Setting Up of Joint IT Company Approved

JEDDAH, 1 August 2005 — Minister of Commerce and Industry Dr. Hashim Yamani has approved the establishment of an information technology joint stock company with a capital of one billion riyals, according to Eqtisadiah newspaper. Sources told the newspaper that the founders of the company would contribute by 50 percent while the rest will be open for public underwriting. After this news was leaked, many investors applied to participate in the project at the National Company for Information Systems, the developer of the project.