Beirut (APD) - Doha-based Salam Bunyan Real Estate Company obtained a license from the Qatari ministry of economy and commerce on Monday to start its operation as a private joint stock company at a paid-up capital of QR 500 million ($137.3 million), the Doha-based al Sharq daily reported Tuesday.
"The company will focus on real estate development, operation and marketing along with contracting and consultancy services and export and import. Salam is an affiliate company to Salam International Investment Limited and not a subsidiary that is run independently by a separate board of directors," said Adnan Staitieh, founding member and secretary general of Salam Bunyan.
Salam International Investment Limited (SIIL), also based in Doha, owns only 20% of Salam Bunyan while SIIL shareholders subscribed to 60%, Staitieh added.
SIIL shareholders were given exclusive priority in the private placement for Salam Bunyan's shares and 1,093 shareholders in SIIL subscribed as founders of the company.
According to other sources, two financial firms, Safat-based Kuwaiti Interests for Financial Investments, and Jordan's Portfolio Management and Investment Services for Clients (Amwal Invest) each hold stakes of 10% in Salam Bunyan.
SIIL is among the investors in Amwal Invest, which was established in July of last year. Information on the size of SIIL's stake was not released to the public.
The private placement for Salam Bunyan had been carried out in November. Kuwaiti Interests for Financial Investments and Amwal Invest managed the placement while Amman-based Talal Abu-Ghazaleh Organization was the auditing firm.
Salam Bunyan's first project is to develop The Gate real estate project in Doha which it had launched already in December 2005. It will be composed of retail, commercial and entertainment facilities on a 24,000 square meters of land.
The company said it would announce details on the Gate project and other new real estate projects in the near future. [TS]
By Nadim Issa, APD Staff Writer in Beirut
© APD (Arab Press Digest) 2006
