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Fund of $2.9 Bln to Develop 'Al Kidwa' in Makkah

The Royal Commission for Makkah City and Holy Sites announced the establishment of the real estate fund. (SPA)
The Royal Commission for Makkah City and Holy Sites announced the establishment of the real estate fund. (SPA)
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Fund of $2.9 Bln to Develop 'Al Kidwa' in Makkah

The Royal Commission for Makkah City and Holy Sites announced the establishment of the real estate fund. (SPA)
The Royal Commission for Makkah City and Holy Sites announced the establishment of the real estate fund. (SPA)

The Royal Commission for Makkah City and Holy Sites (RCMC) signed on Tuesday an agreement to establish a SAR 11 billion ($2.9 billion) fund to develop the Al Kidwa area, which is located nearly 500 meters south of the Holy Mosque.

The project will cover an area of 686,056 sq m and include the development of 2,614 properties within the project.

RCMC will facilitate the implementation process by providing alternative solutions for Al Kidwa residents and assisting the fund in obtaining licenses, permits, and approvals required to begin operations.

The agreement was signed on the sidelines of Cityscape Global which witnessed the participation of the RCMC which plays an integrative role with the Holy Makkah Municipality, Kidana, and the country to showcase the projects and investment opportunities of Makkah.

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Oman LNG Delivers First Shipment to Shell

A glimpse of the first LNG shipment delivery to Shell at the industrial complex in Sur, Oman (Oman News Agency)
A glimpse of the first LNG shipment delivery to Shell at the industrial complex in Sur, Oman (Oman News Agency)
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Oman LNG Delivers First Shipment to Shell

A glimpse of the first LNG shipment delivery to Shell at the industrial complex in Sur, Oman (Oman News Agency)
A glimpse of the first LNG shipment delivery to Shell at the industrial complex in Sur, Oman (Oman News Agency)

Oman LNG on Tuesday announced the successful loading of its first liquefied natural gas (LNG) cargo to Shell under its new long-term agreements, marking a significant milestone in the company’s strategy to expand its global market reach and reinforce Oman’s position as a leading LNG supplier.
According to Oman News Agency, the ceremonial event took place at Oman LNG’s state-of-the-art facility in Sur, under the auspices of Salim al Aufi, Minister of Energy and Minerals, alongside senior officials from Oman LNG and Shell.
Aufi, in his remarks, emphasized the importance of this milestone, saying, “Today’s shipment is not merely a delivery but a testament to Oman’s commitment to energy security, global collaboration, and sustainable economic growth. It also reflects the strong partnership between Oman LNG and Shell, built on mutual trust and a shared vision.”

Shell, as the largest offtaker under these new agreements, plays a pivotal role in Oman LNG’s strategic plans for sustained growth and market expansion.

Oman LNG’s CEO, Hamad al Naamany, highlighted the significance of this shipment, saying, “We are embarking on a 10-year concession extension with market leaders in LNG and energy. Our growth is aligned with Oman’s vision and adapted to the evolving global energy market demands. Our partnership with Shell continues to thrive, contributing to Oman’s economic diversification goals.”