VOL. XLIV

No. 15

9-APRIL-2001

SAUDI ARABIA

$667Mn Utilities Company Formed For Jubail AndYanbu'

Saudi Arabian Commerce Minister Usama Faqih has announced the setting up of an electricity and water utilities company, Marafeq, capitalized at SR2.5bn ($667mn) divided into 50mn shares valued at SR50 ($13.3) each, to service the industrial cities of Jubail and Yanbu'. All 50mn shares have been bought by the 11 founders of the company, which will have its headquarters in Jubail. Four of the founders,...