Saudi Real Estate Company to pay dividend
The management board of Saudi Real Estate Company (SRECO) proposed a cash dividend payment of 2.5 Saudi riyals for 2005, equal to 5.0 % of the share par value. The meeting also discussed SRECO's expansion plans for 2006.
The Saudi Real Estate Company was founded in 1976 to develop property for lease, rent or sale in Saudi Arabia. The company carries out its activities in purchasing, building and land development, construction, sale, lease of residential, and commercial buildings, managing real estates and providing contracting services in major Saudi cities. The company is 72.9 per cent owned by government agencies, including the General Organization for Social Insurance (GOSI). It is a shareholder in other companies including the Al-Maqeliya Commercial Centre Company.