Saudi Arabia

SPECIAL ADVERTISING SUPPLEMENT TO THE NEW YORK TIMES
THE KINGDOM of Saudi Arabia occu-

pies 80% of the Arabian Peninsula, and
is ranked the fourteenth-largest country
in the world. It has the largest reserves
of petroleum on the planet, and is likely
to remain the worlds biggest net oil ex-
porter for the foreseeable future.
Discovered in 1938, with the help of U.S.
research, this oil wealth has helped to
transform the kingdom into a powerful and
dynamic economy.
Saudi Arabias history reveals a model
of strong leadership: its founder, King
Abdul Aziz Al-Saud, took control of the
capital city Riyadh in 1902 and proceeded
to unite the various tribes of the region
into an internationally-recognized nation
state over the following 30 years. Known
as Ibn Saud, the nations first king has
been referred to as the outstanding Arab
ruler of his time. His foundations for the
country were based on a strong com-
mitment to the Islamic faith and respect
for traditional culture and history, com-
bined with the will and energy to adapt
to the technological developments of the
modern world.
His successor, the recently deceased
King and Prime Minister Fahd bin Abdul
Aziz Al Saud, also prioritized moderniza-
tion, making clear that Saudi Arabia was
not going to lag behind in the inexorable
move towards globalization. An influen-
tial figure on the
world stage, King
Fahd pursued
peace through
diplomacy, help-
ing to achieve rec-
onciliation among
Arab nations and seek-
ing peaceful resolutions
for crises in Islamic and
non-Islamic countries
alike.
The current King, for-
mer King Fahds half
brother, Abdallah bin
Abdul Aziz Al Saud be-
came Crown Prince and
First Deputy Prime
Minister in 1982, and has
supported privatization
as a strategic choice for
the continued develop-
ment of the kingdom. As a result of this,
the Supreme Economic Council was cre-
ated in August 1999 to boost investment,
combat unemployment and promote pri-
vatization, and in January 2004, the Saudi
cabinet approved a reduction in taxes on
foreign direct investment (FDI).
Other notable figures in the Saudi po-
litical and business arena include Crown
Prince Ibn Abdul Aziz Al Saud, Second
Deputy Prime Minister since 1982 and
Minister of Defense and Aviation since
1962, whose work has helped make
Saudi Arabian Airlines into a world-class
carrier, and Prince Bandar bin Sultan bin
Abdul Aziz, the kingdoms Ambassador
to the U.S. and a powerful instigator of
U.S.-Saudi trade and commerce.
This lineup of accomplished leaders are
contributing to showcase Saudi Arabia
as a modern nation in the international
community; a nation that aims to improve
life for its citizens while taking a promi-
nent, active role in world affairs.
THE VERY essence of leader-
ship is vision combined with
the capacity to transmit that vi-
sion to others. Recently
crowned King Abdallah bin Abd
al-Aziz Al Saud plans to keep
the kingdom moving with the
times and developing eco-
nomically. He also believes that
his country must be part of the
global struggle against terror-
ism. For the realization of both
these visions, he looks to the
U.S. as a key partner.
Diplomatic relations between
the two countries were first es-
tablished in November 1933,
and despite media antagonism
in the wake of the 2001 terrorist
attacks, have been maintained
ever since. The U.S. and Saudi
Arabia are aware that it is of the
utmost importance that they
keep working together, partic-
ularly in the joint fight against
terrorism and in the quest for
a peaceful resolution to the
Israel-Palestine conflict.
In April this year, King
Abdallah traveled to the U.S.
and held a meeting with
George W. Bush. The
President highlighted the im-
portance of their nations part-
nership. It is important to the
cause of peace and stability in
the Middle East and the world,
he said. At a U.S.-Saudi
Arabian Business Council re-
ception held during the same
visit, King Abdallah said: The
strong political ties
which bind the
United States
and the Kingdom
of Saudi Arabia must
be accompanied by
strong economic ties between
the two countries.
Commercial ties are strongly
related to oil: Saudi Arabia
needs to sell and the U.S.
needs to buy. But Saudi Arabia
also imported more than $5
billion worth of goods from
America last year alone.
Western know-how and tech-
nology is sought after for many
areas in the non-oil sec-
tor, which has been
growing steadily over
the past years
and now repre-
sents around 60% of
total GDP. The King has
pointed out that ongoing, long-
term reforms such as a new
tax law and the organization of
the capital markets will continue
to make Saudi Arabia an at-
tractive choice for business in-
vestment.
Helping to strengthen these
ties and encourage investment
is the U.S. Commercial Service
in Saudi Arabia, under the di-
rection of the U.S. Department
of Commerce. The organiza-
tion works with American firms
entering the Saudi market and
also supports Saudi business
relations with the United States.
In a joint statement issued
after their meeting, the
President and the former Crown
Prince emphasized the need for
a foundation of broad coop-
eration. As a consequence, a
committee has been estab-
lished to deal with strategic is-
sues of vital importance for the
countries. Headed by the Saudi
Minister of Foreign Affairs Prince
Saud Al-Faisal bin Abdul Aziz
Al Saud and former U.S.
Secretary of State Colin Powell,
it is geared at cementing the
long-standing, productive re-
lations between both nations.
FACTS &
FI GURES
POPULATION
22,670,000
AREA
1,242 sq miles
CURRENCY
Saudi Riyal (SAR)
US $1 = SAR 3.745
CAPITAL
Riyadh
GDP PER CAPITA
$11,067 (2004 est.)
GDP GROWTH
5,2% (2004 est.)
NATURAL
RESOURCES
petroleum, natural gas,
iron ore, gold, copper
EXPORTS
petroleum and
petroleum products 90%
$116 billion (2004 est.)
IMPORTS
machinery, equipment,
food items, textiles,
chemicals, motor vehicles
$36.21 billion (2004 est.)
SOURCE: - Saudi Ministry of
Economy and Planning
- CIA The World Factbook
- Energy Information
Administration (U.S.)
LIKELY TO REMAIN AS THE BIGGEST NET OIL EXPORTER FOR THE
FORESEEABLE FUTURE, SAUDI ARABIA IS MAKING CLEAR THAT IT IS DE-
TERMINED TO KEEP UP WITH GLOBALIZATION. A YOUNG, MODERN NA-
TION OF LEADERS, IT IS INCREASINGLY ACTIVE ON THE WORLD STAGE.
INSIDER VIEW
THIS ADVERTISING SUPPLEMENT IS PRODUCED BY SUMMIT COMMUNICATIONS AND DID NOT INVOLVE THE REPORTING OR EDITORIAL STAFF OF THE NEW YORK TIMES
President George W. Bush meets recently crowned Abdallah bin Abdul Aziz Al
Saud, formerly First Deputy Prime Minister, in Crawford, Texas, in 2002.
Saudi Arabia
Leadership in a new business era
FRIDAY, SEPTEMBER 23, 2005
AN ONLINE VERSION
OF THIS REPORT IS
AVAILABLE AT
www.nytimes.com/global
Fueling the long-standing productivity of U.S.-Saudi relations
SAUDI ARABIA nyt 1-9.qxd 25/8/05 09:14 Pgina 1
Riyadh stages exciting new
development projects
EVERY government has a
responsibility to provide ser-
vices to its people. I do not
believe in making unreason-
able promises but at the same
time I do aspire to always
achieve more than is
promised, says Prince
Salman bin Abdul Aziz Al
Saud, Governor of Riyadh.
At the reigns of the kingdoms
capital city and its surround-
ing region, Prince Salman
wants to build on the extra-
ordinary progress the coun-
try has made since it was
founded.
The citys economy has
been growing steadily and fast,
with growth rates at around
8%. Government priorities are
to improve infrastructure and
to deal with social issues
such as unemploy-
ment. We have de-
veloped programs
to help improve
our city in all as-
pects, now and for
the future, says the
governor.
Prince Salman is also
the Chairman of the High
Commission for the Devel-
opment of Arriyadh, which
plans such programs. The
Arriyadh Development
Authority then puts them into
action. Current projects in-
clude the Riyadh Metropolitan
Development Strategy, now at
the implementation stage, and
Thumamah Park, an am-
bitious idea for an en-
tertainment desti-
nation around the
size of Disney
World. Our vision
is to create a
recreational park
that respects the nat-
ural aspect of the loca-
tion because of the magnifi-
cent escarpments and the
majestic sand dunes sur-
rounding it, says President
of Arriyadh Development
Authority Abdullatif bin Abdul
Malik Al Shaikh. The devel-
opment will contain desert
campsites and centers for
sporting activities, including
an aviation club and a race-
track. We expect about three
million visitors to the park in
the first year, says Mr. Al
Shaikh. First, however, he is
extending the invitation to in-
vestors to provide some of
the $700 million that the pro-
ject will need.
To prove the importance of
the authority as a partner, its
president urges investors to
look at their former projects,
which have been crucial in
maintaining Riyadhs position as
the political, business and eco-
nomic center of Saudi Arabia.
Saudi Arabia
SPECIAL ADVERTISING SUPPLEMENT SPECIAL ADVERTISING SUPPLEMENT
2
Integrating into world markets
Accession to the WTO will
be the next big achievement
WITH GDP for 2005 amount-
ing to around $250 billion,
Saudi Arabia has the largest
economy in the Middle East
and one of the best-performing.
In addition, it is extremely open
to both trade and investment,
and is continuously looking to
improve its integration into the
world market. The most await-
ed step onto the global stage
is the countrys accession to
the WTO, which, after favor-
able talks between recently
crowned King Abdallah and
President Bush in April, should
happen by the end of the year.
It is in the countrys best in-
terest to join the WTO. It means
better access to industrialized
markets for our petrochemi-
cals, which will help to stimu-
late our economy, leading to
higher per-capita income and
more jobs, says Amr A.
Dabbagh, Governor of
the Saudi Arabia General
Investment Authority (SAGIA).
SAGIA is promoting three areas
for investment: energy and its
sub-sectors (petrochemicals,
plastics, water and feedstock),
transportation, and information
and communication technolo-
gies (ICT). We are not short of
capital. What we are short of are
ideas, know-how, and knowl-
edge, and thats where we want
our American friends to join us,
says the governor.
Government economic re-
forms over the past few years
have been aimed at making the
investment climate more at-
tractive and business friendly. In
1999, the Supreme Economic
Council (SEC) was established
to streamline economic policy;
the organization has backed new
investment laws and started the
privatization process.
By creating a new legal
framework for investors that ap-
plies to Saudi and non-Saudi
alike, we have ensured that all
investors are treated equally and
can reap the same benefits. This
makes us an ideal investment en-
vironment, says Abdulrahman
Al-Tuwaijri, Secretary General of
the SEC.
THE BEST-PERFORMING ECONOMY IN THE MIDDLE
EAST IS LOOKING TO STIMULATE ITS MARKETS THROUGH
INCREASED GLOBAL EXPOSURE. MOVES TO PRIVATIZE
AND THE QUEST TO OBTAIN KNOW-HOW FROM PART-
NERSHIPS WITH U.S. COMPANIES LEAD THE WAY.
Following the successful telecom privatization, new investment
horizons are being opened up in other sectors.
ABDULRAHMAN AL-
TUWAIJRI
Secretary General of the SEC
AMR A. DABBAGH
Governor
of SAGIA
ABDULLATIF BIN ABDUL
MALIK AL SHAIKH
President of Arriyadh
Development Authority
PRINCE SALMAN
BIN ABDUL AZIZ
AL SAUD
Governor of Riyadh
New
theme park
expects to attract
substantial invest-
ment and three
miliion visitors a
year
Saudi Arabia
3
Diversified business opens up
Flourishing family-run
enterprises benefit
from liberalization
WIITH A VERY YOUNG and
and rapidly growing popula-
tion, which climbed from 12
million in 1980 to 22.7 million
in the 2004 census, Saudi
Arabia has a continued need
for more infrastructure and ser-
vices. The national government,
having enjoyed great wealth
through its oil revenues, much
of which has been applied to
infrastructure improvement, is
also eager to encourage
economic diversifica-
tion. To date, struc-
tural reforms have
been implemented
to make it easier for
foreigners to invest
in the country, while
at the same time a head
start has been made in pri-
vatization. The telecom sector
was privatized in 2002, and
other areas such as hospitals,
mining, insurance and transport
have been opened up. On the
home front, a fund set up to en-
courage young Saudi entre-
preneurs to start up new busi-
nesses began extending grants
in January this year.
Young Saudis need look no
further than their own fellow
nationals when it comes to run-
ning a successful company in
any sector of the economy.
Several major holding com-
panies of diversified business
interests have developed and
flourished, moving with the
times and the steady opening
up of the economy. Family-run
enterprises such as the Saad,
Al-Osais or Aswad groups have
been quick to exploit oppor-
tunities and are now in the
process of adapting to
the increased activity
and competition en-
suing from the pri-
vatization process.
Infrastructure and
constructi on, the
original domain of Al-
Osais group, is boom-
ing, and growth is expected
to continue at least until 2010,
when maintenance services
will still be required. Aswad
Group, providing engineering
and industrial services as well
as running a leading chain of
supermarkets, is planning to
go public by the end of 2006.
Kingdom Holding Company,
another diversified conglom-
erate, has been ranked
eleventh among the top 100
firms in the Muslim world (taken
to mean the 57 countries that
make up the Organization of
the Islamic Conference).
Other changes ahead are
Saudi Arabias proposed entry
i nto the Worl d Trade
Organization (WTO). While it
awaits the outcome of nego-
tiations, the kingdom has al-
ready signed bilateral agree-
ments wi th exi sti ng WTO
members, i ncl udi ng the
European Union in 2003. In
all, Saudi Arabias strong de-
mographic growth, vast area
size and substantial oil rev-
enues, coupled with its in-
creasingly large role on the
world stage, provide a `pow-
erful launch pad for private
businesses.
MOVING WITH THE TIMES, SEVERAL MAJOR HOLDING
COMPANIES OF DIVERSIFIED BUSINESS INTERESTS ARE
BENEFITING FROM THE INCREASED ACTIVITY AND COM-
PETITION FOLLOWING THE PRIVATIZATION PROCESS
STARTED IN THE KINGDOM THIS DECADE.
