MAKKAH, 20 July — Commerce Minister Osama Faqeeh has formally announced the establishment of Jeddah Holding Company, a Saudi joint stock company with a capital of SR400 million.
The company will provide infrastructure, maintenance, operation and management services. As per its basic law, the Jeddah-based company can open its branches, offices and agencies in and outside the Kingdom.
Its activities will cover sewage water treatment, water desalination, refining, drinking water distribution, operation and maintenance of water networks, service facilities and tourist resorts.
The company is also licensed to hold shopping festivals, carry out tourism and hotel projects, construct housing and commercial complexes, open training institutes and establish trade agencies.
Licensed for 99 years, the company’s capital is divided into eight million equal shares, each priced at SR50, and subscribed by 281 traders and businessmen and other citizens.
It will be managed by an 11-member board appointed by the general assembly for not more than three years. However, the term of the first board comprising constituent members will be five years.
The first board will be chaired by Zuhair Hamid Fayez.
The board members are: Saleh Al-Turki, managing director, Adel Bushnak, Muhammad Al-Anqari, Muhammad Al-Esai, Khaled Al-Juffali, Muhammad Abdul Qader Al-Fadel, Saudi Bin Laden Group, Abdullah Saleh Kamil, Hussein Mohsen Al-Sharif and Al-Zahid Industries & Investment Company.
