Tuesday, May 13, 2008
The following is a Zawya Dow Jones selection of stories translated from Arabic newspapers published on May 13.
SAUDI ARABIA:
AL RIYADH
Gulf Airport Projects Under Way Seen At $43 Billion
Airport projects and expansions now under way in the Gulf region are estimated to be worth as much as $43 billion. This compares with a total value of $68 billion for airport projects in the wider Middle East, Africa and south Asia.
Saudi Indus Invest Fund Grants Loans Worth SAR515 Mln
The Saudi Industrial Investment Fund approved Monday 17 loans worth a total of 515 million Saudi riyals ($137.32 million). The funds will be used to set up or expand a number of industrial projects which have total investments of SAR1.13 billion.
Saudi Oula,UAE Fin House To Launch SAR500M Mortgage Co
Saudi-based Al Oula Development Co. and U.A.E.'s Finance House plan to launch a mortgage financing company soon in Saudi Arabia with a capital of 500 million Saudi riyals ($133.36 million).
SAR250 Mln RE Firm To Be Launched In East Saudi In 4Q
A new real estate company with a capital of 250 million Saudi riyals ($66.76 million) will be launched in the last quarter of the current year in the eastern province of Saudi Arabia.
Web site: http://www.alriyadh-np.com
AL WATAN
Saudi Arrab Gets SAR2.06B Bank Credit For Qatar Proj
Saudi-based Al Arrab Contracting Co., a unit of Al Rajhi Investment Group, has signed credit facilities agreements with three Arab banks worth 2.06 billion Saudi riyals ($549.8 million). The funds will be used to partly finance the construction of 10 high-rise buildings in the Pearl project in Qatar.
Saudi Gulf Group To Invest SAR750M To Up Production
Saudi-based Gulf Group plans to invest 750 million Saudi riyals ($200 million) to boost production capacity to 400,000 tons a year of containers and packaging materials from 100,000 tons. Gulf Group has signed contracts with Swiss, Austrian and German companies for this purpose.
Web site: http://www.alwatan.com.sa/
OKAZ
Saudi Oger Wins 2 Government Deals Worth SAR1.57 Bln
Saudi Oger has won two construction deals from the Saudi government worth 1.57 billion Saudi riyals ($418.63 million). Saudi Oger has won a SAR914 million deal to construct a building for the ministry of finance in Riyadh. It also won a SAR656 million deal to build eight airplane sheds in the Jeddah and Riyadh airports.
Web site: http://www.okaz.com.sa/okaz/
KUWAIT:
AL WATAN
Lebanon Asks 3 Arab Govts To Deposit $2.5B In Ctrl Bk
The Lebanese prime minister has asked the governments of Kuwait, Saudi Arabia and the United Arab Emirates to deposit $2.5 billion in the Lebanese central bank. The deposits aim to support Lebanon's currency and economy seeing the security and political crisis the country is witnessing. Prime Minister Fouad Siniora has asked Kuwait to deposit $500 million and the U.A.E. and Saudi Arabia to deposit $1 billion each.
Kuwait KIA May Sell 51.5% Of Livestock At 500 Fils/Shr
A large investment entity intends to buy the 51.5% stake of Kuwait Investment Authority in Livestock Transport and Trading Co., or LTTC, for more than 500 fils a share. LTTC is expected to make a profit on the sale of a piece of land in Ras Al Khaimah in the United Arab Emirates representing 10 times the purchase price of the land.
Kuwait PetroGulf To List Its Egyptian Unit In London
Kuwait-based Gulf Petroleum Investment, or PetroGulf, plans to list its Egyptian unit, Pyramid Drilling International, in London shortly.
Web site: http://www.alwatan.com.kw
AL QABAS
Kuwait PetroGulf To Buy 10% Of Taqat, Reshuffle Invest
Kuwait-based Gulf Petroleum Investment, or PetroGulf, plans to exit from some companies in order to acquire stakes in others and will buy 10% of Taqat Holding. Talks to buy 10%, or 50 million shares, in Taqat have reached an advanced stage.
Kuwait PetroGulf To Buy Oil Drilling Rigs For $22 M
Kuwait-based Gulf Petroleum Investment, or PetroGulf, is in talks to buy oil drilling rigs for $224 million. PetroGulf is close to concluding a deal for buying an offshore drilling rig for $170 million, in addition to three land drilling rigs for $54 million.
Web site: http://www.alqabas.com.kw/
By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2008 Dow Jones & Company, Inc.
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13-05-08 0708GMT
