Saudi Arabia’s NGDC, Egypt TAQA Arabia to build limited liability firm

Saudi Arabia’s Natural Gas Distribution Company (NGDC) disclosed on Thursday about a MoU has signed with Egypt’s TAQA Arabia, to establish First Gas Company (limited liability company) with a capital of 500,000 equity riyals.

NGDC further added that the incorporation contract and commercial registry of the First Gas Company had been extracted, noting that it is expected to be located with the main center being in Riyadh City.

It is worth mentioning that TAQA Arabia is a subsidiary of Qalaa Holding and was listed on the Egyptian Stock Exchange (EGX) on 9 July with a market value of 12 billion Egyptian pounds ($393 million).