Danantara Indonesia, through its investment arm, PT Danantara Investment Management, has acquired 4.4 hectares of land plots within the SAR26 billion ($7 billion). Thakher Makkah development in Saudi Arabia following the acquisition and handover of Novotel Thakher Makkah. The completed acquisitions comprise an operating hotel with 1,461 rooms and suites.

Danantara Indonesia, through its investment arm, PT Danantara Investment Management, has acquired 4.4 hectares of land plots within the mega Thakher Makkah development in Saudi Arabia following the acquisition and handover of Novotel Thakher Makkah. The transaction involves an operating hotel with 1,461 rooms and suites.

According to Thakher Development, the next phase will involve investments worth SAR2 billion ($524 million) from Danantara with plans to develop about 6,000 additional hotel rooms and more than 90 retail outlets within the mega development. 

Spanning over a 320,000 sq m area on a site located 1 km from the Grand Mosque, the Thakher Makkah project 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.

This transaction establishes a long-term investment presence in Makkah’s hospitality sector and provides a foundation for the development of an integrated accommodation and services ecosystem for Hajj and Umrah pilgrims.

This come following the strategic agreement announced by Danantara Indonesia and Thakher Development Company.