The Saudi government has approved the basic regulations governing the utility company for the industrial cities of Jubail and Yanbu. Prince Saud bin Abdullah bin Thunayyan, acting chairman of the Royal Commission for Jubail and Yanbu, said the government's approval was in line with the Kingdom's economic policies aimed at the diversification of the nation's income base.

Prince Saud said it was also part of the strategy for industrial development in the two cities.

The cabinet approved the establishment of the new utility company as a joint stock company with a total capital of SR2.5 billion ($660 million) in July 1999. Its full name is the "Electricity and Water Utility Company for Jubail and Yanbu."

Bank HQ opened in Jeddah

Jeddah: The western regional headquarters of Al Bank Al Saudi Al Fransi was officially opened in Ruwais, Jeddah, late last month. The 10-storey concrete, glass and marble structure comprising 23,330 sq m in the busy commercial district is the third flagship building to complement the bank's existing head office and regional management offices in Riyadh and Al Khobar.