Osool Company... Saudi - Sudanese Joint venture with a capital of $ 50 million
A Saudi – Sudanese Holding Company was established under the name of "Al Osool Company", headed by Mr. Khalid Zinni one of the famous businessmen. The main activities are in real estate development projects in Sudan, construction of residential complexes, villas, commercial buildings, hotels, and others.
The company's capital amount is around $ 50 million .Shares subscription will be allowed for the public in Sudan, Saudi Arabia and the Gulf States of one dollar against a share.
Mr. Abdul Wahab Ahmed Hamza, a member of the delegation of Sudanese businessmen has explained that the agreement signed between the two sides, includes development of real estates and investments in national strategic projects in the Sudan.
He explained also that the new company will work in the areas construction, engineering, contributing to the real estate investment funds, and will provide building supplies with the high-tech facilities to help in the development of constructions sector in Sudan.
He also added that “a team of work was selected from both sides to start in real estate projects proposed for implementation at the present time through preparations for these projects and studying them in terms of suitability and matching with the conditions of the population in Sudan.
The Chamber of Commerce and Industry in Jeddah have witnessed yesterday the first executive meeting between Saudi businessmen and senior Sudanese, where they discussed how to establish the holding company that began the work directly through its committees to establish the new company.
The Board of Directors of the new company includes Mr. Khalid Zinnia, head of the Saudi delegation, and Sheikh/ Jumah Bin Fahad Al AlJumah, Khalid AlFawzaan, Mohammed Al shraibi representing Bin Laden Group, Abdul Ghaffar Jamjoom, and Yousif Al Thunayan representing Al Thunaian real Estates. As the Sudanese side was represented by Saleh Abdul Rahman Yacob President of the Sudanese delegation, Dr. Taj al-Sir Mustafa, Abdel Wahab Ahmed Hamza, Abdel-Rahman Abbas, Hassan Al-Ashi, and Abdel Rahim Hamdi.
We would like to refer that the size of Saudi investments in Sudan amounted to $ 546 million of the total Arab investments amounting to $ 1.4 billion.
The trade exchange between the two countries in 2004 reached to 635.8 million dollars, while exports from Sudan in the same year reached to 471.6 million dollars.
The most important products exported by the Sudan to Saudi Arabia, livestock, meat, sesame, leather, gum Arabic, while the main exports of Saudi Arabia to Sudan are transportation, petroleum products, chemicals, textiles, and foodstuffs.
For further information, please review the Osool Company’s News from the newsgroup archive.
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