Arabic Press Review - 30/04/2007

Today's Al Eqtisadiah newspaper reports that the General Authority for Social Insurance (GOSI) is to invest more than 4 billion riyals ($1.07 billion) in real estate.

Suleiman al-Humayyid, head of GOSI, said the authority will invest in real estate projects in Riyadh and Medina. They include a luxury hotel and apartment complex in Riyadh which has already completed the design phase.

Al Eqtisadiah also highlights that the Ministry of Trade and Industry has said that it has set up a committee to look into high prices in the cement market in the Riyadh region and ways to ensure a supply of cement at reasonable prices.

Also reported is that pipeline manufacturer Saudi Arabian Amiantit has said its Turkish subsidiary has won $69 million worth of contracts for 78,000 metres of fibre glass water pipes, the biggest contract for its Turkish manufacturing operation since it began 10 years ago.

Also in Saudi today, Asharq al Awsat reports that a Saudi entrepreneur is to start an Islamic bank. Saleh Kamel said a group of businessmen and Islamic banks intend to launch the Istikhlaf Bank with $100 billion of financing. The investment bank will be operational by the end of 2008. Talks are underway on whether to locate it in Dubai, Saudi Arabia, Bahrain or Malaysia. It must be in a country that allows banks to be active in bond trading.

Today's Al Watan reports that Ehab al-Hashani, deputy board chairman of Anaam International Holding Group said the board had no intention to liquidate the firm, which the stock market regulator suspended in January over huge losses. Hashani said the board was determined to see the stock re-listed on the bourse. He said proposals to save the firm include a 240 million riyal loan from its board chairman and raising capital through a new public subscription for shares.

...and in other news...

Al Qabas, Kuwait: Al Ahlia Investment Company plans to decide this week whether to accept an offer to sell its stake in Gulf Invest International Company, chairman Abdullah al-Awadhi said at a shareholders meeting. He said the offer is "not attractive".

Al Watan, Kuwait: Negotiations to sell a controlling stake in Burgan Group have reached an advanced stage, unnamed sources told the paper.

Al Rai, Kuwait: Kuwait Investment Company should post earnings per share of as much as 15 fils, equivalent to net profit of almost 7.5 million dinars ($25.94 million) in the first quarter, unidentified sources told the paper.

Al Rai, Kuwait: Gulf Horizon Holding Company, whose shares debut on the Kuwait bourse on Monday, is undertaking a 14 million dinar ($37.14 million) project in Bahrain, company officials told reporters.

Al Rai, Kuwait: Al Madina for Finance and Investment Company is in the final stages of setting up an Islamic commercial lender in Kenya and expects the bank to start operations within a month, company officials told a shareholders meeting.

Al Bayan, Dubai: Dubai Islamic Bank said it arranged credit facilities totalling AED 735 million ($200.2 million) for the Al Hamad Group for its 2.38 billion project at Dubai Industrial City.

Al Bayan, Dubai: Project development company Rakeen said it plans to build AED 1.2 billion resort in Ras al-Khaimah. The Bab Al Bahr project will feature a four-star hotel, time-share apartments, freehold residential apartments, a shopping centre and an office tower.

Al Bayan, Dubai: The value of UAE investment in projects in Egypt, in property and tourism, may double to 100 billion pounds ($17.61 billion) this year compared with 2006, Mahmoud Attallah, deputy head of Egypt's Investment Administration, said.

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