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Argentina, Saudia in Joint Venture to Carry Cargo to the Middle East

Argentina and Saudi Arabia are establishing a joint shipping company to carry cargo to the Middle East, it was announced here this week by Abanan Kashoggi, one of 17 Saudian financiers who arrived here aboard a privately owned Boeing 727 jet for talks with Argentine officials. Kashoggi and Sheikh Hady Fouad Hobeiche head the group. They met with Economic Minister Jose Alfredo Martinez de Hoz and Planning Minister Gen. Ramon Genarao Diaz.

In describing the shipping venture, Kashoggi said: “We represent private interests and have come with specific financial projects…There are many funds available for the developing countries. One of the concrete results is the creation of a joint maritime company to be managed by Argentinians but 51 percent of the shares will be held by Arabs.” The company, he added, will carry Argentine food products to the Mideast and on their return its ships will pick up products in Europe and transport them to Argentina.

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