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#111
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Zain Saudi signs $ 600 m two-year refinancing deal
Zain Saudi Arabia, the country's third mobile operator, signed a two-year refinancing agreement worth SR2.25bn ($600m) to help its capital projects and meet previous obligations. The firm signed the Islamic financing agreement with Saudi banks including Arab National Bank and Banque Saudi Fransi, it said in a statement on Tuesday. "Zain Saudi Arabia completed a refinancing agreement, which complies with sharia laws, on April 11... That is to meet its previous obligations and finance a number of the firm's capital projects," the statement issued to Saudi bourse stated. The deal is a Murabaha, the firm said. Under a murabaha deal, an Islamic bank buys an asset from a third party and sells it to its customer at cost plus profit. This allows the bank to extend financing without charging interest, which is forbidden by Islamic law. Zain Saudi Arabia, which is 25-percent owned by Kuwait's Zain, became the country's third mobile operator in 2008 after paying a $6.1bn entry ticket. Saudi's Kingdom Holding and Bahrain Telecom (Batelco) are bidding to buy Zain's 25 percent share in the Saudi firm. Offloading the 25-percent holding in Zain Saudi was the pre-requirement of a $12bn takeover of parent Zain by the UAE's Etisalat. The deal fell through last month after Etisalat walked away. Yet Zain is still pursuing the Zain Saudi stake sale, despite Etisalat withdrawing its offer last month, citing Zain's divided board and regional unrest. Source: Reuters
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#112
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Saudi banks sets for bigger profits in 2011 - Jadwa
Saudi banks have largely completed provisioning against a significant rise in non-performing loans (NPLs) and are set for strong earnings per share growth this year, according to Jadwa Investment. The Riyadh-based finance house said that Saudi banks have now cleaned their loan portfolios after NPLs jumped by 132 percent over the last three years. Bad loans listed by the Saudi financial sector rose from 1.1 percent of total outstanding loans to 3.2 percent at the end of 2009. Jadwa said that total provisioning – the amount set aside by banks to cover anticipated defaults on loans – had risen to 109 percent of bad loans by the end of last year, as opposed to 86 percent in 2009. The Saudi Arabian Monetary Agency (SAMA), the kingdom’s central bank, has said it is happy with the overall level of provisioning, and is pushing banks to increase lending levels, which are well below their pre-2009 highs. Jadwa has predicted that banking sector earnings per share are set to grow by 42 percent this year, taking into account additional profit growth. The finance house also stated that only three banks – Riyad Bank, Bank Al Jazira and Bank Al Bilad – have a loan-loss coverage of less than 100 percent (i.e. total provisions for loan losses are less than the total of their NPLs), meaning that they may need to make further provisions this year. However, the kingdom’s other big banks, including SABB, Banque Saudi Fransi, Samba and Al Rajhi are all well provisioned. Jadwa said that the cost of dealing with NPLs had sliced 26 percent off Saudi banks profits in 2010 alone, as well as dropping dividend distributions. Source: Arabian Business
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#113
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New Tabuk Airport is ready to recieve flights
JEDDAH: Saudi Arabian Airlines will operate its first flight to the newly constructed Tabuk Regional Airport from Jeddah on Monday. Flight SV1547 from King Abdulaziz Airport will be the first of 77 weekly flights to land at the new airport. The Tabuk airport, which was modernized and expanded recently with panoramic front designs and new runways at a cost of SR242 million, is one of the Kingdom’s new generation airports established by the General Authority of Civil Aviation (GACA). The GACA carried out the project in order to meet the requirements of the growing number of passengers visiting the Tabuk province. Last year, the airport handled more than 686,000 passengers and nearly 2,500 tons of cargo. "The present airport can accommodate 1,500 passengers per hour," a GACA official said, adding that it would receive international flights from neighboring Arab and Gulf countries. The GACA is studying applications from three airlines — FlyDubai, AlMasria Universal and Nile Air — to operate international flights from Tabuk Regional Airport. "We expect more such applications from other airlines," the official said. The expansion project has increased the airport’s area of 33,779 square meters by another 12,000 square meters. The airport has new arrival and departure lounges and jet bridges to bring passengers from gates to planes. The new airport will boost the growth of Tabuk province because a large number of people have recently started to travel to Tabuk for business, investment, education and tourism, said the GACA official. There are 27 domestic and four international airports in Saudi Arabia constructed over the last four decades. King Fahd International Airport in Dammam is the largest. Source: Arab news
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#114
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US-Saudi Business Forum set
