AMEinfo.com | Saudi Arabia | Latest News
Fri Jul 8 23:46:19 EDT 2011
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Arabian American Development announces key new investment partner in Al-Masane Al-Kobra Mining - Saudi Arabia: Arabian American Development Co. announced that the Arab Mining Company (ARMICO) has invested $37.3m, acquiring five million shares, or 10% interest in Al-Masane Al-Kobra Mining Company (AMAK). [AMEInfo.com]


Latham and Watkins advises on innovative Sipchem Mudaraba Sukuk - Saudi Arabia: Latham & Watkins advised Deutsche Securities Saudi Arabia LLC and Riyad Capital as Joint Lead Managers and Joint Bookrunners in the issuance of a SR1,800,000,000 Mudaraba Sukuk by Saudi International Petrochemical Company's 'Sipchem'. [AMEInfo.com]

New terminal planned for Dammam port - Saudi Arabia: The Saudi Ports Authority (SPA) has signed a SR2bn agreement with Saudi Global Ports (SGP) for building a second container station at the King Abdulaziz Port in Dammam, Arab News has reported. The new terminal will add 1.5 million TEU (twenty-foot equivalent units) to raise the capacity of the port to 3 million TEU, SPA said. The kingdom currently has nine ports, five on the Red Sea and four on the Gulf, with around 200 docks. [AMEInfo.com]

Al Tayyar travel renews contract with Travelport - Saudi Arabia: Al Tayyar Travel, Saudi Arabia's largest travel and tourism group, has been reappointed by Travelport as the preferred global distribution system (GDS) provider. According to the new multi-year agreement, Travelport, operator of the Galileo platform, is to provide travel booking systems and services to all of Al Tayyar's wholly-owned travel agencies in Saudi Arabia as well as the group's affiliate agencies in Kuwait, Yemen, Canada and the US. Al Tayyar Travel has a total of 330 retail branches. [AMEInfo.com]

Credit Suisse raises Mobily price target - Saudi Arabia: Credit Suisse has raised the price target for Saudi Arabia's Etihad Etisalat (Mobily) to SR70 from SR65 citing another strong year for the company, Reuters has reported. The brokerage sees "outperform"-rated Mobily as the "most geared to the data growth investment theme in Eastern Europe, Middle East, and Africa mobile market," and forecast a 19% revenue growth over last year. "There is still little sign of competition affecting Mobily adversely, with first-quarter data from the regulator suggesting Mobily has over 75% share of mobile broadband subscriptions," Credit Suisse added. [AMEInfo.com]