SCTA President: Al Ogair Development Co. is ready to take off, now is submitted to Cabinet for final approval
Almasalla, ATP News- Prince Sultan bin Salman bin Abdul Aziz President of SCTA, has recently disclosed that, Al Ogair Development Company is ready to take off after its articles of incorporation were signed, and its founding shareholders deposited 25% of its capital (over SR 500 million) and that SCTA has concluded all company’s necessary technical and regulatory measures and now is submitted to the Cabinet for final approval.
HRH President of SCTA made his comments in a press statement following the signing ceremony of articles of incorporation of the Saudi Heritage Hospitality Company last Sunday, 1st February, at the
National Heritage in Riyadh.
“Al Ogair Development Company’s project was subject to intensive studies and verifications to ensure its feasibility which has been lauded by the World Bank especially project’s executive measures that have been carried out by SCTA during its different stages”.
HRH President of SCTA added that, the project submitted to the Cabinet in order to license the company as the first integrated tourism destination consisting a number of resorts and tourism specialized projects as SCTA has finalized all company’s necessary technical and regulatory procedures. 19 investors contribute in company’s capital (two billion, seven hundred and ten million Saudi Riyal) , including public funds and leading companies from both the public and private sectors.
The company is expected to start business after Cabinet prospective approval which is under process.
The government has already allocated SR 2.4 billion for project infrastructure (electricity, water supply and sewage network).
Public relevant department have concluded schemes of intended facilities up to the boundaries of the site. The facilities include sea water desalination plant, sewage treatment plant, high-voltage lines, electricity transmission main and sub-stations. The projects were offered in open tenders for contracting companies for execution.
Noteworthy, HRH President of SCTA had patronized last Sunday, 1st February, the signing ceremony of the articles of incorporation of the Saudi Heritage Hospitality Company.
The articles of incorporation were signed by representatives of stockholding companies; Public Investment Fund (PIF), Taiba Holding Company, Dur Hospitality, Al-Tayyar Real Estate and Development Co., Riyadh Development Company, and Jeddah Development and Urban Regeneration Company (Jedrick).
