Eng. Abdulaziz Al Aboudi, CEO of Thakher Development Company, related the recent economic rebound in the Makkah real estate sector to the market's positive reaction to the government's direct stimulus to real estate and other industries by programs and policies under the Kingdom's Vision 2030. As a result, the holy city reaped the greatest benefits from a slew of megaprojects being launched in different areas of Makkah Al Mukarramah.

The infrastructure works, and the implementation of regulations and legislation, have laid a solid basis for developers to be attracted to begin building projects and to reap the benefits of the enticing atmosphere that Saudi Arabia has generated to achieve the robust regeneration that we live and witness today.

“Through my extensive experience working in many fields relevant to the industrial and real estate sectors, I can guarantee you that we are residing in a golden age in which the private sector has been encouraged to play its role in enhancing the growth of our cities and country,” he added.

“Vision 2030 has prepared the path and built a stable ecosystem for developers to launch mega projects that will add to our national GDP while also creating opportunities for the next generation. The holy city is distinguished by an ambitious program that seeks to host 30 million Umrah tourists and 6 million Hajj pilgrims by the year 2030.

“This is a sign that no real estate investor can disregard since these large figures surpass 300 % of the figures obtained previously to the COVID-19 pandemic.

“As a result, we are moving at a faster speed in developing projects or introducing new ones in Makkah in the ability to adjust the facilities to recognize this enormous rise by offering housing units and hotel rooms in various categories to accommodate all tastes and budgets in tandem with the increasing curve in the number of people to the Holy Mosque of Makkah.

“This is precisely what we have been working tirelessly on in the Thakher Makkah Project, which will include about 100 towers upon completion, including residential and hotel units of different categories, and will be accessible with a variety of options.

“The venture offers the opportunity to choose units in towers owned by large local and foreign hotel chains, and new service designed to meet high global expectations and retail facilities.” Al Aboudi ended by highlighting that, amid the big developments taking place, there are still exciting prospects for all to engage in and contribute to the renaissance of our glorious nation.