21 December 2005
Beirut (APD) - Riyadh-based Al Bayt Development Company will establish a subsidiary with a paid-up capital of SR 500 million ($133.3 million) under the name Al Bayt Credit Company, the Riyadh-based al Iqtisadiya daily reported Wednesday.
Beirut (APD) - Riyadh-based Al Bayt Development Company will establish a subsidiary with a paid-up capital of SR 500 million ($133.3 million) under the name Al Bayt Credit Company, the Riyadh-based al Iqtisadiya daily reported Wednesday.
Al Bayt Development Company will own 30% stake in Al Bayt Credit Company while 70% would be offered to new shareholders.
The new company, which is a closed joint stock company, will be providing Shari'a-compliant home loans and credit services to retail clients from March 2006.
Al Bayt Development Company, which was established in 2002, is specialized in real estate developments where it thus far has constructed more than 1,000 residential units in a total of 10 projects. Its paid-up capital stands at SR 100 million. [NI-TS]
© APD (Arab Press Digest) 2005
