Thakher Makkah Project: Land Sales MoUs Signed for over SAR 1.5 Billion

Paving the way for the construction of three luxury residential and hotel towers

Thakher Development Company, the master developer of the master plan and infrastructure of Thakher Makkah project, has announced the sale of several land plots with the aim of developing them within the project. The sale includes the construction of three hotel residential towers, managed by Al Khozama Investment Company (one of Al Faisaliah Group companies) with a value exceeding SAR 1.5 billion. 

The announcement made during an event held in the Holy City of Makkah, where several of partnerships were signed in the presence of a group of businessmen and investors. Among the partnerships was an MoU with Madr Investment Company, which purchased lands to develop two hotel towers. The MoU was signed by Eng. Abdulaziz bin Saleh Al-Aboudi, CEO of Thakher Development Company, and Mohammad AlMalki, CEO of Madr Investment Company.

Thakher Development Company also signed the second MoU with The Address Investment Company, which also purchased land to construct residential hotel tower managed by Al Khozama Investment Company. The MoU was signed by Eng. Abdulaziz bin Saleh Al-Aboudi, CEO of Thakher Development Company, and Niaz Shah, Business Development Manager of The Address Investment Company.

Eng. Abdulaziz bin Saleh Al-Aboudi, stated: "We are delighted to announce the signing of several MoUs today, which demonstrate our partners' confidence and support in Thakher Development Company's developmental efforts. Our team is dedicated to meet the aspirations of investors, visitors, pilgrims, and Umrah performers and general visitors to Makkah. Thakher's commitment to exceptional options and opportunities, with meticulous attention to detail, is aimed at enhancing the living experience for both visitors and residents, aligning with vision 2030.” 

The recent MoUs signed by Thakher Development Company came at a time of significant growth and activity in the real estate sector of the Holy City of Makkah. This progress is attributed to the steadfast support and directives of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, the Crown Prince and Prime Minister - May Allah protect them. Furthermore, the Royal Commission for Makkah City and Holy Sites has demonstrated exceptional care and attention towards elevating the quality of work and services provided, ensuring the achievement of sustainable development and prosperity in a manner befitting the Holy City of Makkah's sanctity.  

The newly established partnerships serve to benefit the visitors of the Holy City of Makkah, and support the main objectives of Vision 2030, and its main pillars, of a vibrant society, a thriving economy and an ambitious nation.

Thakher Makkah project, has lately obtained the off-plan sales permit from the sales committee in the Ministry of Municipal & Rural Affairs & Housing in Saudi Arabia. It is noteworthy that the project’s first phase is almost completed, while the second phase is expected to be delivered in 2024.

Thakher Makkah project contributes to the Kingdom of Saudi Arabia’s ambitious vision 2030, which aims to host 30 million Umrah performers and six million pilgrims by 2030. The project is spanning over an area of 320,000 sqm. Upon completion, it will include about 100 land plots of various uses for hotels, residential, commercial, and service-related areas. Residential and hotel apartments units will be available in various categories, and the units will be also available for ownership. Among the international hotels in the Thakher Makkah, there are the Radisson Hotel, the Park Inn by Radisson, and the Novotel Hotel, the largest in the world in terms of rooms number.