JEDDAH: Atlanta, Georgia will host the second US-Saudi Business Opportunities Forum slated for May 23-25. The first US forum was held in Chicago last April with more than 1,100 attendees. Following the Chicago forum, more than 100 businesses are now doing business with Saudi Arabia, said Omar Bahlaiwa, Secretary General for the Saudi Committee for the Development of International Trade. "The number of opportunities we are exposing at the Atlanta forum are worth about a trillion dollars, from large to small businesses across multiple sectors," said Bahlaiwa in a recent interview. The forum is designed to show US companies how to do business in Saudi Arabia, how to start a new company there and also to how to export. In particular, the demand for technology is high in Saudi Arabia and there are ample opportunities. Source: Saudi Gazette
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#115
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Danube plans over Dh300 million investment in Saudi Arabia
DUBAI -- Danube Building Materials a leader in construction, building materials and shop fitting industries has inaugurated a Dh50 million showroom in Saudi Arabia. The Dubai-based firm also plans eight more outlets by the end of 2012 worth over Dh200 million, its top official said on Tuesday. "We see strong demand for building materials in Saudi Arabia so Danube will continue its investment and our target is total 10 showrooms [in Saudi Arabia] by the end of next year. Total investment in the Kingdom is expected to cross Dh300 million," Danube Group Chairman Rizwan Sajan told Khaleej Times. The company now has a total of over 26 global retail facilities 17 in the UAE, three in India, two in Oman, Bahrain and Saudi Arabia. The company has also invested Dh50 million in a new manufacturing plant in Dubai. The new facility, which is spread over 1.3 million square feet in Dubai TechnoPark will open in mid-2011. Ahmad Hamza Awadh, Director, Jeddah Municipality, led the opening of the new integrated showroom and warehouse facility. Located in the heart of the Jeddah Industrial Area, the new showroom is part of Danube's strategic move towards creating a strong market presence in the Middle East construction industry and meeting its goal of achieving $1 billion in revenue by the year 2015, the company said in a statement. "Opening our new KSA showroom proves to be strategic and reflects perfect timing as recent reports have shown that Saudi Arabia currently has a 38 per cent share of the total construction projects in the region and has over $624 billion in current and planned projects, " Sajan said. "The strategic location of the new facility combined with our comprehensive product portfolio of essential building materials gives us the opportunity to reach out to new target customers. The move is also part of our continuing efforts to consolidate our presence in the Middle East region's thriving construction industry," Sajan said. Danube's new showroom measures in at 5,000 square feet while the warehouse, which is also the company's first completely covered storage facility, measures in at 150,000 square feet. Danube's move to open new showrooms across the region follows the impressive 25 per cent rise in its revenues in 2010. With the healthy show of activity across various construction projects in the region, the company is expecting to post in similar growth for 2011 and increasing its revenues to Dh1.6 billion. "Danube remains steadfast in its key efforts to become a major part of the development and progress that the region is currently experiencing. The opening of new showrooms across the region is not only part of our move to reach a target revenue of about $1 billion by the year 2015 but also reflects our long term commitment to leverage our world class high quality building materials across the various construction and development projects in the region," Sajan said. Source: Khaleej Times
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#116
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3 new hotels to rise in Saudi Arabia
JEDDAH: Saudi Arabia, Bahrain and the UAE are set to welcome five new luxury hotels by 2012, said winner of Best Brands' 2011 Best Service award, Kempinski Hotels, concluding its fifth annual GCC regional roadshow on April 9. The five new properties - Kempinski Hotel & Residences Palm Jumeirah in Dubai; Kempinski Hotel, Jeddah; Kempinski Hotel, Riyadh and Kempinski Al Othman Hotel - Al-Khobar and Kempinski Hotel Bahrain City Centre, Manama, are expected to set a new benchmark in luxurious hospitality in the GCC, and bring new green and intelligent technology to the region. This year, 20 international Kempinski Hotels - including the stunning Seychelles Kempinski Resort located in Baie Lazare, due to open later this year - toured the GCC to showcase the luxury group's growing portfolio of stunning properties from around the world. The Kempinski Hotel, Jeddah, boasts fantastic view of the Red Sea and is set to be the first green intelligent hotel building in the Kingdom of Saudi Arabia, when it opens in 2012. The 240-meter high tower hotel aims to be the finest address for leisure travelers in Jeddah featuring first class facilities including 250 luxury guest rooms and suites, 71 serviced apartments, two restaurants, a stunning spa, fitness centre, swimming pool and a 1000 square metre ballroom. Moreover, corporate guests can avail themselves of the advanced business and meetings facilities including fully equipped modern meeting rooms, VIP offices and business suites. Scheduled to open in 2012, Kempinski Hotel, Riyadh