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Saudi Arabia Approves Umm Al Qura Development Company, SPA Says

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March 21 (Bloomberg) -- Saudi Arabia approved the establishment of Umm Al Qura Development & Construction Co. as a closed joint stock company, the Saudi Press Agency reported, citing Minister of Commerce and Industry Tawfiq al-Rabea.

The authorized capital of the Mecca-based company is 916 million riyals ($244 million) divided into 91.6 million shares fully underwritten by the company’s partners, the agency said.

The company plans to develop the King Abdul Aziz Road project in Islam’s holiest city, SPA said.

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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