Royal Commission for Makkah City sets up SAR 11 bln fund to develop Al Kidwa

12/09/2023 Argaam
Logo ofRoyal Commission for Makkah City and Holy Sites

Logo of Royal Commission for Makkah City and Holy Sites

The Royal Commission for Makkah City and Holy Sites (RCMC) signed an agreement today, on the sidelines of Cityscape Global, to establish a real estate fund with SAR 11 billion capital.

 

The fund aims to develop Al Kidwa area, which is located nearly 500 meters south of the Holy Mosque.

 

Moreover, the fund will operate on an area spanning 686,000 square meters with 2,614 properties, the Saudi Press Agency reported.

 

RCMC will facilitate the implementation process by providing alternative solutions for Al Kidwa residents and assisting the fund in obtaining licenses, permits, and approvals required to begin operations.

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