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Saudi sovereign fund to develop holy sites in Mecca, Medina
October 2, 2017 / 11:51 AM / in 22 days

Saudi sovereign fund to develop holy sites in Mecca, Medina

RIYADH, Oct 2 (Reuters) - Saudi Arabia’s Public Investment Fund is forming two real estate development firms to boost the capacity of Mecca and Medina to receive pilgrims, in projects expected to create billions of dollars of business, it said on Monday.

The plans are part of an array of commitments which the PIF, the country’s main sovereign wealth fund, is taking on under economic reforms designed to reduce Saudi Arabia’s dependence on oil exports. (Writing by Andrew Torchia)

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