The Saudi-based Thakher Development Company, which is developing the SAR26 billion ($7 billion) luxury development of Thakher Makkah in the Saudi city, has reported that construction is proceeding steadily. The project will include a combination of residential, retail, and hospitality components.
After it is finished, the enormous project, which occupies 320,000 square meters on a plot of land one kilometer from the Grand Mosque (Haram), will include roughly 100 land plots for the construction of hotels and other residential, commercial, and service-related facilities.
Giving a project update, Thakher stated that eight four-star hotel properties and hotel apartments—which are managed by foreign operators—have seen completion of work as part of this initiative.
According to the master developer, these establishments have more than 2,276 rooms and 7,000 beds, offering first-rate services to satisfy the various needs of every guest.
The most anticipated international hotels at Thakher Makkah are the Novotel Hotel, which has the most rooms in the world, the Park Inn by Radisson, and the Radisson Hotel.
According to its CEO, Engineer Abdulaziz bin Saleh Al Aboudi, Thakher will be redeveloping some of Makkah’s historic neighborhoods as part of a larger initiative, working in tandem with the Royal Commission for Makkah City and Holy Sites to provide pilgrims with exceptional services.
It also stated that the Thakher Makkah project supports the Kingdom of Saudi Arabia’s ambitious 2030 goal of hosting six million pilgrims and 30 million Umrah performers.
Speaking at a panel discussion at the second MANAFEA Forum 2024, Prince Saud bin Khalid Al Faisal, Deputy Governor of the Madinah Region, hosted the event under the auspices of Prince Salman bin Sultan bin Abdulaziz, Governor of the Madinah Region, where Al Aboudi was the featured speaker.
“The government has made huge efforts and provided comprehensive support to achieve the objectives of Vision 2030, aiming to accommodate 30 million Umrah performers and 6 million pilgrims by 2030,” he noted.
“I believe, these numbers will be achieved before the deadline, based on the current capabilities we see. Therefore, as real estate developers, we must align our strategies with this direction,” he added.
Al Aboudi advocated during the meeting for allowing non-Saudis to make long-term, direct investments through licensed funds as well as in listed businesses that own real estate in Makkah and Al Madinah.
“This will contribute positively to the real estate market and the Saudi economy at large, paving the way for significant investment returns in the hospitality sector by 2030, and opening new avenues for development and investment,” he added.
When the massive Thakher Makkah project is finished, 15,000 direct and 18,000 indirect jobs will be created, according to Al Aboudi.
“The project partakes in achieving the objectives of Vision 2030 by enhancing the services provided to pilgrims and enriching their experience,” he stated.
“It also aims to promote the city’s real estate and economic development and enable those wishing to own a unique property in an integrated community with a vibrant and safe environment, proximity to the Great Mosque, and valuable services,” he added.