Privatized in 2002, the Saudi telecom sector demonstrates the countrys modernization potential.
The
kingdom has
already signed bi-
lateral agreements
with WTO mem-
bers, including
the EU
S
A
M
B
A
COUNTRY STAFF
Commercial Director:
Reyes Fernndez
Project and Editorial
Director:
Leonardo Soifer
Editorial Research:
Vincent Rifici
Recognition and thanks Useful contacts in Saudi Arabia
CONTENTS
3 PRIVATE
SECTOR
Moving with the times,
major diversified
companies are at the
centerstage of business.
7 FINANCE
Keeping abreast of
innovation is a priority
for financial institutions.
10 TRANSPORT
Mapping the future of
transportation by
expanding infrastructure.
12
AGRIBUSINESS
Technology is the answer
to the kingdoms rising
appetite.
13 TOURISM
Structuring efforts in the
industry pinpoint national
residents as a target
market.
14 SOCIAL
RESPONSIBILITY
The public and private
sectors are building on
solidarity.
15 INDUSTRY
From oil to all-rounders,
diversified ventures reign
in a revitalized economy.
18 TELECOM
The largest market in the
Middle East is integrating
the latest technology into
society.
q CAPITAL MARKET
AUTHORITY
Tel: 966-1-279-7777 /
279-7200
Fax: 966-1-279-7300
q SAUDI ARABIAN
GENERAL INVESTMENT
AUTHORITY
Tel: 966-1-456-7688
Fax: 966-1-456-9875/456-
7545/456-1103
q SAUDI ARABIAN MONETARY
AGENCY (SAMA)
Tel: 966-1-463-3000
Fax: 966-1-466-2936/466-2936
q SAUDI PORTS AUTHORITY
Tel: 966-1-405-0005
Fax: 966-1-405-3508
Email: contact@ports.gov.sa
q SUPREME COMMISSION
FOR TOURISM
Tel: 966-1-480-8855
Fax: 966-1-480-8844
q SUPREME ECONOMIC
COUNCIL
Tel: 966-1-483-4037
Fax: 966-1-483-4035
q COUNCIL OF
SAUDI CHAMBERS
OF COMMERCE AND
INDUSTRY
Tel: 966-1-405-3200
Fax: 966-1-402-4747
q SAUDI EXPORT
DEVELOPMENT CENTER
Tel: 966-1-276-5443
Fax: 966-1-406-5196
Email: info@sedc.org.sa
q ROYAL EMBASSY OF SAUDI
ARABIA IN THE U.S.
Tel: 202-342-3800
Fax: 202-944-3140
q EMBASSY OF THE UNITED
STATES, RIYADH, SAUDI
ARABIA
Tel: 966-1-488-3800
Fax: 966-1-488-3237
q U.S.-SAUDI ARABIAN
BUSINESS COUNCIL
Tel: 966-1-474-2555/474-
3555/476-7913
Fax: 966-1-476-7167/476-2697
Email: ussaudi@zajil.net
For More information on key
contacts, please go to:
http://www.us-saudi-
business.org/kcontact.htm
AVIS CAR RENTAL Shaukat Mehmood
OR MADARAT MEDIA CREW Jonathan Caido and Laurence Paria
U.S. COMMERCIAL SERVICE Nancy Charles-Parker
JEDDAH CHAMBER OF
COMMERCE Ghassan Ahmed Al-Sulaiman
SAAD GROUP Stuart Smith and Michael A. Bekley
SAAD GROUP Maan Sanea Family
HIGH COMMISION FOR THE
DEVELOPMENT OF ARRIYADH Armond J. Habiby
RED BOX SOLUTIONS Paul Sanbar
HIGH COMMISION FOR THE
DEVELOPMENT OF ARRIYADH Mr. Saad, PR Department
RIYADH GOVERNMENT Raafat Al-Sabbagh
Saudi Arabia
4
Saudi Arabia
5
the Groups property develop-
ment has made its mark in lux-
ury housing with the Oasis
Residential Resorts.
Over 50% of the groups in-
come of the is generated
through the financial services
division. Saad Investments
Company Limited holds and
manages shareholders off-
shore assets, and the recent-
ly incorporated Awal Bank
offers additional offshore bank-
ing services.
The only thing worth in-
vesting in is quality. This focus
raises our performance stan-
dards and promotes excel-
lence. When we demand
quality, everyone benefits, says
Mr. Al-Sanea.
FOR MANY years, the King-
dom of Saudi Arabia has been
focusing on diversifying the
economy away from oil, while
at the same time increasing the
involvement of the private sec-
tor. In keeping with the gov-
ernments goals,the Saad
Group has played a primary
role in improving the countrys
social and physical infrastruc-
ture. It has undertaken massive
construction projects and built
a sound base of health and ed-
ucation facilities.
With a net worth of more
than $5 billion, the Saad Group
has core interests in construc-
tion, building development,
banking and finance, and med-
ical and educational projects.
As a private-sector reflection of
Saudi economic dynamism,
the group is a partner in the
Kingdoms development.
Flagship firm Saad Trading
and Contracting Company
was established in the mid-
80s, and the Saad Group has
continued to expand since
then. Today, activities include
leisure development, informa-
tion technology, and travel and
tourism.
Founder and Chairman of
the Saad Group Maan A. Al-
Sanea has seen his enterprise
rise to seventh place among
Saudi Arabian diversified com-
panies. Not only as a
consequence of his out-
standing entrepre-
neurial qualities, but
also because of his
commitment to
humanitarian prin-
ciples, Mr. Al-Sanea
is one of the most re-
spected businessmen
in the country.
Led by a philanthropic atti-
tude, he founded the Saad
Center for Communications Dis-
orders, and subsequently the
Saad Specialist Hospital (SSH).
The Saad National School for
Boys and its counterpart for girls
showcase the groups invest-
ment in education.
Faithful to their trademark of
quality, the integrating com-
panies of the Saad
Group reflect a sound
business acumen.
The SSH is the pre-
mier healthcare fa-
cility in the Middle
East; the Saad Infor-
mation Technology
Company is the Saudi
Arabian IT leader; the Saad
Travel and Tourism Company
is a member of international
travel organisations as well as
being general sales agent for
Saudi Arabian Airlines; and
In the business of
serving the community
SAUDI ARABIA is a demo-
graphically young country,
and Saad Group Chairman
Maan A. Al-Sanea believes
in educating his countrys
youth. Through its charita-
ble entity the Saad
Benevolent Fund, the com-
pany sponsors university
education. The group has
also set up two schools,
taking in around 7,000
pupils.
Continued diversification
and expansion of its busi-
ness activities has led Saad
Group to establish a solid
market position. However,
the company has shown
that its deeper interests lie
within the community it
serves.
The Saad Specialist
Hospital covers the centers
basic health needs and now
offers much needed private
health care to the general
public.
Combining education
with healthcare, the group
has created the Saad
Center for Communications
Disorders, which provides
specialist care for children
with speech and hearing
problems, and helps them
to integrate into mainstream
schooling.
As a youthful,
principled nation,
we will harness
our vitality
INITIALLY FOUNDED to un-
dertake building contracts,
the Saad Group now has a
major presence in a broad
range of business and char-
ity ventures. Chairman Maan
A. Al-Sanea speaks of the
challenges ahead and of the
way social values have
spurred the groups growth.
The Saad Group is a na-
tional success story. Among
its many and diverse busi-
ness activities, where do
you see the best prospects
for continued growth and
expansion?
The Saad Group employs
over 9,000 people in 37 dif-
ferent businesses. In a very
short period it has become the
seventh largest diversified
company in Saudi Arabia and
the 23rd largest in the Gulf Re-
gion, with a net worth in ex-
cess of $5 billion. Founded on
two core businesses trad-
ing and contracting, and
banking and investments in
the early 90s the company
made a conscious decision to
diversify into promoting hu-
man development through
services such as education
and healthcare.
Today, Saads single largest
capital investment in Saudi
Arabia is the Saad Specialist
Hospital and, without a doubt,
the fastest-growing segment
in the group is healthcare.
Profit is a secondary concern
for the human service busi-
nesses, and this investment
strategy is supported by oth-
er well-established Saad ven-
tures.
Saudi Arabia is going
through a period of dy-
namic growth character-
ized by increased trade and
commerce with other coun-
tries. How do you see Sau-
di Arabias position on the
global playing field devel-
oping and what is the Saad
Groups role?
Progress in Saudi Arabia
has happened at light speed.
We must accept that progress
does not mean sacrificing tra-
ditions and principles, but
rather enshrining our beliefs
and values while applying them
to new situations. Gradually,
organizations like the Saad
Group, which operate on a
principle of complete trans-
parency, are strengthening ties
with the West and breaking
down past barriers to coop-
eration and mutual investment.
More and more, our busi-
ness leaders are combining
the principles and methods of
the West with traditional Sau-
di Arabian principles. We are
a youthful nation with timeless
values. I am confident we will
harness our vitality, as we have
in the Saad Group, to build a
better tomorrow for our coun-
try, strengthen our collabora-
tion and meaningful relations
with other countries through-
out the world, and in the
process, win the admiration
of our world contemporaries.
Saad Group: fueling people-
focused services
MAAN A. AL-SANEA, Chairman of the Saad Group
A MULTIDISCIPLINARY
GROUP OF MORE THAN
37 COMPANIES IN
DIVERSIFIED FIELDS OF
INTEREST, THE SAAD
GROUP HAS GROWN
STEADILY SINCE THE
1980S AND PUSHED
SOCIAL DEVELOPMENT
FORWARD IN THE
KINGDOM.
CHARITABLE WORKS:
Saad Center for Communications Disorders,
Saad Benevolent Trust
EDUCATION:
Saad National School for Boys,
Saad National School for Girls
HEALTHCARE:
Saad Specialist Hospital, Saad Medical Center,
Saad Training Institute
RESIDENTIAL DEVELOPMENT:
Oasis Residential Resorts Development
TRAVEL AND TOURISM: Saad Travel & Tourism Co.
LIGHT INDUSTRY: Saad Industrial Facility
INFORMATION TECHNOLOGY:
Saad Information Technology Co.
BANKING AND FINANCE: Local and international relations
From its
headquarters in
Al Khobar, the Saad
Group manages its
wide-ranging operations
with a priority focus on quality.
The
Saad Group
is a private-sector
reflection of Saudi
economic dy-
namism
Specialized fields
DEMANDis through the roof,
says Ghurm A. Morai sel ,
Managi ng Di rector of the
Al-Osais Group. With interests
in civil engineering, power
plants, telecom, manufacturing,
steel structures, road con-
struction and equipment rental,
Al-Osais is a truly diversified
private business. Thanks to the
oil boom, and the industrial
surge in both China and India,
demand looks set to continue
to increase for the time being.
We foresee growth until 2010,
says Mr. Moraisel. After this,
maintenance and operation will
come into play; there will be
room for international compa-
nies dealing with this kind of
technology to form joint ven-
tures or partnerships and lead
in the field, he adds.
Al-Osais Groups formula for
success has been to appoint
different managers to lead in
every area. A family business,
it is the sons who are running
the various aspects of the com-
pany, backed up by business
and engineering studies quite
often from the U.S. Hashim Al
Moraisel, with an MBA from
Saudi Arabia
6
Expert know-how provides winning service
Holding the Kingdoms key to
East-West understanding
THE MIDDLE East is wit-
nessing a renaissance right
now, a sort of awakening
a sense of wanting to be in-
corporated into the world
community, says Prince
Waleed Bin Talal Al-Saud,
Chairman of Kingdom Hold-
ing Company.
Certainly the prince is a
prime example of how to take
part in the world arena. With
interests in all sectors of the
economy banking, enter-
tainment, hotels, retail and
telecoms to name but a few
and investments all over
the globe, Kingdom Holding
is one of the biggest firms in
the Muslim world. Having
built up the company himself
through shrewd investments
since 1979, its chairman em-
phasizes that caution is a
key element in the balance
between risk and reward.
Im not like those men who
became overnight billionaires
in 2000 only to crash soon
after, he says.
The pri nce i s as wel l
known for his philanthropic
endeavors as for his busi-
ness investments. Money
has been donated not only
at home for specific pro-
jects to do with poverty al-
leviation, but to deal with
emergencies and ongoing
problems around the world.
After the tsunami disaster,
Kingdom Holding donated
$80 million to reconstruction
efforts.
Pri nce Wal eed i s very
eager to bridge the gap be-
tween cultures; he has es-
tablished American centers
at Middle-East universities
to contribute to a better un-
derstanding of the U.S. and
its systems. With many of
his investments in this part
of the world, he is a firm be-
liever in nations need for
cooperation.
Id like to rebuild bridges
with the world community
and am willing to do my ut-
most to bridge any misun-
derstandings between East
and West, Christianity and
Islam. I am also willing to
commit my influence, in-
tegrity and wealth to mak-
ing this world a more peace-
ful and stable place, he
concludes.
AL-OSAIS GROUP IS AN EXEMPLARY BUSINESS IN THE
COUNTRYS DRIVE FOR DIVERSIFICATION. RIDING THE
CREST OF THE OIL BOOM WAVE, THE GROUP HAS GROWN
ON THE BASIS OF SPECIALIZED KNOWLEDGE AND MAN-
AGERIAL TALENT IN EACH ONE OF ITS AREAS OF ACTIVITY.
GHURM A. MORAISEL
Managing Director of the
Al-Osais Group
PRINCE WALEED BIN
TALAL AL-SAUD
Chairman of Kingdom
Holding Company
the University of Colorado, runs
affiliate company Anabeeb
Industrial Services; Mohamed
Morai sel works as Deputy
Managing Director for Al-Osais
Contracting Co., having qual-
ified as an electrical engineer
at the University of Northern
Arizona. We began this com-
pany as a small operation that
has expanded over the years.
The need for skilled personnel and technological resources implies
the demand for Al-Osais services outstrips its capacity.
ON THE BACK not just of high
oil revenues but of a growing
non-oil private sector, the bank-
ing sector is experiencing an all-
time high. In 2004, the nations
ten existing commercial banks
posted record combined prof-
its of SR14.7billion ($3.9billion).
The kingdoms largest bank-
ing entity in terms of cap-
ital, National Com-
mercial Bank, show-
edthe highest prof-
its at SR3.5billion
($933 million), a
17.2% increase on
2003. Al-Jazeera
Bank made the largest
year-on-year increase in
profits at 101%, followed by
Samba Financial Group, which
registered a growth rate of
74.4%. Arab National Bank
(ANB) saw its net income go up
by 52.2% and the Al-Rajhi
Banki ng and Investment
Corporation saw it increase by
44%, while Saudi British Bank,
Banque Saudi Fransi, Saudi
Investment Bank, Riyadh Bank
and Saudi Hollandi Bank pro-
duced profit rates ranging be-
tween 20% and 30%.
The most recent Saudi ar-
rival to the banking sector is
Al-Bilad Bank, approved in
June 2004 by the Council of
