Minister of Commerce and Industry Dr Hashim Yamani has approved the establishment of 'Iwan' International Housing Company as a limited stock company with a capital of SR 400 million. The capital of the Company is split into 40 million shares and the nominal value of each share is SR 10. The Founders have subscribed for the entire shares and have already paid up 25 percent of the total capital (SR 100 million). The company will be concerned with purchase of land plots as well as the management and development of the real estates and other similar activities. The Jeddah-based company will be managed by a 10-member board of directors who will be appointed by the company's general assembly for a three years tenure.
