Shaikh Saud bin Saqr Al Qasimi, Ras Al Khaimah Crown Prince and Deputy Ruler, set up yesterday the founders committee for a new company, the RAK Petroleum Company, being set up with capital of Dh2 billion.

It will be a public sharing company with Mohammad Al Qadi as chairman of the founders committee and Jihad Quzmar and Ezzat Al Dajani as committee members.

The founders will contribute 45 per cent of the capital of the new company and the remaining 55 per cent will be put up for an initial public offering in which the share price will be Dh1 in addition to 1 per cent of the share price as the establishment fee.

Sources in Ras Al Khaimah said the mission of the founders committee will be to take all the necessary legal measures to set up the new company and provide the UAE authorities will all the required official documentation.

The sources said the committee will assign the banks and open the necessary bank accounts for the company.