Establishment of Al-Ahsa Development Company
Al Ahsa Development Company – Saudi Joint Stock Company was established under the Royal Decree number 573 dated 26 Rabi Thani 1414H ( Corresponding to 12 October 1993 ) and registered under commercial registration No. 2252021816 issued from Al-Ahsa dated 1st jumad Thani 1414H ( corresponding to 15 November 1993 )
Our vision and mission
The aims and objective of Al-Ahsa Development Company are to invest in industrial and service projects by:
Playing active roll in strengthening the industrial development in the Kingdome of Saudi Arabia.
Giving priority to the development of Al-Ahsa region.
Utilize and exploiting natural resource of the region.
Encouraging viable import substitution.
Establishment industries which rely on modern technologies develop locally or by
cooperation with international organization.
Enhancing the existing asset of the company by establishing projects that
guarantee excellent return on investment.
Improving and training the national manpower, so that they can handle the responsibilities in the companies projects.
Cooperating with the industrial authorities in the Kingdome and the other Arab Countries of the Gulf Cooperation Council ( GCC ), to execute some projects jointly.
Offering assistance and consultation service to the industries and companies established by the Al-Ahsa Development Company.
Company future plan
The company seek the expansion of the multipurpose industrial & service big projects base. The company is studying and evaluating some projects to establish contributed to those projects if economically feasible. The bo
ard recommendation related to the new projects and
their work progress will be reported to shareholder via
Tadawul.
The company will continue its efforts to complete the procedure related to the
take over of the land granted for the establishment of the national university
at Al-ahsa and finalize necessary license from the Ministry of Higher Education.
The national university project attend a noble royal deed whereas the custodian
of the two holy mosque King Abdul Bin Abdul Aziz Al Saud approved granting the
company a land at Al Ahsa of 300,000 squire meter area located at Al-Ahsa –Dammam
road. The relevant take over procedure have not been completed yet.
During September 2006, the company board approved the administrative
restructuring and the organizational & administrative structure of the company
so as to the ready for the next phase when the company start execution of the
project e.g. cement plant, aluminum foil factory and the associate expansion of
the volume of the company’s activities and diversification of the projects of
the company and its subsidiaries.
For Shareholder Enquiry Call
03-5620877 Ext.33
A consulting office was assigned to study the company’s capital increase based
on the requirements
of the cement plant and aluminum foils factory. The value of the couple of
projects exceeds
two billions Saudi Riyals. the Board is expected to discuss this study in 1Q,
2007 and issue its
recommendation to such effect permeable to submittal to the Capital Market
Authority.
Company Aims
and objective
1-Availability of raw materials (
including agricultural products, petrochemicals and natural gas).
2-Ready availability of utilities such as electricity, water and gas supplies, and
good communication system.
3-Vantage geographical location of the Al-Ahsa area within easy reach from major
industrial cities
of the Eastern and central Saudi Arabia and other consuming markets of the GCC
countries.
4-Relatively dense population of the Al-Ahsa area.
5-The biggest oil fields of ARAMCO such as Shedgum, Udhilaya and Uthmaniya are
located in
the Al-Ahsa area.
6-The King Faisal University which has a number of specialized colleges and
institutions of
industries and arts is also located in Al-Ahsa.
7-Low cost loans from Saudi Industrial Development Fund, up to 50% of total
project investment.
8-Tariff exemption on imported equipment and materials.
9-Selective tariff protection for imported equipment products.
10-Corporate tax abatement for up to 10 years.
11-Infrastructures, including established industrial estates.
12-Low-cost land.
13-Government policies giving preferences to Saudi producers.
15-Political stability and absence of labor unrests.
16-Free movement of capital and no restriction on repatriation of profit for the
international partner.