Saudi Firm Buys Five Percent of Oriental Weavers

Cairo, Egypt,  Aug. 7, 2008–Saudi Arabia’s Fitaihi Holding 4180.SE has bought 5 percent of Egypt’s Oriental Weavers $28.9 million, Al Alam Al Youm newspaper said on Thursday.

The Egyptian financial newspaper said Fitaihi’s investment arm had bought 3.73 million shares of Oriental Weavers, the world’s largest maker of machine-made rugs.

Oriental Weavers said earlier this week it expects profit growth of 10 to 12 percent in 2008, down from 21 percent in 2007, as U.S. revenue stagnates.