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This major Makkah development is one of the kingdom’s largest construction projects, covering an area of 40 hectares and costing $4.4 billion. A mix of towering hotels and residential buildings, once complete, the development will have the capacity to host up to 36,000 guests annually, increasing to in excess of 100,000 during Hajj season.

The eight-phase project will see the construction of a twin-tower hotel, dedicated prayer areas, a seven-star facility and multiple further hotel towers. In total, there will be 40 towers across a built-up area of approximately two million square metres. Dubai-based financier Shuaa Capital provided developer JODC with a five-year sukuk worth $135 million in January 2019.

Source: The National

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