New Saudi company established specially to develop Madinah

Posted on 10th July 2014

Saudi Arabia has established a company with nearly SAR  2 billion (US$ 530 million) 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 Mayoraltymadinah, 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 US$ 20 billion redevelopment of the Grand Mosque, Islam’s holiest site.

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