Alramz’s Makkah project draws SAR 670 mn in off-plan reservations from 51 countries on launch day

Alramz Real Estate’s Masar Corner project in Makkah drew some SAR 670 mn in preliminary off-plan reservations on its launch day, according to a Tadawul notice and company announcement. Customers came from 51 countries, with Nigeria leading by number of reservations, followed by Indonesia, Pakistan, the US, and Turkey. The development comprises two towers with 541 residential, commercial, and service units, with handover expected in 2029.

Masar is among the first Makkah projects to test foreign appetite under the Kingdom’s new foreign ownership framework, and the countries at the top of the list track what Knight Frank told us was expected of the holy cities — demand from individual Muslim buyers abroad, driven by faith rather than yield.

REMEMBER- The Kingdom’s foreign ownership framework has been in force since January, and the government published the zones where non-Saudis can buy in June, with Masar on the Makkah list. In the holy cities, foreign individuals can only own property if they’re Muslim.

BACKGROUND- Alramz signed an SAR 418 mn development agreement with Ramz Al Hijaz Fund in February to develop the two towers on a combined 6k sqm plot in Makkah’s King Abdulaziz Road district. The fund is managed by Al Rajhi Capital, with Alramz set to receive an additional SAR 62.7 mn in development fees.

Sah rolls out its October round

The government’s retail sukuk program, Sah, opened its October round yesterday at a fixed annual rate of 5%, the National Debt Management Center said. Subscriptions run until tomorrow at 3 pm, with a minimum of SAR 1k per investor and a cap of SAR 200k.

MIS’ Humain pact starts paying out

Al Moammar Information Systems (MIS) has received the first work order under its SAR 8.8 bn agreement to design and build 250 MW worth of AI data centers for Humain, according to a Tadawul filing. The order covers the opening 50 MW tranche, which is worth more than 1.5 times MIS’ 2025 revenue on its own, with the financial impact booked from 2Q 2026. Humain will issue the rest of the EPC scope through sequential work orders, and MIS expects more as the project expands.

A SAR 9 bn+ power play

Rabigh 2 reaches financial close: Saudi Energy affiliate Al Morjan Two Electricity Co. secured SAR 9.69 bn in long-term financing from a consortium of local, regional, and international lenders to fund the Rabigh 2 power plant expansion project in Makkah province, according to a Tadawul filing. The financing carries a 34-year tenor, with Saudi Energy holding a 40% effective stake. The project expands the existing Rabigh 2 plant with a c. 2.3-GW combined-cycle gas unit designed to accommodate a carbon-capture unit in the future. Saudi Energy expects the project to start contributing to its financials in 2Q 2029.

Meet the lenders: The financing comes from 14 banks, four of them Saudi: Alinma, Riyad Bank, Saudi Awwal, and SNB. The other 10 comprise three Chinese banks (ICBC, China Minsheng, and Industrial Bank), Sumitomo Mitsui Trust, HSBC, Standard Chartered, ADCB, Commercial Bank of Dubai, Boubyan, and National Bank of Greece.

REMEMBER- Acwa, which also holds a 40% stake in the project, signed a SAR 11.5 bn, 31-year power purchase agreement for the expansion in April, with the Saudi Power Procurement Company as the offtaker. The contract covers the new plant and a 380 kV substation extension.

Dedicated to real estate

Abdullah Al Othaim Investment has set up a real estate development arm, Othaim Developments, Asharq Business reports, citing a company statement. The new firm plans to invest more than SAR 16 bn in about 10 projects across Saudi Arabia over the next two years, comprising 8k units. The projects will feature residential, hospitality, commercial, entertainment, and office components. The first will be The O Residence in Dammam, with expansion to other Saudi cities to follow.