Saudi Commerce and Industry Minister Dr Hashim Yamani approved the establishment of a number of new joint stock companies including the Riyadh-based Merrill Lynch Saudi Arabia.

According to an official statement carried by the Saudi Press Agency, Merrill Lynch Saudi Arabia, with a capital of SR50 million, will provide stock management and financial consultancy services.

Merrill Lynch, which is licensed for 99 years, will have a four-member board of directors appointed by the general assembly for three years.

“As an exemption to the law, the founders have appointed its first board of directors for five years,” it said.

The minister also approved the establishment of Al Oula Geojit Brokerage Company, a joint venture of Al Johar Group and Geojit Financial Services Limited, with a capital of SR400 million.

The founders have subscribed to all shares of the company’s capital and paid SR100 million.

Other companies approved by the minister were: Financial Brokerage Company with a capital of SR250 million, International Investment House with a capital of SR50 million and Assel Arab Company with SR5 million.

He also licensed the transfer of Mohammed Abdul Aziz Al Rajhi & Sons for Industry, Trade & Agriculture and Al Oyuni Trade & Contracting Company into closed joint stock companies.