Makkah Construction shareholders approve amending company’s objectives

Logo of Makkah Construction and Development Co.

Makkah Construction and Development Co.’s (MCDC) shareholders approved amending Article 3 of the articles of association related to the company’s objectives, during the extraordinary general meeting held on May 16.

In a bourse statement, the company said the shareholders also approved other articles of association.

According to data compiled by Argaam, following the amendment of Article 3 the company’s purposes will include owning, developing, and reconstructing real estate and places adjacent to the Grand Mosque in Makkah and any other areas within Saudi Arabia.

Objectives will also include setting up development projects and urban development in areas owned by the company or other areas and implementing its urban and economic schemes; carrying out all necessary work for reconstruction, maintenance, demolition and survey work.

In addition, construction, management and investment of buildings and residential complexes, maintenance, restoration and cleanliness; building, owning, managing and operating hotels, hotel apartments, commercial malls, hospitals and medical centers.

Purposes will also include management and rental of owned or leased properties (residential- non-residential).

The company may have an interest or share in any way with bodies, companies or individuals that engage in business-like or cooperative businesses to achieve its purposes, may purchase it, and may invest its funds in any manner that achieves its interests.

Also, establishing a private civil security guard company.

In addition, MCDC will have the right to carry out its purposes in all regions of Saudi Arabia in various stages. It can also carry out any necessary or complementary work to achieve these purposes directly or in partnership with other companies.