Riyad Capital, one of the Kingdom’s largest asset managers and a leading company in real estate investment, has received an official appointment letter from the Saudi Railway Company (SAR), marking the beginning of a strategic partnership to drive transformative real estate development projects across the Kingdom.
The appointment is to establish a real estate fund aimed at developing a mixed-use project based on the Transit Oriented Development (TOD) model, a global concept focused on creating integrated urban communities adjacent to public transport stations.
The project will be developed on a 90,000-square-meter land parcel in the Al-Rusifah district near the Haramain High-Speed Railway Station in Makkah, with an estimated total value of up to $1.6 billion (SAR 6 billion).
This collaboration reflects Riyad Capital’s commitment to supporting major development projects in the holy cities and strengthening its role as a key partner in advancing the Kingdom’s real estate infrastructure, in line with the objectives of Saudi Vision 2030 to stimulate strategic investments and diversify the national economy.
Abdullah Alshwer CEO – Riyad Capital
“This project marks a strategic milestone in Riyad Capital’s efforts to strengthen its presence in the real estate development sector, particularly in cities of religious and economic significance. Our collaboration with SAR embodies a shared vision to transform the project site into a modern urban destination aligned with Makkah’s development aspirations, while providing promising investment opportunities.”
The project is strategically located adjacent to the Haramain High-Speed Railway Station in Al-Rusifah, Makkah, and is expected to feature mixed-use components, including hotels, commercial centers, and residential facilities, enhancing the area’s position as a promising investment and development hub.
