Thakher Makkah project value may exceed SAR 26B: CEO

Abdulaziz bin Saleh Al-Aboudi, CEO of Thakher Development Co.

Abdulaziz Al-Aboudi, CEO of Thakher Development Co., said that the total value of Thakher Makkah project may exceed SAR 26 billion.

The project, which spans over a total area of 320,000 square meters, is one of the most important private sector projects in the Kingdom, specifically in Makkah, he told Argaam.

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Phase one of Thakher Makkah project has been completed, including the infrastructure. A number of new projects have been announced recently, including the Radisson Hotel and Residences valued at over SAR 200 million, and SAR 2 billion Thakher Gardens, which comprises three hotel and residential towers extending over an area of 11,000 square meters.

Al-Aboudi stated that the project will include about 100 land plots with different uses for hotels, residential, commercial and service areas, noting that the residential and hotel units will be available in different categories under the freehold category.

The international hotels in the project, such as Radisson Hotel, Park Inn, Hilton and Novotel, are the largest in the world in terms of number of rooms, he stated.

In addition, Thakher Development is working to strengthen partnerships with financial institutions to enable its clients to secure mortgages, in addition to other partnerships that will be revealed later, the CEO added.

 “Our focus is currently on working diligently and intensively to implement all services related to the project. As announced, we signed a new agreement to develop the Al-Kidwa area with the Royal Commission for the City of Makkah and the Holy Sites," Al-Aboudi added.

As for the challenges facing the company in the project development processes, Al-Aboudi said: “By its nature, Thakher Makkah is a giant project with a mountainous topography and is being built on an area of 320,000 square meters. Work in Makkah is seasonal and linked to specific seasons, so it is natural for success to be equal to the challenge, such as the Covid-19 pandemic, which we have overcome by completing most of the first phase during it.”