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.
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.
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
Cabinet weekly meeting
5th December 2000
472
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 Complex
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
KING
FAHD RECEIVES THE SAMA'S ANNUAL REPORT
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 report
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 cent
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 plant
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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