Leading Saudi real estate group Thakher Development has announced that a real estate fund managed by Nama Capital in collaboration with Alazm Holding have signed a strategic agreement to acquire a prime plot of land within its key development Thakher Makkah for over SAR600 million ($160 million).
This deal is a qualitative step towards improving the accommodation services provided to pilgrims and residents of Makkah, said Thakher Development in its LinkedIn post.
Spanning over a 320,000 sq m area on a site located 1 km from the Grand Mosque (Haram), the massive Thakher Makkah project is being developed at an investment of SAR26 billion ($7 billion).
A premium development strategically located in the Saudi city, Thakher Makkah comprises a mix of residential, retail and hospitality elements.
Upon completion, it will boast about 100 land plots for the development for hotels and residential, commercial, and service-related facilities.
Work has already been completed on 8 four-star hotel properties as well as hotel apartments, which are being managed by international operators.
The project’s key infrastructure facilities include road network, tunnels, sidewalks, landscaping and 10,000 car parking lots.-TradeArabia News Service
