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Riyadh – Mubasher: Makkah Construction and Development on Sunday said it started establishing a wholly-owned and self-financed closed subsidiary specialised in organising domestic Umrah with a capital of SAR 3 million.
The Tadawul-listed firm obtained an initial approval from the Saudi Ministry of Haj and Umra on 13 September 2017, it said in a bourse filing, adding that the establishment procedures will be completed through the related authorities.
The Saudi Arabia-based construction company forecasted that the establishment operations will be completed during the fourth quarter of fiscal year 1438/1439 Hijri year and will have a positive impact on shareholders.
Any related updates will be announced when available, Makkah Construction concluded.