VOL XXXI

NO. 6

16-NOVEMBER-1987

SAUDI ARABIA

Saudi Ministry Issues License for Local Offset Company

The Saudi Advanced Industries Company (SAIC), which has been in the processof being set up for some time, has now been formally established under a licenseissued by the Saudi Ministry of Commerce. SAIC, a share holding company, isowned by its 155 founders, who have subscribed to all its capital of SR108mn($28.8mn), of which 25% has already been paid up. Its main purpose is toparticipate in the...