Saudi Arabia sets up $270m company to develop holy sites
Saudi Arabia has announced the launch of a new company, Kidana, that will be responsible for the development of holy sites in the kingdom. The company has an authorised capital of SR1 billion ($270 million), said a report.
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Saudi Arabia has announced the launch of a new company, Kidana, that will be responsible for the development of holy sites at Makkah and Madinah in the kingdom. The company has an authorised capital of SR1 billion ($270 million), said a report.
Headquartered in Mina, Kidana is the first closed joint-stock company to be owned by the Royal Commission for Makkah and the Holy Sites (RCMC), the Saudi Press Agency reported.
Launching Kidana is the first key step in RCMC’s strategy, which was outlined last September, to develop and maintain the holy sites.
RCMC’s future priorities include the activation of the Holy Mosque and Holy Sites Program, as well as the development of a land and real estate programme, a transport and transport infrastructure scheme, a partnerships investments plan, and a financial sustainability program supported by the Center for Comprehensive Management.
Hatim Mouminah, a senior adviser at RCMC, has been appointed the new Kidana CEO following the company’s first board meeting.
Speaking at the meeting, Chairman Prince Abdullah bin Bandar bin Abdulaziz, said: "Kidana is aiming for long-term sustainability when reconstructing and renovating the holy sites. It seeks to increase the number of pilgrims that the holy sites are able to hold, in line with the country’s Vision 2030 reform plan, and allowing more pilgrims to perform Hajj and Umrah each year."
"It also wants to renovate the sites for optimal use throughout the year, creating sustainable urban centres and raising the efficiency of operations during the Hajj season. It plans to increase the quality of services on offer, as well as designing and developing real estate projects close to the holy sites," he added.
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