National Building sets up Arab Steel Company

National Building and Marketing Co. announced today, Dec. 31, establishing Arab Steel Trade Co. for Scrap Recycling, a closed joint stock sole-proprietorship company, after obtaining the necessary approvals and licenses from the relevant authorities.

Headquartered in Riyadh, National Building's new wholly owned subsidiary will operate with SAR 500,000 in capital, the company said in a filing to Tadawul.

The subsidiary will operate in scrap, metal, and waste recycling activities.

The move comes in line with National Building's strategy, the statement said, adding that any relevant developments will be announced in due course.