MAKKAH, 19 November 2006 — The Jabal Omar project in Makkah is set to provide thousands of rooms to pilgrims and visitors to the Grand Mosque in Makkah, announced Chairman of the Makkah Construction Company (MCC) Abdul Rahman Fakeeh.
Fakeeh made the announcements at a meeting held in Makkah recently.
He also said that 30 percent of the capital money will be put up for initial public offering (IPO) next month before Haj.
Shares will cost SR10 for which there will be no issuance.
He added that the Makkah Construction Company will continue the development of the central area in Makkah and pointed out that the company is currently reviewing some big new projects in the area surrounding the Grand Mosque. The value of these projects is estimated at tens of billions of riyals.
The Makkah Construction Company will enter these projects as developers or as participants and that these projects are much bigger than the Jabal Omar project in size.
The general meeting also agreed to pay SR12 per share to shareholders that have received their investment capital in the past six years.
He also pointed out that the total amount of profit paid so far is SR2081 million, which is 142 percent.
Fakeeh said that Makkah Construction Company developed Makkah Hilton hotel and other residential towers which have helped attract over 860,000 visitors in 2005 and the number is expected to increase to 920,000 in 2007.
