Saudi-based asset manager Alinma Investment has launched a real estate development fund that could be worth more than $4.5 billion in investment.
The Makkah Real Estate Development Fund has been launched in partnership with the Saudi Umm Alqura Company for Development and Construction (UAQ).
It will focus on properties in Mecca and has so far invested in seven hotel towers and two commercial complexes set to be developed in the city which is home to some of Islam’s holiest sites.
According to acting Alinma chief executive Mazin bin Fawaz Baghdadi, the partnership will not only fulfil its investment goals but will also help to increase capacity in Mecca to accommodate pilgrims.
Meanwhile, UAQ chief executive Yasser Abuateek said that the agreement would be “the first of several diverse investment activities designed to attract leading investment institutions”.
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