Minister of Commerce and Industry Abdullah bin Ahmad Zainal has approved the establishment of Bunyan United Company as a Limited Stock Company. The company's capital totals SR 475 million. It will be split into 47,500,000 shares, each with a nominal value of SR 10. The Jeddah-based company will be concerned with purchase and sale of plots as well as implementing building projects and engaging into other related activities. The company will be managed by a 3-member Board of Directors who are 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 diversifying sources of the national income as well as encouraging the private sector to play an effective role in the process of economic development.
