Retal Urban Development Company will establish a closed real estate fund to develop a Residential tower within Masar destination in Makkah at the cost of 600 million Saudi riyals ($160 million).
The developer has signed a memorandum of understanding with Watheeq Capital to establish the fund, Retal said in a statement to the Saudi stock exchange on Tuesday.
The tower will have 28 floors, housing nearly 200 units. Masar development is situated 2.5 km from the Holy Mosque and near the Haramain high-speed rail station in Makkah.
The MoU has a duration of 60 days and can be extended mutually.
The project is expected to have a positive impact on the company’s results from 2026 to 2029, the statement said.
Earlier on Tuesday, Umm Al Qura for Development and Construction Company signed a non-binding tripartite memorandum of understanding to set up a SAR1.4 billion ($373.29 million) real estate private fund for developing hospitality, residential, and commercial units on two land plots within the Masar destination.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
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