$270mn company set up to develop Holy Sites at Makkah and Madinah
Kidana will have an authorised capital of $270m and is a key step in RCMC’s strategy to develop and maintain the holy sites
Saudi Arabia has announced plans to set up a new company, Kidana, which will be responsible for the development of holy sites at Makkah and Madinah in the Kingdom, it has been announced.
According to a Saudi Press Agency report, the new entity will have an authorised capital of $270 million and will be headquartered in Mina. It will be the first closed joint-stock company to be owned by the Royal Commission for Makkah and the Holy Sites (RCMC).
Launching Kidana is one of the first key steps in the commission’s strategy to develop and maintain the holy sites, the report added.
Hatim Mouminah, a senior adviser at RCMC, has been appointed the new Kidana CEO following the company’s first board meeting, it said.
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 continued.
The report said that 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 program, a transport and transport infrastructure program, a partnerships investments programme, and a financial sustainability program supported by the Centre for Comprehensive Management, it concluded.
