NCB Capital, Saudi Arabia's leading provider of wealth management and investment services and the Kingdom's largest asset manager, has announced that it has launched its Makkah Hospitality Fund after raising SR647 million in capital. The Fund Investment Strategy is to build, lease and sell three connected hospitality towers with a shopping center on a 10,000sqm plot. The 21-floor project is located in the Aziziah District on King Khaled Road in Makkah Al Mukarramah and will have a built up area of approximately 120,000sqm. It will accommodate approximately 8,000 guests and provide 7,600sqm of net leasable retail space. "The development of the hospitality industry, especially in terms of religious tourism to Makkah and Madinah, is an important part of the Kingdom's income diversification," said Sarah Jammaz Al Suhaimi, NCB Capital's CEO. "NCB Capital is dedicated to bringing its clients the best investment opportunities available, and with many accommodations for pilgrims having been acquired to make way for infrastructure and development projects, hospitality projects have taken on a new urgency and offer a strong upside to investors." Al Suhaimi added.