Ministers, and which started
up with a capital of SR3
billion ($0.8 billion). It
is expected to have
opened 30 branch-
es by the end of
2005, replacing the
200 offices of the
ei ght money ex-
changes that merged
to form the bank. The
Council of Ministers is also al-
lowing three major interna-
ti onal banks Germanys
Deutsche Bank, Frances
BNP-Paribas, and U.S. bank
JPMorgan-Chase to open
branches in the kingdom. They
will join the growing number of
regional banks entering the
market.
Saudi Arabia
7
Aswad Group prepares to
float 60% of its shares
HAZEM F. Aswad, the
owner of Aswad Group, as-
cribes his success to his
deci si on to swi tch from
contracting to supermar-
kets at the end of the first
oil boom in the 70s. When
you have a vision, you have
to act accordingly: vision,
deci si on! he says. The
groups retail food suppliers,
Farm Superstores, have
stood out and stood up to
competition from outsiders
such as Carrefour and
Gant because of the loy-
alty of their customers.
Having started out as a
civil contractor to the oil
companies, Aswad is now
focusing its efforts on pro-
viding engineering solutions
and technical support. The
group has neverthel ess
kept a stake i n the me-
chani cal and el ectro-
mechanical contract sec-
tor as the sole provider of
specialized services to lead-
ing crude oil producer Saudi
Aramco. In addition to its
core supermarket business,
the group also owns a com-
mercial center in Jubail and
a jewelry company.
With the opening up of
the international market al-
ready under way, Mr.
Aswad has deci ded the
best next step for his com-
pany is to go public. He es-
timates that it will take him
around 18 months to sell
around 60% of the com-
panys shares, allowing him
to maintain continuity with-
in the firm. Mr. Aswad is
now pursuing new invest-
ments in other areas such
as electronics and the food
industry
Once again, the lack of
qualified personnel comes
to the fore. In its bid to curb
unemployment, the gov-
ernment has set up cen-
ters to train Saudis, after
which it subsidizes their
wages until they are fully
trained and qualified. While
Mr. Aswads top priority is
to find the right person for
the job, he welcomes the
Saudization process. When
it comes to seeking active
partners, he prefers U.S.
firms. We have a long his-
tory of successful business
wth American companies,
he concludes.
We would like to see this
growth continue for our fu-
ture generations and the
country as a whole, says
Ghurm Moraisel.
The familys U.S.-based
studies highlight that on the
Saudi front there is a lack of
qual i fi ed engi neers and
technicians as well as other
professional staff. One so-
lution is to increase the in-
volvement of outside in-
vestors who can provide
human as well as techno-
logical resources. The most
important aspect in a busi-
ness is its human resources;
you cannot work without
having the capacity to do
so, says the managing di-
rector. Given the current
state of demand and the
fact that Al-Osais has to turn
work down, any companies
worki ng i n these areas
would be most welcome to
the kingdom.
Al-Osais has also made
inroads in other countries.
Our expanding cycle of
service investment crosses
the borders to most of the
Gulf Cooperation Council
(GCC) regi on Kuwai t,
Qatar, the Uni ted Arab
Emirates and Oman, says
its head. The companys
key word is excellence, and
it is honesty, responsibility,
and dedication to doing
work well and on time that
has made the firms ser-
vices so sought after at
home and abroad.
The
Saudi stock
market grew by
a record 28% in
the first quarter
of 2005
HAZEM F. ASWAD
Owner of the Aswad Group
Refreshing banking formulas
Commercial operations take root and thrive
One of the main sources of
profit for banks in 2004 was
the growth in consumer fi-
nance. A new system has bor-
rowers assign a portion of their
salaries to banks, creating a
secure sector and an enor-
mous new market. Fees from
banking services also increased
by a massive 72.8%.
In June 2003 the Saudi
Government approved a new
capital markets law to create
and regulate the first formal stock
market in the kingdom. The law
created the Saudi Arabian Stock
Exchange (Tadawul) as well as
the Capital Market Authority
(CMA) to oversee and regulate
the exchange. Given the CMAs
assigned functions of regulating
and developing the capital mar-
kets, and protecting investors
from unfair and unsound prac-
tices, investment banking ac-
tivities are likely to increase. The
Saudi stock market grew by a
record 28% in the first quarter
of 2005 and the banks are mak-
ing the most of stock market in-
creases through their broker-
age arms.
Two initial public offerings
(IPOs), those of telecommuni-
cations company Etihad Etisalat
and National Company for
Cooperative Insurance (NCCI),
attracted huge interest, help-
ing to get the CMA off to a
good start.
Thanks to the new insurance
law, banks are now entering
the insurance market, which
was recently opened up to the
private sector and is likely to
grow substantially. Many banks
are establishing joint ventures
with international insurance
companies.
Banks are also focusing on
the small- and medium-sized
enterprise (SME) sector, one
of the fastest growing in the
economy.
BACKED BY AN ECONOMIC BONANZA, THE BANKING
SECTOR IS POSTING RECORD PROFITS. GROWTH IN CON-
SUMER FINANCE, SME DEVELOPMENT, AND NEW CAPI-
TAL MARKETS AND INSURANCE LAWS ARE FANNING THE
FLAMES OF SAUDIS SOARING FINANCE.
One of the main sources of profit for banks in 2004 was the growth in consumer finance.
S
A
M
B
A
Saudi Arabia
8
Saud Al-Sayari, Governor of
SAMA. In order to cater to the
expanding economy and keep
abreast of technological devel-
opments in consumer banking,
SAMA has created a series of
banking implements such as the
Saudi Arabian Riyal Interbank
Express (SARIE) and the Saudi
Payments Network (SPAN).
The first of the two is a pay-
ment and settlement system
linking all the banks in the king-
dom, which went into action in
May 1997. It allows banks
to exchange funds, and
to transfer and direct
debit messages for
customers and
for trading. Using
SARIE, all Saudi
commercial banks
can settle payments in
the national currency.
The second was put into op-
eration in 1990. SPAN com-
prises the national automated
teller machine (ATM) and points-
of-sale network connecting all
Saudi banks, and was created
primarily to encourage the use
of banking systems. Acceptance
of the system has been positive,
with the total number of trans-
actions, SPAN cards, points-of-
sale terminals and ATMs in-
creasing on an annual basis. The
system also has direct connec-
tions to international credit as-
sociations such as Visa and
MasterCard. The use of elec-
tronic payments has multiplied
substantially and it is now a ne-
cessity that people cannot live
without, says Mr. Al-Sayari.
THE SAUDI Arabian Monetary
Agency (SAMA), established in
1952 with U.S. technical assis-
tance, is the countrys central
bank and works within the
framework of Islamic law. SAMA
acts as a banker to the govern-
ment. It issues and controls cur-
rency, regulates the money sup-
ply, regulates and monitors
commercial banks (including de-
posits, loans and investments),
and manages foreign assets.
The agency also fixes monetary
policy to encourage price and
exchange rate stability, and con-
trols the financial system. Since
1981, SAMA has pegged the
Saudi riyal (SR) to the dollar. In
order to minimize exchange risks
for the private sector, to facilitate
long-term planning and to en-
courage repatriation of capital
from abroad, the government
has kept the exchange rate at
SR 3.75/US$ 1 since 1987.
Favorable economic condi-
tions combined with great ef-
forts in the banking sector have
led commercial banks in
Saudi Arabia and other Gulf
Cooperation Council (GCC)
countries to achieve robust
growth over the past few years.
Commercial banks in Saudi
Arabia saw capital and reserves
go up by 22.4 % during the first
quarter of 2005, while their prof-
its rose to SR5.1 billion ($400 mil-
lion) during the same period.
The Saudi banking system is
modern and well developed,
based on financial standards
and payment systems that are
equivalent to those in major in-
dustrial countries. With
strong management
and the latest tech-
nologies, banks offer
a wide range of
products to suit cus-
tomer needs. The
sector is also subject
to strict supervision to
ensure banks meet interna-
tional regulatory requirements.
The banking sector is high-
ly capitalized, highly profitable
and has high liquidity. It has a
very well developed infrastruc-
ture, for both payment and set-
tlement, and provides modern
electronic banking services,
says Hamad
The countrys
leaders are open
and internationally
oriented
Over the years, Governor of
the Saudi Arabian Monetary
Agency (SAMA) Hamad Saud
Al-Sayari has earned a repu-
tation for sound management.
At the helm of financial steadi-
ness and modernization initia-
tives, his driving vision has al-
lowed banks to prosper in the
kingdom.
What is your personal view
on the Saudi economy and
what challenges do you think
lie ahead?
The Saudi economy is go-
ing through a high-rate growth
cycle, based on direct invest-
ments, government spending
and an expansion in the oil sec-
tor. The government has been
conducting structural economic
reforms for a number of years,
starting with the creation of the
Supreme Economic Council.
We have a very low inflation
rate it has been under 1% for
two decades. However, there
are many challenges ahead,
including the need to create
more jobs. We also need to
become more competitive in a
global economy.
Saudi Arabia has enacted
and updated a number of
laws in recent years in its bid
to join the WTO, including
opening up insurance and
telecom sectors to foreign
investors. What is your view
on Saudi Arabias accession?
This should have happened
a long time ago. One of the
fundamentals of the Saudi
economy is that it is a very free
market, a very open economy.
We have open liberal policies;
no capital controls, no ex-
change restrictions. Once we
join, I do not expect there will
be an immediate negative im-
pact, and it will favor export-
oriented industries.
Saudi Arabia has 11 banks
out of which seven are par-
tially owned by foreign in-
vestors. However, Islamic
banking is on the rise. What
are the implications?
Islamic banking is the same
as conventional banking, but is
designed to avoid fixed inter-
est as such. The purpose is to
increase the sharing of risk be-
tween the investor and the bor-
rower. Nevertheless, there are
no free loans. Islamic banking
also insists on the time value
of money, so the contract or
transaction is also designed to
ensure investors get returns.
How would you describe the
leaders of Saudi Arabia and
how do you see yourself?
The countrys leaders are
open and internationally ori-
ented, with a great respect for
human and cultural values.
They want as much peace
and prosperity for others as
they do for themselves. What
I do is a public duty, and my
only desire is to serve the peo-
ple. My country invested in me
and educated me, and I am
just being a loyal and respon-
sible citizen.
Monetary agency underpins
an ambitious financial future
HAMAD SAUD AL-SAYARI, Governor of the Saudi Arabian
Monetary Agency (SAMA)
SAMA HAS OVERSEEN THE COUNTRYS FINANCIAL
GROWTH FOR OVER HALF A CENTURY. FOCUSED ON MOD-
ERNIZATION, IT HAS IMPLEMENTED INNOVATIVE SYSTEMS
TO PROVIDE TOP-NOTCH CONSUMER BANKING.
Sophisticated banking becomes vital
BEING able to meet the in-
creasingly sophisticated fi-
nancial and banking needs of
the rapidly-growing Saudi pop-
ulation has been a priority for
all commercial banks in the
country. With the support and
supervision of SAMA, which
has initiated a number of de-
velopments for improving
banking technology, Saudis
11 commercial banks now op-
erate on the universal model.
They provide retail and cor-
porate banking, investment
advisory services, brokerage
facilities, and derivative trans-
actions as well as credit cards,
cash machines and point-of-
sale transactions.
In the mid 1980s, Saudi
Banks installed the first auto-
mated teller machines (ATMs),
and in 1986 SAMA imple-
mented automated clearing
houses to support national
cheque clearing. SAMA also
instigated the introduction of
advanced electronic infra-
structure to facilitate transac-
tions between bank branch-
es and between different
banks, using the SARIE and
SPAN payment and settle-
ment systems.
In October 2004, SAMA
launched the Sadad elec-
tronic bill presentment and
payment (EBPP) service, al-
lowing registered users to be
paid via bank ATM and inter-
net services. E-commerce is
rapidly becoming one of the
essential means for banks to
sell their products and ser-
vices; Saudi banks have kept
up with technology and in-
vested accordingly, meaning
that today there is an exten-
sive electronic payments net-
work in place. Telephone and
internet banking services have
allowed Saudi banks to com-
pete with international enti-
ties as well as providing more
choice for customers.
More recently, some banks
have begun to offer GSM cel-
lular banking services. Given
the high proportion of cell-
phone users in the kingdom,
this could become an impor-
tant channel for banking activity
in the near future.
SAMA also gives frequent
security advisories to the coun-
trys banks, which have secu-
rity systems in operation as
advanced as those of their U.S.
or European counterparts. As
the vital ingredient for customer
confidence, security is the high-
est priority at Saudi financial in-
stitutions. The kingdoms
banks are constantly upgrad-
ing their information security
systems and procedures.
IBRAHIM S. AL-SAYARI
Director of the Saudi Arabian
Monetary Agency (SAMA)
A view of
the 1978
Saudi
Arabian
Monetary
Agency
Head Office,
designed by
Minoru
Yamasaki.
SAMA
has pegged
the Saudi riyal to
the dollar and kept
a stable exchange
rate since the
1980s
Saudi Arabia
9
INITIALLY established as the
Saudi American Bank, Samba
Financial Group was created
as a joint venture with Citibank
when a program adopted in
the mid 70s required foreign
banks to sell majority equity in-
terest to Saudi nati onal s.
Citibank managed Samba until
2003, when it sold its final
shares.
Eisa Al-Eisa, a long-stand-
ing employee, was appointed
