in the Kingdom — four each in Riyadh and Jeddah, and one each in Abha, Baha, Hail and Tabuk, according to a ministry statement. Classes have already started in four of the colleges. 

Saud named UC board Chairman

JUBAIL, 14 March — The newly established SR2.5 billion Utility Company for Jubail and Yanbu is expected to accelerate industrial development in the two cities, Prince Saud ibn Abdullah ibn Thunayyan, chairman of the company’s board of directors, said yesterday.

Speaking to reporters following his selection as UC’s chairman, Prince Saud said the company would expand water and electricity facilities in the twin industrial cities at a total cost of SR73 billion.

Prince Saud said the UC would also help the Royal Commission for Jubail and Yanbu in carrying out its missions including preparation of the general plan for the development of the cities.

Prince Saud was named UC’s chairman at a meeting of the company’s General Assembly at the Royal Commission headquarters in Jubail. The meeting, attended by Prince Abdullah ibn Faisal, governor of the Higher Investment Authority, endorsed UC’s first board of directors.

Board members include Aqeeli Khawaji, RC’s deputy director general for investment affairs, Saleh Al-Naeem, director general of Saudi Industrial Development Fund, Abdullah Al-Ayadhi, economic adviser at the General Investment Fund, and Abdullah Al-Najeedi, executive vice president of Saudi Basic Industries Corporation for planning and investment.

Visa clocks strong Gulf growth

Oman was Visa's fastest growing Gulf market last year, with a 132 per cent growth in card expenditure to USD704m. The UAE saw a seven per cent rise to USD4bn, while Saudi Arabia was the largest market with card expenditure of USD11.65bn, next highest was Kuwait at USD6.4bn. Bahrain trailed at USD495m, and Qatar clocked up USD655m with an impressive 52 per cent rise in spending.
March 14th, 2001

USD2.6bn Sabic-Exxon plant

Saudi Arabian Basic Industries reported yesterday that the USD2.6bn expansion project at its Yanpet joint venture petrochemical complex with ExxonMobil was now on stream. This makes the complex, located at Yanbu, the largest polyethylene plant in the world with an output of 535,000 tonnes per year.
March 14th, 2001

Saudi's USD110m Sultan City

Local contractor Nesma and Alfadi is believed to be the lowest bidder for a USD110m housing complex at the Sultan City for Humanitarian Services, 30km north of Riyadh, reported MEED. The contract comprises 1,200 housing units, including 300 apartments for consultants and doctors.
March 13th, 2001

Gulf Hospital expansion drive

India's Apollo Hospitals group said it was on the verge of signing an agreement with the Saudi Arabian health ministry to manage hospitals in the Kingdom. Apollo chairman Prathap Reddy was quoted as saying the company is also setting up operations in Oman and the UAE.
March 7th, 2001

LG aims for USD1bn sales

LG Middle East and Africa president Moon Shin said regional demand for the South Korean giant’s products could cross the USD1bn mark, Gulf News reported. He said initial forecasts had put sales at USD940m, based on sales of USD828m in 2000, with the company aiming for greater penetration in the Iranian and Algerian markets. LG would not be setting up a manufacturing plant in Saudi Arabia, he added.
March 7th, 2001

Saudi Contracts rise 50 per cent

The value of construction contracts awarded by the Saudi Arabian Government rose 48.5 per cent to USD2.63bn in the first nine months of last year, a report from the National Commercial Bank of Saudi Arabia said. Beyond growing state investment in electricity, road and industrial projects under the governments Seventh Development Plan, the report said that the bank foresees a considerable increase in private sector spending in hospitals, schools and industrial plants, with a total state/private construction spend of USD60.1bn over the next three years.
March 6th, 2001

Chrysler Mid East sales up 50 per cent in January

Chrysler, Dodge and Jeep Middle East sales continued to be buoyant in January with a 50 per cent year-on-year increase supporting the automaker's confident prediction of 30 per cent regional growth this year.Full Story

Just in......

Saudi Arabia expands beef, mutton import ban
2ed April 2001
Saudi sets mid-April for security pact with Iran

2ed April 2001
Saudi aid to Palestinians

1st April 2001
Saudi Government education and manpower training Budget  for 2001 to reach US$14.21 billion 

1st April 2001
Loan for private hospital granted
31st March 2001
Revenues of airlines of the GCC states
30th March 2001
Open Arab University established
30th March 2001

Sixty cases of meningitis have been reported in Makkah

29th March 2001
Authorities to withdraw Pokemon games from the market

29th March 2001
Plan for sunshades around Haram

29th March 2001
3.5 Million people in the Arab world are logging onto the Internet

29th March 2001
Denso to manufacture car air-conditioners locally
29th March 2001
Jeddah Municipality had approved a plan to build nine sewage tunnels

29th March 2001
Saudi Arabia treats all expatriate workers equally
29th March 2001
Kingdom, Egypt to explore joint medical projects
28th March 2001
Opec 'may be misjudging oil demand weakness'
28th March 2001
Crown Prince receives Chairman of the Chambers of Commerce Council
27th March 2001
U.S. companies seek partners in Saudi Arabia
26th March 2001
Saudi population growth has slowed

