Hajj ministry completes Arbab Al-Tawaif Establishments transformation to joint stock companies

Logo of The Ministry of Hajj and Umrah

The Ministry of Hajj and Umrah completed the transformation of Arbab Al-Tawaif Establishments-Business Sector into joint stock companies, with regard to the stage of holding the first founding assemblies, and voting completion on the founding clauses.

The items voted on include verifying the subscription to all shares of the company, fulfilling the minimum capital, meeting the required amount of the value of the shares in accordance with the law provisions, and approving the final articles of the company's bylaws.

The amendments should not affect the system of service providers for foreign pilgrims, and provisions of the Companies Law and Executive Regulations, Saudi Press Agency reported.

The company's first auditor was appointed, his fees were determined for the first fiscal year, and the founders' report on the business and expenses required to establish and approve the company.

The ministry pointed out that the founding assemblies of all Arbab Al-Tawaif Establishments are an important and major step in the process of foundation, which indicates awareness of shareholders, positive interaction, desire to maintain these entities and to take the regular form that keeps pace with future changes, and contribute to achieving the aspirations of leadership and serve the pilgrims to the fullest.

Vice Minister of Hajj and Umrah, Abdulfattah Mashat, commented that the ministry's preparations contributed to the successful termination of the stage of holding the founding assemblies of Arbab Al-Tawaif Establishments, which culminates the ministry's strategic plans to restructure and turn them into joint stock companies.

This will help moving from the traditional style to the patterns of professional institutional work, which contributes to raising the quality of services provided to pilgrims and improving and enriching their experience.