Saudi fund to be set up for major project in Makkah

Saudi Railway hires Riyad Capital to establish the SAR6 billion fund

- BY JUSTIN VARGHESE Your Money Editor

Riyad Capital has been appointed by the Saudi Railway Company (SAR) to establish a real estate investment fund worth up to 6 billion Saudi riyals to develop a large-scale, mixed-use project in Makkah.

The project will be built on a 90,000-square-metre site in Al-Rusifah, next to the Haramain High-Speed Railway Station, one of the busiest transport hubs in the city.

The development will follow the Transit Oriented Development (TOD) model — an international approach to creating integrated urban communities around transport nodes.

Mixed-use project