will boast an upscale commercial tower with 300 luxury guest rooms and suites, two restaurants, three cafés, conference facilities, ballroom for up to 2000 guests, two spas and separate wellness centres for men and women, selected boutique style retail outlets, Manhattan-style smart apartments and offices in addition to state-of-the-art business facilities with the aim of leading the luxury hospitality market in Riyadh in both, leisure and corporate segments. Kempinski Hotels signed the management and operating agreement for its third hotel in Saudi Arabia, Kempinski Al Othman Hotel - Al- Khobar, during the Al-Khobar leg of the annual Kempinski Hotels GCC road show. Centrally located in Qashlah Dhahran Road, at the epicentre of the Al-Khobar / Dammam / Dhahran metropolis area, the hotel is expected to become Al-Khobar's leading luxury hotel when it opens its doors at the end of 2012. The 218 key property will boast 141 rooms, 57 suites including two Presidential Suites and a 250-square metre Royal Suite, in addition to 20 elegantly appointed serviced apartments. No less than nine restaurants and cafés are sure to bring international innovative culinary experiences to the local market. Source: Saudi Gazette
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#117
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Deman for Takaful in Saudi Arabia surges
JEDDAH: Takaful is the fastest growing segment of the insurance industry in Saudi Arabia, RNCOS research and analytical consultancy said in its latest industry report. "We have found that Saudi Arabia has emerged as the largest market for Takaful insurance followed by Malaysia. Takaful insurance is growing at an annual growth rate of 15-20 percent globally, but it will grow at faster rate in Saudi Arabia because premium paid by the insured people is considered as donation and not premium," it said. The report noted tht protection and savings and health insurance are the fastest growing insurance lines in Saudi Arabia, with health insurance accounted for around 50 percent of the overall insurance market at the end of 2009. The health insurance sector is expected to grow at fast pace on the back of increasing involvement of private companies and the obligation for foreign nationals and foreign pilgrims to buy insurance covers. In addition, the most recent introduction of compulsory health insurance for private employees, irrespective of the size of the company they are working with, will further boost the health insurance market in the Kingdom. The general insurance category has also shown substantial growth despite the financial crisis, the report further said, forecasting that it will grow at a compound annual growth rate (CAGR) of more than 24 percent between 2010 and 2012 owing to rising motor and energy insurance. Property and aviation insurance are expected to emerge as the fastest growing general insurance segments over the forecast period. The motor insurance segment is projected to grow at a CAGR of 30 percent between 2010 and 2012. The fast growth rate will be achieved on the back of promotional strategies deployed by government. With the strong prospective growth in auto sales, the premium of motor insurance will increase as vehicle insurance has been made compulsory in the country. SAMA data showed that in 2009, insurance penetration of total GDP increased to 1.06 percent, up from 0.62 percent in 2008, representing a 69.9 percent increase. This significant increase in insurance penetration of total GDP is driven by the high increase in the insurance business volume on one hand and a decrease in total GDP on the other. Total net written premiums increased from SR7.321 billion ($1.95 billion) in 2008 to SR10.073 billion ($2.69 billion), a 37.6 percent increase. In 2009, the number insurance companies with more than SR100 million ($26.67 million) in shareholders' equity increased to 20, compared to nine companies in 2008. The largest company by total equity is Tawuniya, with total equity of SR1.4 billion ($373 million) following an increase from SR1.2 billion ($320 million) in 2008. Source: Saudi Gazette
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#118
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Samsung Engineering wins SOCC EPC contract
Saudi Organometallic Chemicals Co (SOCC), a joint venture equally owned by Sabic affiliate, Saudi Specialty Chemical Co and Albemarle Netherlands, has signed a contract with Samsung Engineering to provide the engineering, procurement, and construction (EPC) services at the group's aluminium alkyls manufacturing facility in Jubail, Saudi Arabia. Set for completion in Q3 2012, the SOCC facility will initially manufacture 6,000 metric tonnes/yr of Tri Ethyl Aluminium, the key co-catalyst used in polyolefin production. This product is currently supplied to the region from Albemarle's facilities in Europe, Asia, and North America and will be supplied from the SOCC plant to regional customers upon plant start-up. Source: Ame inf
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#119
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Saudi Industrial eyes merger with unit Petrochem
