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Top Saudi Arabia Business News

ZIIC acquires Italian A/C manufacturer

Saudi Arabia's Zamil Industrial Investment Company (ZIIC), the joint stock industrial Zamil powerhouse of three of its building services companies, Zamil Air Conditioners (ZAC), Zamil Steel and Zamil Glass, has announced the acquisition of Geoclima, an air conditioning manufacturing plant based outside Venice, Italy.Full Story

2001 Jeddah Economic Forum

Their Excellencies Helmut Kohl, former Chancellor of Germany, and Valery Giscard d'Estaing and Carlos Menem, respectively past presidents of France and Argentina, will be keynote speakers at the 2001 Jeddah Economic Forum.Full Story

Saudi Al-Safi, Danone deal

November 30th, 2000
Saudi Al Safi Foods' recent 500m riyal contract with Danone of France has boosted French investments in the Kingdom to USD331m, reported the Al-Watan newspaper. It said this made France the largest foreign investor in Saudi Arabia after the USA and Japan.

Prince Al Waleed, USD90m Beirut hotel

November 29th, 2000
Legendary Saudi investor Prince Al Waleed is in negotiations to buy the Carlton seafront hotel in Beirut for USD90m, reported AFP. The hotel has 130 rooms, and an unfinished 235 room annex building. Well known for his bargain basement purchases, the Prince seems to be taking advantage of Lebanon's current recession.

Saudi investment details published

November 29th, 2000
New insight into the opening of the Saudi Arabian economy to foreign investment is provided in a book published by the Eastern Province Chamber of Commerce yesterday, Saudi Arabia - Global Partnership in Trade and Investment. The book highlights current investment opportunities in industry, metals, oil, gas and services, and reviews business relations with 25 countries selected as suitable investors.

Jeddah airport design contract let

November 27th, 2000
A USD24.5m design contract for the expansion of the King Abdul Aziz airport in Jeddah was awarded to an as yet unnamed company yesterday. The project will include a new international terminal, and a new domestic terminal.

Visa opens wholly-owned office in Saudi Arabia

Visa International has become one of the first foreign multinationals to be allowed to open an office in Saudi Arabia under the new 100 per cent ownership rule. Visa also said its member banks in the GCC have issued more than four million cards and that annual spending in the Gulf through the cards has reached Dh80 billion.

"Saudi Arabia is by far our biggest market in the GCC. This commitment by Visa is just the beginning of further activities and investments in the kingdom," Vice-President Rob Clark said.

Saudi Arabia topped card spending in Visa's Central Europe, Middle East and Africa region of 92 countries with expenditure hitting $11 billion, said Peter Scriven, Visa's general manager for the Middle East.

Saudis prepare to build Jubail methanol plant

Construction of the Saudi Petrochemical Co's (SIPC) methanol project will start in early 2002 and production is scheduled to begin in the first quarter of 2004. The plant will have an annual capacity of 850,000 tonnes of methanol and 140,000 tonnes of carbon monoxide.

The facility will be built in the Jubail Industrial City, where SIPC is developing an integrated petrochemical complex. It will comprise maleic anhydride (MAN), butanediol (BDO), acetic acid and vinyl acetate monomer plants.

The methanol plant will supply the raw materials for the acetic acid and BDO plants.
SIPC has issued a letter of intent to Jacobs Engineering, a wholly owned subsidiary of Jacobs Engineering Inc. for process technology. The methanol synthesis is based on ICI technology.

The scope of the technology transfer agreement will include the preparation of the front-end engineering package necessary to prepare the invitation to bid document for the detailed engineering and construction.

"The methanol technology selection and award is another milestone for SIPC following similar agreements with Huntsman Chemicals, Kvaerner Process Technology and DuPont Chemicals for technology transfer and technical service for other projects," said Ahmed Al Ohali, president of SIPC.

Danone's USD266m Saudi JV

French food group Danone inked a USD266m joint venture with Saudi Al Faisaliah to manufacture dairy products in the Kingdom. For the first time, under the new investment laws, a Western partner will hold the 50.1 per cent stake.

Andersen Consulting's Saudi vision

Andersen Consulting is expanding in Saudi Arabia to enable its clients to take advantage of opportunities in the Internet economy, said a statement yesterday. The US firm will be renamed Accenture on January 1, and says it senses a change in the air in Saudi Arabia.

