Thakher Development, the principal developer responsible for the master plan and infrastructure of the Thakher Mecca project, in collaboration with Mulkia Investment announced the establishment of a real estate fund valued at approximately one billion Saudi riyals.
This fund will facilitate the development of a luxury serviced apartments project, located about one kilometer from the Holy Mosque in Mecca, within the Thakher Mecca project.
The project will be built on two land plots covering a total area of over 5,000 square meters, featuring two towers with modern Makkah-inspired architectural design that reflects the region’s cultural heritage. The development will offer approximately 80,000 square meters of built-up area, housing around 1,100 serviced apartments managed by an international 4-star operator, meeting the needs of visitors and pilgrims.
Eng. Abdulaziz bin Saleh Al-Aboudi, CEO of Thakher Development, said that, “We are proud of our partnership with Mulkia Investment, as it aligns with our goals at Thakher Development to support the real estate and hospitality sectors in Mecca, meeting the aspirations of investors, pilgrims, and visitors to the holy city. 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.”
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.
Omar Bin Abdulkarim Al-Othaim, CEO of Mulkia Investment, commented that, “We are excited to launch this unique project in partnership with Thakher Development. The real estate sector in Mecca is experiencing significant growth, and we are committed to meeting investor expectations by developing high-quality projects catering to local and international markets. 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.”
