National Building to establish three new firms in Riyadh

National Building and Marketing Co. (NBM) will establish three Riyadh-based, closed joint-stock companies, in line with the board’s decision dated Aug. 6, 2020, the company said in a bourse statement.  

The first firm will be capitalized at SAR 500,000, and will set up international as well as national schools, educational institutes, and training centers.  

The new entity’s ownership structure will be divided between NBM (75%, to be financed from the company’s revenue) and the board chairman, Fahad Al Thunayan. (25%).  

The second firm will specialize in information technology, data transmission networks, phones, servers, surveillance cameras, and wired and wireless communications, with SAR 500,000 in capital.  

The third will specialize in pharmaceuticals, medical equipment, in addition to setting up and operating medical centers and hospitals, with SAR 500,000 in capital. 

The second and third entities will be 50:50 owned between NBM and board chairman Al Thunayan. 

Fahad Al Thunayan, chairman of the board of directors and a major shareholder, is a related party.

The decision came in line with Vision 2030, and aims at income diversification and risk reduction, the statement said, adding that updates will be revealed in due course.