Makkah Construction and Development Co., Saudi Arabia’s third largest real estate developer by market capitalization, signed a final agreement on Feb 25 to contribute SAR 28.85 million for a 16.5 percent stake in the capital of the Gurham Development Co., an under-construction developer, the company said in a statement.
Gurham Co. was established to develop Mount al-Sharashif area in the holy city of Makkah.
Makkah Construction said in December that it had approved SAR 500 million contributions in the capital of Gurham.
The company develops commercial and residential complexes near the holy mosque in Makkah, an area which is currently undergoing major construction activities.