Managing Director and CEO,
and immediately proceeded
to implement his vision of dou-
bling earnings at the bank, al-
ready Saudi Arabias second
largest, in a period of four
years. It was renamed Samba
Financial Group to indicate its
status as a financial services
company.
Mr. Al-Eisas vision looks
well on the way to being ful-
filled. Sambas net income had
declined by 22.7% in 2003,
but 2004 results were spec-
tacular. Under full local man-
agement the bank posted a
net income of SR2.506 mil-
lion ($668,212) a 74% in-
crease over the previous years
results. Total assets grew by
20% over the same period.
Over the course of the year,
Samba received a number of
awards and accolades from
several respected internation-
al publications dedicated to
banking and finance including
The Banker and Gl obal
Finance magazines.
The banks Corporate and
Investment Banking Group
(CIBG) deals with corporate
clients from both the public
and private sectors of the
country. With its strong focus
on innovation, Samba is con-
tinuously launching new prod-
ucts and services. Credit card
business is on the rise within
the personal banking section,
with income and revenues
growing by 63% and 31% re-
spectively over the year. For
this sector, Samba also pro-
vides credit risk management,
remittance transaction prod-
ucts and e-banking, which
now accounts for almost 90%
of total branch volumes.
The group has also proved
successful in managing the
initial public offering (IPO) of
tel ecom company Eti had
Etisalat, the first to be exe-
cuted under the new Capital
Markets Authority listing rules,
and which was 51 times over-
subscribed.
Logging onto new value strategies
through award-winning e-banking
BANKS around the worl d
have learned that the imple-
mentation of e-banking can
improve their capabilities as
well as helping to create new
value strategies. The Saudi
Arabian market was initially
slow at taking up these types
of products, but with con-
stant i ntroducti on of new
products by recognized and
trusted corporations such as
Samba Financial Group, it is
begi nni ng to pi ck up and
looks set to continue grow-
ing in the future.
E-banking entails the pro-
vision of retail and small-value
banking products and ser-
vi ces through el ectroni c
channels, including direct de-
posits, automated teller ma-
chi nes (ATMs), credi t and
debit cards, telephone bank-
ing, electronic bill payment
and web-based banki ng.
Such systems provi de a
faster, easier, and more reli-
able service to clients, im-
proving banks competitive
position and image, and help-
ing to meet clients demands.
Meeting customers needs
with high-tech, specialized
banking services is one of
Sambas main goals, along-
side becoming the market
leader in product expertise, in-
novation, speed and flexibil-
ity. The bank has won sever-
al awards under the Internet
Banking category from Global
Finance magazine, including
Best Corporate Internet Bank
in Saudi Arabia (for three con-
secuti ve years) and Best
Online Bank.
Private banking continued to
do well in 2004, with credit
card business in particular
showing excellent growth. This
rise has been confirmed by
credi t card company Vi sa
Internati onal , whi ch an-
nounced that expenditures
paid by credit cards in Saudi
Arabia increased five times
during the first quarter of 2005.
Samba brought in several
new sales channels during
the course of 2004, including
Card-on-Phone, Card-on-
Net, Dial-a-Draft, Utility Bill
Payments and the Equal
Payment Plan. E-care, an au-
tomated web-enabl ed cal l
center for dealing with cus-
tomer queries and problems,
was also introduced last year.
Sambas corporate and
commercial banking customers
are not sidelined when it
comes to e-banking products
SambaAccess is an internet-
based electronic banking de-
livery platform which allows cor-
porate clients to process billions
of riyals every week, safely,
speedily and accurately.
SambaConnect, launched in
2003, is Saudi Arabias first
comprehensive payment set-
tlement system for internet
merchants.
Locally managed Samba achieves
groundbreaking returns in record time
EISA AL-EISA, Managing Director and CEO of Samba Financial Group
INTERNATIONALLYACCLAIMED FOR ITS RAPID AND SPEC-
TACULAR GROWTH SINCE PREVIOUS MANAGER CITIBANK
SOLD ITS FINAL SHARES IN 2003, SAMBA FINANCIAL GROUP
IS AN EXAMPLE OF LOCAL MANAGEMENT SUCCESS. A
LEADER IN THE CREDIT CARD MARKET AND E-BANKING,
THE BANK IS MAKING INNOVATION A MUST. Making Islamic
banking a hallmark
of innovation
THE BANKING sector is
booming in Saudi Arabia
thanks to a growing econo-
my, expanding consumer
lending and increasing mar-
ket confidence. While banks
apply technological innova-
tion and extend their product
lines, many, including Samba
Financial Group, are turning to-
ward Islamic or non-
conventional finance
in response to
growing cus-
tomer demand.
More and
more clients,
both corporate
and private, are opt-
ing to use Islamic bank-
ing products. Based on the
notion that risks are to be
shared as well as profits,
Islamic banking does not
offer interest but returns on
investments. Banks in Saudi
Arabia have benefited for
many years from the tradi-
tion of non-interest bearing
deposits, essentially Islamic
and accounting for more
than 40% of all deposits.
According to the nations
bankers, around 75% of the
retail lending market already
functions as Shariah-com-
pliant.
In light of this trend, Samba
has focused strongly on pro-
viding new Islamic banking
products and services, all care-
fully reviewed and approved
by the banks own Shariah
Committee, made up of ac-
credited Islamic schol-
ars. The bank offers
private customers
Islamic credit-
cards, car finance,
personal finance
and current ac-
counts under the
Al-Khair brand name.
For corporate clients,
Samba offers trade financing,
working capital financing, leas-
ing, project finance, cost-plus
financing and Islamic invest-
ment accounts.
In 2004, Samba opened
its first Islamic banking branch
in Makkah, the birthplace of
Islam. Further branches have
been opened and more are in
the pipeline as Samba aims
to establish a network of
Islamic banking facilities
throughout the kingdom.
State-of-the-art technology throughout its operations gives Samba its competitive edge.
Sam-
ba aims to es-
tablish a network
of Islamic banking
facilities through-
out the kingdom
Saudi Arabia
10
Operation and
maintenance services
Marine services
Catering services
Health Care services
www.zamil-om.com
Buzzing
with
expertise
www.alqussie.com.sa
A leader in hospital
and airport
operation and
maintenance, civil
works, agriculture,
cities/stadium
projects, and
cleaning in various
projects for both
the public and
private sectors
Al Qussie International
POWER GENERTATION
SECURITY SYSTEMS
BIO-MEDICAL PROJECTS
OPERATION AND
MAINTENANCE OF
AIRPORTS
Specialists in design,
procurement, installation,
operation and
maintenance projects
SAUDI
SERVICES CO. LTD.
Expertise in electrical
and mechanical
industrial projects
High-class investment opportunities taking off in Saudi Arabia
PRESIDENCY OF CIVIL AVIATION
WWW. RAJ ABSI SI L AH. COM. SA
WWW.PCA.GOV.SA
UNITED SAUDI
MAINTENANCE &
SERVICES CO.
Standard setters in the servicing and maintenance of airports
www.sscl-sa.com www.usms-sa.com
RAJAB & SILSILAH
Mapping the future of transport
Extended roads, pioneering
rail links, and new air carriers
SAUDI Arabias substantial
socio-economic growth in re-
cent years has prompted a
parallel expansion in the king-
doms transportation sector,
including road, air, rail and
ports. We currentl y have
more than 33,000 miles of
road surface, which will be ex-
tended to 41,000 miles over
the next ten years, says
Minister of Transport Jobarah
Al-Suraisry.
The port network i s the
largest in the Middle East,
spanning two important wa-
terways: the Red Sea and the
Arabian Gulf. We have eight
ports in total, five on the west
coast and three on the east
coast. There are plans to fur-
ther devel op Jeddah and
Dammam ports, which will
be linked by the Landbridge,
says the minister.
The Landbridge is an ambi-
tious project that will link Saudi
Arabias east and west coasts
by rail for the first time, pass-
ing through Riyadh Dry Port.
Masterminded by the Saudi
Railways Organization (SRO),
the project is making the most
of advances in the privatization
process, and has been offered
up for sale to investors on a
build-operate-transfer (BOT)
basis. We are targeting the
middle of 2006 for the award
of the concessi on for the
Landbridge, says President
of SRO Khalid H. Alyahya.
Air transport comes under
the j uri sdi cti on of the
Presidency of Civil Aviation
(PCA). Until recently, national
airline Saudia was the only
carrier, but in order to cope
with increasing demand the
PCA has granted its first new
license to Al Khayala, a luxu-
ry airline set up by private avi-
ation company National Air
Services (NAS). Eventually, the
market will be opened up to
international operators.
THE LARGEST PORT NETWORK IN THE MIDDLE EAST,
THE FIRST STEPS TOWARD AIR TRAVEL LIBERALIZATION,
AND THE GROUNDBREAKING LANDBRIDGE RAIL PRO-
JECT ALL SHOWCASE THE IMPORTANCE AWARDED TO
TRANSPORTATION IMPROVEMENT IN THE KINGDOM.
The ambitious Landbridge project, which will be offered up for sale
in 2006, will link the east and west coasts by rail for the first time.
JOBARAH
AL-SURAISRY
Minister of Transport
MOHANNAD F. AL-MADHI
Secretary of the Steering
Committee at the SRO
SAUDI ARABIA nyt 10-20 .qxd 23/8/05 10:25 Pgina 2
Saudi Arabia
11
Established in 1944, the Presidency of Civil Aviation (PCA) is now on the runway to becoming a
commercial organization with a mission to stimulate investment in the aviation sector.
IN SUCH A large country, ef-
ficient air transportation is vi-
tal for the smooth running of
the economy. Saudi Arabia is
justly proud of its civil aviation
sector, first established in
1944. With late King Fahd as
Custodian of the Two Holy
Mosques, the kingdom sees
huge influxes of Hajj and Um-
rah pilgrims every year. The
country has 27 airports, three
of which are international, and
Saudi Arabian Airlines
(Saudia), the national carrier,
has the largest fleet in the Mid-
dle East. However, in the opin-
ion of Abdullah M. N. Rehaimi,
at the head of the Presiden-
cy of Civil Aviation (PCA), the
sector has yet to reach its full
potential.
The most important deci-
sion to date has been to lib-
eralize and privatize the
industry We believe that right
now there is a significant
demand for service
that is not being
met, says Mr. Re-
haimi. We have
therefore made a
decision to open up
the market to allow
other carriers to oper-
ate. Initially, this will only ap-
ply to the domestic market,
but over time the reform will
extend to the international
market as well. Concurrently
with this strategy, the PCA it-
self will be reorganized. In
March this year, the govern-
ment approved the decision
to give the agency financial
and administrative indepen-
dence and have it operate on
commercial lines. The PCA
will become a commercial or-
ganization with a mission to
stimulate investment in the
aviation sector, says its pres-
ident. Private sector partici-
pation is already being
sought for interna-
tional and dom
estic airport op-
erations, with the
exception of sec-
urity.
Saudi Arabias
largest airport and the
main destination for pil-
grims, King Abdul Aziz Inter-
national Airport in Jeddah, is
undergoing an expansion that
will boost its passenger han-
dling capacity to 21 million a
year. The project includes con-
struction of two new termi-
nals and extension of the
existing one, with passage-
ways connecting the three. A
two-story car park will ac-
commodate 5,700 cars, and
25 passenger bridges will con-
nect departure and arrival
lounges directly with aircraft.
Other infrastructures, such as
an integrated radar system
and new and improved air traf-
fic control centers, are also
being introduced.
The two other internation-
al airports still have potential
to exploit. At King Khaled Air-
port in Dammam, an entire
terminal is available for added
capacity once the demand
materializes, while at King
Fahd Airport in Riyadh there
is room to handle seven mil-
lion more passengers a year.
Meanwhile, several smaller
airports are on the drawing
board for renovation. We are
currently involved in a major
project to renovate and en-
large the Madinah Airport,
which has great potential be-
cause of the religious signifi-
cance of the city, and we
expect to build a new airport
in Al-Ola, in the northwest of
the kingdom, explains Mr.
Rehaimi.
The end to Saudias mo-
nopoly on domestic flights
came in July this year, when the
first private licensee, Al Khay-
ala, started flying the Riyadh-
Jeddah route. Although this
line is strictly for the top end of
the market, where demand is
particularly high, operator NAS
also plans to launch a budget
airline at some time in the fu-
ture. Saudia is certainly a com-
mercial airline today, but with
the advent of competition they
will have to significantly increase
their performance and effi-
ciency because we expect
competition to make a real and
permanent impact on the mar-
ket, states Mr. Rehaimi.
CHAIRMANof Wallan Aviation
Saad Wallan has always been
involved in the transportation in-
dustry. Like many of his suc-
cessful fellow nationals, Captain
Wallan believes that honesty, in-
tegrity, generosity and hard
work are invaluable attributes
in conducting business. He
started buying and selling cars
while still at school, and soon
set up an automobile dealer-
ship, which has now evolved
into major company: Wallan
Trading. Steadily increasing
business commitments across
the country (as well as a stint
working for Saudia) prompted
Captain Wallan to take up fly-
ing and to buy a plane; the nat-
ural consequence was the birth
of a private aviation company
designed to fulfill the needs of
Saudi Arabias business elite.
Saudi busi nessmen and
companies now own in excess
of 60 private executive jets, in-
dicating an upward trend in the
private aviation market. Ac-
cording to Captain Wallan,
owning a private jet is begin-
ning to be viewed more as a
necessity than a luxury by the
countrys wealthy entrepre-
neurs. The market is excellent
because of Saudi Arabias size.
Transportation to the large met-
ropolitan cities is easy to come
across, but much of the busi-
