Saudi and Poland to launch $2bn JV in 1Q2013

Company will look at joint venture projects; aiming for US$30bn revenues in “first few years”
Saudi and Poland to launch $2bn JV in 1Q2013
By Shane McGinley
Tue 30 Oct 2012 12:22 PM

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.

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