19 Hrs
Source:
الاقتصادية
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Indonesia's SWF invests in Mecca real estate
Building upon its investments in Mecca, the Indonesian sovereign wealth fund "Danantara" has purchased the Novotel Mecca Thakher hotel along with 14 parcels of land, valued at over 6 billion riyals. This move is part of a plan to develop an integrated portfolio of hotel and commercial assets in the holy city. The investments include the development of approximately 4,700 hotel rooms and a commercial center on lands spanning 44,000 square meters, aimed at meeting the increasing demand for accommodations by pilgrims and visitors. There are also plans to open new hotel projects containing around 6,000 rooms with investments exceeding 4 billion riyals, supporting the growth of the tourism sector in line with Saudi Arabia's Vision 2030. This activity represents a long-term strategy to strengthen Danantara's presence in the hospitality market in Mecca and to increase economic cooperation between Indonesia and the Kingdom.
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