MAKKAH, SAUDI ARABIA, Oct. 19, 2026 (GLOBE NEWSWIRE) — Thakher Development, the master developer of the Thakher Makkah megaproject, has officially completed the handover of property ownership certificates to Danantara Indonesia, Indonesia’s sovereign wealth fund. The milestone marks one of the first major real estate acquisitions by an international sovereign investor in Makkah, completing Danantara’s SAR 2 billion (approx. US$ 533 million) purchase of the Novotel Thakher Makkah hotel towers and 14 adjoining development plots.

The transaction was made possible by Thakher Makkah’s position as an established, integrated destination 1.2 kilometres north of the Grand Mosque. Spanning 320,000 square metres, with a total investment value of more than SAR 26 billion, Thakher Makkah offers international investors investment-ready lands designated for hospitality and commercial development and operating hotel assets. The destination’s hotels offer about 2,700 rooms and serviced apartments.

The milestone marks a significant step in Saudi Arabia’s opening of Makkah to long-term international investment under the Law of Real Estate Ownership by Non-Saudis, which took effect in January 2026, and supports the Kingdom’s Vision 2030 goal of expanding the capacity and quality of services for pilgrims.

“This is a historic moment for Thakher Makkah. Welcoming a leading international sovereign investor to own property in our destination reflects global confidence in Thakher Makkah, and in the Kingdom’s opening of Makkah to long-term partners who share its commitment to serving the guests of Allah,” said Faisal Shaker, Chief Executive Officer of Thakher Development. “As Thakher Development, we design investment opportunities for partnerships of this scale, and we are proud to have taken this transaction from signature to title in ten months. Our focus now is to ensure that Danantara’s investment ambition and our development strategy align and to help Danantara deliver the next phase, so that more of Indonesia’s pilgrims can remain within reach of the Haram. Today, we have turned this opportunity into a replicable model to serve as the gateway for foreign investors into Makkah.”

For Indonesia, institutional asset ownership replaces decades of renting accommodation one season at a time. Indonesia has the largest Hajj quota of any country, with 203,320 regular places in 2026, and around 1.5 million Indonesians perform Umrah each year. The hotel can accommodate about 4,400 pilgrims per Hajj season.

Rosan Roeslani, Chief Executive Officer of Danantara Indonesia, said, “This milestone represents a concrete step in building a long-term hospitality investment platform in the Kingdom of Saudi Arabia. Our focus is to manage these assets with rigorous investment discipline while developing an integrated ecosystem that enhances the quality of accommodation and services available to pilgrims from Indonesia and around the world. More broadly, this marks the beginning of an extended economic partnership between Indonesia and the Kingdom of Saudi Arabia, and we will continue to deepen our bilateral cooperation by exploring opportunities in Madinah and across other sectors that create shared value for both nations.”

Novotel Thakher Makkah comprises three 19-story towers with 1,461 rooms and suites across about 33,903 square metres, standing as one of the largest Novotel properties globally. Accor will continue to operate the hotel under its existing management agreement.

Danantara plans to develop the 14 plots within Thakher Makkah, totalling 44,088 square metres, into hotels with about 6,000 additional rooms and a shopping mall with more than 90 retail outlets, representing planned investment of more than SAR 2 billion and further expanding the destination’s hospitality and commercial capacity.

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SOURCE: Thakher Development


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