Al-Ahli Capital Launches a 647 Million Riyal Real Estate Fund to Build Hotel Towers in Mecca
Al-Ahli Capital plans to build three hotel towers and a shopping center covering an area of 10,000 square meters, and then lease and sell them in accordance with the fund’s approved investment strategy. This is part of the policy adopted by the Al-Ahli Hospitality Fund in Makkah, which was recently launched with a capital of 647 million riyals.
The 21-story hotel project is located in the Al-Aziziyah neighborhood on King Khalid Road in Makkah, The project will have a total construction area of 120,000 square meters, with a capacity of up to 8,000 guests and a net leasable area of 7,600 square meters.
On this occasion, Sarah bint Jamaz Al-Suhaimi, CEO of Al-Ahli Capital, explained that “Investing in the hospitality and religious tourism sectors, particularly in Makkah and Madinah, actively contributes to the Kingdom’s efforts to diversify its economic resources. At Al-Ahli Capital, we are committed to providing our clients with the best investment opportunities, and given the expected growth in demand and the large-scale demolition projects carried out in Mecca to enhance infrastructure, there is now an urgent need and a significant opportunity for investors to develop new projects to meet the demand for hotel hospitality services.”
According to the National Transformation Program 2020 recently announced by the Kingdom, the number of Hajj and Umrah pilgrims is estimated to rise to 17.5 million, particularly in light of a number of factors, foremost among which are the Custodian of the Two Holy Mosques’ current project to expand the Grand Mosque in Mecca, the completion of the restoration of most of the historic sections of the Holy Mosque, as well as the expansion of King Abdulaziz International Airport in Jeddah, and the Haramain High-Speed Rail, which connects Makkah, Jeddah, and Madinah.
