Riyadh – Mubasher: The National Building and Marketing Company on Thursday announced a change in the cofounders of the three companies it intends to establish in the fields of education, information technology (IT), and medical supplies.

This comes in line with the board’s resolution issued on 3 November 2020, according to a bourse statement.

A memorandum of understanding (MoU) has been signed with Badiha Company for Education Consultancy to set up a Riyadh-based closed joint-stock firm at SAR 500,000.

National Building will own a 75% stake in the new firm while the remaining 25% stake will be owned by Badiha, a New Zealand-based company registered in the Saudi Ministry of Investment.

Moreover, two more MoUs were penned with mLogica Inc., a US-based IT firm, and Aptex Comtrade Private, an Indian company that works in the IT and data transfer field. 

Further details in this regard will be announced during the upcoming three months, the Saudi firm said.

On 9 August, National Building began procedures to establish the three companies in a bid to expand the company's income sources in line with the Kingdom’s Vision 2030 aiming to diversify economic activities.