Indonesia invests 6B Riyals in Mecca real estate

Indonesian sovereign wealth funds intend to invest over 6 billion riyals in the real estate and hotel sector in Mecca. This will be through a deal involving the purchase of the Novotel Mecca Zakhra hotel and 14 plots of land in the Zakhra Mecca project. These investments aim to develop integrated hotel and commercial assets, thereby enhancing Danantar’s presence in the hospitality market in Mecca and serving pilgrims and visitors directly. The projects focus on developing approximately 4,700 hotel rooms, in addition to a commercial center with more than 90 shops, with an investment cost exceeding 4 billion riyals. This aligns with Saudi Arabia’s plan to increase visitor numbers and achieve the goals of Saudi Vision 2030.

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