New petchem firm set up
Saudi Arabia has approved the setting up of a new petrochemicals firm in the private sector with a capital of SR500 million ($133 million). The National Petrochemical Industrialisation Company will ''manage, operate and own petrochemical and chemical projects and market their products".
The firm's capital of SR500 million was distributed over 10 million shares with a face value of SR50. The shares, which cannot be traded for two full fiscal years, had been fully subscribed and paid itors, which will result in increased numbers of visitors to Dubai.
Meanwhile, DTCM has conducted a tourism workshop in Guangzhou in China in a bid to explore the possibilities of attracting tourists from this major market. The event was attended by 52 travel agents from 35 different companies.
"The Chinese overseas travel market has increased rapidly. We have identified China as an important new tourist market and this workshop gave us the opportunity to gain a better understanding of the Chinese travel association with the Ministry of Finance and National Economy and the World Bank and will be completed within a year.
CIA opens new office
An investment office of Saudi Arabia's General Investment Authority (GIA) was recently opened in Dammam at the Eastern Province Chamber of Commerce and Industry (EPCCI). It will be managed by GIA officials and supported by the chamber.
Amiantit in profit
The Saudi Arabian Amiantit Company has reported a net profit of SR75.6 million ($20.16 million) during the first nine months of this year, compared with SR68.4 million during the same period last year. The Dammam-based firm, which specialises in e-manufacture and the sale of pipes and related products, reported an operating income of SR133.2 million as against SR123.2 million during the same period last year. The company's assets totalled SR1.24 billion against SR1.05 billion earlier.
French dairy firm in tie-up
The Al Faisaliah Group has signed a SR1 billion ($226.6 million) deal with the French dairy products manufacturer Danome Group for the production of a wide range of dairy products in the Kingdom and for their exports to Gulf states and beyond. The joint venture will be entitled Al Safi Danome and its products will be marketed under the same brand name from January 1.
Under the terms of the agreement, the Danome group will acquire 50.1 per cent of Al Safi-Danone for approximately SR500 million with the Al Faisaliah Group accounting for the remaining 49.9 per cent.
