Thakher Makkah project to cost above SAR 26B: CEO

Abdulaziz bin Saleh Al-Aboudi, CEO of Thakher Development Co., said that the total value of the company's Thakher Makkah project may exceed SAR 26 billion, pointing out that 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 Makkah.
 

Phase one of Thakher Makkah project has been mostly completed, including the complete infrastructure, and the recent announcement of a number of new projects, including the Radisson Hotel and Residences whose value exceeds SAR 200 million, and Thakher Gardens project whose value is nearly SAR 2 billion, and which comprises three hotel and residential towers extending over an area of 11,000 square meters, Al-Aboudi said, in an interview with Argaam.
 

He stated that the project will include about 100 plots of land with different uses for hotels, residential, commercial and service areas, noting that the residential and hotel units will be available in different categories, while units will also be available for free ownership.
 

The international hotels that are present in the project such as Radisson Hotel, Park Inn and Hilton hotels, as well as Novotel Hotel are the largest in the world in terms of number of rooms, he further 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, said the CEO.
 

 “Our focus is currently on working diligently and intensively to implement all services related to the project. As has been 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," he 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, as well as the factors of speed in implementation while maintaining the required accuracy and quality, to attract investors and international companies.

Source : Argaam