Saudi gov’t provides $530m for new firm to develop Islam’s second holiest city
Saudi Arabia has established a company with nearly SAR2 billion ($530m) in initial equity to develop Madinah, the second holiest city in Islam.
The joint stock company, Al Maqar Development Company, will have 198 million shares in the form of assets.
Each share will have a nominal value of SAR10 and all will be fully owned by the Madinah Mayoralty, local media reported.
No details were provided about the exact projects.
The oil-rich Saudi government has been undergoing a vast and expensive development of the kingdom, including new metros, airports, roads and housing, as well as a $20bn redevelopment of the Grand Mosque, Islam’s holiest site.