During the Cityscape Global expo in Riyadh, a significant announcement was made regarding a new real estate fund valued at 10.93 billion Saudi Arabia riyals ($2.9 billion). The fund aims to develop Al Kidwa, a village located in the Makkah Province of the kingdom. The Royal Commission for Makkah City and Holy Sites partnered with Thakher Development Company and Albilad Capital to establish this venture.
Spanning across an area of 686,056 square meters, the project entails the development of 2,614 properties. The Royal Commission will oversee the project’s development, while Thakher will be responsible for designing the masterplan and infrastructure. Albilad Capital will manage the fund.
Read more: Cityscape Global 2023: SAR65 bn worth of exciting projects revealed
Furthermore, Thakher previously announced the launch of the Radisson Hotel & Residences project in Makkah during the Cityscape Global event. Valued at over SAR 200 million, the project’s first phase is nearly completed, with the second phase expected to be delivered in 2024.
Another noteworthy announcement at Cityscape Global came from ROSHN, a real estate developer and PIF-funded giga-project. ROSHN signed a Memorandum of Understanding (MoU) and infrastructure agreement with stc group to provide advanced telecommunications access, coverage, and connectivity to its communities through 5G towers, smart home solutions, and smart city technologies.
Prior to this, ROSHN had revealed four commercial partnerships worth more than SAR 9 billion, including a collaboration with China Harbour Engineering Company for a construction contract worth SAR 7.7 billion. The contract aims to develop 6,700 residential units, mosques, community centers, retail spaces, and supporting public amenities in Riyadh’s Sedra and Warefa communities.
Additionally, several agreements were signed during the exhibition, including a partnership between the Saudi Authority for Industrial Cities and Technology Zones (Modon) and the Saudi Tourism Development Fund. This collaboration aims to develop and finance tourism projects in industrial cities, as reported by the state news agency. The two entities will assess various land properties and propose viable tourism projects while exploring investment opportunities.
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