Saudi Minister of Trade and Industry Dr. Hashem Yamani, declared on Saturday the launch of the Emaar (construction) economic city public shareholding company with a caputal of SR8.5 billion US$ 2.3 billion.
According to him, the capital of the Jeddah-based company is divided into 850 million shares at the nominal value of ten Saudi Riyals per share, noting that the founders of the company has subscribed by 595 million shares representing 70 percent of the company's capital.
He pointed out that the goal of the company is to develop real estate and reclaimed lands, and other lands in the special economic zones or in others, considered for mixed use or further development.
© 2006 Mena Report (www.menareport.com)
