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Discuss this article (0 Comments)Arabic Press Review - Aug 28
by This email address is being protected from spam bots, you need Javascript enabled to view it on Tuesday, 28 August 2007
In Saudi Arabia's Arabic press today, Okaz newspaper reports that Saudi-Hollandi Bank (SHB) has received approval for a financial services arm, to establish itself as a company trading stocks and offering financial advice.
The kingdom's Capital Market Authority (CMA) has officially licensed the bank's affiliate, the Saudi Hollandi Capital Company (SHCC), which is set to start operations in the capital market's securities sector.
The CMA has already licensed more than 67 investment companies to engage in securities operations.
The SHB has reported a net profit of 381.9 million Saudi riyals ($101.8 million) for the six months ended June 30, compared to 364.9 million riyals for the same period last year, an increase of 4.6%.
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In the UAE today, daily newspaper Al Bayan reports that Dubai World Central, which includes the Jebel Ali airport, has awarded two contracts worth $44.1 million for emergency services, including fire and police stations.
The move comes as the airport prepares to receive its first cargo flights next year.
JXB is set to become the world's largest airport and will be capable of handling 120 to 150 million passengers and 12 million tonnes of cargo per year.
It has been designed to handle the emirate's ambition to attract 15 million tourists a year by 2015.
...and in other news...
Al Khaleej, UAE: Dubai World is considering selling a stake in a public offering this year as one of the financing options it has to finance global expansion. Dubai World's expansion into the US market would not be impacted by the global credit crisis, the paper quotes chairman Sultan bin Sulayem as saying.
Al Riyadh, Saudi Arabia: The Capital Markets Authority said the transport company United International Transport ("Budget") will start trading on the Saudi stock exchange from Saturday.
Al Riyadh, Saudi Arabia: Saudi Telecom said its Jawwal mobile phone service will introduce email services.
Al Madina, Saudi Arabia: The General Railway Authority said the six bidders for its line from Mecca to Jeddah to Medina, serving pilgrims, have seven months to finalise their bids.
Al Ittihad, UAE: Dubai's Gold and Commodities Exchange traded $744.5 million worth of gold futures contracts last week as the dollar declined against global currencies.
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