Business & Finance Club - Saudi Arabia : A new listed company has been set up in Saudi Arabia to develop real estate interests in the economic cities.

Abdullah Ahmad Zaynal Ali Reza, Minister of Commerce and Industry, has approved the setting up of Knowledge Economic City Company with a capital of SR3.393bn ($903m).

The capital will be split into 339,300,000 shares and the value of each share will SR10.

The company will be concerned with the "development of real estates and reclaimed lands in the economic cities", it added.

The Jeddah-based company will be managed by a seven-member board of directors who are to be appointed by the company's general assembly for a period of three years.

Saudi Arabia is planning to build five economic cities as part of the world's largest oil exporter's efforts to speed up job creation for the country's rapidly growing population.