The alliance between Al-Rajhi Union Company and Muad Global Limited has won the contract to develop the southern Jirham area in the holy city of Mecca. This project is part of the developed neighborhoods program overseen by the Royal Commission for the City of Mecca and the Holy Sites.
The project spans a massive development area exceeding 628,000 square meters and is considered one of the major developmental projects in the region. The investment volume for this project surpasses 3.5 billion Saudi Riyals, aiming to transform the area into a sustainable and integrated residential environment, aligning with national efforts to improve the urban landscape in Mecca.
Project Details
The project will be financed and executed through the establishment of a real estate investment fund managed by a licensed financial company from the Capital Market Authority. The development works include comprehensive infrastructure, which encompasses the construction of modern road networks, water systems, sewage, electricity, and communications.
In a statement, Mr. Fawaz bin Suleiman Al-Rajhi, Chairman of Al-Rajhi Union Company, confirmed that this project represents an extension of the company's strategic commitment and its pioneering role in supporting the goals of comprehensive urban development in Mecca. He stated, "Through this comprehensive alliance, we aim to present a model for sustainable real estate development that meets the aspirations of the wise leadership and the objectives of Vision 2030."
Background & Context
Al-Rajhi Union Company was established in 2010 as one of the investment companies affiliated with the sons of Sheikh Suleiman Al-Rajhi. Since then, it has solidified its position as a driving force for investment and real estate development in the Kingdom. The strategic portfolio of the group spans five vital sectors, including residential, commercial, hospitality, logistics, and infrastructure projects.
The company has emerged as a reliable strategic ally for both the public and private sectors in formulating and implementing giant national projects, reflecting its commitment to developing infrastructure and enhancing the quality of life in the Kingdom.
Impact & Consequences
This project represents a significant step towards achieving the goals of Vision 2030, which aims to improve the quality of life and promote sustainable development across various regions. The project is expected to contribute to creating new job opportunities and boosting economic activity in Mecca.
Additionally, the project will help meet the increasing demand for housing and essential services, enhancing Mecca's position as an important urban and economic center in the region.
Regional Significance
This project serves as a model for sustainable real estate development in the Arab world. It reflects the trend towards improving the residential environment and developing infrastructure, contributing to the enhancement of sustainable development in Arab countries.
In conclusion, the development project of southern Jirham in Mecca represents a strategic step towards improving the quality of life and reflects the Kingdom's commitment to developing its cities and enhancing their residential environments.