In the name of God, the Most Gracious, the Most Merciful
Number: 20
Date: 29 / 4 / 1377 AH
From Saud bin Abdulaziz
To our esteemed brother Faisal,
Prime Minister — may God protect him.
Peace be upon you.
Relying on God, and out of our desire to support and encourage agricultural‑industrial projects that aim to strengthen the economic foundation of the country, help achieve self‑sufficiency, provide employment opportunities, and secure scarce foreign currency, we have granted Hassan Mohammed Surur Al‑Sabban, Mohammed bin Laden, and Riyadh Bank a concession to establish an agricultural project in the Kingdom, in the Jizan region, with the purpose of developing agricultural production in all its forms—particularly grains, vegetables, and increasing meat supply through livestock and poultry farming.
Accordingly, we have ordered the following:
First:
We grant the aforementioned concessionaires ownership of the Hadan land located in Jizan, which is state property within its known boundaries.
Second:
Machinery, tools, equipment, and spare parts imported for the project or for its future expansion shall be exempt from customs duties.
Third:
The project shall be exempt from all fees and taxes for ten years from this date.
Fourth:
The concessionaires named above—hereafter referred to as “the Founders”—shall remain responsible for the project for five years.
Fifth:
After the first five years, a Saudi company shall be formed, with half of its shares allocated to the Founders and the other half offered for public subscription.
Sixth:
Foreign capital may participate in the aforementioned company in accordance with the Foreign Capital Investment Law, provided that shares belonging to non‑Saudis are returned to them within a period not exceeding twenty years.
Seventh:
This order shall be communicated to all concerned authorities for implementation.
Peace.
Umm al‑Qura