Tuesday, Dec 04, 2007
BEIRUT (Zawya Dow Jones)--Saudi King Abdullah has approved the initial public offering of Hail Economic City at 5 billion Saudi riyals ($1.34 billion) instead of SAR7 billion as planned earlier, Jeddah-based Okaz daily reported Tuesday.
Low income citizens from the Hail province will be allocated 2.5% of Hail Economic City shares, the paper said, citing Abdullah Al Rakhis, chairman of Rakisa Holdings, the Hail project developer.
He added that the King has also approved the administrative and technical structure of the Hail Economic City.
Moreover, Rakhis denied that Kuwait Finance & Investment Co. (KFIC.KW) has withdrawn from the Hail project.
Hail Economic City, also known as Prince Abdul Aziz Bin Musaed Economic City, is being developed in the Hail province in Saudi Arabia, with total investments of SAR30 billion.
Newspaper Web site: http://www.okaz.com.sa/okaz
-By Beirut bureau, Zawya Dow Jones, 961 1 985757, beirut@zawya.com
Copyright (c) 2007 ABQ Zawya Ltd.
(END) Dow Jones Newswires
04-12-07 0328GMT