ness is conducted in some of
the smaller cities such as
Tabouk and Hail. Business-
Saudi skies open up
to private carriers
Upward trend in
private aviation
THE END OF SAUDIAS MONOPOLY ON DOMESTIC
FLIGHTS HAS OPENED THE KINGDOMS SKIES TO FRESH
COMMERCIAL POSSIBILITIES. THE REVAMPING OF AIR-
PORTS AND THE CONSTRUCTION OF NEW FACILITIES
ARE LAYING THE GROUND FOR INCREASED TRAFFIC.
GROWING DEMAND IN EXECUTIVE AVIATION MARKET PROVIDES PLENTIFUL OP-
PORTUNITIES FOR PRIVATE EXPANSION. THE KINGDOMS LARGE SIZE AND GEOGRAPHY
ARE MAKING JET OWNERSHIP A MUST IN THE BUSINESS COMMUNITY. PARTNERSHIPS
WITH U.S. FIRMS ARE SEEN AS A DECISIVE PUSH FOR TECHNOLOGY TRANSFER.
ABDULLAH M. N. REHAIMI
President of Civil Aviation
SAAD WALLAN
Chairman
of Wallan Aviation
The
most impor-
tant decision to
date has been to
liberalize and priva-
tize the industry
Continued on page 12
REPRESENTING around 8%
of GDP, the agriculture sector
is given its due importance in
Saudi Arabi a. I n a bi d to
achieve self-sufficiency in food
production but also to help
raise rural incomes, the sec-
tor was dramatically restruc-
tured during the 70s and 80s.
The government distributed
land for the growing of crops
and raising of livestock, and
also provided indirect support
by spending heavily on infra-
structure, including electrici-
ty supply, irrigation, drainage,
secondary road systems and
other transportation facilities
for the distribution and mar-
keting of products.
The restructuring program
prompted a huge response
from the private sector, with av-
erage annual growth rates well
above the forecasts. Private
investments went mainly into
expanding wheat cultivation
Saudi Arabia is one of the
worlds 10 largest exporters
of wheat but also sorghum
and barley. Commercial poul-
try farms greatly benefited from
government incentives and
grew rapidly. However, chick-
en has become a major sta-
ple of the Saudi diet and cur-
rent production accounts for
Saudi Arabia
12
men who wish to travel to these cities are our
target market, says the companys chairman.
In addition to operating manned jets and man-
aging private aircraft for other business lead-
ers, Wallan Aviation is the sole agent of LearJet
and Cessna Citation aircraft in Saudi Arabia,
the Gulf, Jordan and Yemen. In the last three
years we have sold 25 airplanes, which is a
considerable result. Currently we have nine air-
planes on order that will be delivered during
2005 and 2006, says Captain Wallan.
The company prides itself primarily on the
quality of its service, which stems from the fact
that the chairman knows his market as both
a pilot and a businessman. Because of our
excellent service, our customers develop a cer-
tain loyalty towards us and trust us to provide
them with more airplanes whenever they wish
to upgrade their fleet. We are doing very well
already, but in the next four to five years I be-
lieve that our business will soar, he explains.
Indeed, commitment to high business stan-
dards has earned the firm the 2004 Saudi
Business Achievement Award in the field of
aviation.
Reforms in the public aviation sector
notwithstanding, Captain Wallan believes
that demand for private aviation is on the in-
crease, and that investment opportunities are
plentiful. His own experience has led him to
trust and appreciate partnerships with U.S.
companies, as they have a record of trans-
ferring know-how to the firms they do busi-
ness wi th, but he woul d wel come any
international investor to Saudi Arabias air
transportation industry. The way we con-
duct business is the same as everywhere else.
The only difference I see is that the oppor-
tunities in the field of aviation here are greater,
he notes.
Upward trend
in private
aviation
Continued from page 11
Jeddah Port: connecting
Europe and the Middle East
THE STRATEGICimportance
of Jeddah Islamic Port on the
Red Sea is undeniable. A
prime location at the con-
nection point between Europe
and the Middle East, and
proximity to major shipping
lines on the Red Sea, make
it the point of entry for almost
60% of the countrys imports.
It is also the port of choice for
the thousands of Muslim pil-
grims who travel to Makkah
and Madinah each year.
The port belongs to the
Saudi Ports Authority, but the
consistent need for expansion
has prompted the outsourc-
ing of operations to the pri-
vate sector, which has been
quick to invest in a lucrative
business.
Seven years ago, pur-
chase of several state-of-the-
art cranes enabled the port
to treat 170 containers per
ship per hour, an unequalled
standard. In 2002, the port
handled one million contain-
ers; last year, it processed
2.4 million and within a few
years it is expected to be han-
dling around 5 million con-
tainers annually. Liners pre-
fer a port that can provide
both transhipment services
and cargo entry, says its
Director General Sahir Bin M.
Tahlawi.
Jeddah Islamic Port boasts
58 berths distributed to han-
dle specialized cargo types,
and a ship repair yard with ca-
pacity to accommodate ves-
sels up to 60,000 tonnes.
Changes to procedure and
technological developments
have helped to reduce pro-
cessing times for customers,
a factor that increases the
ports appeal. Three stations
with x-ray machines for cus-
toms inspections will con-
tribute even further to the
smooth running of opera-
tions. We give priority to at-
tracting and maintaining
clients, concludes Mr.
Tahlawi.
SAHIR BIN M. TAHLAWI
Director General of Jeddah
Islamic Port
Wallan Aviation is benefiting from the kingdoms excellent air transport infrastructure.
Nurturing change
in agribusiness
Technology is the answer to
the kingdoms rising appetite
IN A QUEST TO MEET THE GROWING DE-
MAND FOR AGRICULTURAL PRODUCTS, THE
GOVERMENT IS ENCOURAGING FOREIGN
INVESTMENT. POLICIES AIMED AT UPPING
PRODUCTIVITY HAVE PROMPTED FAR-
REACHING TECHNOLOGICAL ADVANCES.
less than half of total demand.
Neverthel ess, the ki ng-
doms agriculture continues
to grow at 8% a year, driven
by the massive population
growth and the increasing de-
mand for food products. A
substantial part of the budget
has been set aside to increase
agricultural productivity, de-
velop new farming areas, im-
prove quality and marketabil-
i ty, and for vi tal water
conservation projects. Our
efforts are geared
towards i m-
proving the
efficien-
cy of our agricultural activities
in the sense of optimizing the
use of natural resources, says
Minister of Agriculture Fahad
Bi n Abdul rahman Bi n
Suleiman Balghunaim. We
are encouraging farmers by
provi di ng bank l oans and
promoti ng the use of new
methods of irrigation.
Technology has been ex-
tremely important in the devel-
opment of agriculture in the
kingdom. Large companies in
the private sector, such as Al-
Safi and Al-Marai in the dairy in-
dustry or Al-Watania in the poul-
try sector, have made the most
of technology, to the extent that
the kingdoms agriculturalists
are providing the expertise and
know-how for investments in
other countries.
Back in Saudi Arabia, the
need for continued production
opens the door to tremendous
investment opportunities. The
policy of the government is to
encourage and facilitate foreign
investment because we believe
this is the best way to improve
the productivity of the sector,
highlights the minister.
FAHAD BIN ABDULRAHMAN
BIN SULEIMAN BALGHUNAIM
Minister of Agriculture
One of the worlds 10 largest
exporters of wheat, sorghum
and barlely, Saudi Arabia is
reaping the fruits of its heavy
investments in agricultural
infrastructure.
THE NATIONAL Development
Company (NADEC) was estab-
lished in 1981 in order to max-
imize the agricultural capacity of
Saudi Arabia to the benefit of the
economy and to help in the pro-
motion of self-sufficiency. The
government holds a 20% share
in the company, but the rest is
in the hands of the Saudi pub-
lic, meaning that while it con-
forms to the values and tradi-
tions of society it is run along
commercial lines. I have about
25,000 shareholders for whom
I must deliver a profit, says
Abdulaziz M. Al-Babtain,
Director General of NADEC. The
firm posted SR3.8 million ($1
million) in profits for the first quar-
ter of 2004.
With a strong emphasis on
quality, Nadec produces dairy,
beef and dates in vast quanti-
ties it delivers around 1,200
tons of dried dates and 30 mil-
lion liters of milk each year, and
owns four cattle farms holding
a total of 25,000 head. These
figures are likely to grow; by
2010 the population of Saudi
Arabia is expected to reach
29.21 million, and the corre-
sponding volume of demand
for dairy products alone is ex-
pected to rise to 1.8 million met-
ric tons by the same year. This
means that domestic produc-
tion needs to expand by 32.4%
over the next four to six years.
One of the kingdoms largest
companies in the agriculture
and agribusiness sector, NADEC
has a self-professed mission:
to provide healthy and nutritious
food to society while maintain-
ing a leading position in the mar-
ket through the timely intro-
duction of new products.
Recently, the company re-
vamped its image, which re-
flects in a new logo, a redesigned
packaging and an expansion in
the product line. The future of
NADEC lies in providing inno-
vation and being modern, says
Mr. Al-Babtain. We are trying
to increase our sales through
observing the requirements of
our consumers. The company
focus is currently on marketing,
which means applying new poli-
cies in marketing, sales, adver-
tising and production. Sales in-
creased by 16% in the first
quarter of 2004 over the same
period the previous year.
NADEC has been working
towards full Saudization for the
last 20 years and it is now not
far off the mark. The companys
mission statement includes find-
ing the best staff and then keep-
ing them by providing benefits,
job security, good working con-
ditions and training. The com-
panys commitment to social
development on a national level
means that training opportuni-
ties are also provided for stu-
dents and university graduates.
Mr. Al-Babtain has been in
the agriculture sector for many
years and is deeply commit-
ted to the company and the
country. I feel that I can per-
form well as an agronomy en-
gineer, as a marketer and as
a manager. I have clearly de-
fined targets for myself and I
am working to reach them,
he concludes
BY LOOKING from a wider
perspective, we have realized
that although tourism in Saudi
Arabia is a large-scale activity,
it is scattered, unorganized and
unstructured. Our job is to
structure the entire sector and
make it into one industry rather
than many separate activities,
says Prince Sultan Bin Salman
Bin Abdul Aziz Al-Saud, Sec-
retary General of the Supreme
Commission for Tourism (SCT).
As the first Arab astronaut, he
can certainly speak authorita-
tively about wider perspectives.
Now in charge of boosting
Saudi Arabias tourism sector,
in a double bid to diversify the
economy and to provide job
opportunities for Saudis, the
prince is applying his long-
range vision to increasing cur-
rent industry figures by 2020.
The aim is to promote addi-
tional regional tourism, partly for
the two million Muslim pilgrims
who visit Saudi Arabias holy
cities each year, but mainly for
locals, who are turning more
and more to their own country
as a holiday destination. We
are developing master plans
for each of the regions, build-
ing up their individual identities
to draw more visitors, says
the prince. Our target and
most important tourist is the
Saudi Arabian resident.
The opportunities for private
sector investment are high. For
a start, if projected internal
tourist figures of 128 million are
reached by 2020, the kingdom
will need an extra 50,000 ho-
tel rooms and 74,000 furnished
units. Around 70 initiatives have
been proposed so far, includ-
ing the development of coastal
resorts along the Red Sea and
the creation of tourist centers
in rural areas.
Saudi Arabia
13
FROM HARVEST TO HOME
NADEC (The National Agricultural Development Company) is the first and largest
agricultural Saudi share stock company with a capital of S.R. 400,000,000
($107 million). It owns two modern dairy plants producing approximately 16,000
liters of fresh milk per day and four farms containing 25,000 head of cattle.
These latter four projects have a total cultivated area of 40,000 hectares producing
100,000 tons of wheat and barley, 30,000 tons of potatoes and eight tons of top
quality honey each and every day.
www.nadec.com.sa
NADECs four dairy farms, with a total of 25,000 head, produce around 30 million liters of milk a year.
Structuring the
tourism sector
Expecting 128 million
domestic tourists by 2020
TARGETING NATIONAL RESIDENTS AND FOCUSING ON
SAUDIZATION, THE TOURISM SECTOR IS MATERIALIZING
A LONG-RANGING VISION TO TRANSFORM THE INDUS-
TRY BY 2020. WITH AN EXTRA 50,000 ROOMS NEEDED,
THE DOOR IS WIDE OPEN TO PRIVATE INVESTORS.
ABDULAZIZ M. AL-BABTAIN
Director General of NADEC
PRINCE SULTAN BIN SALMAN
BIN ABDUL AZIZ AL SAUD
Secretary General
of the Supreme Commission
for Tourism
Nutritious, innovative and consumer-oriented
MAXIMIZINGTHE KINGDOMS AGRICUL-
TURAL CAPACITY SINCE 1981, NADEC IS
MOSTLY IN THE HANDS OF THE SAUDI
PUBLIC. A MAJOR CONTRIBUTOR TO THE
KINGDOMS DIET, IT IS COMMITTED TO
QUALITY AND BEST PRACTICE.
SAUDI government employ-
ees and private businessmen
alike all seem to have one
thing in common: they view
their work as a responsibility,
a way of paying back their
country for the education op-
portunities or commercial suc-
cess they have experienced.
As a consequence of this
collective state of mind,
both the government
and the private sec-
tor play a large role
in the continued
devel opment of
soci ety, and are
generous to a fault
in providing assistance
of all kinds where it is most
needed, at home and abroad.
Abroad is the key word for
the Saudi Fund for Develop-
ment (SFD), an institution es-
tablished to provide financial
assistance, mainly in the form
of soft loans, for projects in de-
veloping countries. Between
1975 and 2004, the SFD
agreed 379 loans to finance
369 developmental projects
and economic programs, to
a total of SR24.8 billion ($6.6
billion). The main areas of in-
vestment are educati on,
health and infrastructure. The
fund comprises a number of
societies and organizations
with diverse objectives that,
as a whole, seek development
in all societies, says Yousef
