Sulaiman Al Rajhi's real estate investments in Mecca: 8 billion riyals for endowment projects
In a strategic move to bolster the real estate and endowment sectors in Saudi Arabia, Sulaiman Al Rajhi Real Estate Company the launch and inspection of a portfolio of high-quality projects under the Sheikh Sulaiman Al Rajhi Endowment in the holy city of Mecca. These projects represent a substantial investment exceeding eight billion riyals , and will significantly contribute to the hospitality and housing sectors in the holiest place on earth.
High-level field tour
The announcement of these massive projects came during a high-level field inspection tour, led by Engineer Saleh Al-Rasheed, CEO of the Royal Commission for Makkah City and the Holy Sites, along with leaders of the Al-Rajhi system, including Ihsan Bafaqih, Chairman of the Board of Directors of Sulaiman Al-Rajhi Holding Company, Haitham Al-Fayez, Chairman of the Board of Directors of the Real Estate Company, Muath Al-Makhdoub, CEO of the company, and Engineer Anas Abadi.
Details of the billion-dollar projects in Mecca
The tour revealed detailed plans for projects that will transform the urban landscape of Mecca, most notably:
- The “Telal Towers” project: with investments amounting to two billion riyals, it is a qualitative addition to the hospitality sector as it adds more than 2,500 hotel rooms, which contributes to raising the capacity to receive the guests of God.
- The “Tilal Village” project: a mixed-use development with an investment value of up to 2.8 billion riyals. The project is distinguished by its comprehensive services, as it includes a specialized hospital, a medical complex, and office and commercial spaces.
- The residential complex in Telal Village: It includes 828 modern residential units worth 800 million riyals, designed to meet the needs of residents with high quality.
- Al Rajhi Center Development: A comprehensive rehabilitation contract worth 250 million riyals was signed for the center to ensure the sustainability and efficiency of this important commercial asset.
Strategic assets and a promising future
The tour was not limited to existing projects, but also included an inspection of strategic lands representing a future investment reserve, including the Al-Akayshiyah project land, which spans a vast area of 4 million square meters, and the Al-Ghazawi project land, valued at 250 million riyals. The tour concluded with a spiritual visit to the Aisha Al-Rajhi Mosque, the second largest mosque in Mecca, which can accommodate fifty thousand worshippers, reflecting the spiritual and social aspects of this endowment system.
The strategic dimension and economic impact of endowments
These projects derive their significance not only from their financial value but also from being part of the Sheikh Sulaiman Al Rajhi Endowment , one of the largest charitable endowments in the Islamic world. The endowment employs a sustainable investment model aimed at growing assets to ensure the continuation of charitable giving. These initiatives are perfectly aligned with the Kingdom's Vision 2030 , specifically the Guests of God Service Program, which aims to facilitate the hosting of Umrah and Hajj pilgrims and provide them with high-quality services.
The injection of these investments into Makkah reflects Sulaiman Al Rajhi Real Estate Company’s commitment to developing the infrastructure of the hospitality sector, improving the quality of life, and contributing effectively to the non-oil GDP, thus confirming its leadership in managing and developing endowment assets according to the highest international standards.
