Saudi-based Jadwa Investment has launched two real estate development funds worth up to 10 billion Saudi riyals ($2.67 billion) for development in Makkah.

The funds are being established in partnership with Zood Real Estate, First Avenue Real Estate Development, Al Majdiah, and Rikaz Real Estate and with the oversight of the Royal Commission for Makkah City and Holy Sites (RCMC), the firm said in a press statement.

The funds will be utilised to develop projects in Makkah's central areas, including Al Hijla and Eastern Hindawiyah, located within a very close proximity to the Holy Mosque and identified for redevelopment as part of the Makkah Informal Settlements Development Programme.

The projects will include infrastructure and superstructure developments that support the city's continued growth and enhance the experience of future residents and visitors.

A Saudi consortium of First Avenue for Real Estate Development Company, Dar Al Majed Real Estate Company (Al Majdiah), and Rekaz Real Estate Company has been awarded the concession for East Hindawiyah Informal Settlement Redevelopment Project by RCMC, according to a June 2026 report by Zawya Projects.

Zood was awarded the concession for the redevelopment of Al Hijla (Al Hijra) settlement by RCMC into a mixed-use development. The project will span an area of 127,000 square metres (sqm), and involves total investment of SAR 8 billion, according to a social media post by Zood earlier this month. 

As of May 2026, Jadwa Investment manages over SAR 26 billion in real estate assets across a range of development and income-generating funds. Over the past five years, it has launched over 40 new real estate development funds with a total value exceeding SAR 20 billion, the report said.

Earlier, Saudi-listed Ladun Investment Company said its consortium with Al-Ayuni Investment and Contracting Company has signed a framework agreement with the Royal Commission for Makkah City and Holy Sites to establish a $1.07 billion real estate investment fund for the Khalidiyah Informal Settlement Redevelopment Project in Makkah.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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