Samref deal for SAP Arabia

Saudi Arabian Mobile Refinery Company awarded a contract to SAP Arabia for an R/3 system covering 300 users, for the first time this will run on a Microsoft platform. Hewlett Packard will provide the hardware. Samref is a joint venture between Exxon-Mobil and Saudi Aramco.

Saudi hospital's USD5bn tobacco lawsuit

The King Faisal Specialist Hospital is suing international tobacco companies and their local agents for USD5bn to compensate for the costs of treating lung cancer, the Saudi Press Agency reported. The hospital is urging other Arab hospitals to also file law suits. Yesterday the European Union also filed a massive class action in the US.

Sabic to double polymer output

Saudi Arabian Basic Industries said in a statement issued yesterday that this year it will double its output of polymer to four million tonnes per annum.

Aramco prepares USD1.15bn bids

Saudi Aramco is calling for bids for the USD350m gas/oil separation plant at Haradh by December 31, said MEED. Six contractors in the running are ABB, Amec, JGC, SNC, Snamprogetti and Technip. News of further work on the USD800m Qatif project should follow later.

Al Waleed to double AOL stake

The world famous investor Prince Al Waleed of Saudi Arabia said he intends to double his stake in America Online to USD2bn. His action comes at a time when Internet shares are out of favor, but the Prince believes AOL is solid as well as profitable.

Just in......

Saudi Arabia Business NewsSaudi Cabinet weekly meeting
5th December 2000
Saudi Arabia Business News472 industrial licenses were issued for implementation of industrial projects.
5th December 2000
Saudi proposal for permanent secretariat for Energy Forum well received
4th December 2000
Present licenses for foreign ventures worth SR4 billion were under process.
4th December 2000
Funding of the Riyadh Medical ComplexFull Story
4th December 2000
Saudi Arabia monitors oil market developments.
2ed December 2000
STC revenue exceed SR14 billion last year
29th November 2000
GCC states need to invest $100 billion to meet electricity demand.
28th November 2000
24th November 2000
Prince Sultan discusses Saudi-U.S. ties with U.S. Defense Secretary 20th November 2000
U.S Energy Secretary comments on Energy Forum
19th November 2000
Need mutual understanding between oil producers and consumers 18th November 2000
Opec Secretary General praises Energy Forum
18th November 2000
Al-Naimi comments on oil market
16th November 2000
Energy and Petroleum Ministers arrive in Riyadh
16th November 2000
Rift Valley Fever situation reportupdate
16th November 2000
SR 5.2 billion foreign investment in Saudi Arabia this year
15th November 2000
Al-Naimi affirms Saudi commitment to stable world market
15th November 2000
Prince Sultan donates SR50 million for national university
14th November 2000
Some economic activities excluded from private investment
13th November 2000
Saudi Aramco's first unleaded gasoline station opened
13th November 2000
Saudi imports decline by 2.4 per centFull Story
12th November 2000
Global Energy Forum in Riyadh
8th November 2000

Prince Mishaal bin Majed to open UK exhibition
7th November 2000
E-commerce to be focus of Gulf Net Symposium
7th November 2000
Shoura Council approves regulation amendments
7th November 2000
Saudi exports in 1999
3rd November 2000
SFD to help fund the building of Krakanda-Istanah road in Kazakhstan
1st November 2000
Progress on the al-Hawayah gas plantFull Story
1st November 2000
Local market to get lead-free benzene.
30 October 2000
Support for Kingdom's steps toward WTO entry
28 October 2000
Investment in energy conference
28 October 2000
Pilgrim transportation agreement signed in Malaysia
27 October 2000
Saudi barley imports worth SR854 million.
24 October 2000
Creation of a Wheat Strategic Reserve.
24 October 2000
Forum on investment in the Kingdom.
20th October 2000
SABIC profits announcement.
20th October 2000
Joint communiqué has been issued at the end of Prince Sultan's visit to South Korea.
19th October 2000
Health Minister opens a health insurance seminar.
17th October 2000
Inauguration of a Commercial Exhibition
16th October 2000
WTO talks
14th October 2000
King Fahd orders the opening of al-Quds fund.
9th October 2000
Saudia takes delivery of new plane.
9th October 2000
Communications Minister opens Car Fair.
8th October 2000
Prince Sultan signs contracts relating to Saudia privatization.
8th October 2000

Ministry of Petroleum report.
8th October 2000
Prince Abdullah bin Faisal affirms importance of foreign investment.
4th October 2000
The Kingdom studies more investment bids.
2ed October 2000

World bank approves Saudi railway expansion plans.
1st October 2000

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07 December 2000 01:42:44 PM