Eight projects get loans
The Saudi Industrial Development Fund (SIDF) has approved loans for eight industrial projects in the country.
The total SIDF loans committed to these projects approximate SR534 million ($142.38 million), bringing its total commitments to the industrial sector up to more than SR40.2263 billion, comprising 2,384 loan facilities, the Riyadh Daily reported.
The projects include production of front and back lining of tufted carpets, upgrading a dairy project, modernising a redbrick and hollow block factory and the production of mirror glass under a technical assistance agreement with Guardian Middle East and Africa ABS of Denmark.
ACCI has new board
The Abha Chamber of Commerce and Industry (ACCI) has a new board of directors. With six seats, the Al Mustaqbil group, headed by incumbent chairman Abdullah Mubti, won a majority on the board.
The opposition Al Tatwir group managed to get only two seats, the Arab News reported.
The ministries of commerce and industry will each nominate two members to the board, bringing its total strength to 12.
The first meeting of the board will choose the new chairman and his deputy and the board's representative to the Council of Saudi Chambers.
Sabic shows interest in DSM
Saudi Arabian conglomerate Saudi Basic Industries Corporation (Sabic) may be interested in buying DSM NV's petrochemical operations, according to media reports, but the Dutch chemicals group declined to comment.
The fresh speculation helped push DSM shares more than two percent higher, significantly more than its European rivals. Media in the Dutch province of Limburg, where DSM is based, reported that representatives of the Saudi government-controlled Sabic had visited DSM factories twice.
DSM has previously said it wanted to divest its petrochemicals unit, which has an annual turnover of about three billion euros ($2.71 billion). That move is part of the group's strategy
SPC wins $280m funding
Saudi Polyolefins Company (SPC) has secured a $280 million loan from a consortium of local and foreign banks to build propylene and polypropylene plans, a company statement said.
The loan was granted by the Saudi French Bank, Riyad Bank, Arab Petroleum Investment Corporation, Japan's Sumitomo Mitsui Bank and several other financiers. SPC was set up earlier in 2001 with a capital of $160 million as a joint venture between the Saudi National Petrochemical Industrialisation Company, a 75 per cent stakeholder, and Basel Middle East Holding with 25 per cent of shares. The plants will be completed in the last quarter of 2003 with production slated for the first quarter of 2004. The company is planning to produce 450,000 tonnes of each product annually.
Company wins mining concession
The Saudi Company for Precious Metals has won a 25-year gold mining concession at the Balgha region in the province of Madinah.
The concession for the 39-sq-km area, situated 67 km southwest of Al Sukhairat mines, was approved at a recent meeting of the Council of Ministers. Under the terms of the concession, the company should prepare half-yearly reports on its activities until the mines are ready for production.
After the mines are commissioned, the company should prepare annual reports with details and statistics related to production.
Sadafco expects lower profit
Sadafco, a Saudi joint-stock company and one of the companies operating in dairy production, is likely to achieve profits of SR76 million ($20.26 million) for 2001 against SR100 million in 2000.
The drop in the profits has been attributed to spurt in the price of raw materials, particularly powdered milk. The dairy industry in the country, currently growing at an annual rate of between three per cent and four per cent, is the scene of cutthroat domestic competition. Ahmed Al Muhammad Al Marzouqi, member of the board of directors and managing director of Sadafco, said the company has invested over SR800 million since the establishment of its manufacturing and production projects.
