NCB Capital introduces new Makkah Hospitality Fund

NCB Capital, described as Saudi Arabia’s major provider of wealth management and investment services and claimed as the Kingdom’s largest asset manager, has launched its Makkah Hospitality Fund after raising SR647 million in capital. 
The fund investment strategy is to build, lease and sell three connected hospitality towers with a shopping center on a 10,000 sqm plot.
The 21-floor project is located in the Aziziah district on King Khaled Road in Makkah and will have a built-up area of approximately 120,000 sqm. It will accommodate about 8,000 guests and provide 7,600 sqm of net leasable retail space. 
“The development of the hospitality industry, especially in terms of religious tourism to Makkah and Madinah, is an important part of the Kingdom’s income diversification,” said NCB Capital’s CEO Sarah Jammaz Al-Suhaimi.
“NCB Capital is dedicated to bringing its clients the best investment opportunities available, and with many accommodations for pilgrims having been acquired to make way for infrastructure and development projects, hospitality projects have taken on a new urgency and offer a strong upside to investors.” Al-Suhaimi added.
As per the government’s objectives outlined in the National Transformation Program 2020, it is estimated that the number of religious tourists will grow to 17.5 million. This growth will be driven by the expansion of the holy mosque and the renovation of surrounding areas, the expansion of Jeddah’s King Abdulaziz International Airport and the new railway connecting Makkah, Jeddah and Madinah.

Source: Arab News