JEDDAH, 2 August 2006 — Jabal Omar Development Company will float 201 million shares, representing 30 percent of its capital of SR6.7 billion, for public subscription, it was announced yesterday. Commerce and Industry Minister Dr. Hashim Yamani said his ministry had passed the company’s application for license to higher authorities for approval. He said Jabal Omar’s 873 founders had subscribed to 70 percent of the company’s capital.
Banks Told to Accept Orphans’ Applications
JEDDAH, 2 August 2006 — Saudi authorities have instructed banks to accept applications of orphans along with their mothers to purchase shares of Emaar Economic City (EEC) on condition that they produce relevant documents of guardianship. The move will help a large number of orphans to take part in the initial public offering (IPO) that ends today.
