SAUDI ARABIA

Arbab Al-Tawaif Establishments transformed into 9 joint-stock companies, Hajj ministry announces

July 02, 2021

Saudi Gazette report

JEDDAH — The Ministry of Hajj and Umrah has completed all measures related to transforming Arbab Al-Tawaif Establishments into nine joint-stock companies.

In a statement carried by the Saudi Press Agency on Friday, the ministry said that the move seeks to institutionalize the delivery of services to pilgrims in the implementation of the Kingdom’s Vision 2030.

Dr. Abdulfattah bin Sulaiman Mashat, Deputy Minister of Hajj and Umrah, said that the transformation of Arbab Al-Tawaif Establishments into joint-stock companies is primarily centered around enhancing the quality of services extended to the pilgrims and visitors of the Two Holy Mosques, adding that the transformation process has been carried out with complete transparency and fairness.

He also noted that the companies’ bylaws, their capital, the appointment of board members and auditors were among the major topics discussed during the first and second meetings of the founding assemblies of the Arbab Al-Tawaif Establishments.

Mashat also explained that the transformation would diversify investment and partnerships and consequently increase shareholders' benefits and would enable the companies to expand their investment activities.


July 02, 2021
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