Saudi Arabia Launches $1.2 Billion Fund for Holy Cities Development

Primul articol: 18 mar. 2026, 11:48 | Ultima actualizare: 18 mar. 2026, 11:48 | | 1 articol

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A Saudi bank and developer have initiated a $1.2 billion fund dedicated to projects within Saudi Arabia's holy cities, Mecca and Medina. This investment underscores the Kingdom's commitment to improving facilities and infrastructure for the millions of pilgrims who visit each year. The fund is expected to stimulate economic growth and create new opportunities in the region.

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Saudi Bank and Developer Start $1.2 Billion Fund For Holy Cities

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Bloomberg English Zainab Fattah 18 mar. 2026, 11:48 (acum 3 ore)

Saudi Bank and Developer Start $1.2 Billion Fund For Holy Cities

Arabian Dyar, a Saudi developer building thousands of properties across the kingdom, and Al Rajhi Capital have agreed to form a 4.5 billion riyals ($1.2 billion) real estate fund to develop new real estate projects in the holy cities of Mecca and Madinah.

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Context

Saudi Arabia

Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in West Asia. Located in the centre of the Middle East, it covers the bulk of the Arabian Peninsula and has a land area of about 2,150,000 km2 (830,000 sq mi), making it the fifth-largest country in Asia, the largest in the Middle East, and the twelfth-largest in the world. It is bordered by the Red Sea to the west; Jordan, Iraq, and Kuwait to the north; the Persian Gulf, Bahrain, Qatar and the United Arab Emirates to the east; Oman to the southeast; and Yemen to the south. The Gulf of Aqaba in the northwest separates Saudi Arabia from Egypt and Israel. Saudi Arabia is the only country with a coastline along both the Red Sea and the Arabian Gulf, and most of its terrain consists of arid desert, lowland, steppe, and mountains. The capital and largest city is Riyadh; other major cities include Jeddah and the two holiest cities in Islam, Mecca and Medina. With a population of almost 32.2 million, Saudi Arabia is the fourth most populous country in the Arab world.

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Medina

Medina, officially al-Madinah al-Munawwarah, also known as al-Madinah an-Nabawiyyah and Taybah and known in pre-Islamic times as Yathrib, is the capital and administrative centre of Medina Province in the Hejaz region of western Saudi Arabia. It is one of the oldest and most important places in Islamic history. The second holiest city in Islam, the population as of 2022 is 1,477,023, making it the fourth-most populous city in the country. Around 58.5% of the population are Saudi citizens and 41.5% are foreigners. Located at the core of the Medina Province in the western reaches of the country, the city is distributed over 589 km2 (227 sq mi), of which 293 km2 (113 sq mi) constitutes the city's urban area, while the rest is occupied by the Hejaz Mountains, empty valleys, agricultural spaces and older dormant volcanoes.

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Saudi Arabia Launches $1.2 Billion Fund for Holy Cities Development

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Saudi Bank and Developer Start $1.2 Billion Fund For Holy Cities