Saudi-based Thakher Development Company has announced that steady progress is being made on its SAR26 billion ($7 billion) premium development, Thakher Makkah, located in the Saudi city, featuring a mix of residential, retail and hospitality elements, said the project developer.   Spanning an area of 320,000 sq m on a site located 1 km from the Grand Mosque (Haram), the massive project will, upon completion, include about 100 land plots for the development for hotels and residential, commercial, and service-related facilities.   Giving a project update, Thakher said as part of this initiative, work has been completed on 8 four-star hotel properties as well as hotel apartments, which are being managed by international operators.   These facilities boast over 2,276…

Saudi Real Estate Construction Company (Tamear) has announced that it has secured a SAR160 million ($42.6 million) contract for implementation of architectural and external works for the Tilal Al Riyadh, a key mixed-use project coming up in a major neighbourhood north of capital Riyadh.   Located in the Al Malqa District, the Tilal Al Riyadh is characterised by a contemporary aesthetic with its dynamic curved shape and the engaging facade design enhancing transparency and connectivity with the surroundings. It has a built-up area of 54,769 sq m.   A major subsidiary of Saudi Real Estate Company (Al Akaria), Tamear said the project scope includes implementation of civil, structural, architectural, electromechanical and external works.   The entire contract work will be…

RIYADH — In a survey by global property consultancy Knight Frank, NEOM has been identified as the most preferred Giga project among expatriates living in Saudi Arabia, with 29% expressing a desire to purchase homes there.   The survey, part of Knight Frank’s inaugural Destination Saudi report, places Jeddah Central and King Salman Park as the second and third choices, with preferences standing at 15% and 8%, respectively.   The comprehensive survey involved 241 expatriates, aiming to gauge their real estate investment interests within the Kingdom.   A significant portion of the respondents (56%) have resided in Saudi Arabia for over a decade, and a majority (76%) are employed in the private sector.   The interest among expatriates in NEOM's specific…

Emaar The Economic City has rescheduled, on 1 April 2024, a facility agreement offered by the Public Investment Fund (PIF) to be extended from 18 months to 21 months.   The loan is worth up to SAR 1 billion and was originally signed on 20 February 2023. Therefore, the duration of the facility agreement has been set to end on 19 November 2024 instead of 19 August, according to a bourse filing.   Emaar The Economic City elaborated that the reason behind rescheduling the loan is to provide additional support to evaluate repayment or settlement alternatives for the facility.   Meanwhile, the guarantees offered for the rescheduled loan are “original securities provided that include security over certain real estate assets within King Abdullah Economic City (KAEC)…

Riyadh: ROSHN Group has launched ALMANAR, its fifth integrated mixed-use community and its first venture in Makkah, the group said in a press release.   The first phase of ALMANAR, the release said, will provide 4,149 residential units that will house over 17,000 people on a footprint of 2.5 million square meters.   ALMANAR is located at Makkah’s western gate, between the old and new expressways linking the city to Jeddah, 20 minutes from the Holy Mosque and under an hour from King Abdulaziz Airport in Jeddah.   The first phase will feature a wide range of amenities, including a regional mall supplemented by eight neighborhood commercial centers, a business park that will boost the city’s economic development, and several mosques.   ROSHN offers a…

A number of real estate funds have been established to implement the giant developed neighborhoods project in Makkah and these funds, which are the largest in Saudi Arabia, are valued at SR16 billion. This was announced by Eng. Saleh Al-Rasheed, CEO of the Royal Commission for Makkah City and Holy Sites. He said that the Holy Capital is on the verge of a comprehensive development renaissance that will put it in the ranks of developed cities in the world.   Al-Rasheed said this while addressing on Friday a meeting, hosted by the commission, to review the developmental transformations that are taking place in Makkah and the Holy Sites, as well as their economic indexes and investment opportunities. Several senior officials from government agencies and the private sector in Makkah, as…