After the signature of a Saudi & Korea agreement to buildup the company of "Al-Oula S & K".
Transfer “Al-Oula for development “to a closed joint-stock company with 1.5 milliard Riyals capital stock.
The executive president of Al-Oula Company for Buildings Development Abdulaziz Al Duailej revealed that the company management waiting the final accepting from the responsible sides to transfer it from a company with limited responsible to a closed joint-stock company with 1.5 milliard Riyals capital stock, leading up to submit it for general subscription , and he expects that has the approval on the request during the little next period.
Al-Duailej said after signed Al-Oula Company co-operation with Korea S & K company for engineering and contracting yesterday in Al-Fozan Tour in Al-Khobar to build a Saudi Korean Company with 200 million riyals capital stock called it the name of " Al-Oula S & K " for construction and its site in Al-Khobar. The aim from the cooperation to expansion the activity size of Al-Oula company in the Saudi market which has unknown mutant in requesting of the residential units with its all kinds , especially that the studies refer to that the kingdom needs more than 200 thousand residential unit annuity.
Al-Duailej showed after signed the agreement with Ayedh Al-Qahtani , Essam Abd Al-Qader Al-Mehaidab and Abdullah Al-Fozan with Wangh Swaq You the executive manager for Korean S & K company . the choice of Al-Oula company for Korean S & K company was faithfully from Al-Oula with the necessary to be its party in these big investments qualified and has a long history as S & K company which considers the third big company for contracting in the world , wherein the contracts which made in the last year reached more than 10 milliard riyals , also the company not new on the Saudi market in which it was in the market from a long time in the field of the Petrochemical and Industry , and made sure that the new company will start the actual work at the beginning of next September , also the company will make a branches for it in Riyadh and Jeddah in the middle of next 2009 for making different projects for it from the residential units with its different kinds , expecting that the company will build more than 80 thousands of residential units dispersed on the kingdom Provinces before the end of 2012.
