Thu. Sep 21st, 2023
    The Launch of the Largest Real Estate Fund in Saudi Arabia to Develop Al Kidwa Area

    The Royal Commission for Makkah City and Holy Sites has recently announced the launch of the largest real estate fund in Saudi Arabia. Valued at SAR 10.93 billion, this initiative is a partnership between the commission, Thakher Development Company, and Albilad Capital. The main objective of the fund is to develop the Al Kidwa area, located around 500 meters south of the Holy Masjid (Haram).

    Covering a vast area of 686,056 square meters, the project aims to develop 2,614 properties within the Al Kidwa area. This ambitious undertaking comes as part of the Kingdom of Saudi Arabia’s vision to accommodate 30 million Umrah performers and six million pilgrims by 2030. By partnering with the Royal Commission for Makkah City and Holy Sites and Albilad Capital, Thakher Development Company aims to contribute to this vision and support the nation’s ambitious goals.

    Eng. Abdulaziz bin Saleh Al-Aboudi, representing Thakher Development Company, expressed his delight in announcing this partnership. He emphasized the alignment of this project with their objectives and the Kingdom’s vision. The Royal Commission for Makkah City and Holy Sites will play a crucial role in supporting the fund and overseeing the project’s development works. Thakher, on the other hand, will be responsible for the development of the master plan and infrastructure of the Al Kidwa area. Albilad Capital will manage the fund, ensuring its effective utilization towards the project’s goals.

    This significant investment in real estate will not only contribute to the development of the Al Kidwa area but also create economic opportunities, boost tourism, and enhance the overall experience for Umrah performers and pilgrims visiting the Holy Masjid. It is a testament to the commitment of Saudi Arabia towards advancing its tourism and religious sectors.

    – The Royal Commission for Makkah City and Holy Sites
    – Thakher Development Company
    – Albilad Capital