Makkah Construction approves related-party contracts through 2026

Logo of Makkah Construction and Development Co.

Makkah Construction and Development Co.’s ordinary general meeting (OGM) approved the authorization of related-party contracts entered into and to be entered into with Roots Innovative Industrial Co. (RIIC) through the end of 2026, totaling SAR 371.97 million and implying no preferential terms.

In a statement to Tadawul today, Oct. 14, the company said the OGM also approved the authorization of related-party contracts entered into and to be entered into with Bank AlJazira through the end of 2026. This includes a three-month bridge financing facility worth SAR 880 million, without preferential conditions.

The company said Chairman Saleh bin Laden has an indirect interest in the first set of contracts, which relate to hotel and tower renovation works. Board member and CEO Mohammed Al-Nafea and board member Turki Al Qunaibit have indirect interests in the second set of contracts.

The OGM also approved the authorization of related-party contracts entered into and to be entered into with Diaa Al Nusk Co. through the end of 2026. Board member Ibrahim AlSubeaei has an indirect interest in these contracts, which involve leases for retail outlets at the commercial center, delivering a total rental value of SAR 4.45 million and entailing no preferential terms.

This is besides nodding to a related-party lease contract for a commercial center showroom concluded with Albassam Group, in which former board member Ziad Albassam holds a direct interest. The agreement is valued at SAR 990,840 and was executed on standard commercial terms without preferential conditions.

Contracts through 2026-end