In today's Arabic press, Saudi Arabian daily Asharq Al-Awsat reveals that Kuwait's Mobile Telecommunications Company (MTC) is set to start the kindgom's third mobile telephone network in March. MTC will invest $2 billion in the operation, its chief executive told a meeting in Manama.
The telco on Thursday signed two Islamic syndicated loans worth a total of $7.39 billion to help pay for the licence it won to operate Saudi Arabia's third mobile network and to refinance its $1.2 billion murabaha facility signed in December 2006 and for general corporate purposes.
The telecoms operator - which has begun operating under the 'Zein' brand today - agreed to pay around $6.11 billion to set up the third Saudi mobile network.
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In the UAE, today's daily Al Khaleej reports that Jebel Ali Free Zone Authority may spend between $600 million and $700 million building a logistics and distribution centre in Orangeburg in the US state of South Carolina.
The report cited unidentified Jebel Ali Free Zone Authority (JAFZA) officials.
A delegation from Dubai World subsidiary Jafza International met with South Carolina officials and business leaders on Wednesday and said they expect to make a decision on Orangeburg within the next 30 days, according to a report last week in US-based Charleston Business Journal.
Jafza International is eying Orangeburg as a potential site in the Southeast - a plan that could transform the mainly rural community into a substantial trade-based economy through the creation of 8,000 to 10,000 jobs over the next decade.
...and in other news...
Al Madina, Saudi Arabia: Zamil Operations and Maintenance Company, which runs a shipyard and marine services business, will sell shares to the public for the first time by 2010.
Al Eqtisadiah, Saudi Arabia: Anaam Holding shareholders will vote on Sunday on a proposal to cut the firm's capital by 90%.
Al Khaleej, UAE: Dubai-based telecom operator du has 800,000 customers after seven months of operation.
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