RIYADH, 31 January 2004 — The Kingdom and Italy plan to set up a holding company to promote joint venture projects in Iraq and other Gulf countries.
The Italian Trade commissioner, Dr. Amedo Scarpa, who returned from the Rebuild Iraq Exhibition which concluded in Kuwait recently, said that the new holding company would be formally established with an initial capital of $300 million and 50 percent coming from each of the two parties in February.
Banks, private investors and financial institutions as well as government and non-governmental institutions from both countries will participate in the new venture, Dr. Scarpa said.
At present, there are 29 Italian companies in the Kingdom with 11 of them engaged in joint venture projects.
Speaking about the Rebuild Iraq Exhibition, Dr. Scarpa said some Italian companies had already got definite orders in Iraq including the construction of pre-fabricated houses and the establishment of a dairy farm.