KUALA LUMPUR: Saudi property developer RUA AlHaram AlMakki and Malaysia’s MRCB International on Monday signed an agreement to explore a transport-oriented mixed-use development at King Salman Gate in Makkah with an indicative gross development value of about SR21 billion ($5.5 billion).
The collaboration will examine the development of a public bus terminal alongside residential, commercial, retail and other mixed-use components, RUA said.
The proposed project would be developed within King Salman Gate, a major development being led by RUA, a Public Investment Fund company.
The agreement was signed in Kuala Lumpur by RUA CEO Bambang Kajairi and MRCB Group Managing Director Dato’ Imran Salim.
PIF Governor Yasir Al-Rumayyan and other senior officials from the two companies also attended the signing.
MRCB said it will bring its experience in transit-oriented development and integrated transport hubs to the project. Its portfolio includes KL Sentral, Malaysia’s largest integrated transport hub.
The companies said the proposed development would seek to improve transport connectivity and accessibility for pilgrims and visitors to Makkah, while integrating mobility with accommodation, retail and other services.
The SR21 billion figure is indicative and remains subject to due diligence, regulatory approvals, financing, project phasing and the signing of definitive agreements.
The collaboration is also intended to explore potential frameworks for the project’s development, funding and delivery, as RUA seeks to attract international investment and development expertise to King Salman Gate.
