Saudi PIF and MRCB to Study $5.6 Billion Makkah Project

Saudi Arabia's RUA Al Haram Al Makki, a company under the Public Investment Fund (PIF), has entered into a cooperation agreement with Malaysian developer MRCB to explore a mixed-use development project in Makkah. The project, valued at approximately 21 billion Saudi riyals ($5.6 billion), aims to integrate various components such as a public bus station, residential, commercial, and retail spaces within the King Salman Gate project. The agreement was signed in Kuala Lumpur and is contingent upon due diligence, regulatory approvals, financing, and the signing of definitive agreements. The study will focus on developing an integrated framework for the project's implementation and financing, as well as enhancing transport and service networks to facilitate pilgrim and visitor movement in Makkah. MRCB's expertise in transport-oriented developments, such as Malaysia's KL Sentral, will be leveraged in this initiative.