The Minister of Commerce and Industry, Dr. Tawfiq Bin Fawzan Al-Rabeah, has approved the establishment and transformation of four companies with total capital of SR184 million. A press release issued by the Ministry Wednesday said that Riyadh-based Saad Al-Mubti and Partners Contracting Company with a capital of SR140 million, Makkah-based Saraya Mubarakah Hotel Management Company with a capital of SR 2 million, and Seihat City-based Alam Al-Muntazah Holding Company with a capital of SR 2 million, will be transformed from limited liability companies to closed joint stock companies. Seihat City-based Barakah Gulf Holding Company has also been established as a closed joint stock company with a capital of SR 40 million. The release pointed out that the capital is divided into shares with a nominal value of SR 10 per share and the founders and partners have subscribed to all the shares of the companies. The Minister's approval came within the framework of the State's policy to enhance economic activities in various sectors.
