6 development sites worth $3.54bn investment awarded in Makkah
The projects will be implemented through partnerships with real estate development and investment companies, as well as investment funds
Contracts representing investments worth US $3.54bn and covering a total area of more than 2.7m sqm have been awarded for 6-development sites by The Royal Commission for Makkah City and Holy Sites.
The contracts were awarded under the Developed Districts Program. The initiative is said to be part of the commission’s efforts to enhance the urban environment, support economic growth, improve quality of life, and advance sustainable development in the Holy City. The commission stated that the awarded sites are located in the neighbourhoods of Jurhum South, Al-Khalidiyah, Al-Hajlah, Al-Hindawiyah East, Al-Hindawiyah South, and Al-Hindawiyah West.
According to a report, the projects will be implemented through partnerships with real estate development and investment companies, as well as investment funds, reflecting the integration of regulatory and development efforts to deliver urban projects with sustainable economic and developmental impact.
The commission explained that the projects aims to redevelop priority areas by improving land-use efficiency, upgrading infrastructure and public services, addressing urban challenges, and enhancing Makkah’s investment and development attractiveness.
A report by Zawya Projects said that the consortium led by Umm Al Qura for Development and Construction has received 2-letters of award from the Royal Commission for Makkah City and Holy Sites to develop 2-sites (Hindawiya West and South) adjacent to Masar Destination in Makkah.
The project is estimated to cost around $1.6bn, the developer said in a statement to the Saudi stock exchange. The project has a combined area of 1.15m sqm and will be carried out by establishing a real estate investment fund managed by a financial institution licensed by the Capital Market Authority. The consortium comprises Umm Al Qura, Makkah Construction and Development Company, and Al Rajhi United Real Estate Company.