Saudi Industrial Investment Group (SIIG) plans to merge with its unit National Petrochemical Co (Petrochem) and will build a $1.2bn petrochem complex in 2012, its top executive said. SIIG currently owns 50 percent of Petrochem and produces around 1.3 million tonnes of petrochemical products. A potential merger, expected to be completed within nine months, will create the third largest petrochemical firm in Saudi Arabia after Saudi Basic Industries (SABIC) and Saudi Kayan Petrochemical Co. "It does not make sense for us to have too many companies so we just want to collapse the two into one....we are in the process of soliciting offers now from banks then we will discuss and nominate consultants," said SIIG's Managing Director Suleiman al-Mandeel. "I'll give it six to nine months, if everybody agrees, the shareholders and the capital market authority," he said. Saudi Industrial has a market value of around $3 billion and Petrochem is valued at $2.9bn, according to Reuters data. SABIC, with a market value of about $86bn, is the world's largest petrochemical company based on market capitalisation. SIIG expects its production to rise to 6 million tonnes after Petrochem's $5.4bn joint-venture with Chevron Phillips, called Saudi Polymers, starts production in the fourth quarter, Al Mandeel said. Chevron Phillips is a joint venture with US-based energy firms Chevron and ConocoPhillips. "It [project] should be operational in the fourth quarter. It has been under construction for four years now," he said. The executive also said SIIG is looking to set up another $1.2bn complex with Chevron Philips that will work on conversion projects, using the company's own products to downstream and produce products such as nylon and its derivatives. "By next year we should be constructing a complex... about $1.2bn," he said. The new project will be a 50/50 joint venture with Chevron Philips and is currently in the detailed engineering stage, he said. Al-Mandeel also said the Saudi-based petrochemical firm is expected to post at least a 30 percent rise in its profits for 2011 as petrochemical prices continue to rise. "In 2008 prices skyrocketed then there was a big drop... I think it will recover," he said, adding that the firm would see a bigger rise in profit for 2011. "I would say at least 30 percent," when asked about the firm's profit rise expectation for 2011. SIIG posted a net profit of SR404.6m for ($107.9m) 2010. Source: Reuters
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#120
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Saudi Arabia set for growth in - cinema at home
More than 30,000 Saudi homes are being targeted to receive the latest Hollywood blockbusters as the same time as they being released in GCC cinemas, a digital media content provider said on Thursday. Intigral, a joint venture between Saudi Telecom Company, All Asia Networks and Saudi Research and Marketing, told Arabian Business that it planned expand the reach of its new ‘Cinema at Home’ service in Saudi Arabia, in order to combat the lack of cinemas in the Kingdom. Intigral undertakes its own "in-house" censoring of movies to remove insensitive content before they are released into private homes. "For the release of movies, there is a window that you can capture in Saudi Arabia and nowhere else in the region. What we bring to households, since we started, is the concept of cinema at home," Karim Daoud, chief executive officer for Intigral, told Arabian Business at company’s headquarters in Dubai Studio City. "Cinema at home means that even before the product is released on DVD and is available on the market, we make it available on demand through our platform," he explained. Most recently, the provider broadcast the hit Egyptian movie, Zahaymar, through its In-Vision service. The movie was shown simultaneously with its theatre screenings in Egypt, Bahrain and the UAE. "That’s something, as a pay-TV player, we’re very proud to bring to the market, because it’s differentiating. You need those little differentiators, those little jewels to the customers," Daoud said, adding that he was already seeing a surge in interest in the service in the two months since the company launched. "The idea is to capitalise on these acquisitions that we do. Titles [like these] make a big marketing impact and obviously increase the interest of households that are not with us." The service was first launched two months ago, but following huge demand, Intigral is bringing forward its expansion plans for the Kingdom. The company has already signed a tie-in deal with Warner Studios to release its titles, and the company hopes it is the first in a pipeline of major studios and content providers linking up to release content in Saudi Arabia. The company’s first Hollywood release was the sixth instalment of the massively popular Harry Potter series. "The major introduction to the market was the Harry Potter series. We brought the first five titles before the sixth was actually released," Daoud said. "This allows us to do some very interesting packaging and market propositions where, with In-Vision, you provide very good quality content to your subscribers," he added. The company has a target of reaching 30,000 homes by the end of the year with its high-speed internet content package. It releases content online through its IPTV, mobile content and web service. Saudi Arabia has the Arab World’s largest population, estimated at just over 25 million people. It is also has one of the Arab World’s highest internet penetration rates, being ranked at number 33 in the top 50 most IT friendly countries by the World Economic Forum. IPTV, or Internet Protocol TV, is a system through which television services are delivered over high-speed internet connections. Users can access videos on demand or watch as live television. Source: Arabian Business
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