Arab to finance RI projects

Thu, 10 Aug 1995 | Source: AFP

RIYADH (AFP): The Arab investment firm Hi-Tech International Group said it would finance the construction of two oil refineries in Indonesia and one in Djibouti for a total cost of US$3.4 billion.

This will be group's first investment since it was founded in 1992 by wealthy businessmen from the Gulf states, Lebanon and Egypt, said the vice president of the group, David Feille, an American.

Feille said the group will soon go to Egypt, the self-rule Palestinian areas and several African countries to finance the construction of cellular telephone systems for a total cost of $5 billion.

He added that the group planned to invest another $2 billion in energy projects, and $1 billion in construction.

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