Summary
- Saudi property developer RUA AlHaram AlMakki and Malaysia’s MRCB International signed an agreement on Monday to explore a transport-oriented mixed-use development at King Salman Gate in Makkah, with an indicative gross development value of around SR21 billion ($5.5 billion).
- The proposed development would be located within King Salman Gate, a major project being developed by RUA, a company owned by the Public Investment Fund.
- The partnership will also explore potential structures for the project’s development, financing and delivery as RUA seeks to attract international investment and development expertise to King Salman Gate.
RUA said the partnership will examine plans for a public bus terminal alongside residential, commercial, retail and other mixed-use facilities.
The proposed development would be located within King Salman Gate, a major project being developed by RUA, a company owned by the Public Investment Fund.
The agreement was signed in Kuala Lumpur by RUA CEO Bambang Kajairi and MRCB Group Managing Director Dato’ Imran Salim.
PIF Governor Yasir Al-Rumayyan, along with senior officials from both companies, attended the signing ceremony.
MRCB said it would contribute its expertise in transit-oriented development and integrated transport hubs to the proposed project. Its portfolio includes KL Sentral, Malaysia’s largest integrated transportation hub.
The companies said the planned development aims to strengthen transport connectivity and accessibility for pilgrims and visitors to Makkah while combining mobility infrastructure with accommodation, retail outlets and other services.
The SR21 billion valuation is indicative and remains dependent on due diligence, regulatory approvals, financing arrangements, project phasing and the execution of definitive agreements.
The partnership will also explore potential structures for the project’s development, financing and delivery as RUA seeks to attract international investment and development expertise to King Salman Gate.
