Abdulaziz bin Saleh Al-Aboudi

A leading real estate developer in Saudi Arabia, Thakher Development Company is also looking to expand operations internationally in Dubai and London.

What is Thakher’s mission and vision?

Thakher Development Company, the master developer of the master plan and infrastructure of Thakher Makkah project, one of the largest and most important development projects in the Holy City of Makkah and Saudi Arabia as well as in the private sector. We are one of the leading development companies in Saudi Arabia and among the largest developers in the MENA region, with over 3 million sqm of land in Makkah. Thakher is considered among the largest real estate developers whose projects are aligned with Vision 2030. Thakher has developed some highly competitive products in Makkah. Our projects are always calculated to not only generate a return on investment but also provide affordable prices for both land and units. One of the main goals of Saudi Vision 2030 is to enhance the hajj and umrah experiences, and Thakher Makkah is at the forefront of this initiative. At the same time, we also want to add value in terms of job creation—once completed, our project will generate over 30,000 jobs.

The Pilgrim Experience Program was launched in 2019 to facilitate the hosting of pilgrims and provide them with the best services and experience. How is Thakher positioned as a key supporter and enabler of such a crucial program?

One of the components of Saudi Arabia’s Ambitious Vision 2030 is to enrich the experience for both local and international pilgrims and Umrah performers. There has been considerable facilitation from the Ministry of Hajj and Umrah and the Ministry of Tourism to significantly improve the process. Now, pilgrims can acquire a visa to enter Saudi Arabia within minutes, and individuals can now even come and perform their pilgrimages on tourist visas or even a 72-hour transit visa. These initiatives have positively impacted real estate development, specifically in terms of megaprojects in both Holy Cities of Makkah and Al-Madinah. The second factor is affordability. In Makkah, the 2-km area surrounding the Haram is particularly expensive, which will impact a project’s return on investment. Our project will comprise about 320,000sqm of land with a variety of projects like hospitality, hotels, residential, commercial, and other facilities. We aim to be in line with the Pilgrim program to develop that experience for visitors to both Makkah and Al-Madinah. In 2022, we had a 100% occupancy in Novotel Thakher Makkah Hotel, the world’s largest hotel in terms of the number of rooms, with 1,500 keys. Our project encompasses 100 buildings, including the commercial plaza in the middle measuring some 30,000sqm. When the project is fully completed, it will be able to accommodate more than 220,000 people at the same time. Novotel Thakher Makkah Hotel is conveniently located between Haram and the highway to Jeddah Airport, enabling guests to reach the hotel in just 45 minutes. Pilgrims can also reach the Holy Mosque via a six-minute drive or 15-minute walk.

Where do you see opportunities for Thakher to expand its operations and activities?

Our projects are typically located in the holy city of Makkah given its huge potential; however, we have also established customer relations offices in Riyadh and Jeddah. We also have plans to expand into international markets such as Dubai and London. We want to establish customer relations offices in these cities to attract investors and buyers. There are various initiatives in Saudi Arabia to attract people and investors given that the Kingdom now allows non-Saudis to invest in Makkah and Al-Madinah. This will bring in large amounts of capital and investment to both cities. There is immense potential to invest in the market because there are various upcoming projects. A decade ago, Thakher started as real estate developers; however, we are now looking outside the box to develop services, not only for real estate developers but also the pilgrims and visitors to these cities. We have started to work on undeveloped areas in Makkah, including a plot of around 800,000sqm near the Holy Mosque.