Al Akaria to set up contracting firm
01 January 2017
Al Akaria, a leading Saudi real estate development company, has announced plans to set up a new contracting and building construction works company.
The move comes following regulatory approval from the Ministry of Commerce and Investment.
To be based in the capital Riyadh, the new firm, Saudi Real Estate Construction Company, will start operations with a capital of SR100 million ($26.6 million) consisting of 10 million common shares with a value of SR10 ($2.6) per share, Al Akaria said.
Al Akaria has subscribed for 60 per cent of the shares in the new company, while Kaya Homes is targeting the remaining 40 per cent stake.
Once operational, Saudi Real Estate Construction Company will focus on building construction and maintenance on a commercial basis.
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