UAQ, Alinma close real estate fund at $4.5bn

Acting CEO of Alinma Investment Mazin bin Fawaz Baghdadi, left, and Yasser Abuateek, CEO of UAQ, announced the successful completion of the launch of the Makkah Real Estate Development Funds, with an investment value exceeding SR17 billion.
Updated 07 December 2019

UAQ, Alinma close real estate fund at $4.5bn

Umm Alqura Company for Development and Construction (UAQ) and Alinma Investment Company announced the successful completion of the launch of the Makkah Real Estate Development Funds, with an investment value exceeding SR17 billion ($4.5 billion). 

The funds are invested in seven hotel towers and two commercial complexes that will be developed within the King Abdul Aziz Road (KAAR) project in Makkah. It is one of the most significant developmental and urban development projects in the Makkah region. The project includes multiple options including housing and shopping, and provides easy mobility and means of transportation between the project facilities and the central area of the Holy Mosque.    

Yasser Abuateek, CEO of UAQ, said: “This strategic agreement is the first of several diverse investment activities designed to attract leading investment institutions. It confirms the appeal of investing in KAAR, an attractive destination for long-term investments, as well as the trust of the investment and financing community.

“This partnership also sheds light on the strength of Alinma Investment and its success in managing real estate funds, which makes it the ideal partner for implementing the project’s development and urban plan. The project aspires to become one of the modern landmarks in Makkah.”

Abuateek added: “By successfully attracting investments valued at SR17 billion, we will make progress in line with the execution plan for several diverse projects, especially since we have already reached several major milestones, including completion of the pouring and construction of all the concrete blocks for the Makkah Metro tunnels, while in addition we have completed nearly 50 percent of the bridges. Currently, we are working on completing all the unprecedented infrastructure projects that followed the demolition phase, which represent a transformation in the investment, development and preparation of the project’s lands, making it more attractive for development and creating new choices that help upgrade the quality of life for Makkah visitors and residents.”

Acting CEO of Alinma Investment Mazin bin Fawaz Baghdadi said: “We are very happy with the success of the Alinma Real Estate Development Funds together with our partner UAQ. This investment, with the large sum of capital, will play a major role in fulfilling the objectives of the finance sector, while our partnership will contribute to increasing the capacity to accommodate pilgrims and visitors through implementing urban developmental projects in the Makkah region.”

“The funds’ investment objective is to achieve long-term capital growth through the development of the superstructure in various parts of the King Abdul Aziz Road project in Makkah, which are: Five-star international hotels (Taj Hotel and Kempinski Hotel), four-star hotels (Hilton Embassy), three-star hotels (Hilton Garden Inn), apartments (Kempinski Residence), and two malls,” added Baghdadi.


Movie time at Riyadh’s Atyaf Mall with Vox

Updated 19 January 2020

Movie time at Riyadh’s Atyaf Mall with Vox

Atyaf Mall, in partnership with Majid Al-Futtaim’s Vox Cinemas, launched a cinema facility of 11 screens and 650-seating capacity. The eighth branch of Vox Cinemas in Saudi Arabia was inaugurated by Mohamed Al-Hashemi, country manager of Majid Al-Futtaim Ventures, in the presence of Shehim Mohammed, director of LuLu Saudi Hypermarkets, and Dr. Mohammed Al-Rowaished, CEO of Hewar Al-Rabie Company. 

The new cinema facility features seven standard cinemas, two VIP provisions, and two kids’ movie houses. Apart from refreshment counter favorites like popcorn, snacks and beverages, Vox Cinemas in Atyaf Mall offers a Nutella Bar, and Kitchen 35, a bakeshop with artisan breads and pastries and fresh juices in one entertainment venue. 

Mohammed, director of LuLu Saudi Hypermarkets, said: “We are proud to launch another entertainment venue for our dynamic customer base who considers Atyaf Mall as its home for lifestyle needs. We extend our biggest gratitude to our partners from Majid Al-Futtaim in making this project possible with innovative and customer-focused experiences and offerings on hand.”

Managed by LuLu Properties, the shopping mall and property development team of LuLu Group, Atyaf Mall houses conducive places for shopping, dining and leisure, along with a lineup of global brands, and a 220,000-square-foot LuLu hypermarket. From Matalan to H&M, Saco, and Red Tag, the fashion collection is expected to highlight the latest clothing lines and footwear pieces every season, alongside a food court and seven new restaurants that will soon showcase global flavors. 

“With these new concepts introduced in the mall, Atyaf Mall will continue to satisfy the evolving and adventurous lifestyle demands of the new age of Riyadh’s growing market,” Mohammed added.