Abdullah Ahmed Zainel, the Minister of Commerce and Industry approved here today the establishment of Al Khaleej Housing Finance Company as a closed joint stock Company. The Company ventures are real estate financing through "Murabaha" leasing, leasing-property under construction and similar financing facilities that include the purchase and lease of land and buildings for the purposes of those facilities with the exception of the cities of Makkah and Madinah. Dr. Hassan Fadh Aqeel, Undersecretary of the Ministry of Commerce and Industry for internal trade said in a statement to SPA that the company's capital is (SR 292.500.000), divided into 29,250,000 million shares with a nominal value of 10 Saudi Riyals. The founders subscribed in all shares of the company. The duration of the company is 99 years starting from the date of the Ministerial approval resolution; the duration may be extended by a resolution of the company's extraordinary general assembly. It is noteworthy that the Company shares cannot be traded except after obtaining the approval of Capital Market Authority (CMA).