I. Al-Bassam, the SFD Vice-
Chairman and Managing Di-
rector.
Working with utmost trans-
parency and to equally
high standards any-
where in the world,
the fund harmo-
nizes its efforts with
other major fund-
i ng organi zati ons
such as the World
Bank or the Arab Fund.
Recently, the SFD was al-
so charged with providing fi-
nanci ng and i nsurance
services to increase Saudi
non-oil exports. The Saudi Ex-
po program, as it is known,
provides utilities, materials,
expertise, and consultation
and assessment services ac-
cording to recipients needs.
While there is little knowl-
edge in the West regarding
womens role in Saudi Arabi-
an society, one undeniable
fact is that women outstrip
men in universities and other
higher education institutions.
Saudi Arabi as educated
women are no less than their
male counterparts, and com-
mitment to social develop-
ment i s al so one of thei r
strongholds.
Princess Sara Bint Talal bin
Abdulaziz is, among other
things, the Chairwoman of
the Down Syndrome Charity
Association (DSCA). Estab-
lished in 1998, the DSCA rais-
es public awareness about
the disabled and their needs
as well as their rights. We
must make them a part of the
communi ty, says the
princess. Taking care of oth-
er people and each other is
one of the main aspects of Is-
lam. There are 20,000 cas-
es of down syndrome in the
ki ngdom, a fi gure that i n-
creases by 1,000 each year.
One of the aims of the orga-
nization is to set up a voca-
ti onal center and a
rehabilitation-training center
in Riyadh for female staff, but
mainly, DSCAs head would
like to gain recognition for the
organization and its endeav-
ors among the international
community.
Saudi Arabia
14
Call toll-free on 1 800 327 0200
www.intercontinental.com/riyadh
Where else in Riyadh can you
join a club like this without
a membership fee?
Club InterContinental is our answer to an exclusive
private club combined with the ultimate luxury hotel.
Become a member today - call us to book your stay at
Club InterContinental during your next visit to Riyadh.
One hotel understands you.
Intercontinental: setting itself
apart from the rest
ONE of the main priorities of
the Supreme Commission for
Tourism is the promotion of
Saudization in the tourism in-
dustry. The organization
would like to see Saudis oc-
cupy 80% of jobs in the sec-
tor. According to its Secretary
General, Prince Sultan bin
Salman bin Abdul Aziz Al-
Saud, training will be provid-
ed for workers in the travel in-
dustry, as well as immigration
and customs officials, in order
to mobilize this strategy.
The Intercontinental Hotel
Group is the biggest operat-
ing chain in Saudi Arabia, with
hotels in all the major cities.
As such, it is one of the largest
employers in the tourism in-
dustry. While a lack of voca-
tional training institutes in the
kingdom means that the
company cannot rely on
Saudis as much as it would
like to, around 30% of its staff
is Saudi.
We employ about 560 to
590 nationals, says Atieh
Hamarneh, Director of
Operations for the Intercon-
tinental Hotel Group Saudi
Ar abi a Cent r al & East .
I would personally like to
see more Saudis in the food
and beverage, housekeep-
ing and other service areas,
he adds. There are also plans
to train and replace supervi-
sory level employees with lo-
cals within the company.
Quality of service is the
hotel industrys prime asset,
and the Intercontinental is
no exception. Customers
constantly compliment us
on our staff, comments Mr.
Hamarneh. This is what we
are trying to build on with our
Saudi trainees. Over the
transi ti on peri od of the
Saudi zati on process we
hope to entrust our busi-
ness to them.
The Riyadh Intercontinental
Hotel, set in 100 acres of
land, provides some of the
best five-star facilities in the
capital city, only five minutes
from the business district and
30 minutes from the airport.
We are the only hotel in town
with large gardens. We also
have great outdoor facilities
such as the golf course and
the swimming-pool area.
While these attributes help
to set the Riyadh Intercon-
tinental apart from other up-
scale hotels, there is always
scope for more initiative and
innovation. Making the golf
course more profitable and
promoting weekend holiday
packages within the group
are just some of the ideas in
the pipeline.
There is also room for fur-
ther investment and expan-
sion. Several projects, in-
cluding the construction of
a new hotel in Al-Khobar,
are already under way. We
are willing to expand if we
find the right partners, says
the director of operations. In
effect, with the current eco-
nomic climate favoring in-
vestment in real estate and
the servi ces area, the
prospects in Saudi Arabias
tourism sector are looking
better than ever.
The Riyadh Intercontinental Hotel provides some of the
best five-star facilities in the capital city.
The reign of social
responsibility
Education, seen as an egalitarian right, is one of the main recipients of Saudi development assistance.
COLLECTIVE EFFORTS TO DEVELOP SOCIETY ARE CRYSTALLIZING IN COMPREHEN-
SIVE ADVANCES IN EDUCATION, HEALTH AND INFRASTRUCTURE. BRINGING TOGETH-
ER PUBLIC AND PRIVATE FUNDING, SOCIAL PROJECTS WORK TO INTERNATIONAL
STANDARDS, WITH SAUDI AID BRANCHING OUT BOTH LOCALLY AND WORLDWIDE.
Saudis
view their work
as a way of paying
back the country for
their education and
business success
Harmonizing assistance and
building on solidarity
ATIEH HAMARNEH
Director of Operations at
Saudi Arabia Central & East
SAUDI Arabias oil sector is the
single biggest engine for the
kingdoms economic growth;
last year, high oil prices pro-
duced record oil export rev-
enues of $106 billion. Moreover,
the governments focus on di-
versification has shown excel-
lent results, with the non-oil
private sector now represent-
ing 44% of the economy.
About two decades ago, the
Saudi government embarked on
an industrialization process aimed
primarily at creating a petro-
chemicals export sector and
building up energy-intensive in-
dustries, some for import sub-
stitution purposes and others to
meet infrastructural needs. The
process has developed steadily,
with support from the govern-
ment including the installation of
the necessary infrastructure, the
establishment of the Saudi In-
dustrial Development Fund (SIDF),
and the construction of industri-
al cities in Jubail, Yanbu and var-
ious other regions of the kingdom.
Construction and telecom are
two areas where growth has been
substantial, supported by the
general move towards market
liberalization and privatization.
There are many successful
Saudi firms in the non-oil sector,
outstanding for the dedication
and vision of their managers
and directors. The Sau-
di Arabian Basic In-
dustries Corporation
(SABIC) is the Mid-
dle Easts largest
non-oil industrial
company and Saudi
Arabias foremost
petrochemicals firm, par-
ticularly in terms of sales and
product diversity. Other compa-
nies making a name for them-
selves outside of oil include the
Al-Tuwairqi Group, engaged in
contracting and trading, Yanbu
Cement, the Saudi Arabia Min-
ing Company, and firms with links
to the energy industry such as
Argas or the Saudi Electricity
Company.
What Saudi companies have
in common is the desire to con-
tribute to Saudi society and eco-
nomic development by
improving the skills of
the workforce. There is
a consistent effort in
providing technical
education and voca-
tional, on-the-job train-
ing in order to satisfy the
countrys need for spe-
cialized professionals.
Technology also plays a criti-
cal role; these companies are at
the vanguard when it comes to
utilizing the latest and most ad-
vanced equipment.
GEOPHYSICAL methods have
always contributed significantly
to geologic mapping and explo-
ration for hydrocarbons, miner-
als and aquifers in Saudi Arabia.
Heading the list of companies
engaged in this activity is the Ara-
bian Geophysical Surveying
Company (Argas), a joint venture
set up by French firm Compag-
nie Gnrale de Gophysique
(CGG) and Saudi state organi-
zation Petromin in 1966. Its ob-
jectives are to provide all types
of geophysical and surveying ser-
vices in the country and to train
Saudi nationals in state-of-the-art
geophysical technology.
The firm works mainly as a
contractor to oil giant Saudi Aram-
co. Using the latest instrumen-
tation and equipment, Argas
crews work non-stop, 24 hours
a day, seven days a week, in seis-
mic pre-surveying and two- and
three-dimensional profiling. The
ultimate goal of the company is
to work all over the Gulf region.
Argas takes pride in provid-
ing the best for its staff, includ-
ing putting them through
two-year training programs to
be top in the business. We in-
vest in our people, says Habib
Muzaffar Merghelani, Managing
Director of Argas for the past 12
years. Mr. Merghelani believes
strongly in Saudization, a na-
tional priority. At the moment,
42% of the workforce is made
up of Saudi nationals.
Saudi Arabia
15
With state-of-the-art technology and highly
skilled Saudi staff, we are engaged in
providing quality services to our clients. In a
region with yet a lot of exploration to be done,
we aim to expand our reach and become global.
www.argasksa.com, e-mail: ho@argasksa.com
ARGAS A LEADER IN THE SAUDI MARKET
Arabian Geophysical & Surveying Co.
Cement drive
remains domestic
THE CEMENT industry is
growing fast in the Gulf
Cooperation Council (GCC).
In Saudi Arabia alone, by
2007, production capacity
is expected to increase by
63.3%. However, Saud
Saleh Islam, Director
General of Yanbu Cement,
believes that it would be
foolhardy to expand the ce-
ment sector beyond mea-
sure. There is currently a
shortage of one million tons
of cement on the west
coast, but I believe that ex-
isting companies can satis-
fy that, he says. In fact,
Yanbu Cement no longer
exports because domestic
demand is so strong.
The firm was established
in 1976 and has since grown
to be one of the kingdoms
top 50 companies, retain-
ing 20% of the market share
in cement and posting
13% growth l ast year.
Dr. Islam is a vehement
believer in the importance of
human resources: Quality
is essential and to produce
quality you need quality peo-
ple. It is impossible to do well
without a good team, he
concludes.
Industry: from oil to all-rounders
Diversified ventures catch up
With non-stop, 24-hour working crews, Argas places staff
training and employee trust at the helm of its business strategy.
Yanbu Cement has 20% of the market share.
THE INDUSTRIALIZATIONPROCESS INITIATIED 20 YEARS
AGO HAS PROGRESSED STEADILY. DIVERSIFIED EX-
PORTS, INDUSTRIAL CITIES AND SUBSTANTIAL GROWTH
IN CONSTRUCTION AND TELECOMMUNICATIONS ARE
SOME OF THE FEATURES OF A REVITALIZED ECONOMY.
VOCATIONAL TRAINING REMAINS THE MAIN CHALLENGE.
MAPPING AND EXPLORATION COMPANIES HAVE BEEN
AT THE FOREFRONT OF THE STRONGER INDUSTRIES FOR
DECADES. POSSESSING THE LATEST TECHNOLOGY, SAU-
DI COMPANIES ARE EXPANDING THEIR REACH THROUGH-
OUT THE GULF. MEANWHILE, COMPETITIVENESS IS FU-
ELING THE ELECTRICITY SECTOR AS DEMAND SURGES.
What
companies
have in common
is the desire to im-
prove the skills of
the workforce
Surveying the grounds of an
energetic Gulf region
Electricity production is of
growing importance to the coun-
trys energy sector. According to
Tariq A. Al-Betairi, Executive Vice-
President of the Saudi Electricity
Company (SEC), demand is ris-
ing and will increase by single
digits for the next 20 years. He
too places a strong emphasis
on Saudization, where the com-
pany registers 81%. Our ob-
jective in SEC is to promote a
higher standard of living for our
people and to improve the com-
petitive position of the kingdom
in the world economy, he states.
SAUD SALEH ISLAM
Director General of Yanbu
Cement
Saudi Arabia
16
developed steel rolling factory
and its accompanying license
from the Saudi Industrial De-
velopment Fund, prompted by
the knowledge that there was
only one company producing
steel in Saudi Arabia at the time,
and that there was room for
competition.
Indeed, only a few years lat-
er the Al Ittefaq Steel Product
Factory (ISPF) was producing
1,000 tons of steel angles every
month. The company has gone
from strength to strength, re-
flected in todays production fig-
ures of one million tons a year
and a 20% share of the market.
Al Tuwairqi Trading and Con-
tracting is the groups main en-
tity, with a solid reputation and
a wide range of products and
services. The International Elec-
trical Products Company (TIEP-
CO) has invested in modern
engineering and technology and
is now set to enter the export
markets. The National Steel and
Iron Factory (NSIF), set up in
2004, is a steel melt shop pro-
ject that recycles scrap metal.
Al-Faisal Steel Products Facto-
ry represents the downstream
side of the steel industry, and is
the biggest of its kind in the Gulf
Cooperation Council (GCC) re-
gion. The group has also pur-
chased Thamesteel Limited, a
UK steel production company,
primarily to cover a current lack
of steel billets and the predict-
ed increase in demand over the
next five years.
Expansion in the international
market is a logical progression
for a company of these dimen-
sions. In May this year, Al-
Tuwairqi signed a memorandum
of understanding with the Pak-
istani government to establish
a $100-million steel billet plant
in Karachi.
THE Al-Tuwairqi Group is one
of the leading industrial con-
cerns in Saudi Arabia. Estab-
lished in 1977 by Chairman Hilal
Al-Tuwairqi, the group has
grown exponentially since then,
listing as one of Saudi Arabias
top 50 companies in 1999.
While the Groups main ac-
tivity is trading and contracting,
its various subdivisions deal with
manufacturing steel and elec-
trical products, providing infor-
mation technology services, and
distributing building materials
and industrial supplies. Since
1999, the company has also
been engaged in the sale, mar-
keting and distribution of sci-
entific and medical products.
Dr. Al-Tuwairqi is a living ex-
ample of the values of honesty
and perseverance. Trained in
management at Aramco, he ac-
cepted a contracting job in 1978
after seeing a sportswear busi-
ness go under. While engaged
in a second, bigger contract to
find and look after 450 people
for the construction of a de-
salination plant, he and a part-
ner came up with an
environmentally-minded project
to recycle petroleum waste. Un-
