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Sat 7 Oct 2006 12:00 AM

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Shareholding firm approved

The Saudi Arabian government has approved the formation of the US $2.3 billion (SR8.5 billion) Emaar Economic City public shareholding company.

The minister of trade and industry, Dr Hashem Yamani, said that the capital of the Jeddah-based company will be divided into 850 million shares at a value of $2.60 per share, and that the founders of the company have subscribed by 595 million shares, representing 70% of the company’s capital.

The approval of the establishment of the company is part of Saudi Arabia’s efforts to expand its economic base, diversify sources of national income and to encourage the

private sector to play an effective role in promoting economic development.

Emaar EC is developing the King Abdullah Economic City, a $26.6 billion mixed-use development to spread over an area of 55 million m2.

“Emaar EC is now entering a new phase,” said Emaar chairman, Mohamed Ali Alabbar.

“The company will hire new staff to execute a wide range of responsibilities and the focus of the recruitment drive will be to hire qualified Saudi citizens, especially in senior positions.”

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