A new real estate fund valued at 10.93 billion Saudi Arabia riyals ($2.9 billion) was one of the biggest announcements to come out of the Cityscape Global expo in Riyadh on day three to develop Al Kidwa, a village in the kingdom’s Makkah Province.
The Royal Commission for Makkah City and Holy Sites announced the real estate fund in partnership with Thakher Development Company and Albilad Capital.
The project will cover an area of 686,056 square meters and include the development of 2,614 properties. While the Royal Commission will oversee the project development works, Thakher will be responsible for developing the masterplan and infrastructure, and Albilad Capital will manage the fund.
Thakher had earlier announced the launch of the Radisson Hotel & Residences project in Makkah at Cityscape Global, with a value exceeding SAR 200 million. The project’s first phase is almost completed, while the second phase is expected to be delivered in 2024.
Cityscape Global also saw another announcement from real estate developer and PIF-funded giga-project ROSHN, which has signed a Memorandum of Understanding (MoU) and infrastructure agreement with stc group, to provide its communities with cutting-edge telecommunications access, coverage, and connectivity, through 5G towers, smart home and smart city solutions, a statement read.
Earlier at Cityscape, ROSHN had announced four commercial partnerships worth more than SAR 9 billion, which includes a construction contract in collaboration with China Harbour Engineering Company worth SAR 7.7 billion to develop 6,700 residential units, mosques, community centres, retail, and supporting public amenities in Riyadh’s Sedra and Warefa communities.
The exhibition also saw the signing of several agreements, including one between the Saudi Authority for Industrial Cities and Technology Zones, also known as Modon, and the Saudi Tourism Development Fund, to develop and finance tourism projects in industrial cities, the state news agency reported.
The two entities will assess various land properties and propose viable tourism projects, along with collaborating on various investment opportunities.
(Reporting by Bindu Rai, editing by Seban Scaria)