Minister of Commerce and Industry Dr Hashim Yamani has approved the license to convert the Arab Limited Technical Contracting Company into a Saudi limited-stock company with a capital of SR 60 million. The capital is split-up into 6000000 shares, with each share is valued at SR 10 The founders of the Riyadh-based company have already paid the total capital. The validity of the license is 99 years effective from the date of issuing this decision. The company will be managed by a five-member board of directors appointed by the company's general assembly. The establishment of the company comes within the framework of the government's policy which aims at expanding the economic base and diversifying sources of income as well as at encouraging the private sector to positively contribute to the process of economic development.
