Financial and Banking News
Saudi Arabia and Turkey Form Holding Company
A new joint venture, Saudi Turkish Holding Company, was formally registeredon 20 December 1988 with authorized capital of $500mn, of which $100mn issubscribed and $5mn is paid-in. The company, based in Istanbul, is owned 60% bySaudi interests and 40% by Turkish investors. The joint venture will invest intourist, housing and industrial projects.