Developers win deals for $3.5bn of Mecca projects

The Royal Commission for Makkah City and Holy Sites has awarded six existent property improvement deals. The projects, which screen a full onshore country exceeding 2.7 cardinal quadrate metres (sq m), volition necessitate a full concern of SR13.3bn ($3.5bn).

The sites are located wrong the neighbourhoods of Jurhum South, Al-Khalidiyah, Al-Hajlah, Al-Hindawiyah East, Al-Hindawiyah South and Al-Hindawiyah West. The projects volition beryllium delivered arsenic partnerships with home existent property developers, organization investors and dedicated backstage concern funds.

A consortium consisting of Makkah Construction & Development Company, Umm Al-Qura for Development & Construction Company and Al-Rajhi United Real Estate Company volition make the Hindawiya West and Hindawiya South districts, which person a combined country of astir 1.15 cardinal sq m, adjacent to the Masar Destination project. The consortium informed the Saudi Stock Exchange (Tadawul) that it received letters of grant for the task connected 31 May.

The archetypal outgo of the task is estimated astatine SR6bn. Umm Al-Qura volition enactment arsenic the consortium person and improvement manager, portion Makkah Construction & Development Company volition service arsenic the fiscal partner. The infrastructure works volition beryllium executed by Al-Rajhi United Real Estate Company arsenic the method partner, with the full improvement financed done a private, closed-ended existent property concern money overseen by a Capital Market Authority-licensed manager.

A consortium comprising First Avenue for Real Estate Development Company, Dar Al-Majed Real Estate Company and Rekaz Real Estate Company has been awarded the concession for the East Hindawiyah site. Located 1.8km from the Holy Grand Mosque, the 235,000 sq m crippled is expected to outgo SR2bn to develop, which includes onshore acquisition and foundational infrastructure. The improvement volition beryllium structured arsenic a existent property concern money managed by Jadwa Investment, with the eventual extremity of creating an integrated municipality destination featuring retail, office, hospitality and residential components. The last declaration signing for this woody is expected by 10 June 2026.

Ladun Investment Company, successful concern with Al-Ayuni Investment & Contracting Company, has signed a woody for the Al-Khalidiyah district. With a targeted income worth exceeding SR6bn, the consortium volition found a closed-ended backstage existent property concern money to execute extended infrastructure works, subdivide the onshore plots, and grip consequent selling and sales. The elaborate scope of works involves implicit engineering designs, nationalist parkland readying and inferior coordination with entities specified arsenic National Water Company and Saudi Electricity Company, earlier a declaration is signed by 9 June.