Saudi Basic Industries Corp, or Sabic, the Middle East's largest listed company, said its board has recommended distributing 9 billion Saudi riyals (Dh8.81 billion) in dividends for the second half of 2011, or 3 riyals per share. The total recommended dividend for 2011 is 15 billion riyals, or 5 riyals per share, the petrochemical giant said in a statement on the Saudi Tadawul website late Saturday. The eligibility will be for shareholders listed on Tadawul at the end of trading on the date of the meeting of the General Assembly, expected to be during April 2012, the company said. Sabic said last month that net profit for the third quarter rose 54 per cent to 8.2 billion riyals as output and sales volumes increased, and product prices improved.

Damac

Damac Properties has announced it has awarded the main construction contract for its Versace-branded residential development, Damac Tower, in Beirut, Lebanon. The $67 million (Dh246 million) contract has been assigned to Man Enterprise for the construction of the first Versace-branded residential tower in the region. The award of the main contract follows the completion of the enabling works by Zatas Apex Foundation Technologies. "We have already sold 40 per cent of the tower, which is a remarkably high percentage for a development which is now beginning to progress beyond the foundations, said Ziad Al Chaar, managing director of Damac Properties. "Once we reach above the podium levels, we expect construction to progress at an advanced pace, which will likely result in a dramatic acceleration of sales as we proceed towards completion."

Lloyds TSB

Lloyds TSB has appointed Bobby Liddell as its new head of corporate banking in the Middle East, the bank said in a statement yesterday. Liddell, who was previously senior manager for corporates at the bank in Dubai, will report to Richard Musty, managing director of Lloyds TSB's Middle Eastern operations. His appointment begins with immediate effect, the statement added.

Bank Muscat

Bank Muscat SAOG, Oman's biggest bank by assets, plans to set up a separate Islamic banking unit to be known as Meethaq, the state-run Oman News Agency reported, citing a statement from the Muscat-based lender.

National Oil

National Oil Corp, Libya's state-run energy company, agreed to buy 3 million tonnes of petrol next year from four international companies, said Fat'hi Rajab, manager of the supply department. National Oil Corp will receive between ten and 11 cargoes of between 25,000-30,000 tonnes of the fuel each month, Rajab said. He declined to identify the companies.

Eastern Co

Eastern Co, Egypt's monopoly cigarette maker, said it will increase British American Tobacco's production fees starting from January 1. The new fees will increase the company's revenues by 40 million Egyptian pounds (Dh24.41 million) per year, the Cairo-based company said in a regulatory filing.

Saudi Paper

Saudi Paper Manufacturing Co said on Saturday it has dropped plans to acquire a 51 per cent stake in Morocco's Cellulose du Maroc, citing market conditions. "The variables of current and future mechanisms of the paper pulp market made it difficult to reach a decision that would create added value for shareholders," Saudi Paper said in a statement posted on the bourse website. Morocco's state-owned fund CDG Development said in April it was discussing a deal to sell a majority stake in North Africa's biggest paper pulp maker to Saudi Paper. The agreement would have valued Cellulose du Maroc at up to 620 million Moroccan dirhams (Dh267.82 million), the fund said then.

Saudi Hollandi Bank

Saudi Hollandi Bank on Saturday said Fahd Al Mubarak had resigned from the board following his appointment by the Saudi king as governor of the Saudi Arabian Monetary Agency, or Sama, the kingdom's central bank. Saudi Hollandi, an affiliate of the Netherlands' ABN Amro Bank, said in a statement posted on the Saudi bourse website that a replacement will be announced once it gets the authorities' approval.

— Compiled from staff and agency reports