Areeb Capital acquires property west of the Grand Mosque of Makkah for SR521 million

Areeb Capital acquires property west of the Grand Mosque of Makkah for SR521 million

Areeb Capital has successfully acquired a property within the Jabal Omar project in Makkah for an impressive sum of SR521 million.

This acquisition was facilitated by one of the company’s real estate funds, overseeing the entire acquisition process.

Areeb Capital is a rapidly expanding group headquartered in Jeddah, Saudi Arabia, with Khalid Al-Jabri serving as the chief executive officer.

The company specializes in innovative investment offerings across Saudi Arabia, Europe, and North Africa.

The property in question is strategically situated approximately 300 meters from the western side of Al-Masjid Al-Haram, also known as “the Grand Mosque of Makkah.”

This mosque holds immense significance as a direction of prayer for millions of Muslims.

Covering an area of 3,065 square meters, the acquired property is designated for the construction of a mixed-use tower, including residential apartments.

The planned tower will boast a total built-up area exceeding 59,668 square meters, with a saleable area of 36,921 square meters.

This substantial acquisition underscores Areeb Capital’s optimistic outlook for the broader Saudi market and, more specifically, the real estate sector in Makkah.

The company’s move aligns seamlessly with the forward-thinking vision of Custodian of the Two Holy Mosques King Salman and the visionary Crown Prince and Prime Minister Mohammed Bin Salman.

Areeb Capital’s press release also emphasizes its strong commitment to encouraging foreign investors to participate in Makkah’s real estate sector, in compliance with relevant regulations and laws.

This initiative aims to contribute to the realization of the goals of Vision 2030, the ambitious blueprint for making the Saudi financial market appealing to both domestic and international investors.

By doing so, Areeb Capital will play a pivotal role in driving economic growth and diversifying income sources.

Furthermore, the press release outlines Areeb Capital’s intention to make a portion of this investment available through the “Cadaa” platform, set to launch during the current quarter of 2023.

“Cadaa” is a specialized investment platform designed to provide seamless and reliable access to investments for all segments of the investment community.

It’s worth noting that “Areeb Capital” holds a valid license (number 30-08119) from the Capital Market Authority (CMA) in Saudi Arabia. — SG

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