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SR 2 billion Investment in Jiad Citadel in Makkah
Riyadh, 20 February 2001

The Custodian of the Two Holy Mosques King Fahd bin Abdul Aziz has approved the allocation of Bulbul Mountain in Makkah, also known as Jiad Citadel, as an endowment for the Holy Mosque in Makkah with an investment in it of SR 2 billion.

The area of this endowment covers more than 23,000 square meters.

The Minister of Islamic Affairs, Endowments, Call and Guidance, Sheikh Salih Al-Sheikh, announced this. In a press statement, Al-Sheikh, who is also the Head of the Supreme Endowments Council, said that Crown Prince Abdullah bin Abdul Aziz, the Deputy Premier and Commander of the National Guard, had issued his directives to him and to the Minister of Finance and National Economy, Dr Ibrahim Al-Assaf, to undertake studying this endowment and to conduct the required studies for its investment for the Holy Mosque and for increasing the numbers of pilgrims and Umrah (minor Hajj) performers.

He noted that the Ministry of Islamic Affairs, Endowments, Call and Guidance, in its capacity as the authority that undertakes the affairs of all endowments, will supervise this endowment. Al-Sheikh pointed out that the investment project, due to be implemented on this endowment, includes eleven residential towers. The towers will have 942 flats of varying sizes, 5-star hotels, with 1,220 rooms, in addition to a two-story commercial center and a parking lot.

 

Source: SPA
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21 February 2001 05:49:01 PM

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