JSC was established with a paid-in capital of SR 400 million ($106 million) and 8 million shares, subscribed to by 281 private local firms and individuals. The company has been registered with the ministry and is expected to complete incorporation procedures within the next three months, a company official says. Two other Jeddah Holding Company subsidiaries are expected to receive government approval by the end of next year. Jeddah Company for Developmentand Jeddah Tourism Companywill be responsible for real estate and commercial development, and will be set up as public/private partnership investment schemes.
The water and sewerage facilities in Jeddah will require investment of SR 60,000 million ($15,998 million) over the next 20 years, Jeddah Holding Company chairman Prince Abdel-Majid bin Abdelaziz has been quoted as saying. Just 10 per cent of the city’s inhabitants are connected to the sewerage network. More than 160 companies are involved in the daily delivery of some 70,000 cubic metres of drinking water by tanker, and the removal of 40,000-50,000 cubic metres of sewage.