Al Rajhi Capital and Al Rumz Real Estate have signed an agreement to establish a private investment fund aimed at developing a luxury residential project within the prestigious “Masar” destination in Makkah. Al Rajhi Capital will manage the fund through a distinguished organizational structure designed to ensure the project’s success and achieve the shared objectives of both parties.
The project is strategically located in Zone Two of the Masar development, adjacent to King Abdullah Mosque (may he rest in peace), and only minutes away from the Holy Mosque (Al Masjid Al Haram). It will feature two high-end residential towers, each rising up to 35 floors, with more than 512 residential units and 562 parking spaces serving residents and visitors. The project stands out for its architectural design that respects the sanctity of the location and blends harmoniously with its urban surroundings across an area of 102,000 square meters. The fund is valued at approximately 1.4 billion SAR. Excavation work and permit approvals began prior to the fund’s establishment, demonstrating the project’s readiness and accelerated progress.
Al Rajhi Capital is one of the largest investment companies licensed by the Capital Market Authority (CMA), offering a wide range of Sharia-compliant investment solutions. It is a leading entity in managing and developing real estate funds across Saudi Arabia, leveraging its deep expertise and highly qualified team. The company manages assets exceeding SAR 148 billion, reflecting its leadership in the sector and its ability to provide innovative investment solutions.
Al Rumz Real Estate, one of the Kingdom’s leading real estate developers, was established in 2016. In a relatively short time, it has proven its position by developing over 55 diverse residential and commercial projects, encompassing more than 8,500 units and a total built-up area exceeding 1.6 million square meters. The company continues its commitment to delivering exceptional projects that enhance the urban landscape and meet the evolving needs of the Saudi real estate market.
