Umm Alqura Company for Development and Construction (UAQ) and Alinma Investment Company announced the successful completion of the launched of Alinma Makkah Real Estate Development Funds with an investment value exceeding SR 17 billion, where seven hotel towers and two commercial complexes will be developed within the Masar destination in Makkah, the most significant developmental and urban development projects in Makkah region, through the provision of multiple and varied options including housing and shopping and provide easy mobility and provide means of transportation between the project facilities and the central area of the Holy Mosque.
“This partnership also sheds light on the strength of Alinma Investment and its success in managing real estate funds, which makes it the ideal partner for implementing the project’s development and urban plan. The project aspires to become one of the modern landmarks in Makkah.”
Abuateek went on to say: “By successfully attracting investments valued at 17 billion SAR, we will make progress in line with the execution plan for several diverse projects, especially since we have already reached several major milestones, including completion of the pouring and construction of all the concrete blocks for the Makkah Metro tunnels, while In addition we have completed nearly 50 percent of the bridges. Currently, we are working on completing all the unprecedented infrastructure projects that followed the demolition phase, which represent a transformation in the investment, development and preparation of the project’s lands, making it more attractive for development and creating new choices that help upgrade the quality of life for Makkah visitors and residents.”
For his part, the Acting CEO of Alinma Investment Mr. Mazin bin Fawaz Baghdadi praised the agreement, stating: “We are very happy with this the success of the Alinma Real Estaet Development Fund with our partner UAQ. This investment, with the large sum of capital, which will play a major role in fulfilling the objectives of the finance sector and this partnership will contribute to the increase of the capacity to accommodate pilgrims and visitors, through urban developmental projects in Makkah Region.”
“The fund's investment objective is to achieve long-term capital growth through the development of the superstructure in various parts of Masar destination in Makkah which are: five-star international hotels (Taj Hotel and Kempinski Hotel), Four-star hotels (Hilton Embassy), three-star hotels (Hilton Garden Inn), apartments (Kempinski Residence), and two malls. said Baghdadi.