Saudi limousine firms to merge
About 700 Saudi limousine firms may merge into one company or three with a capital of SR3.5 billion.
According to Arab New daily, owners of the companies were expected to meet at the Riyadh Chamber of Commerce and Industry to discuss steps for the merger and define the new firm’s objectives and plans.
The new company is planned to operate a large fleet of taxis, establish fuel stations and automobile workshops and establish factories for car spare parts. In addition, it plans to buy buses to operate services between Saudi cities and to foreign countries, and invest in transport and tourism projects.
The merger is expected to strengthen the companies and increase their revenues. “Hundred and twenty-six companies from a total of 700 have agreed to the merger plan,” Al-Eqtisadiah business daily reported recently. (menareport.com)
© 2004 Mena Report (www.menareport.com)