Ladun in deal to develop $220mln mixed-use project in Makkah

PHOTO
TOPSHOT - An aerial view shows Mecca's Grand Mosque with the Kaaba, Islam's holiest site in the centre on June 17, 2024, during the annual hajj pilgrimage. Saudi Arabia on June 17 warned of a temperature spike in Mecca as Muslim pilgrims wrapped up the hajj in searing conditions, with more than a dozen heat-related deaths confirmed. (Photo by FADEL SENNA / AFP) Image Used for illustration.

Saudi-based Ladun Investment has announced that it has signed a partnership agreement with Mawten Real Estate Company to develop a mixed-use project in Makkah region at a total investment of SAR827 million ($220.2 million).

To be built on a 6,580 sq m area, the 25-storey tower will boast 935 luxury serviced residential units as well as retail outlets, commercial showrooms and services units, said Ladun Investment in a filing to Saudi bourse Tadawul.

Strategically located, the project will come up in the central area opposite the Haramain train station, adjacent to the Masar destination project with four years.

As per the deal, Ladun Investment Company will be responsible for developing, marketing and selling the project in co-operation with Mawten Real Estate Company. The project will be sold using the off-plan sale model, it stated.

Ladun Investment will acquire 30% of total project including the land and share 30% of projects’ costs and profits.

On the financial impact, Ladun said it will have positive impact on financial results from 2025 to 2028.