Leading Saudi real estate developer Rikaz has announced that its consortium comprising Aljada First Development Company and AlMajdiah Real Estate Company has secured a key contract for the development of East Hindawiyah, a SAR2 billion ($533 million) mixed-use project located just 1.8km from Al Masjid Al Haram in Makkah city.

The project is being developed under the supervision of the Royal Commission for Makkah City and Holy Sites as part of the kingdom's efforts to transform informal neighbourhoods into modern, integrated communities in line with Saudi Vision 2030.

The consortium brings together Aljada First Development Company and AlMajdiah Real Estate Company to deliver one of Makkah's largest new urban developments in a location close to the Main Mosque, said a statement from Rikaz.

Spanning over 235,000 sq m area, The East Hindawiyah project will include a mix of residential, commercial, office and hospitality spaces, along with public areas designed to create a vibrant and connected community, it stated.

Khalid Al Gahtani, the Chairman of Rikaz, said: "Makkah continues to attract transformative projects and strategic partnerships that reinforce its position as a global destination for investment and development. We are looking forward to seeing this vision become a reality, one that befits the stature of the Holy City."

Located close to the Main Mosque, the development is expected to support economic growth, attract investment, improve infrastructure and create new opportunities for businesses and residents, it stated.

The project will be delivered through a real estate investment fund managed by Jadwa Investment.-TradeArabia News Service