Riyadh - Mubasher: First Avenue for Real Estate Development Company has joined a consortium, with 45%, for the development of East Hindawiyah District in Makkah, which forms part of the Makkah Informal Settlements Development Program.
The project program is supervised and carried out by the Royal Commission for Makkah City and Holy Sites, according to a bourse filing.
It is also worth noting that the consortium also includes Dar Al Majed Real Estate Company (Al Majdiah) with 35% and Rikaz Real Estate Company with 20%.
This consortium achieved the highest score in the competitive tender for the project, which covers approximately 235,000 square meters (m²), and carries an estimated cost of SAR 2 billion, including land acquisition and infrastructure development expenses.
The consortium is expected to generate development fees equivalent to around 10% of the development cost.
It will also receive a performance incentive linked to returns exceeding the fund’s target internal rate of return (IRR) of 8%, in addition to brokerage fees representing 2.5% of the project's sales value.
Meanwhile, the development will be implemented through a real estate investment fund managed by Jadwa Investment.
On 31 May 2026, the Royal Commission for Makkah City and Holy Sites awarded the Khalidiyah Informal Settlement Redevelopment Project in Makkah to Ladun Investment Company and its partner, Al Ayuni Investment and Contracting Company.
Umm Al Qura for Development & Construction Company, the owner, developer, and operator of Masar Destination, earlier announced the receipt of two letters of award for the development of the Hindawiya West and Hindawiya South sites—adjacent to Masar Destination.
