VENTURE CAPITAL POST

Saudi International Petrochemical Company and Sahara Petrochemical Company agreed to start due diligence over a planned merger deal. The deal is reportedly worth SAR6.67 billion.

Finland-based mobile social messaging startup Jongla recently raised EUR1.4 million in a funding round from Oy Ingman Finance to be used for the development of its youth-oriented messaging app.

EC Harris and Mace would form a joint venture to manage the construction of Kingdom Tower.

Sulaiman Al-Habib (HMG) and Almana General Hospitals have engaged the services of separate banks to assist in its IPO listing.

The IDB investment in Saudi Arabia's cheese industry includes the acquisition of shareholdings and the construction of a cheese factory.

Saudi Arabia borrowers hired HSBC to manage their debt and equity capital market deals.

By utilizing shale gas reserves in the country, Saudi Arabia can use the now popular energy resource for local purposes and use its oil for exclusively for export purposes.

HSBC issued a comprehensive report as to the effects of the Arab Spring with the Gulf countries' economies.

According to the latest US Energy Information Administration report, the US would pass production levels of Russia and Saudi Arabia for oil and natural gas.

The US shutdown and its eventual break in the deadlock has been hoped by many countries as the effect has reached other bourses.

The General Authority for Civil Aviation's sukuk bond issue reach SAR15.2 billion.

According to Egypt's central bank governor, the country had received USD7 billion of Gulf aid out of the USD12 billion pledges from Gulf countries.

Saudi Arabia's taxi business is in chaos with the conflicting regulations, leading to the pull out of investors.

The stock markets of the Middle East breathed a sigh of relief as the US-Russia agreement on Syria's chemical weapons averted a military strike.

According to CSCEC CEO Yu Tao, the company's experience in building and maintaining housing projects would be key to address the needs of the GCC countries.