JEDDAH — Commerce and Industry Minister Dr. Hashim Yamani yesterday licensed three new joint stock companies: Al-Arjan Projects, Gulf Investments and Muhammad Sulaiman Al-Muhaisini & Partners for Real Estate Development and Investments.
According to an official statement issued by the ministry, the three companies will have a combined capital of SR1.2 billion with the real estate company holding the largest with SR500 million, followed by Gulf Investments with SR400 million.
Founders of the three closed joint stock companies have subscribed to all their shares. Al-Arjan and Al-Muhaisini will be engaged in real estate development while Gulf Investment will provide stock management and consultancy services.
The Saudi stock market continued its upward march yesterday. The Tadawul All-Share Index (TASI) surged 160.78 points or 1.68 percent to 9,739.07.
Shares of Fawaz Abdulaziz Al-Hokair Company jumped by 9.91 percent to SR63.75, Saudi Research and Marketing Group by 9.57 percent to SR51.50, National Industrialization Co. by 7.86 percent to SR48 and Food Products Co. by 7.56 percent to SR32 yesterday.
Saudi Kayan Petrochemical Co. shares increased by 7.44 percent to SR25.25, Rabigh Refining and Petrochemical Co. (Petro Rabigh) by 3.35 percent to SR46.25 and Saudi International Petrochemical Co. by 2.15 percent to SR35.50.
In the banking sector, shares of Al-Rajhi Bank, Saudi Hollandi Bank, The Saudi Investment Bank and Bank AlJazira declined yesterday. Shares of Banque Saudi Fransi gained 4.02 percent and Riyad Bank by 3.26 percent.
Shares of Saudi Basic Industries Corp. (SABIC) edged higher slightly to SR167 yesterday.
In the telecom sector, shares of Saudi Telecom Co. (STC) increased by 2.80 percent to SR73.25 but Etihad Etisalat shares fell slightly to SR66.75 yesterday.
Over SR11.86 billion worth of shares changed hands yesterday.