The Saudi Railway Company and Riyad Capital will establish a real estate fund to develop a SR6bn ($1.6bn) mixed-use project near the Haramain High-Speed Railway Station in Makkah.
The development will follow the Transit Oriented Development (TOD) model, integrating commercial, residential, and hospitality components to enhance the city’s connectivity and liveability.
Riyad Capital will develop the project on a 90,000-square-metre land plot in the Al Rusifah district near the Haramain High-Speed Railway Station in Makkah, with an estimated total value of up to SR6bn ($1.6bn).
Saudi real estate
This collaboration reflects Riyad Capital’s commitment to supporting major development projects in the holy cities and strengthening its role as a key partner in advancing Saudi Arabia’s real estate infrastructure.
The initiative aligns with the objectives of Saudi Vision 2030, which aims to stimulate strategic investments, diversify the national economy, and develop sustainable urban environments.
Abdullah Alshwer, PhD, CFA, CEO of Riyad Capital, said: “This project marks a strategic milestone in Riyad Capital’s efforts to strengthen its presence in the real estate development sector, particularly in cities of religious and economic significance.
“Our collaboration with SAR embodies a shared vision to transform the project site into a modern urban destination aligned with Makkah’s development aspirations, while providing promising investment opportunities.”
Transit-oriented development
Strategically located adjacent to the Haramain High-Speed Railway Station in Al-Rusifah, the project is expected to feature a range of mixed-use components, including hotels, commercial centres, and residential facilities.
The development will enhance the area’s position as a promising investment and development hub, leveraging its proximity to key transport links and serving Makkah’s growing visitor and resident population.
Earlier this month Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, Prime Minister and Chairman of the Board of Directors of RUA AlHaram AlMakki Company, announced the launch of King Salman Gate, a transformative multi-use development in the Holy City of Makkah.
Spanning up to 12 million square metres of Gross Floor Area, the project sits adjacent to AlMasjid AlHaram and represents a major milestone in the ongoing development of Makkah’s central area.
