The National Subcommittee on Industrial Integration of the Council of Saudi Chambers will hold a meeting for the founders of the Saudi Industrial Integration Company (Takamul) on September 9 at the Council’s headquarters in Riyadh. The committee has invited national manufacturers and related companies interested in establishing the company to attend the founding meeting to hear an overview of the company, review the articles of incorporation, and determine the contribution amount.
Engineer Saad bin Ibrahim Al-Maajil, a member of the Board of Directors of the Riyadh Chamber of Commerce and Industry, confirmed that the Industrial Committee of the Riyadh Chamber is discussing participation in the project to establish the Industrial Integration Company, following the Development Fund’s approval to provide a loan to the company, and that it has been agreed that membership in the company will be limited to industrial companies. He explained that negotiations are underway with SABIC and Aramco to join the company, and that the company will be managed on a commercial basis.
Al-Maajil added that during a recent meeting at the Riyadh Chamber, some developments in the industrial sector were discussed, including the Saudi Chambers Council’s call to complete the procedures for establishing a closed joint-stock company for industrial integration with a capital of 20 million riyals, inviting all licensed factories and relevant national companies, subject to the approval of His Excellency the Minister of Commerce and Industry.
On the other hand, more than 15 major industrial companies will contribute to the establishment of the «Industrial Integration» company, the first company dedicated to industrial integration in the Kingdom. Most of the activities of these factories and companies are concentrated in the major cities of Riyadh, Jeddah, and Dammam, where 25 percent of the total proposed capital for establishing the Industrial Integration Company has been secured, which will be a closed-end fund specializing in national companies and factories licensed by the Ministry of Commerce and Industry. The initial cost has been estimated at 20 million riyals, subject to increase.
Sources confirmed that the project targets national companies related to industries such as the Electricity Company and SABIC.