Mecca to be capital of Islamic banking

Osama El-Bar, mayor of the Holy Mecca, said that the Holy city will be the capital of Islamic banking soon, through the economic town, planned to be established in Mecca gate developmental project.

El-Bar added that the town will be a huge center for Islamic banks and related projects. This will make Mecca the capital of Islamic banks exceeding the number of Kuala Lumpur’s Islamic banks.

El-Bar added that the Mecca gate project will include a new university for Mecca’s residents, a new medical city, to be named after King Abdullah, and an Islamic exhibits center. The city center will also have all governmental administrative departments, economic town, commercial town and businessmen center.

This project will cost SAR 10 billion (EGP 16.09 billion) as it is on an area of 83 million square meters and it is considered a human developmental project that brings a cultural facet to the city.

An inaugural party will be held for launching the first phase of the project by the end of the nest month.

Amwal Alghad