Makkah Construction to vote on directors’ competing businesses on Oct. 13

Logo of Makkah Construction and Development Co.

Makkah Construction and Development Co. will hold an ordinary general meeting (OGM) on Oct. 13, to vote on allowing some board members to engage in activities that compete with the company’s business.

The board members are Abdulraouf Mannaa, Zeyad Alhekail and Ghassan Shalabi, the developer said in a statement on Tadawul.

Shareholders will also vote on authorizing interests in contracts entered into or will be entered into through the end of 2026 between the company and Roots Innovative Industrial Co., in which Chairman Saleh bin Laden has an indirect interest. The contracts cover hotel and tower renovation works, with a total value of SAR 371.97 million, without preferential terms.

Shareholders will also vote on authorizing interests in contracts entered into or will be entered into through the end of 2026 with Bank AlJazira, in which board member and CEO Mohammed Al-Nafea and board member Turki Alqonaibet have indirect interests. The contracts involve obtaining three-month bridge financing worth SAR 880 million, without preferential terms.

Additionally, shareholders will discuss authorizing interests in contracts entered into or will be entered into through the end of 2026 between the company and Diaa Al-Nusk Co., in which board member Ibrahim Al-Subaie has an indirect interest. The contracts involve leases for retail outlets at the shopping center, with total rental value of SAR 4.45 million, without preferential terms.

Shareholders will further vote on authorizing interests in contracts entered into or will be entered into through the end of 2026 with Ziad Bassam Mohammed Albassam Establishment, in which former board member Ziad Al-Bassam has a direct interest. The contract involves the lease of a retail outlet at the shopping center, worth SAR 990,840, without preferential terms.

Shareholders will also look into authorizing the board to exercise the powers of the OGM under Article 27 of the Companies Law. The authorization will be valid for one year from the date of the general meeting’s approval, or until the board’s term ends, whichever comes first. It will be subject to the applicable regulations for listed joint stock companies.

The authorization covers competing activities, including real estate development, hospitality, retail, and Hajj and Umrah services.