JEDDAH, 24 November 2002 — Makkah International Market for Real Estate Development will invest SR500 million to construct three residential towers and two hotels in Makkah, high-level sources told Arab News.
The company will provide SR200 million for initial investment to build the towers by February. The towers will have 615 housing units with a capacity to accommodate 2,500 people. “Construction of the three towers will be completed within two years,” the sources said, adding that the project will cover an area of 70,000 square meters. The towers will be constructed close to a shopping complex having 444 shops, a supermarket, restaurants and recreation centers, the sources said.
The decision to invest in the new projects was taken by the company’s board of directors chaired by top Saudi businessman Mohammed Isa Al-Jaber.The board comprises prominent businessmen including Mohammed Alkhereiji, Hamd Al-Saeedan, Abdul Khaleq Saeed and Ali Basamh.The board meeting, which was held in Makkah recently, also decided to include four new members and establish two hotels in the holy city. The hotels will have 750 room.
