Aluminum product company
Al-Ahsa Development company has study the feasible study to
establish a Aluminum product Company. Further information under construction
Gypsum company
Al-Ahsa Development company has study the feasible study to
establish a Gypsum product Company. Further information under construction
Cement Plant
The
company has received the industrial license from Ministry of Industry and
commerce to establish a cement factory in Al-Ahsa to produce ordinary cement and
salt-resistant cement. The company is working at present to complete the
necessary procedure to obtain the require permit to establish the project from
Ministry of Petroleum and Minerals and coordinating with the Saudi Geological
survey Organization to specify the suitable location in term of availability of
raw material of gypsum rock, sand rocks gypsum and clay. The technical and
financial studies are being completed to establish the projects with the
production capacity of 5000 ton per day with estimated cost of one billion two
hundred million Saudi riyals. The factory is expected to provide 270 job
opportunity in all administrative and technical jobs that would benefit Al-Ahsa
province inhabitants.
The company has share the capital of Yanbu Petrochemical (YANSAP
) with (214200) share with minimal value of ( 10,710,000 ) Saudi riyal paid in
full on 30.05.2005G.
ADC was informed during December 2005G about the recommendation of the board of
director of manufacturing and power service company to increase the company’s
capital to ( 2,000 ) two thousand million Saudi riyal by issuing additional
share with the nominal value for the present partners, each as per his
partnership. ADC share as per this increment, when approved, would be (330,000)
share to make ADC total share and M&PS company ( 450,000) shares.
The real estate
The company has added a new real
estate contribution during 2005G where as the Board of Directors approve on
13.04.2005G of the agreement to purchase and finance real estate with a related
party, where as the related party agreed that the company would participate with
a percentage of (25%) of the total area of real estate that he had already
purchase located in Ohgba Bin Nafe road in Riyadh city with total area of
(250,333)sq meters and total value of (135.9) million Saudi riyals. According
to the purchase agreement the company has made a contract with the local
financial est. to finance the purchase of the land as per the Islamic financing
provided that the financial est. to would sell the land to ADC with total value
of (159.9) million Saudi riyals at the end of the financing period which would
be on 12.01.2008G. Accordingly ADC has mortgaged portion of its local share
portfolio with amount of (110) million with continuity of its right to invest
this mortgaged portion. the return percentage of the mortgaged and invested
portion would me more then (120%) whereas the total amount when preparing this
report was (246)million Saudi riyals. And as per the contact with related party,
he is committed to pay his share in the amount of land and all other expenses
resulting of the financing deal on time as per the schedule and procedure
determined by the company and the company would not pay any amount concerning
him. The general assembly for ADC approved on its ordinary meeting no 14 dated
27.04.2005G to purchase this land.
All the investment if real estate owned by the company until 31.12.2005G are
recorded in the company book with cost price not with the market price. It is
(45% of Al-Rabwa plant Al-Ahsa, 10.42% of southern cornice market at Jeddah, 25%
of the land at Ogba Bin Nafe road at Riyadh)
Al-Ahsa
recreation and tourism company
A limited liability company which obtain the
approval of Al-Ahsa municipality for the bid of developing QARA mountain. The
company completed the study for the project of developing QARA mountain which
contain the introduction of light & sound effect and pave the road and internal
cave and erect a platform on the top of the mountain to exploit the beautiful
look on the oasis. The company also finished the feasibility studies for the
recreation city located on Dhahran street in Al-Ahsa with total area of 157000
Sq Mtr
The company has continue achieving good profit during 2005G as a result on
investing its.