MAKKAH, 12 January — A SR1.2 billion contract has been awarded to Ajyad Real Estate Development Company to develop the Ajyad Public Hospital, located close to the Grand Mosque in Makkah, according to Abdul Rahman Faqeeh, chairman of the Makkah Construction Company (MCC), which has a 40 percent stake in the Ajyad firm.
Speaking to Arab News, Faqeeh said the Makkah Development Authority has already approved the technical and financial reports for the project, designed to make Ajyad one of the world-class hospitals in the Kingdom. The project is in line with efforts to develop the central area of the Makkah Haram.
Faqeeh said MCC’s participation in the hospital project would not affect the time-frame of the company’s other projects in the area, most importantly the Jabal Omar housing scheme, which is expected to cost a staggering SR6 billion — the largest such project in the area.
He said the Jabal Omar project, covering an area of 160,000 square meters, will include 120 towers to accommodate some 96,000 pilgrims.
"The project involves finding solutions to the traffic problems in the central Haram region. For this purpose, we have signed a contract with a specialized firm which has conducted the necessary studies and prepared plans," he said.
The consulting firm has suggested to construct a road parallel to the Umm Al-Qura Road, which will be extended up to the Third Ring Road to reduce pressure and congestion in the area.
Earlier, addressing MCC’s general assembly, Faqeeh said that the company had purchased land worth SR181.259 million on Jabal Omar last year. The company now owns about 90 percent of the mountain area.
Asked about prospects of establishing a hotel management college in Jeddah, he confirmed that feasibility studies on the project have been completed.
"There is a need for such a college as the Kingdom wants to nationalize most of the jobs in the tourism and hotel sectors," he said.
Faqeeh added that the college would cost SR54 million and that he was ready to contribute 50 percent of the cost. "The door is open to MCC shareholders and contributors to invest in the project," he added.
The Makkah Construction Company will start distributing today dividends worth 12 percent of the capital among its shareholders.
During the past seven years, the company has distributed a total of 82 percent of its capital as dividends. Last year, the company made a profit of SR142 million, up SR11.7 million on the previous year.
