Riyadh – Mubasher: Riyad Capital has received an appointment letter from the Saudi Arabia Railways (SAR) to establish a real estate fund aimed at developing a mixed-use project based on the Transit Oriented Development (TOD) model.

The project will be developed on a 90,000-square-meter land plot, with an estimated total project value of up to SAR 6 billion, according to a press release.

Located in the Al Rusifah district near the Haramain High-Speed Railway Station in Makkah, the project will reinforce Riyad Capital’s role as a key partner in advancing the Kingdom’s real estate infrastructure.

This comes in line with the objectives of Saudi Vision 2030 to stimulate strategic investments and diversify the national economy.

Abdullah Alshwer, CEO of Riyad Capital, stated: “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,” Alshwer highlighted.

The project 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.

SAR recently penned a memorandum of understanding (MoU) with Saudi Arabian Amiantit Company to boost cooperation in the field of railway infrastructure development.