Thakher Development and Mulkia Investment Establish a Real Estate Fund Worth Nearly One Billion SAR in Mecca

Thakher Development, the principal developer responsible for the master plan and infrastructure of the Thakher Mecca project, in collaboration with Mulkia Investment and under the auspices of the Ministry of Municipal and Rural Affairs and Housing, announced the establishment of a real estate fund valued at approximately one billion Saudi riyals. This fund will facilitate the development of a luxury serviced apartments project, located about one kilometer from the Holy Mosque in Mecca, within the Thakher Mecca project. 

The announcement was made during the Cityscape Global event, hosted in Riyadh from November 11 to 14, 2024. The project will be built on two land plots covering a total area of over 5,000 square meters, featuring two towers with modern Makkah-inspired architectural design that reflects the region’s cultural heritage. The development will offer approximately 80,000 square meters of built-up area, housing around 1,100 serviced apartments managed by an international 4-star operator, meeting the needs of visitors and pilgrims.

Eng. Abdulaziz bin Saleh Al-Aboudi, CEO of Thakher Development, said: “We are proud of our partnership with Mulkia Investment, as it aligns with our goals at Thakher Development to support the real estate and hospitality sectors in Mecca, meeting the aspirations of investors, pilgrims, and visitors to the holy city. Thakher is committed to offering the best options and products, with attention to every detail to enhance quality of life and provide a refined experience for residents and visitors alike, in line with Saudi Arabia’s Vision 2030.”

Thakher Development will be responsible for development, marketing, and sales, while Mulkia Investment will establish and launch the fund for investors under the umbrella of the Capital Market Authority.

Omar Bin Abdulkarim Al-Othaim, CEO of Mulkia Investment, commented: “We are excited to launch this unique project in partnership with Thakher Development. The real estate sector in Mecca is experiencing significant growth, and we are committed to meeting investor expectations by developing high-quality projects that cater to both local and international markets. This project aligns with Vision 2030, which aims to welcome increasing numbers of pilgrims and visitors, and we believe that this partnership will actively contribute to achieving these objectives.”

Thakher Mecca project supports Saudi Arabia’s Vision 2030, which aims to host 30 million pilgrims annually by 2030. The project spans 320,000 square meters and will feature approximately 100 multi-use towers, including hotel and residential towers, along with a commercial center. The project offers a variety of residential and hotel units with freehold ownership options, and it will host internationally recognized hotel brands such as Radisson, Hilton, and Park Inn, as well as Novotel, the world’s largest by room count.