investment 14
In vesting in
I slamic tourism
The regeneration of Islam’s holiest city represents a unique
opportunity for investors in the Kingdom
Umrah pilgrimages. Backed by the Saudi Binladin Group and Saudi
Oger, two of the biggest names in the Kingdom’s construction
industry, major residential and mixed-use projects are now
underway and are set to change the face of Makkah for ever.
One of the largest of all planned developments in the city,
and certainly the most advanced, is Abraj al-Bait, a seven-tower
complex currently under construction and due for completion in
2010. One of the seven towers is expected to reach 595 metres
in height, which will make it the tallest building in the Kingdom
upon completion. If all seven towers are grouped together, the
structure will have the largest floor area of any structure in the
world, covering 1.5 million square metres. Located to the south
of the Masjid al-Haram, also known as the Grand Mosque, which
houses the Ka’ba – the holiest site in Islam, the project is being
constructed by the Saudi Binladin Group and is designed by
Beirut-based company Dar al-Handasah (Shair & Partners).
As well as comprising a prayer room which can accommodate
four thousand worshippers, there will also be a five-star
hotel, four-storey shopping mall and a car park which can hold
eight hundred cars. A number of towers will be dedicated to
accommodating an incredible 65,000 residents, with units
available for purchase on a timeshare basis. Three purpose-built
bridges will connect Abraj al-Bait with the Masjid al-Haram to
avoid traffic congestion during the Hajj season.
In September 2008, the UAE-based private developer
Emaar announced that it would offer a range of fully-serviced
apartments within the tallest tower of the complex. The
apartments, ranging in size from 40 square metres to 160
square metres, will be located on the upper floors of the tower
Islam’s holiest site, Makkah, is the scene of a major regeneration and are to be offered as part of the timeshare programme.
scheme, designed to capitalise on the religion’s growing global Managing director of Emaar International, Issam Galadari,
popularity and some of the world’s most expensive real estate. outlined the company’s plan in a statement. He said: “The
It started in 2005, when the Makkah Development Authority homes are ideal for pilgrims and families who desire to own a
approved the master plan for the expansion of Islam’s holiest home in the holy city. The apartments will be greatly sought
city. The 23-year plan aims to accommodate three million Saudi after during the Hajj season and the holy month of Ramadan.”
nationals and expatriates, and eight million pilgrims. It is therefore clear that Emaar is banking on the major influx
Following the announcement, and buoyed by previous record- during the key religious periods to ensure these apartments are
high oil prices ensuring a healthy budget surplus, the Kingdom attractive investment opportunities.
of Saudi Arabia has embarked on a range of major expansion The Saudi Binladin Group is also directly responsible for a
projects designed to capitalise on some of the world’s most number of other regeneration projects in Makkah. In a joint
expensive real estate, and focusing on increasing the number of venture with Saudi Oger, the equally massive Jabal Omar is being
religious tourists visiting the country for the annual Hajj as well as constructed in the city environs. Developed by the Jabal Omar
PREVIEW Cityscape Saudi Arabia
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