Riyadh, Kingdom of Saudi Arabia- The Royal Commission for Makkah City and Holy Sites announced today the launch of the largest real estate fund, valued at SAR 10.93 billion, in partnership with Thakher Development Company and Albilad Capital.
The establishment of the fund aims to develop the Al Kidwa area located south of the Holy Masjid (Haram), at an approximate distance of 500 meters. The project will cover an area of 686,056 square meters and include the development of 2,614 properties within the project.
Eng. Abdulaziz bin Saleh Al-Aboudi, said: “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. 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 play an important role in supporting the fund and overseeing the project development works, while Thakher will be responsible for developing the master plan and infrastructure of the project, and Albilad Capital will manage the fund.