Real estate firm JLL’s The KSA Real Estate Market – Q2 2022 report stated that in the first six months of the year, the kingdom’s retail sector witnessed an increase in retail space and saw a strong recovery in domestic demand.
In line with this trend, investment and real estate development company Thakher Development Company stated that work on the first phase of its $7bn Thakher Makkah development is almost complete. Spanning an area of 320,000m2, on a site located 1km from Masjid al-Haram (the Grand Mosque) in Makkah Al-Mukarramah (more commonly Makkah), the Thakher Makkah project aims to become the preferred destination for visitors to the Holy City, according to its developer.
Once complete, the project will provide 15,000 direct and 18,000 indirect jobs and aims to contribute to Makkah’s sustainable development.
“The project participates in achieving the objectives of Vision 2030 about enhancing the services provided to pilgrims and Umrah performers and enriching their experience, in addition to promoting the real estate and economic development of the city. Additionally, it enables those wishing to own a unique property an integrated community with services, a vibrant and safe environment close to the Grand Mosque,” the development firm said in a statement.
A game changer
Pursuant to these recent announcements, Construction Week Saudi spoke to Eng Abdulaziz bin Saleh Al-Aboudi, the CEO of Thakher Development Company, to learn more about its modern urban living project and how it could impact one of the most historically significant locations in the world.
“The Thakher project is equipped with best-in-class urban planners and designers, and it elevates the rocky hills of the Holy City to one of the most accessible, diverse and welcoming destinations, providing residents, investors, and visitors with exceptional opportunities and an unprecedented living experience in a historical location,” Al-Aboudi says.
He noted that the project’s design phase has been ongoing for a few years with a certain level of agility to accommodate continuous improvements that might be of need. Al-Aboudi points out that project phases have also allowed for a smooth operation between infra and superstructures.
He explains further: “Our main objective is now focused on the completion of the project’s second phase by 2024, and to support the objective of hosting 30 million pilgrims by 2030, part of Vision 2030.
“Thakher Makkah is one of the largest and most important projects in Saudi Arabia, and we aim to change the real estate development scene in the Holy City of Makkah. The company’s vision is to contribute to the sustainable development of Makkah and to become the preferred destination for visitors to the Holy City.”
READ: Thakher Makkah is one of the largest and most important projects in Saudi Arabia: Developer
According to the CEO, Thakher Makkah is also “a game changer in the property, hospitality, and retail space”. He adds that the development offers new investments and sustainable growth opportunities, collaborations, and living experiences, with its strategic location providing exceptional options and opportunities for visitors and investors.
Al-Aboudi further notes that the development aims to enhance the services provided to pilgrims and Umrah performers and enrich their experience, adding that “this will allow the contemporary and distinctive development of the project to perfectly meet the aspirations of visitors and investors”.
Enriching experiences in Makkah
The Thakher Makkah project is not only located 1km away from the Grand Mosque but is also close to the holy sites of Muzdalifah, Mina, and Arafat. Additionally, Al-Aboudi says that the development is one hour from King Abdulaziz International Airport in Jeddah, which adds to its distinctive investment opportunities and standard of living.
Elaborating on the project, he notes: “The project’s infrastructure facilities include road networks, tunnels, sidewalks, landscapes, as well as shopping areas, restaurants, and cafes. A shopping centre within the project will contain 124 international and local brand stores. It will offer various options for shoppers, including entertainment centres for children, cafes, and restaurants from different global cuisines that will cater to all visitors and residents’ palates. The project will also be capable of providing up to 10,000 car parking lots and will have a mosque that can accommodate 5,000 prayers.”
Thakher Development Company notes that upon completion, the development would include about 100 land plots for hotels, residential, commercial, and service-related areas. “Residential and hotel apartment units will be available in various categories, and the units will also be available for freehold ownership. Among the international hotels in the Thakher Makkah development are the Radisson Hotel, the Park Inn by Radisson, and the Novotel Hotel,” Al-Aboudi states.
He adds that huge undertakings such as the Thakher Makkah project collaborates with an extensive network of partners, including CIMS, RMJM, SAK, HVS, Knight Frank, Meinhardt, HVS, CA+, Khatib & Alami, and AlArif, among others.
Regarding plans in the kingdom and the broader Middle East region, Al-Aboudi notes: “Business success is measured by our commitment to delivering the project according to the timelines set and providing unprecedented high-quality services and opportunities to investors and visitors.”
“The project’s various facilities make it one of the most comprehensive real estate projects in Makkah, and it aims to contribute to rising accommodation requirements in the Holy City. In addition, we are enhancing the services provided to pilgrims and enriching their experiences, so the contemporary and distinctive development of the project perfectly meets the aspirations of residents, investors, and visitors,” he concludes.
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