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Makkah Construction and Development Co. announces the receipt of two letters of award for the development of the Hindawiya West and Hindawiya South sites - adjacent to Masar Destination, the two projects have been awarded to a consortium comprising Makkah Construction and Development Company, Umm Al Qura for Development and Construction Company, and Rajhi United Real Estate Company
| Element List | Explanation |
|---|---|
| Introduction | Makkah Construction and Development Company announces the receipt of two letters of award from the Royal Commission for Makkah City and Holy Sites to a consortium comprising Makkah Construction and Development Company, Umm Al Qura for Development and Construction Company, and Al Rajhi United Real Estate Company for the development of two sites: (Hindawiya West and Hindawiya South both of which are adjacent to Masar Destination), with a combined total area of 1,149,596 square meters (Hindawiya West: 841,292 sqm and Hindawiya South: 308,304 sqm). The development will be executed through the establishment of a Real Estate Investment Fund, managed by a financial institution licensed by the Capital Market Authority. |
| Date of Award | 2026-05-31 Corresponding to 1447-12-14 |
| Counterparty | Royal Commission for Makkah City and Holy Sites |
| Project Value | The project's initial estimated cost is around SAR 6 billion |
| Project Details | The project entails the development of the infrastructure for the Hindawiya West and Hindawiya South sites by the consortium comprising Makkah Construction and Development Company, Umm Al Qura for Development and Construction Company, and Al Rajhi United Real Estate Company to serve as an extension to Masar Destination while offering the property owners the option to participate in the development in exchange for in-kind units or otherwise receive cash compensation. A Fund Manager will be appointed to establish and manage a private closed-ended real estate investment fund, in accordance with the rules and regulations of the Capital Market Authority and the subsequent agreements between the parties where by Umm Al Qura for Development and Construction Company will act as the Consortium Leader and Development Manager. Its contribution will consist of cash and in-kind contributions, representing the development premium, development management fees, and naming rights, all of which will be defined in the final agreements. Makkah Construction and Development Company will serve as the Financial Partner, responsible for funding the cash compensations to property owners and Al Rajhi United Real Estate Company will act as the Technical Partner through its role in executing the development works and bearing its financial commitments, in exchange for units in the fund, the details for which will be determined in the final agreements |
| Related Parties | None |
| Additional Information | The letters of award require the completion of certain regulatory and contractual requirements including the execution of the framework agreement. The financial impact cannot be accurately determined at this stage and any material developments related to this matter will be announced in due course. |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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