MINISTER OF COMMERCE HASHIM YAMANI HAS LICENSED THE ESTABLISHMENT OF THE UNITED MINING INDUSTRIES COMPANY AS A LIMITED STOCK COMPANY WITH A CAPITAL OF SR 102 MILLION. THE CAPITAL IS DIVIDED INTO 10.2 MILLION SHARES AND THE VALUE OF EACH SHARE IS FIXED AT SR 10. THE RIYADH-BASED COMPANY'S FOUNDERS HAVE ALREADY PAID THE ENTIRE CAPITAL. THE COMPANY WILL BE CONCERNED WITH BUILDING MATERIALS AND MATERIALS PRODUCED THROUGH MINING. THE COMPANY WILL BE MANAGED BY A SIX-MEMBER BOARD OF DIRECTORS TO BE APPOINTED BY THE COMPANY'S GENERAL ASSEMBLY. THE ESTABLISHMENT OF THE COMPANY COMES IN LINE WITH THE STATE'S POLICY OF BROADENING THE ECONOMIC BASE AND DIVERSIFYING THE SOURCES OF THE NATIONAL INCOME AS WELL AS ENCOURAGING THE PRIVATE SECTOR TO POSITIVELY CONTRIBUTE TO THE PROCESS OF ECONOMIC DEVELOPMENT.
