Makkah Construction leases 8 shops near Grand Mosque through auction

Makkah Construction and Development Co. (MCDC) announced today that it leased 8 shops (the first phase) adjacent to the Grand Mosque through the auction held on Monday, Jan. 6, 2020.

The auction was held for 1 instead of 2 days due to high demand for leasing the shops, according to the company statement on Tadawul.

MCDC noted that better-than-expected financial results were achieved from the first phase, driven by strong turnout.

The deal is expected to have a positive financial impact on the company’s shareholders, the statement said.

The second phase of leasing shops through a public auction will be disclosed later, it further added.

In December 2019, the company said that it will hold an auction on Jan. 6-7, 2020, to lease some of its shops at the MCDC Center, adjacent to the Grand Mosque.