fortunately, oil prices slumped
just as the business got going
and the project was shelved.
Third time proved lucky for
Dr. Al-Tuwairqi: in 1989 he pur-
chased a disused and under-
The key is to
know how to take
advantage of an
opportunity
HILAL AL-TUWAIRQI heads
one of the largest privately-
owned steel manufacturers in
the entire Gulf region. Mr. Al-
Tuwairqi comments on his
companys quest to become
one of the the 10 largest in-
dustrial companies in Saudi
Arabia.
The present upsurge in gen-
eral economic activity in the
country and the boom in the
construction sector are pro-
viding new avenues for in-
vestments in the steel
sector. What is your
opinion of the cur-
rent climate?
Like in the 70s,
the present boom
is because of high
oil prices. The cash
is available, the re-
sources are available,
and the opportunities are avail-
able but they will not last for-
ever. The ideal situation may
only be around for four or five
years. Saudi Arabia is far more
open now than it was then,
and there is space for devel-
opment with the expertise of
international companies. To
produce steel you need gas.
With Saudi Arabias low gas
prices, costs can be lowered
considerably. The situation is
perfect for producing steel for
local and international con-
sumption.
From modest beginnings as
a trading establishment 25
years ago, Al-Tuwairqi Group
is now ranked among the
top 50 companies in the
kingdom. To what do you at-
tribute your success?
The key is to know how to
take advantage of an oppor-
tunity when it arises. In 1989,
we acquired the license for a
steel factory or rather, a
hangar with no boundaries and
an incomplete 5-ton furnace.
We looked for experts in the
steel business, and by 1991 we
were producing steel angles.
We began upgrading day
by day, focusing on the
steel mill. We ex-
panded the land,
brought water in,
provided electricity
and a building for
accommodation.
We went from know-
ing nothing about steel
to becoming the steel mas-
ters. Today we are producing
one million tons a year.
Al-Tuwairqi Groups busi-
ness strategy is geared to-
ward maintaining high
product quality, enhancing
productivity, offering com-
petitive prices and speeding
up delivery time. What dri-
ves you personally?
Life is short. Human beings
are put here to do something.
While you have the right to en-
joy yourself in the proper way,
to have a family, you have to
look to the next generation and
leave something behind.
The steel strength of a
dynamic industrial leader
HILAL AL-TUWAIRQI, Chairman of Al-Tuwairqi Group
PERSEVERANCE AND HONESTY ARE AT THE BASE OF
THE AL-TUWAIRQI GROUPS STRATEGY. WITH ITS MAIN
ACTIVITIES REVOLVING AROUND TRADING AND CON-
TRACTING, THE GROUP IS SEEKING EXPANSION IN THE
INTERNATIONAL MARKET AS A LOGICAL PROGRESSION.
Medical division links to Western firms
DUE to Saudi Arabias lib-
eral i zed i nvestor fri endl y
policies and the boom in
construction, the manufac-
ture of steel has become a
thri vi ng i ndustry. Al -
Tuwairqi, a diversified busi-
ness group based i n
Dammam, has interests in
steel and steel products,
electrical equipment and
supplies, industrial supplies,
building materials and in-
formation technology. As a
result, the group is ranked
as one of Saudi Arabias top
50 companies.
Group Chairman Hilal Al-
Tuwairqi is a man of enter-
prise, always looking toward
i nnovati on and devel op-
ment, and since 1999, the
company has also been en-
gaged in the sale, market-
i ng and di stri buti on of
sci enti f i c and medi cal
products.
The Scientific and Med-
ical Division (SMD) acts as
a distributor for foreign man-
ufacturers, and is constantly
on the look out for oppor-
tuni ti es to expand thi s
aspect of the busi ness.
Negotiations with interna-
tional companies are on-
going, but the group already
represents companies from
the U.S., the UK, France
and Germany as their sole
Saudi Arabian link.
A key element of the di-
vision is the workforce. The
SMD is staffed by highly
qualified and experienced
sales, marketing and tech-
nical support professionals
with many years of experi-
ence in the Saudi market.
Al-Tuwairqi is currently in
the process of expanding
sale and marketing activities
even further, and of ex-
tending the product base
to medical equipment, an-
alytical laboratory instru-
ments and scientific and
medical consumables. The
company sees a robust fu-
ture f or i tsel f i n Saudi
Arabias healthcare sector
thanks to its knowledge of
the countrys market, and
the trust and confidence it
has earned from its clients,
which include other major
Saudi firms such as Aramco
and SABIC.
Al-Tuwairqi owns a realm of companies in the steel industry, including a steel melt shop project, a
downstream product factory and a UK steel company producing steel billets.
We
went from
knowing nothing
about steel to
becoming the
steel masters
Saudi Arabia
9
P.O. Box: 2705 Dammam 31461 Saudi Arabia
G
Tel: +966 3 8579922 / 8576699
G
Fax: +966 3 8579014
www.altuwairqi.com.sa
AL-TUWAIRQI Setting Standards in STEEL
Established in 1977 as a small, humble company, the Al-Tuwairqi Group has undergone rapid
progress to become one of todays most recognized names in diversified Saudi business with
its expansion into the Middle East, Europe and Asia.
In addition to contracting and trading services, the Al-Tuwairqi Group is now deeply involved
in the manufacturing of hot rolled steel products, billets, space frame roofing systems, electrical
equipment and other high quality goods. Distributing building and industrial materials
throughout the kingdom, the group fully participates in Saudi Arabias ongoing construction
and manufacturing progress.
An environmentally aware and socially responsible company, the Al-Tuwairqi Group is
committed to maintaining the highest professional standards in all its activities. The enterprise
works hard to attract highly qualified staff and develop their skills, investing to ensure a strong,
innovative future for the company.
Al-Tuwairqi Steel Mill
(Pakistan)
Al-lttefaq Steel Products Factory
National Steel & Iron Factory
AL-FAISAL STEEL PRODUCTS FACTORY
DIRECT REDUCTION IRON FACTORY
Thamesteel Limited
(UK)
Saudi Arabia
18
AN ONLINE VERSION
OF THIS REPORT IS
AVAILABLE AT
www.nytimes.com/global
The talk of
the Gulf
Cellphones
double each year
Electronic Equipment & Supplies Co.
PO Box 1963 Al Khobar KSA
Tel: +966 3 882 9996 Fax: +966 3 882 2156
Business Intelligence & Data Warehousing
Enterprise Resource Planning (ERP)
Systems Solutions & Consulting
Workforce Resources & Solutions
Computer Supplies & Accessories
Software Solutions
WITHits rapidly-growing, high-
ly educated and, above all,
youthful population as the dri-
ving force, Saudi Arabia is al-
ready the largest market for
information and communica-
tions technology (ICT) in the
Middle East and is poised to ex-
perience strong and sustained
technology growth.
The kingdom is also widely
recognized as the largest
telecommunications market in
the Middle-East region. The
number of cellphone users has
doubled nearly every year since
the 1980s when the technolo-
gy first entered the market, with
penetration rate currently at
32%. A recent economic report
has estimated that this figure
could grow to 60% by 2014,
creating over 20 million sub-
scribers.
The number of fixed oper-
ating lines has been increasing
at a minimum rate of 10% each
year, and internet penetration
has experienced similar growth,
with Saudis being kept abreast
of technological innovations.
The government is helping
to lead this integration in the lat-
est technology through invest-
ments in infrastructural
development and education.
An initiative launched by the
Saudi Communications and In-
formation Technology Com-
mission (CITC) aims to raise
computer literacy and Internet
awareness by providing PCs
at reduced cost to one million
families.
SAUDI Networkers Services
(SNS) is a foreign investment
company within Saudi Arabia,
33% owned by British partner
Networkers International. The
two basic business units com-
prise project services, fo-
cusing on the industry
related to the deploy-
ment of cellular net-
works, and a
consultancy depart-
ment, where the firm
provides senior-level
expertise from different
parts of the world to Sau-
di Arabia. There are 330 em-
ployees within project services,
and around 140 consultants.
SNS prides itself on its tech-
nical consultants, who are care-
fully selected to accommodate
the particular and specific needs
of telecommunications vendors,
operators, and sub-contractors
in the Middle East. We focus on
our long-term relationship with
the various companies we
work with, says com-
pany CEO Osama M.
Al-Sabeg. By invest-
ing in the tools need-
ed to ensure quality
work, SNS guaran-
tees a lengthy rela-
tionship and continued
success.
A third department, products
and solutions, provides telecom
solutions and materials to the
firms existing customers. The
reason behind developing this
division was to provide complete
solutions not only services but
also the necessary hardware,
says Mr. Al-Sabeg.
An excellent understanding of
the target market as well as the
technology involved places SNS
at the forefront of the sector.
Government-led privatization
of the information technology (IT)
and telephony markets coupled
with infrastructure development
to help extend the fiber optic ca-
ble network present a vast realm
opportunities for expansion.
SNS has a solid reputation on
which it continues to build. We
do each of our jobs to the best
of our abilities, and we continue
to improve the credibility of the
company, says the CEO.
ALREADY THE LARGEST TELECOM MARKET IN THE
MIDDLE EAST, SAUDI ARABIA IS INVESTING IN INTE-
GRATING THE LATEST TECHNOLOGY INTO SOCIETY
THROUGH AWARENESS AND TRAINING PROGRAMS.
Al-Falak has built a network of business partnerships with
leading vendor companies around the world.
The credibility of top-notch abilities
INVESTING IN THE TOOLS NEEDED TO ENSURE QUALITY WORK, SAUDI NETWORKERS
SERVICES (SNS) HAS CARVED ITSELF A NICHE IN TELECOM CONSULTANCY. ONE-THIRD
OWNED BY A BRITISH PARTNER, IT BRINGS FOREIGN KNOW-HOW TO THE FOREFRONT.
SAUDI Arabian information tech-
nology information technology
(IT) giant Al-Falak Electronic Equip-
ment and Supplies Company.
has seen its profits grow year af-
ter year. All the companys divi-
sions registered excellent revenue
growth during 2004, with an over-
all increase of 14% on the previ-
ous year. However, the company
is intent on doing even better in
2005 by maintaining standards
of excellence and keeping up to
date with the latest technologi-
cal developments.
Bridging the gap between
providers and end-users
OSAMA M. AL-SABEG
CEO of Saudi Networkers
Services
There is huge opportunity for
growth in all sectors of the IT and
communications industry in the
Middle East and in Saudi Arabia,
says Ahmed A. Ashadawi, Pres-
ident of Al-Falak and sister com-
pany Al Khaleej Holding Company.
As the leading IT and com-
munications solutions provider
in the Gulf region, Al-Falaks goals
have been to diminish the knowl-
edge gap between technology
providers and end-users, as well
as the transfer of know-how. We
have acquired a very solid repu-
tation as a company that respects
its people and its obligations, and
that always meets if not exceeds
expectations. We realize we are
in the business of transferring
technology, of selling between
the vendor and the user, says
Mr. Ashadawi.
With more than two
decades in the busi-
ness, Al-Falak has
built a network of
business partner-
ships with leading
vendor companies
around the world, and
has received due recog-
nition for its efforts. Last year,
the firm won Marconis Reseller
of the Year Award and the HP
Achievement Award for Best
Supplies Reseller. I believe in
partnerships and my success
has come through partnerships,
says Mr. Ashadawi. He notes
that of the companys software-
related business relationships,
90% are with U.S. firms.
As far as users are con-
cerned, Al-Falaks customer
base includes five of Saudi Ara-
bias major commercial banks,
three universities, sever-
al ministries, and na-
tional giants such as
SABIC, Saudia and
Aramco.
The training of
staff is of crucial im-
portance to the
smooth running of op-
erations, but the company
extends its education strategies
to the country as a whole. In
conjunction with the two other
organizations, Al-Falak is spon-
soring a program to help young
Saudi entrepreneurs start up
new business ventures.
THE NUMBER-ONEIT AND COMMUNICATIONS SOLUTIONS
PROVIDER IN THE REGION, AL-FALAK IS IN THE BUSINESS
OF TRANSFERRING TECHNOLOGY. THE COMPANY IS A
CRUCIAL CONNECTION IN CUTTING-EDGE VENTURES.
AHMED A. ASHADAWI
President of Al-Falak Electronic
Equipment and Supplies Co.
Of
the compa-
nys software-
related business
relationships, 90%
are with U.S.
firms
An
excellent un-
derstanding of the
target market as
well as the technol-
ogy involved
3G
steps
ahead of
the rest
THE Saudi Telecom-
munications Company
(STC) is one of the 20
biggest telecom services
operators in the world and
ranks third in the list of
Saudi Arabias top 100
companies. The firm was
partially privatized in 2002.
Profits in the first quarter
of 2005 were 20% high-
er than the same period
in 2004.
In its mission to provide
the kingdom with a mod-
ern telecom infrastructure,
STC has extended 15,500
miles of fiber optic cable
and built more than 5,000
base stations for GSM.
The company has more
than 3.7 million landline
and around 10 million cell-
phone subscribers.
Aware of the high de-
mand for the latest tech-
nological advances,
President of STC Khalid
Abdullah Al-Molhem has
bid for, and won, a new 3G
cellular license. The com-
pany is expected to start
providing services to the
public within the next year.
Saudi Arabia
11
WWW.saba.co Corporate & |rvestert Bar||r
Saba. PoWer|r t|e roWt| of bus|ress ard |rdustry.
Soe of t|e K|rdo's ost |portart
corporate dea|s bear our rae
Pub||c 0ffer|as
Pr|vate P|acemeat of qu|ty
Loaa 5tructur|a & 5yad|cat|oa
Pro[ect f|aaace kdv|sory
Pro[ect f|aaace krraa|a
0orporate 0ebt
Leas|a
5ecur|t|zat|oa
0o|d Loaas
Saud| Arab|ar fert|||zer
Co. (SAfC0)
Project f|rarce
fac|||t|es
USD 330,000,000
f|rarc|a| Adv|sor
Structured Ier Loar
fac|||t|es
SR 6,000,000,000
Nardated Lead Arrarer &
CoBoo|rurrer
u|f Sea|ess P|pe
Copary
(Urder forat|or)
Pr|vate P|aceert
SR 200,000,000

