Investment Dar's Saudi partner set to boost KSA financial market after successful IPO

The company's operational launch was announced at its first general meeting held last week, where five board members were elected in Dammam.

Saudi Combined Company is set to bolster the Saudi market through its provision of consumer goods financing, asset management and consulting services. The company has also outlined innovative plans for financing vehicles, real estate and private property in compliance with the Noble Islamic Sharia'a.

The founding general meeting attracted large numbers of distinguished investors to subscribe for the thirty percent listed shares that were priced at a nominal value of 10SR per share. The meeting, attended by Mohammad Bin Ahmad Al Dousary, Chief Executive Officer, Al Dammam Development and Abdurrahman Al Dawood, General Manager of Al Dar Asset Management (Adam), a subsidiary of Investment Dar, marked the operational launch of the company where the company bylaws were approved.

"Investment Dar is pleased with the response received for the initial public offering of the Saudi Combined Co. and has great faith in the Saudi financial market. The economic flexibility towards the private and foreign sector investment in KSA acted as a catalyst for Investment Dar to partner with Saudi Combined Co. Investment Dar aims to use its long standing experience in the financial services arena to generate lucrative returns for its shareholders in Saudi,"

said Yousef Malallah, Deputy CEO at Investment Dar.

A report highlighting the activities and expenses to be undertaken for the company's initial operation was approved by the shareholders. It was also agreed during the meeting to appoint Ernest and Young as the audit firm for maintaining fair and transparent accounting procedures.

All shareholders agreed to appoint the following individuals as board members of the Saudi Combined Co.:

1. Mr. Mohammad Bin Ahmad Al Dousary, Member of the board of directors
2. Mr. Yousef Malallah, Member of the board of directors
3. Mr. Abdullah Al Seif, Member of the board of directors
4. Mr. Hussein Abdul Wahed Al Khajah, Member of the board of directors
5. Mr. Khaled Bin Ahmad Al Dousary, Member of the board of directors