JEDDAH: The administrative board of the Jeddah Chamber of Commerce and Industry (JCCI) has decided to establish foras (opportunities) company for investment with assets of SR200 million. In a meeting headed by JCCI chairman Sheikh Saleh Kamel and the two vice presidents of the board, Mazen Mohammad Batarji and Lama Al-Suleiman, the JCCI decided last Thursday that the company will be funded by Dalla Al-Baraka with 10 percent (SR20 million) shares, Mazen Batarji's Company with 2.0 percent, Saleem Al-Harbi with 2.0 percent and Essam Nas Company with 5 percent. The remaining 40 percent will be covered by venture capital. The board also set up a specialized “business development center” which will support the projects and businesses. Kamel said the center has the promotion of business and career ethics as its objectives. “I would like also to note that the board which is the official supervisory body of the Jeddah Economic Forum will create a new center called ‘Jeddah Marketing Center'”, which will manage the Forum's operations, in addition to the tourism marketing of Jeddah by holding events and exhibitions” Kamel added. The members of the board also agreed to create the “Jeddah's Merchants Chair” comprising around 150 members. This chair will be “the spinal chord” of the JCCI which will assign to its members all problems and unresolved issues to find the best solutions.
