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Al Aboudi: Revival of real estate sector in Makkah is a natural response It reflects investors' realization of the promising opportunities created by Vision 2030
Eng. Abdulaziz Al Aboudi, CEO of Thakher Development Company, attributed the economic recovery that the real estate sector in Makkah has witnessed over the past few years to the market's welcoming response towards the government's direct stimulus to real estate and other sectors through the initiatives and programs of the Kingdom's Vision 2030. As a result, the holy city benefited the most through multiple mega projects, being implemented in various parts in Makkah Al Mukarramah. The infrastructure works in addition to the enactment of regulations and legislations have created a healthy foundation for investors to become encouraged and start building projects, as well as, take advantage of the attractive environment that Saudi Arabia has created to achieve the comprehensive renaissance in which we live and experience today. He added, "Through my excessive experience working in many fields that are related to industrial and real estate sectors, I can assure that we are living in a golden era, where the private sector has been empowered in order to play its role in advancing the development of our cities and country. "Vision 2030 has paved the way and created a healthy environment for investors to initiate mega projects, of which would contribute to supporting our national GDP, generating jobs for young upcoming generations. The holy city is specifically characterized by an ambitious plan that aims to achieve hosting 30 million Umrah visitors, as well as, hosting 6 million Hajj pilgrims by the year 2030. "This is an indicator that cannot be ignored by any investor in the real estate sector, as these huge numbers exceed 300% of the numbers that were received prior to the COVID-19 pandemic. "Therefore, we find an accelerated pace in establishing projects or launching new ones throughout Makkah to adapt the infrastructure to realize this incredible increase through providing residential units and hotel rooms with multiple categories to suit all tastes and budgets in parallel with the escalating curve in the numbers of visitors to the Holy Mosque of Makkah. "This is exactly what we have been actively working on in Thakher Makkah Project, which will contain upon completion around 100 towers that include residential and hotel units of various categories, it will be available with multiple options. "The project offers the option to own units in towers operated by major local and international hotel companies, in addition to modern service devised upon high global standards and shopping facilities." Al Aboudi concluded by stressing that despite the major projects currently in place, promising opportunities are still available for everyone to invest and contribute to the renaissance of our beloved country. — SG
