Mulkia Investment Co. announced launching of Mulkia Makkah Real Estate Fund, a closed private real estate fund. The fund was launched as a partnership between Mulkia Investment and Anan Real Estate Co. along with other prominent investors in the real estate sector in Makkah.
Mulkia Makkah Real Estate Fund is an investment, real estate fund woth an investment size of approximately 1.2 billion riyals. The fund aims to invest in the acquisition of a raw land spanning more than 1.5 million square meters in Makkah. The fund aims to complete the infrastructure development and provide over 1,500 residential and commercial parcels.
Fully-built housing units will be developed, which will contribute to achieving the goals of Vision 2030 on increasing the percentage of citizens’ home ownership.
Omar Alothaim, CEO of Mulkia Investment Co., said Mulkia Makkah Real Estate Fund will work to achieve investors’ goals through developing the infrastructure of the acquired land, as well as parts of the scheme as ready-made housing units, in partnership with Anan Real Estate Co.
Alothaim added that the project is characterized by its location in one of the population growth trends in Makkah, which is expected to benefit from the significant growth of Hajj and Umrah services, in addition to the natural growth of the population of Makkah at the mean time.
Bandar Al Dahik CEO of Anan Real Estate, said that Anan seeks to complete this project, which is located in a privileged location in Makkah. He added that the company aspires to enhance its role as one of the leading developers in the real estate sector in the Kingdom by working on this project, which is an extension of its projects in the field of infrastructure development.
Mulkia Investment Company is a saudi investment company licensed by the Capital Market Authority No. 13170-37, and managing assets of about 7 billion Saudi riyals concentrated in the real estate sector in the Kingdom of Saudi Arabia. Anan Real Estate Company is a well-established saudi company in the field of real estate development, marketing and investment, and it has a pioneering path of success with its partners locally and globally.