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05 December 2019
BUSINESS

Saudi Umm Al Qura, Alinma Investment launch $4.5 billion real estate fund

The new Makkah Real Estate Development Fund is invested in seven hotel towers and two commercial complexes to be developed within the King Abdul Aziz Road project in Mecca, home to Islam’s holiest sites.

Shutterstock/HansMusa

by Kudakwashe Muzoriwa

Saudi Umm Alqura Company for Development and Construction (UAQ) and Alinma Investment, a unit of Alinma Bank has launched a SAR 17 billion ($4.53 billion) Makkah Real Estate Development Fund focused on properties in Mecca, reported Reuters.

Mazin bin Fawaz Baghdadi, the acting Chief Executive of Alinma Investment said that the partnership will help increase the capacity to accommodate pilgrims as well as visitors and boost urban development projects in the region.

The pilgrimage is the backbone of a plan to expand tourism and diversify the Kingdom’s economy away from reliance on hydrocarbons. The haj and the umrah, the year-round lesser pilgrimage, generate billions of dollars in revenues from worshippers’ lodging, transport as well as fees and gifts.


RELATED STORIES: Saudi Umm Alqura Company for Development and Construction Alinma Investment Makkah Real Estate Development Fund


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