Saudi Arabia has announced the launch of a new company, Kidana, that will be responsible for the development of holy sites at Makkah and Madinah in the kingdom. The company has an authorised capital of SR1 billion ($270 million), said a report.

Headquartered in Mina, Kidana is the first closed joint-stock company to be owned by the Royal Commission for Makkah and the Holy Sites (RCMC), the Saudi Press Agency (SPA) reported.

The launch of Kidana is the first key step in furthering RCMC’s strategy, which was outlined last September, to develop and maintain the holy sites.

RCMC’s priorities include the activation of the Holy Mosque and Holy Sites Programme, as well as the development of a land and real estate programme, a transport and transport infrastructure scheme, a partnerships investments plan, and a financial sustainability programme supported by the Center for Comprehensive Management. It is also aiming for long-term sustainability.