Al Naqool’s board gives nod to set up real estate development subsidiary

Logo of Mohammed Hasan AlNaqool Sons Co.

Mohammed Hasan AlNaqool Sons Co.’s board of directors approved today, June 24, to establish a wholly owned real estate development subsidiary.

 

The limited liability firm will be headquartered in Dammam and will have a capital of SAR 500,000, the company said in a bourse filing.

 

The subsidiary will be set up after obtaining necessary approvals and licenses from the relevant authorities.

 

The step comes in line with Al Naqool’s strategy of expansion and diversification of activity.

 

Any developments in this regard will be announced in due course.

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