Contractors in Ihsa plans to create joint-stock company

September 2, 2014 9:48 am

Yousuf Al Tarifi, deputy chairman of Ihsa Chamber of Commerce and Industry and head of the Contractors’ Committee said that contractors in Ihsa, in Saudi Arabia’s Eastern Province, are planning to create a joint-stock company to carry out mega-projects in the country, Zawya reported. “We are currently conducting a study to establish a joint-stock company that will comprise as many Saudi contractors as possible,” said Yousuf Al Tarifi. He added that the firm will focus on giant projects and will showcase the local contractors’ ability to compete against larger companies. Al Tarifi did not give additional details regarding the company, but said that it is in line with the committee’s strategy to encourage local contracting firms to merge and create bigger organizations. Al Tarifi said Saudi Arabia, the largest Arab economy, is developing massive projects, including Al Aqeer port on the country’s eastern coast.