Saudi Arabia's industrial sector was given a boost with the announcement that the authorities had approved the setting up of a SR60-million ($16 million) joint stock leasing company.

The new company aims to invest in industrial and other sectors, the official Saudi Press Agency (SPA) reported.

SPA said the Commerce Ministry approved the establishment of Saudi Oryx Leasing Company, adding that the company's 1.2 million shares would be available at a nominal value of SR50 each.

The company will be involved in financing projects in the industrial, transport, agricultural and trade sectors Its shares can only be traded two years after its establishment, SPA said. The company was part of the country's efforts to diversify its economy away from oil and encourage a bigger role for the private sector in the oil-dependent economy.