19 November 2003
Abdu Rahman Al Jeraisy, chairman of the board of directors of Riyadh Chamber of Commerce and Industry, has been chosen as the President of the Founding Committee of the Real Estate Financing Co. Khaled Al Muqairen, a leading businessman, and Saud Al Shamas were elected as the Vice President and Secretary respectively. The nominations were proposed at the first meeting of the committee which was held at the headquarters of the Riyadh Chamber of Commerce and Industry. The meeting did take several decisions and put up a number of recommendations. It also fixed the status of the committee as a financial one in accordance with the regulations of the Saudi Arabian Monetary Agency. The committee decided to constitute three working groups. The first being the group for implementation of the Company’s working program.
The first group has the responsibility of following up the formation and registration of the company and other related matters. It will also seek the advice of international consulting offices with regard to the formation and registration of the company as well as to follow up and keep in contact with the office with which the contract has been concluded. The nominated members of this group are Khaled Al Muqairin, Ayid Al Qahtani, Abdul Mohsen Al Isa and Fahd Al Muajal.
The second group has the responsibility to contact and coordinate with the concerned government organizations such as the Ministry of Finance, Saudi Arabian Monetary Agency, General Organization for Social Insurance, Pension Fund, Ministry of Justice, Ministry of Commerce and Industries and so on. The member of this group are: Abdul Rahman Al Jeraisy, Khaled Al Muqairen, Saad Al Rasees, Ibrahim Bin Saeedan and Ahmad Al Oqail.
The third is the working group, which has the responsibility of contacting and canvassing financing agencies like banks, investors and businessmen as well as to attract them to participate in the formation of the company. The following persons have been nominated as the members of this group: Khaled Al Baltan, Hamad Al Shuwaier, Muhammed Al Dosary and Khaled Al Qahtani.
The objective of the Real Estate Financing Co. is to give loans to those wishing to own plots of land, housing units and villas. The company would help young men to get their own housing at easier terms. More than half of the company’s capital of SR 1 billion has been paid up and shares have been floated to make up for the rest.
Abdu Rahman Al Jeraisy, chairman of the board of directors of Riyadh Chamber of Commerce and Industry, has been chosen as the President of the Founding Committee of the Real Estate Financing Co. Khaled Al Muqairen, a leading businessman, and Saud Al Shamas were elected as the Vice President and Secretary respectively. The nominations were proposed at the first meeting of the committee which was held at the headquarters of the Riyadh Chamber of Commerce and Industry. The meeting did take several decisions and put up a number of recommendations. It also fixed the status of the committee as a financial one in accordance with the regulations of the Saudi Arabian Monetary Agency. The committee decided to constitute three working groups. The first being the group for implementation of the Company’s working program.
The first group has the responsibility of following up the formation and registration of the company and other related matters. It will also seek the advice of international consulting offices with regard to the formation and registration of the company as well as to follow up and keep in contact with the office with which the contract has been concluded. The nominated members of this group are Khaled Al Muqairin, Ayid Al Qahtani, Abdul Mohsen Al Isa and Fahd Al Muajal.
The second group has the responsibility to contact and coordinate with the concerned government organizations such as the Ministry of Finance, Saudi Arabian Monetary Agency, General Organization for Social Insurance, Pension Fund, Ministry of Justice, Ministry of Commerce and Industries and so on. The member of this group are: Abdul Rahman Al Jeraisy, Khaled Al Muqairen, Saad Al Rasees, Ibrahim Bin Saeedan and Ahmad Al Oqail.
The third is the working group, which has the responsibility of contacting and canvassing financing agencies like banks, investors and businessmen as well as to attract them to participate in the formation of the company. The following persons have been nominated as the members of this group: Khaled Al Baltan, Hamad Al Shuwaier, Muhammed Al Dosary and Khaled Al Qahtani.
The objective of the Real Estate Financing Co. is to give loans to those wishing to own plots of land, housing units and villas. The company would help young men to get their own housing at easier terms. More than half of the company’s capital of SR 1 billion has been paid up and shares have been floated to make up for the rest.
© Saudi Economic Survey 2003
