Key Takeaways
- • First Avenue consortium secures $533 million (SAR 2 billion) contract from Royal Commission for Makkah City and Holy Sites for East Hindawiyah District Project development, covering 235,000 square meters located 1.8 km from the Grand Mosque.
- • The mixed-use development will incorporate residential, commercial, office, retail, and hospitality facilities with public spaces and infrastructure upgrades, financed through a real estate investment fund managed by Jadwa Investment.
- • Project forms part of the Makkah Informal Settlements Development Program, aligning with Saudi Vision 2030 objectives to enhance urban environments, improve quality of life, and strengthen investment attractiveness in the holy city.
- • Consortium comprises three entities: First Avenue for Real Estate Development Company, Dar Al Majed Real Estate Company–Al Majdiah, and Rekaz Real Estate Company, positioning the project as a strategic urban regeneration initiative.
- • Development is designed to diversify economic activities and improve infrastructure efficiency in Makkah while transforming the district into an integrated urban destination with pedestrian-friendly environments and modern amenities.
Summary
A consortium of three Saudi real estate developers—First Avenue for Real Estate Development Company, Dar Al Majed Real Estate Company–Al Majdiah, and Rekaz Real Estate Company—has secured a $533 million (SAR 2 billion) contract to develop the East Hindawiyah District Project in Makkah. The contract was awarded by the Royal Commission for Makkah City and Holy Sites (RCMC), positioning this as a strategically significant urban regeneration initiative within the kingdom's real estate sector.
The development encompasses approximately 235,000 square meters and will be located approximately 1.8 kilometers from the Grand Mosque, a key consideration given Makkah's status as Islam's holiest city. The mixed-use masterplan incorporates residential, commercial, office, retail, and hospitality components alongside public spaces, pedestrian-friendly environments, and modern infrastructure. The project cost includes land acquisition and infrastructure development expenses, with financing structured through a real estate investment fund managed by Jadwa Investment, a major Saudi asset manager.
The East Hindawiyah District Project is being implemented under the Makkah Informal Settlements Development Program, a broader strategic initiative aimed at urban transformation and quality-of-life improvements. The development aligns with Saudi Vision 2030 objectives to enhance the city's attractiveness to domestic and international investors while diversifying economic activities beyond traditional pilgrimage-related services. Project execution is expected to strengthen investment confidence in Makkah's real estate sector and improve overall infrastructure efficiency within the holy city through modern urban planning standards.
The consortium structure and Jadwa Investment's involvement signal institutional-grade capital deployment in Saudi Arabia's sacred geography, reflecting both the scale of capital committed to Vision 2030 initiatives and the strategic importance of Makkah's urban modernization to kingdom-level development priorities.
The development encompasses approximately 235,000 square meters and will be located approximately 1.8 kilometers from the Grand Mosque, a key consideration given Makkah's status as Islam's holiest city. The mixed-use masterplan incorporates residential, commercial, office, retail, and hospitality components alongside public spaces, pedestrian-friendly environments, and modern infrastructure. The project cost includes land acquisition and infrastructure development expenses, with financing structured through a real estate investment fund managed by Jadwa Investment, a major Saudi asset manager.
The East Hindawiyah District Project is being implemented under the Makkah Informal Settlements Development Program, a broader strategic initiative aimed at urban transformation and quality-of-life improvements. The development aligns with Saudi Vision 2030 objectives to enhance the city's attractiveness to domestic and international investors while diversifying economic activities beyond traditional pilgrimage-related services. Project execution is expected to strengthen investment confidence in Makkah's real estate sector and improve overall infrastructure efficiency within the holy city through modern urban planning standards.
The consortium structure and Jadwa Investment's involvement signal institutional-grade capital deployment in Saudi Arabia's sacred geography, reflecting both the scale of capital committed to Vision 2030 initiatives and the strategic importance of Makkah's urban modernization to kingdom-level development priorities.
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