We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Tue 1 May 2007 11:00 AM

Font Size

- Aa +

Holy City development

Ajyad Company, a Saudi Company under formation, announced the launch of a mega product named "Ajyad" in a unique location of the Holy City of Makkah.

Ajyad Company, a Saudi Company under formation, announced the launch of a mega product named "Ajyad" in a unique location of the Holy City of Makkah. The Custodian of the Two Holy Mosques HRH King Abdullah Bin Abdul Aziz Al Saud is expected to lay the foundation stone of the project during the holy month of Ramadan. The new project is considered to be among the major development projects adopted by the higher authority to develop the central area of Makkah City. The project is part of a series of development projects that were earlier announced by HRH King Abdullah during the holy month of Ramadan in 1425 Hijri.

A modern residential city will be constructed as part of the project including shopping malls and hotel towers designed to service pilgrims. The project is also aimed to develop the general utilities in the area including hospitals, schools, civil defence centres, postal services, and others. The project will meet the demands of the increasing population in the area through a comprehensive development plan. The project will contribute to develop the Holy City of Makkah through creating an advanced infrastructure in the city. Ajyad provides unique investment opportunities in a developing area on Ajyad mountain that overlooks the Holy Mosque in Makkah. The project also has a unique view of the north and east sides of the Holy City.

Dr Abd Al Wahid Al Obaid, Chairman of Ajyd, said: "The project is part of the company's investments totalling US$533m (SAR2bn) in the City of Makkah. The company, which is capable of providing big financing to such projects, also owns a part of the assets in the project. Ajyad's stake in the project has increased to 350,000 sq m, which comprises 10% of the central area located next to the Holy Mosque in the city.

Arabian Business: why we're going behind a paywall

Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.