Ittihad Etisalat gets ministerial approval

The establishment of Ittihad Etisalat Company, a Saudi stock company with a capital of 5 billion riyals (Dh5 billion), has been approved by the Saudi Minister of Commerce, Dr Hashim Yamani.

There are 100 million shares, each valued at 50 riyals. The founders have already paid the value of all shares.

The company will be managed by a 10-member board of directors who are to be appointed by the company's general assembly for three years. The period of the first board of directors will be five years.

The establishment of the company, which will deal with telecommunication services, comes in line with the state's policy of broadening the economic base and diversifying sources of national income.

It will also enable the private sector to positively contribute to the acceleration of the process of economic development in the country.