26th March 2001
TODAY'S LOCAL PRESS COMMENTS

26th March 2001
Religious body bans Pokemon
26th March 2001
The water crisis in Saudi Arabia will worsen
26th March 2001
Private sector gets go-ahead to launch university project
26th March 2001
Ministry fixes rates for hotel rooms
26th March 2001
Plans to build three new airports
25th March 2001
No plan to reduce local phone call charges
25th March 2001
EGYPTIAN DELEGATION TO VISIT KINGDOM

25th March 2001
SAUDI-SOUTH KOREAN COMMITTEE CONCLUDES MEETING
25th March 2001
Contractor fined SR750,000 for delaying project
25th March 2001
PRINCE MISHAAL INAUGURATES TUNISIAN PRODUCTS EXHIBITION

25th March 2001
PRINCE SULTAN OPENS MILITARY PROJECT
25th March 2001
Fears are being expressed by many about the killer virus infecting humans

24th March 2001
SAUDI-KOREAN COMMITTEE STARTS MEETING

24th March 2001
SAUDIA CHOOSES WICAT FOR $ 6.6 MILLION CBT CONTRACT

24th March 2001
KINGDOM TO ATTEND ARAB ECONOMIC MEETING IN AMMAN

22ed March 2001
Establishment of new water and electricity company approved
21st March 2001
Saudi says donated $2.4 billion to Palestinians

21st March 2001
Satellite TV channel to relocate from London to Dubai
21st March 2001
SPIMACO met 13% of the medicine needs in the kingdom

20th March 2001
CONFERENCE ON MANAGEMENT OF ISLAMIC FINANCIAL BODIES
20th March 2001
Cut in local phone tariff
20th March 2001
New social insurance scheme
20th March 2001
More than 400 cases of foot-and-mouth disease (FMD)
20th March 2001
Saudi company to manufacture cameras for military use
20th March 2001
Foot and mouth disease spreads
20th March 2001
AMSTERDAM TO HOST 'INVESTMENT IN SAUDI ARABIA SYMPOSIUM'
20th March 2001
GCC ELECTRICITY GRID PROJECT

20th March 2001
Saudi Arabia considering ban on fodder import from Europe

19th March 2001
Pilgrim spending hit SR9 billion
19th March 2001
10 FMD cases reported in Kingdom

19th March 2001
No guarantees for the extradition of a third Briton

19th March 2001
Serious negotiations between Saudi Arabia and Giat Industries
 

19th March 2001
ARAB MINISTERS OF ECONOMY MEET IN JORDAN
19th March 2001
THE SAUDI ENGLISH NEWSPAPERS EDITORIAL

19th March 2001
GCC TO HOLD ELECTRONIC CONFERENCE
19th March 2001
SAUDI ARABIAN AIRLINES TRANSPORTED 129,720 PILGRIMS
19th March 2001
Two pilots killed in tornado crash
18th March 2001
Plan to recruit maids from Nepal, Vietnam finalized
18th March 2001
GIA plans investment forum in Dutch city
18th March 2001
Mobile users call for another boycott to protest high rates
18th March 2001
Twenty Syrians and a Saudi were killed
18th March 2001
Accident rate to Increase by %37.5 in five years
18th March 2001
11Residential towers, a five-star hotel in the site of Ajyad Fort.
18th March 2001
Local Press comments
18th March 2001
THE OPPOSITION OF SAUDI ARABIA TO ALL FORMS OF TERRORISM 
18th March 2001

Hotels chains expand in Saudi Arabia

18th March 2001
Hijacked Passengers Recall Fear

17th March 2001
OPEC to Cut Production, Officials Say
17th March 2001
A Briton and an Egyptian were injured in a blast
16th March 2001
Saudi Arabian Police Raid Hijacked Russian Jetliner
16th March 2001
SAUDI OIL POLICY A FACTOR OF STABILITY IN THE WORLD MARKET
12th March 2001
SAUDI OIL POLICY A FACTOR OF STABILITY IN THE WORLD MARKET

12th March 2001
Naimi meets with Mexican minister ahead of key talks
12th March 2001
SPA TO USE 'WAP' SERVICE
12th March 2001
Panel formed to draw up new health strategy

12th March 2001
Hospital projects launched in Asir

12th March 2001
Ministry releases list of the injured during Hajj
9th March 2001
List of victims of stampede in Makkah
8th March 2001
Saudi Arabia and Lebanon sign a loan agreement
8th March 2001
Prepaid cell phone chips by year-end
6th March 2001
Pilgrims killed in accident at Hajj
5th March 2001
Total number of pilgrims in 1421 AH, 2001
5th March 2001
Record number of pilgrim arrive in Saudi Arabia
3rd March 2001
Statistics on Hajj
3rd March 2001
53 deaths reported among Indian pilgrims

3rd March 2001
TARWIYA DAY- HAJJ- THE PILGRIMS BEGAN TO PROCEED FROM MAKKAH TO MINA
3rd March 2001
Pilgrims assemble in Mina as Haj begins
3rd March 2001
Advanced mobile services will speed transition to convergent technology says MobileCom
1st March 2001
Chrysler Mid East sales up 50 per cent in January
1st March 2001
Saudi Arabia pays its share of Arab League's budget for 2001
1st March 2001
CNN to broadcast documentary on Hajj
1st March 2001
Sheep prices shoot up amid high demand
1st March 2001
KSA Rank 1st in foreign investment among Arab states

1st March 2001
Al Safi set to launch cleaning drive in EP
1st March 2001
Attempts to smuggle in arms foiled
1st March 2001

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