Saudi Sovereign Fund to Develop Holy Sites in Mecca, Medina 1 234 567

Saudi Sovereign Fund to Develop Holy Sites in Mecca, Medina

voanews.com

Saudi Arabia's Public Investment (PIF) 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.

The government is mobilizing the fund, believed...

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