Saudi Arabia launches $266 mln company to develop holy sites

Published 18 Jan,2021 via Asharq Alawsat (English Edition) - Saudi Arabia has launched a company with an authorized capital of SR1 billion ($266 million) called “Kidana” to develop holy sites in the Kingdom.

Kidana will be headquartered in Mina and is the first closed joint-stock company owned by the Royal Commission for Makkah Al-Mukarramah and the Holy Sites (RCMC). RCMC made the announcement on Sunday.

Prince Abdullah bin Bandar bin Abdulaziz, chairman of the board of directors at Kidana, explained why it was important to maintain and preserve the two holy cities of Makkah and Madinah.

“The holy cities have received prioritized care and attention from each of the Saudi monarchs since the era of the late King Abdulaziz. The holy sites, may Allah protect them, are the most sanctified symbols of our religion and history,” he 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 centers 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.

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 program, a transport and transport infrastructure program, a partnerships investments program, and a financial sustainability program supported by the Center for Comprehensive Management.

Hatim Mouminah, a senior adviser at RCMC, was appointed Kidana CEO following the company’s first board meeting.

In other news, Emaar The Economic City (Emaar EC) signed a framework cooperation agreement with the Tourism Development Fund, FTG Development Co., Albilad Investment Co. and Ekofine Holding BV to establish a SAR 1.8 billion closed and private investment fund.

The fund, which will follow the requirements of the Capital Market Authority (CMA), will be responsible for developing and operating a 5-star resort and hotel with a water park and luxury overwater villas under the Rixos brand, one of the trademarks owned by Accor International, the company said in a bourse statement.

The Rixos Emerald Shores project is one of the largest tourist resorts proposed to be established in King Abdullah Economic City. The resort will be constructed on a total land area of 275,000 square meters, a 600-meter Red Sea beach stretch and golf course.

The resort is expected to be one of the largest leisure and tourism destinations in the Kingdom, housing more than 500 rooms and 35 luxury hotel villas with direct views of the Red Sea coast.

The resort also provides an integrated and world-class water park, clubs for children and gyms, in addition to more than 10 varied options of international restaurants and cafes.

The financial impact is expected to be recognized after establishing the fund and signing the relevant agreements, the statement noted.

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