Saudi Commerce and Industry Minister approves establishment of SR 2 billion Real Estate Company

Riyadh, Asharq Al-Awsat- Minister of Commerce and Industry Hashim bin Abdullah Yamani has approved establishment of a Real Estate Company with a capital of SR 2 billion.

The capital is divided into 40,000,000 shares and the value of each share is SR 50.

The founders of the company have already paid the total capital of the Riyadh-based company.

The company will be managed by a board of directors comprising five members to be appointed by the company”s general assembly for a period of three years.

The period of the first board of directors will be five years.