THE MINISTER OF COMMERCE AND INDUSTRY, DR HASHIM ABDULLAH YAMANI HAS APPROVED THE ESTABLISHMENT OF A NEW FINANCIAL GROUP " AL-MAJMOU'A AL-MALIYYA, " WITH A PAID UP CAPITAL OF SR 50 MILLION. THE CAPITAL IS SPLIT INTO FIVE MILLION SHARES, AND THE VALUE OF EACH SHARE IS SR 10. THE FOUNDERS OF THE RIYADH-BASED COMPANY HAVE ALREADY PAID THE TOTAL CAPITAL. THE COMPANY, WHICH WILL BE CONCERNED WITH CONSULTATIONS AND ARRANGEMENTS PERTAINING TO THE STOCK MARKET, WILL BE MANAGED BY A FIVE-MEMBER BOARD OF DIRECTORS TO BE APPOINTED BY THE COMPANY'S GENERAL ASSEMBLY FOR A PERIOD OF THREE YEARS. THE ESTABLISHMENT OF THE COMPANY COMES WITHIN THE FRAMEWORK OF THE STATE'S POLICY WHICH AIMS AT BROADENING THE ECONOMIC BASE AND ENCOURAGING THE PRIVATE SECTOR TO PLAY AN EFFECTIVE ROLE IN THE PROCESS OF THE ECONOMIC DEVELOPMENT.
