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Discuss this article (0 Comments)Arabic Press Review - Sept 10
by This email address is being protected from spam bots, you need Javascript enabled to view it on Monday, 10 September 2007
In today's Arabic press, Saudi Arabian daily newspaper Al Watan reveals that the Shura Council has set up a special committee to study price increases in the kingdom.
The rise in prices has had a direct impact on consumers and made conditions tough for both Saudi nationals and expatriates, Shura Council speaker Sheikh Saleh bin Humeid said.
The kingdom's Trade and Industry Ministry has said in a report that the prices of rice, powder milk, cooking oil and meats rose in the third quarter of this year compared to the year-earlier period because of higher cost of imports.
Saudi Arabian central bank Governor Hamad Saud Al Sayari said this week inflation in the kingdom may reach 4% this year, up from a record 3.8% in July.
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In the UAE today, daily Arabic paper Al Ittihad reports that the investment arm of Dubai Technology Electronic Commerce and Media Free Zone Authority (Tecom) is set to announce a venture with a US company.
The venture would be its first investment in the media industry in the United States, said Tecom's chief executive for investments, Abdullatif al-Mulla,.
The announcement will be made in October, according to the paper. Tecom has invested about $1 billion in the media industry.
...and in other news...
Okaz, Saudi Arabia: Saudi Emaar Economic City has sold 90% of apartments mainly to Saudi nationals in al-Belissan village, part of the King Abdullah Economic City project.
Al Eqtisadiah, Saudi Arabia: Anaam Holding has called off an extraordinary shareholders meeting to vote on a proposal to cut the firm's capital by 90% due to the lack of quorum.
Al Jazirah, Saudi Arabia: Shares in Gulf Union Cooperative Insurance Company will make their trade debut on Tuesday, the Capital Market Authority (CMA) said in a statement.
Al Watan, Kuwait: The Kuwait exchange's technical committee will meet on Monday to discuss the future development of the stock market.
Al Qabas, Kuwait: The board of Kuwait Airways handed in its resignation for five reasons, including parliament's refusal to approve the purchase of plans from lessor Alafco.
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