RUA AlHaram AlMakki and MRCB partner for SAR 21bn Makkah project

RUA AlHaram AlMakki, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), has signed a cooperation agreement with Malaysia’s Malaysian Resources Corp Bhd (MRCB) to study a major development project in Makkah. The proposed transit-oriented, mixed-use project is located within the King Salman Gate area in the Jabal Al Kaabah district and has an estimated gross development value of approximately SAR 21 billion (US$5.5 billion).

The collaboration aims to integrate a public bus terminal with residential, commercial, retail, and hospitality components to enhance accessibility for pilgrims and visitors. MRCB intends to leverage its expertise in integrated transport hubs, such as Kuala Lumpur Sentral, to support the project.

Malaysian Prime Minister Anwar Ibrahim noted that the potential partnership reflects international investor confidence in Malaysia’s capabilities and could create opportunities for Malaysian businesses and skilled workers. The agreement is subject to due diligence, financing, and final approvals, and does not currently constitute a construction contract.