Public Investment Fund to buy 75% of Municipal Development Companies
The Public Investment Fund (PIF) has reached final arrangements to acquire 75% of companies controlled by regional municipalities, Mecca Mayor Osama Al Bar said. Cabinet has previously approved the formation of companies with the goal of developing land and dealing with slum areas. Companies include Al-Balad Al-Ameen in Mecca, Jeddah Development and Urban Regeneration and Al Maqar Development in Medina. (Bloomberg)
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