Riyadh – Mubasher: NCB Capital has launched its Makkah Hospitality Fund after raising SAR 647 million in capital, according to a statement.
The fund aims to build, lease and sell three connected hospitality towers with a shopping centre on a 10,000 square metre plot.
The 21-floor project, which will have a built up area of approximately 120,000 sqm, is located in the Aziziah District on King Khaled Road in Makkah Al Mukarramah and. It will accommodate around 8,000 guests and provide 7,600 sqm of net leasable retail space.
The number of religious tourists are expected to grow to 17.5 million, as per the government’s the National Transformation Program 2020.
This growth will be driven by the Holy Mosque expansion and the renovation of surrounding areas, in addtion to the expansion of Jeddah’s King Abdulaziz Airport and the new railway connecting Makkah, Jeddah and Al Madinah.
