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The penultimate day of Cityscape Global brought a handful of new announcements, including the cumulative value of agreements signed for Masar Makkah, two different real estate funds, and a financing agreement for PIF-backed Roshn, among others.
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SAR 4.5 BN AGREEMENTS FOR MASAR MAKKAH-
Masar Makkah locked in agreements worth a combined SAR 4.5 bn at Cityscape, according to separate posts on X (here, here, here and here). Masar Makkah is a 1.2 mn sqm strip in Makkah leading to the Grand Mosque and is set to boast hotels, and retail, residential, and office spaces.
The details: Masar’s parent company Umm Al Qura Development and Construction signed a SAR 1.4 bn agreement with Alramz for two residential towers, as well as a SAR 1.3 bn agreement with Qa’ed Real Estate Development and Investment for a 720-key luxury hotel at the heart of Masar Makkah. On the first day of the forum, Umm Al Qura signed an agreement with Al Rajhi United Real Estate to invest over SAR 1 bn to develop 500 hotel apartments, and also agreed a SAR 822 mn investment ticket with Alpha Capital for a residential tower.
A SAR 900 mn hotel in Masar Makkah: Aldiyar launched a SAR 900 mn hospitality project within the Masar development, and tapped real estate services firm Jones Lang LaSalle (JLL) as its exclusive advisor for the project, it said in a post on X.
NEW REAL ESTATE FUNDS-
#1- A SAR 1 bn fund for hotel towers in Makkah: Thakher Development and Mulkia Investment are launching a SAR 1 bn fund for hotel towers in Makkah, according to a press release and Argaam’s interview with Thakher Development CEO Abdulaziz Al Aboudi. The real estate fund will support the development of two 4-star hotel apartment towers about one kilometer away from the Holy Mosque within the larger Thakher Makkah project.
Partnership structure: Thakher will oversee development, marketing, and sales, while Mulkia will establish and launch the fund, the statement said. Thakher will hold a 30% stake in the fund, while the remainder of the fund’s financing will be sourced from banks, loans, investors, and phased sales.
About Thakher Mecca: The greater Thakher Mecca project spans 320k sqm, with 100 multi-use towers planned, including hotels, residential towers, and a commercial center. Hotel brands such as Radisson, Hilton, Park Inn, and Novotel, are expected to be part of the development.
#2- Alshegrey Group subsidiary Al Basateen and Riyad Capital launched a SAR 2 bn real estate fund to develop Kings Square, according to a press release.
Located in Riyadh, the mixed use project spans 240k sqm and will feature 12 towers linked by landscaped courtyards, offering residential, commercial, and office spaces,designed by Dutch architectural firm OMA. The project’s financial details and construction timeline were not disclosed.
THE LATEST FROM ROSHN–
Roshn Group also made some moves: The PIF-backed developer signed agreements with nine Saudi banks to secure exclusive financing solutions for its clients, it said in a post on X. These banks include Saudi National Bank, Banque Saudi Fransi, Arab National Bank, Riyad Bank, Albilad, Alinma, Saudi Awwal Bank, Saudi Investment Bank, and Aljazira.
More agreements from Roshn: The company also signed agreements with National Housing Company (NHC) to give Sakani beneficiaries an avenue to own their residential unit in Al Manar and Al Danah communities. This is in addition to an agreement with Saudi Arabian Military Industries to provide home financing programs and offering high-quality residential unit options for employees.
NATIONAL HOUSING COMPANY-
The National Housing Company (NHC) logged sales worth SAR 5 bn over the course of the forum, it said in a post on X. NHC secured 27 agreements and partnerships with high-profile companies, including Siemens, Panasonic, Grohe and solutions by STC, it said in a statement. It also unveiled Rejan Hills, an integrated compound in north Riyadh, in partnership with Retal Urban Development, it said in a separate statement. The compound is set to boast 530 Salmani-style villas across a 277k sqm development in the Khouzam district.
