SR2bn company set up for facelift of Madinah

Crown Prince Salman, deputy premier and minister of defense, presides over the Cabinet meeting on Tuesday in Riyadh. (SPA)

Crown Prince Salman, deputy premier and minister of defense, presides over the Cabinet meeting on Tuesday in Riyadh. (SPA)

The Cabinet, chaired by Crown Prince Salman, deputy premier and minister of defense, approved Monday the establishment of a joint stock company with a capital of SR1.98 billion to boost Madinah’s development.

The new firm, named “Al-Maqar Development Company,” will work for the development of underdeveloped districts in the holy city, as well as other areas that require development, an official statement.

The company will have 198 million shares, each with a nominal value of SR10 fully owned by the Madinah Mayoralty, the statement said, adding that all the shares would be in the form of assets.

The Cabinet extended their appreciation to Custodian of the Two Holy Mosques King Abdullah for his keenness and efforts in the service of Islam and Muslims by enhancing facilities to Umrah pilgrims.

King Abdullah had ordered authorities in Makkah open the expanded areas of the Grand Mosque for worshippers and pilgrims during Ramadan, creating additional space for more than 625,000 worshippers.

“This royal order reflects the king’s keenness to provide a comfortable atmosphere for the visitors of the Two Holy Mosques,” the Cabinet said.

Culture and Information Minister Abdul Aziz Khoja said the Cabinet strongly denounced the vicious attack targeting the security men at Wadeea border post in the south by a group of terrorists.

The Cabinet considered this assault as a treacherous act carried out by a deviant group that does not respect the greatness and sanctity of the holy month, expressing the deepest condolence to families of security officers who fell martyr during the gun battle with the terrorists.

Khoja added that the Cabinet extended its gratitude to King Abdullah for his order to provide $500 million in humanitarian assistance to the Iraqi people affected by traumatic events, including displaced persons, regardless of their religion, sect or ethnicity.

The Cabinet thanked King Abdullah for his order to pay SR1.39 billion for the beneficiaries of social insurance to meet their emergency requirements.

It also noted the king’s directives to establish specialized execution courts in several cities in the Kingdom.

Khoja said the Cabinet authorized the minister of interior or his deputy to discuss a draft agreement for cooperation in combating crime with the Belarusian side.

The Cabinet also approved the law governing mental health care, which aims at improving health services to mental patients, protecting their rights and providing a framework for the enhanced treatment of such patients.

The Cabinet also approved the final account of the Saudi Standards, Metrology and Quality Organization for the fiscal year 1433/1434H.

It appointed Ibrahim bin Ali Al-Saeed legal adviser at the Presidency of Ifta and Scholarly Research; Musaed bin Suleiman Al-Mahfouz assistant secretary for financial and administrative affairs at the National Security Council; Fares bin Miyah Al-Sarhani mayor of Najran under the Ministry of Municipal and Rural Affairs; and Ahmad bin Ali Al-Yousef deputy director general of technical affairs at the Water Department in Riyadh Region.


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