Areeb Capital has acquired a property within the Jabal Omar project in Makkah, located in the west of Masjid Al-Haram, at a cost of SR521 million ($138.9 million). This acquisition was facilitated by one of the company’s real estate funds, overseeing the entire acquisition process.
Areeb Capital is a rapidly expanding group headquartered in Jeddah, helmed by Khalid Al-Jabri as its chief executive officer. The company specializes in innovative investment offerings across Saudi Arabia, Europe, and North Africa.
The Makkah property is strategically situated on the west side of the Grand Mosque, approximately 300 meters from it, a significant direction of prayer for millions of Muslims. Covering an area of 3,065 square meters, the property is designated for the construction of a mixed-use tower, which will include residential apartments. The planned tower will boast a total built-up area exceeding 59,668 square meters, with a salable area of 36,921 square meters.
“This substantial acquisition underscores Areeb Capital’s optimistic outlook for the broader Saudi market, and more specifically, the real estate sector in Makkah. The company’s move aligns seamlessly with the forward-thinking vision of King Salman, custodian of the two holy mosques, and the visionary Saudi Crown Prince and Prime Minister Mohammed bin Salman,” the company said in a statement.
Areeb Capital also highlighted its strong commitment to encouraging foreign investors to participate in Makkah’s real estate sector, in compliance with relevant regulations and laws. This initiative aims to contribute to achieving the goals of Vision 2030, the ambitious blueprint for making the Saudi financial market appealing to both domestic and international investors. By doing so, it will play a pivotal role in driving economic growth and diversifying income sources.
Furthermore, the press statement outlines Areeb Capital’s intention to make a portion of this investment available through the “Cadaa” platform, set to launch during the current quarter of 2023. Cadaa is a specialized investment platform designed to provide seamless and reliable access to investments for all segments of the investment community. Areeb Capital holds a valid license (No. 30-08119) from Capital Market Authority in Saudi Arabia.
