Saudi’s Thakher Development, the master developer of Thakher Mecca project, and Mulkia Investment announced on Wednesday the establishment of a real estate fund valued at approximately one billion Saudi riyals ($266 million) to develop a luxury serviced apartments project within the Thakher Mecca project in .

The two-tower project, housing around 1,100 serviced apartments, will be built on two plots covering a total area of 5,000 square metres (sqm) near the Holy Mosque in Mecca and will have a total built-up area of approximately 80,000 sqm.

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.

The SAR26 billion  ($7 billion) Thakher Mecca master development spans 320,000 sqm and will feature approximately 100 multi-use towers, including hotel and residential towers, along with a commercial centre. The project offers a variety of residential and hotel units with freehold ownership options operated by Radisson, Hilton, Park Inn and Novotel.

Saudi Arabia aims to host 30 million pilgrims annually by 2030 as part of its Vision 2030 agenda.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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