Al Rajhi and Osus partner to accelerate Makkah redevelopment

Al Rajhi and Osus contribute to Makkah project momentum: Al Rajhi Capital and Osus Real Estate have joined forces to invest SAR 1 bn in three residential towers located within Makkah’s Masar Destination. The 7k sqm site was sold by Umm Al Qura for Development and Construction for SAR 239.8 mn — doubling its SAR 114.2 mn book value — to fund ongoing works, according to a Tadawul disclosure and a press release.

The move further expands Al Rajhi’s Makkah development pipeline, joining a SAR 3.5 bn redevelopment of the 628k sqm Jarham South district in partnership with Maad International, and a SAR 6 bn project spanning 1.2 mn sqm at the Hindawiya West and South sites with Umm Al Qura for Development and Construction.