Real estate funds worth $4.2bln created for Makkah Developed Neighborhoods Project

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A number of real estate funds have been established to implement the giant developed neighborhoods project in Makkah and these funds, which are the largest in Saudi Arabia, are valued at SR16 billion. This was announced by Eng. Saleh Al-Rasheed, CEO of the Royal Commission for Makkah City and Holy Sites. He said that the Holy Capital is on the verge of a comprehensive development renaissance that will put it in the ranks of developed cities in the world.

Al-Rasheed said this while addressing on Friday a meeting, hosted by the commission, to review the developmental transformations that are taking place in Makkah and the Holy Sites, as well as their economic indexes and investment opportunities. Several senior officials from government agencies and the private sector in Makkah, as well as investors and entrepreneurs attended the meeting held at Al-Balad Al-Amin Center in Dhahiat Sumou project.

Al-Rasheed presented major achievements realized by the commission during the past period, ranging from facilitating the transportation of Makkah citizens and visitors to the economic opportunities that the commission has provided.

The meeting was briefed on the efforts exerted by the Royal Commission and its partners in Makkah to serve the worshippers, citizens, and visitors of Makkah, in addition to enhancing the level of services and enrich the experience.

The commission CEO reviewed the adoption of the strategic directions of the comprehensive plan for the Holy City of Makkah and the Holy Sites; the launch of the General Transport Center and the operation of all Makkah bus routes; and the implementation and operation of parts of the Second and Third Ring Road.

He also briefed on the launch of electronic platforms to raise the efficiency of institutional operation and waste treatment projects and safe disposal of liquid waste for the last Hajj, as well as the project to develop mosques and other facilities at mawaqeet, which are principal boundaries where from Hajj and Umrah pilgrims enter the state of iḥrām. Topics such as developing and humanizing roads, improving pedestrian paths in the Central Haram Area and preparing historical sites were also part of the agenda of the meeting.

Al-Rasheed announced the establishment of a committee, which is tasked to follow-up on the works and projects in the Central Haram Area as well as to support major projects in the holy city such as Masar Destination, Jabal Omar, Thakher Makkah, and Roa Al Haram.

The project to activate and develop historical sites in Makkah and the Holy Sites included more than 98 diverse historical and archaeological sites. The project highlights the importance of enriching the quality of visits and improving aspects of life through developing, activating and making them available to visitors and the social, economic and environmental gains that will be provided by projects to take care of historical sites.

Al-Rasheed pointed out that the general direction of the Transport Center in Makkah works to modernize the transportation sector, and its importance in enriching the experience for the residents of Makkah and its visitors, by working with all the concerned parties to serve Makkah and the transportation infrastructure in the city. He noted that the most important achievements in the transportation sector are the Makkah Bus Project, which was operated with a fleet of 400 buses equipped with modern systems to improve public transportation services in the holy city.