Aqar Holding Company was expected to pay 100 million Saudi Riyals ($26.6 million) to the Executive Committee for Developing the Central Area of the Holy City of Madina. This sum equals to two installments in return to the lands of the "Al-Haram commercial and housing center", which is part of "Bani al-Najar Market", in accordance with the recent agreement sighed between the two sides.
According to the Saudi newspaper, Al-Watan, the agreement, which was signed between the Executive Committee and Aqar, concluded after a meeting held by the secretary of al-Madina area and the chairman of the Committee, Abd al-Aziz al-Hasin.
Aqar succeeded in convincing the committee to reconsolidate its payments for the lands, after it had obliged to pay installments totaled in SR 770 million ($205.2 million).
It should be mentioned that Aqar Holding Company bought in June 2002 the lands of "Al-Haram commercial and dwelling Center" project. Then, its investments were estimated by SR 2.25 billion ($599.8 million).
