Between the sanctity of place and the momentum of investment, Makkah and Riyadh are witnessing a new wave of real estate projects and major hotel projects, led by national companies with long-term expansionist visions. Billions of riyals worth of projects are not only boosting capacity and services, but also reshaping the urban and investment landscape in the two most influential cities in the Saudi economy.

Riyadh and Riyadh are witnessing a new wave of major real estate and hotel projects, led by national companies with long-term expansion visions.

Mecca: 4 international hotels and an integrated urban community
Sulaiman Al Rajhi Holding Company announced the launch of its endowment project «Tilal Towers» in Makkah, which includes four international hotels providing more than 2,500 hotel rooms and residences, with an investment of up to two billion riyals. The project extends over a construction area of 330,000 square meters, in addition to sales and rental spaces of approximately 135,000 square meters, in a move that reflects a clear trend towards developing mixed-use projects. <Ihsan Bafaqeeh, Chairman of the Board of Directors of the company, explained that the project comes as part of a new expansion strategy for Sulaiman Al Rajhi Waqf in Makkah, which included the rehabilitation of Al Rajhi Center to become an urban hub parallel to the central area. The project includes residential apartments for sale next to Aisha Al Rajhi Mosque, the second largest mosque in Makkah after the Grand Mosque, where the sales campaign is witnessing a remarkable turnout that reflects the high demand for housing in that area.

Riyadh: Rafal expands its portfolio and launches two new hotels
In Riyadh, Rafal Properties is set to expand its residential and hotel activity this year through partnerships with the National Housing Company and the launch of two hotels in cooperation with ROVE and Intercontinental Group, with a total development value exceeding 8 billion riyals.

Riyadh: Rafal is expanding its portfolio and launching two new hotels in cooperation with ROVE and Intercontinental Group. <This came on the sidelines of the announcement that a consortium led by Raval has acquired the Pavilions office complex in Riyadh for SAR 360 million, in a strategic deal with Investment Capital. Located on the King Khalid Road axis, the complex offers Class A office space with a total leasable area of 40,000 square meters with full occupancy, taking advantage of its proximity to vital destinations such as the New Square, Riyadh City Boulevard and Diriyah.