VOL. XXXVII

NO. 9

29-NOVEMBER-1993

SAUDI ARABIA

NIC And SaudiInterests Set Up Heavy Industries Joint Venture

The NationalIndustrialization Company (NIC) of Saudi Arabia and M&M Manufacturing Ltd.(a subsidiary of Castle Capital Inc. of Canada) on 23 November signed anagreement to set up the National Heavy Industries Ltd. (ABRAJ), a joint ventureto manufacture heavy industrial equipment. ABRAJ, capitalized at SR35mn($9.3mn), is owned 25% each by NIC and M&M Manufacturing, 27.5% by Rana...