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Saudi Arabia: Thakher Makkah Development nears completion

The $7 billion project aligns with Vision 2030 goals to accommodate growing numbers of pilgrims and Umrah performers

Saudi Arabia: Thakher Makkah Development nears completion

Saudi-based Thakher Development Company has announced that steady progress is being made on its $7 billion (SAR26 billion) premium development, Thakher Makkah, located in the Saudi city, featuring a mix of residential, retail and hospitality elements.

Spanning an area of 320,000 sq m on a site located 1 km from the Grand Mosque (Haram), the massive project will, upon completion, include about 100 land plots for the development of hotels and residential, commercial, and service-related facilities.

Giving a project update, Thakher said as part of this initiative, work has been completed on 8 four-star hotel properties as well as hotel apartments, which are being managed by international operators.

These facilities boast over 2,276 rooms and 7,000 beds, providing high-quality services designed to fulfil the diverse needs of all visitors, stated the master developer.

The top international hotels coming up at Thakher Makkah include the Radisson Hotel, the Park Inn by Radisson, and the Novotel Hotel, the largest in the world in terms of number of rooms.

As part of the larger initiative, Thakher will be developing some of the old neighbourhoods of Makkah in coordination with the Royal Commission for Makkah City and Holy Sites, thus providing distinguished services to the pilgrims, remarked its CEO Engineer Abdulaziz bin Saleh Al Aboudi.

Thakher Makkah project contributes to Saudi Arabia’s ambitious vision, which aims to host 30 million Umrah performers and six million pilgrims by 2030, it added.

Al Aboudi was speaking at a panel discussion at the second edition of the MANAFEA Forum 2024, which took place under the patronage of Prince Salman bin Sultan bin Abdulaziz, Governor of the Madinah Region, and was hosted by Prince Saud bin Khalid Al Faisal, Deputy Governor of the Madinah Region.

“The government has made huge efforts and provided comprehensive support to achieve the objectives of Vision 2030, aiming to accommodate 30 million Umrah performers and 6 million pilgrims by 2030,” he noted.

“I believe, these numbers will be achieved before the deadline, based on the current capabilities we see. Therefore, as real estate developers, we must align our strategies with this direction,” he added.

During the session, Al Aboudi called for permitting non-Saudis to invest directly and for the long term in listed companies owning real estate in Makkah and Al Madinah as well as through licensed funds.

“This will contribute positively to the real estate market and the Saudi economy at large, paving the way for significant investment returns in the hospitality sector by 2030, and opening new avenues for development and investment,” he added.

Al Aboudi said on completion, the mega Thakher Makkah project will provide 15,000 direct and 18,000 indirect jobs.

“The project partakes in achieving the objectives of Vision 2030 by enhancing the services provided to pilgrims and enriching their experience,” he stated.

“It also aims to promote the city’s real estate and economic development and enable those wishing to own a unique property in an integrated community with a vibrant and safe environment, proximity to the Great Mosque, and valuable services,” he added