Makkah Construction & Development Co. has set up a 100 percent-owned subsidiary with a SAR 3 million in capital, the company said in a statement to Tadawul.
The new closed joint stock company, which will be engaged in Umrah activities, was initially approved by the ministry of Hajj and Umrah on September 13, 2017.
Relevant procedures are expected to be finalized by Q4 2017/2018, and the new entity is forecasted to reflected positively on the company’s shareholders’ equity.