f|rarc|a| Adv|sor &
So|e P|aceert Aert
Saud| 0R|X Leas|r
Copary
Ned|u Ier 0b||at|ors
(NI0s)
SR 50,000,000
Arrarer ard UrderWr|ter
Arab|ar Waterproof|r
|rdustr|es Copary
Pr|vate P|aceert
SR I09,I02,500
f|rarc|a| Adv|sor &
So|e P|aceert Aert
Petror Corporat|or
Copary
Ier Loar fac|||ty
USD I00,000,000
Nardated Arrarer &
N|dd|e Last Boo|rurrer
Saud| C|evror P|||||ps Co.
& Juba|| C|evror P|||||ps Co.

Ier Loar fac|||ty
USD 46I,000,000
Nardated Arrarer
Nusa||| factory for o|d
& JeWe||ery
o|d Loar fac|||ty
I84,666 0urces
Arrarer & UrderWr|ter
Auto & f|eet Purc|ase
Prora
SR I99,530,000
2004 2005 2004 2004 2004
2004 2004 2004 2004 2004
2004 2004 2004 2004 2004
uarartee fac|||ty
SRI0,3!I,000,000
Lead Arrarer &
Co|ssuer
Etihad Etisalat
|s|a|c Br|de fac|||t|es
USD 2,350,000,000
Lead Arrarer &
CoBoo|rurrer
|r|t|a| Pub||c 0ffer|r
SR I,000,000,000
Lead Naraer,
Process|r Bar| &
Rece|v|r Bar|
V|||as & Lots Rece|vab|e
Secur|t|zat|or
SR I5I,3!3,000
SAUDI INSTALLMENT SERVICES CO.
A?3D=3>7E3K;9DAGB
I||aa PoWer ererat|or
Project f|rarce fac|||t|es
USD 5I5,000,000
Nardated Lead Arrarer
& Boo|rurrer
From Lhe larqesL corporaLe lslamic lnancinq deal in hisLory Lo Loday's biqqesL and mosL successlul lPOs, you will lnd our
name behind some ol Lhe Kinqdom's mosL imporLanL corporaLe deals. lndeed, as Lhe Kinqdom's leadinq CorporaLe and
lnvesLmenL Bank, we oller unmaLched sLrenqLh and worldclass experLise in raisinq capiLal lor various indusLries and
providinq advisory services lor debL and equiLy LransacLions. Our depLh ol inLernaLional experLise, inLimaLe undersLandinq
ol local markeLs and requlaLions, and our sLrenqLh as one ol Lhe Kinqdom's leadinq lnancial insLiLuLions, have helped us
become a leadinq parLner in success lor Lhe Kinqdom's mosL successlul companies. Lookinq lor a parLner in qrowLh?
Lmail us aL invesLmenLbankinqsamba.com Loday.
|r|t|a| Pub||c 0ffer|r
SR I,500,000,000
Lead Naraer &
Rece|v|r Bar|
:,...:: ,.... _....: s.:
g`|z*'/`'
Etihad Etisalat
g`|z*'/`'
Etihad Etisalat
g`|z*'/`'
Saudi Arabia
12

Saudi Arabia

Transféré par

Informations du document

Description originale:

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Saudi Arabia

Transféré par

Droits d'auteur :

Formats disponibles

SPECIAL ADVERTISING SUPPLEMENT TO THE NEW YORK TIMES

THE KINGDOM of Saudi Arabia occu-

Vous aimerez peut-être aussi