Saudi RCMC launches SAR 1 bln firm to develop holy sites

Royal Commission for Makkah City and Holy Sites logo

The Royal Commission for Makkah City and Holy Sites (RCMC) announced the launch of a new firm to undertake the development of the holy sites in Makkah, Saudi Press Agency reported.

The closed joint-stock company will be headquartered in Mina, with an authorized capital of SAR 1 billion and will be solely owned by RCMC.

Hatim Mouminah, a senior advisor at RCMC, was named as the chief executive officer of the new development firm, during the company’s first board meeting chaired by Prince Abdullah bin Bandar bin Abdulaziz.

The company aims to help sustain the development of the holy sites, in line with Saudi Vision 2030, by increasing the numbers of Haj and Umrah pilgrims, improving operations, upgrading and maintaining services, cooperating with competent authorities on infrastructure development projects, and applying the highest quality and security standards.

The new firm is part of RCMC’s strategic programs, which also include developing the Haj and Umrah ecosystem, land and properties, transport and infrastructure network, investment partnerships and financial sustainability program.