Mulkia Investment Co. announced launching the operations 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, which 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, said the 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.

Alothaim added that the project is characterized by its location in one of the highly-populated areas in Makkah, which is expected to benefit from the significant growth of Hajj and Umrah services, in addition to the natural growth of Makkah population currently.

Bandar Al Dahik, CEO of Anan, said that the company 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 Kingdom’s leading developers working on this project, which is part of its infrastructure developments.