Al-Subaie to Set Up Real Estate Company

RIYADH, 27 July 2005 — Khaled Al-Subaie, manager of the branch of Al-Subaie Company in Makkah, announced the establishment of a new real estate company with capital of one billion riyals, Al-Eqtisadiah reported. The new company will be based in Riyadh and will have branches in Jeddah, Makkah and the Eastern Province. The new company will focus 80 percent on real estate. The new company will start operation before the end of this year and that Al-Subaie Group is finishing the final structural and financial study. The company will start locally first and will expand in the future to Gulf countries.