Riyadh –  Thakher Development joined forces with Mulkia Investment to establish a real estate fund valued at approximately SAR 1 billion, according to a press release.

The fund will facilitate the development of a luxury serviced apartments project within the Thakher Mecca scheme, located around one kilometre from the Holy Mosque in Mecca.

The project will be implemented on two land plots covering a total area of over 5,000 square metres. It will feature two towers with a modern architectural design that reflects the region’s cultural heritage.

On its part, Thakher Development will be responsible for development, marketing, and sales, while Mulkia Investment will launch the fund for investors under the umbrella of the Capital Market Authority (CMA).

Meanwhile, the project will offer nearly 80,000 square metres of built-up area, housing around 1,100 serviced apartments to meet the needs of visitors and pilgrims.

Abdulaziz bin Saleh Al Aboudi, CEO of Thakher Development, said: “Thakher is committed to offering the best options and products, with attention to every detail to enhance the quality of life and provide a refined experience for residents and visitors alike, in line with Saudi Arabia’s Vision 2030.”

Omar bin Abdulkarim Al Othaim, CEO of Mulkia Investment, commented: “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.”

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