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FINANCIAL NEWS
Makkah earmarks 1m sq/m land for new industrial city
14 Mar 2013
(MENAFN) Saudi minister of commerce and industry, Tawfiq Al-Rabiah, stated that the municipality of Makkah has earmarked a plot that spans 1 million square meters to set up a new industrial city, reported Arab News.
Al Rabiah said that the establishment of the industrial city, which will support the “Made-in-Makkah” project, will begin soon.
The minister noted that during the past 5 years, the country increased the total area of industrial cities from 40 million square meters to 160 million.
In the mean time, he stressed that in collaboration with other government departments, procedures of commercial registration have become easier, adding that by the year-end, traders will be able to obtain commercial registration automatically.
It is worth noting that the Saudi ministry of commerce and industry warned that it would confiscate lands from investors in case they fail to execute projects within a specific period of time.
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