By Shane McGinley
Company will look at joint venture projects; aiming for US$30bn revenues in “first few years”
A new US$2bn holding company due to be set up next year is aiming to generate revenues of US$30bn over its first few years by establishing joint venture projects between Saudi Arabia and Poland, it was reported on Tuesday.
The Saudi-Polish firm will be set up in the first quarter of 2013 and will have a bank of capital worth US$2bn over the first five years, according to reports in the Saudi press.
Yasir Al Harbi, board chairman of the Saudi-Polish Business Council (SPBC), told Al Sharq Al Awsat newspaper the firm will use Polish technology to develop investment projects and is aiming to generate around US$30bn in revenue in the first few years.
The SPBC said the firm is also set to invest in Polish real estate, and is currently in talks to conclude a deal to invest in technology free zones in the Polish cities of Elk and Olsztyn.
A deal by the SPBC to boost Polish poultry exports to Saudi is also expected to be concluded soon, Arab News reported.
Trade between Poland and the kingdom stood at US$630m in 2010, up from US$220.7m in 2006.