n An international report has expected the investments of the GCC states (6 states) in the telecommunication and relative sectors to exceed 375 billion dollars, an amount which will be used for expanding the sector at both local and international levels.

The cost of ongoing projects within the different fields of civil engineering and infrastructure reaches 1.3 trillion dollars according to the report issued by Proleed Research Foundation.

The report expected the cost of expanding the sector to consume about 25% of the overall cost devoted to infrastructure. Such expectations are made in line with the preparations for organizing the second Middle East Communications Conference (mecom) and expo, which is scheduled to be held in Abu Dhabi next year.

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Forum Discusses Telecom Liberalization

n The Governor of the Communications and Information Technology Commission (CITC) Dr. Abdul Rahman bin Ahmed Al- Ja'fari and CITC officials discussed with the investors the KSA plans for liberalizing the communications and information technology sector, which is becoming a major center of attraction for large specialized regional and international companies. The discussions took place during the meetings of the investment forum at the Eastern Chamber of Commerce.

The industry is expected to yield a revenue of 55 billion Saudi Riyals by the end of 2010. The meeting was allotted for reviewing the news, status quo, and future of the sector of communications and information technology.

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Zain to Circulate Stocks

Next Year

n Mr. Marwan Al-Ahmedi, the Executive President of Zain Saudi Arabia, a branch of Zain Mobile Telecommunication Co., said the company is in its way to obtain 7 billion Riyals (1,87 billion Dollars) through circulating stocks during the first quarter of next year.

He said the sale includes 560 million shares to be sold in a general subscription, whereas 140 million shares will be sold to the state funds at a rate of 10 Riyals per each share.

"The subscription date will be appointed by the Capital Market Authority", he said. "It may be in the first quarter of the year 2008".

With its headquarters in Kuwait, Zain owns about 25 percent in the new company which has won a third mobile license in Saudi Arabia in return for 6,11 billion Dollars.