Expropriation project is estimated to cost around $8bn, including compensation of property owners
The Saudi Cabinet has given the necessary approval to complete expropriating 2,000 properties in the holy city of Makkah, as the government presses ahead with plans to further expand the northern courtyards of the Grand Mosque.
The expropriation project, which includes six areas neighbouring the mosque, is estimated to cost some $8bn covering compensations, the building of train stations and parking, and developing the new Grand Mosque endowment.
The government, in coordination with the owners, had appraised the properties taking into account the property space and its proximity to the Grand Mosque and main streets.
Officials say the project has created a boom in the real estate market in Makkah and led to a rise in prices due to the large amounts disbursed to owners of expropriated property.