RIYADH: The people of Al-Kidwa can soon expect large-scale development in their neighborhood, with the Royal Commission for Makkah City and Holy Sites launching a real estate fund worth SR11 billion ($2.93 billion) to develop the area.
According to a press statement, the fund has been launched in partnership with Thakher Development Co. and Albilad Capital. It will develop 2,614 properties in Al-Kidwa, spanning 686,056 sq. meters.
“We are delighted to announce the partnership with the Royal Commission for Makkah City and Holy Sites and Albilad Capital to develop the Al Kidwa area,” said Abdulaziz bin Saleh Al-Aboudi, CEO of Thakher Development Co. in a statement.
He added: “This partnership aligns with our objectives to contribute to the Kingdom of Saudi Arabia’s ambitious vision, which aims to host 30 million Umrah performers and six million pilgrims by 2030.”
The Royal Commission will support the fund and oversee the project’s development works. On the other hand, Thakher will be responsible for developing the master plan and infrastructure and Albilad Capital for funds.
Thakher Development Co. announced the launch of Radisson Hotel & Residences at the Cityscape Global exhibition in Riyadh on Sunday. The project is valued at over SR200 million.
The real estate developer has obtained the marketing permit for the newly launched hotel.
Al-Aboudi said that the launch aligns with his company’s objectives to enhance the real estate and hospitality sectors in Makkah.
“This initiative aims to fulfill the aspirations of investors, visitors, pilgrims, Umrah performers, and all those who come to Makkah,” he said.
Thakher, during the event, also announced a partnership with Tatimah Capital to develop Thakher Gardens within the company’s Thakher Makkah project valued at over SR2 billion.
Thakher Makkah supports the ambitious vision of Saudi Arabia, which aims to host 30 million Umrah performers and 6 million pilgrims by 2030.
The project spans an area of more than 320,000 sq. meters. Upon completion, it will include around 100 land plots for hospitality, residential, commercial, and service-related purposes.
Moreover, Thakher Makkah will also host international hospitality brands such as Park Inn and Novotel.
