Minister of Commerce Dr Hashim Yamani has approved the establishment of Ittihad Ittisalat Company, a Saudi stock company with a capital of SR 5 billion. The shares of the Riyadh-based company are divided into 100 million, and the value of each share is SR 50. The company's founders have already paid the value of all shares. The company will be managed by a board of directors of ten members who are to be appointed by the company's general assembly for a period of three years. The period of the first board of directors will be five years. The establishment of the company, which will be concerned with telecommunications services, comes in line with the State's policy which aims at broadening the economic base and diversifying sources of national income as well as enabling the private sector to positively contribute to the acceleration of the process of economic development in the country.
