Watheeq Capital Signs Agreement to Establish a Real Estate Investment Fund for the Acquisition of Al-Qanadeel Project in Makkah Valued at 2.03 Billion Riyals
Watheeq Capital, licensed by the Capital Market Authority under license number (32-18189), has announced the signing of an agreement to establish a real estate investment fund aimed at acquiring the Al-Qanadeel project located in Makkah, within the boundaries of the Haram. The agreement is valued at 2.03 billion Saudi Riyals, with the project spanning an area of 1,039,570 square meters.
The fund aims to develop a distinctive residential community that offers a unique lifestyle, reflecting the highest standards of quality and urban planning.
This project aligns with Watheeq Capital’s commitment to providing exceptional investment opportunities that promote sustainable development in Makkah, in line with Saudi Vision 2030, which seeks to stimulate investment in the real estate sector and support projects that contribute to infrastructure and national economic development.
In this context, Mr. Ibrahim Al-Alwan, Managing Director of Watheeq Capital, stated:
“This project reflects Watheeq Capital’s commitment to providing exceptional investment opportunities that enhance sustainable development in Makkah, in line with Saudi Vision 2030, which aims to stimulate investment in the real estate sector and support projects that contribute to infrastructure and national economic development. I would also like to extend my gratitude to our partners, Mr. Ajlan bin Abdulaziz Al-Ajlan, Mr. Fahd bin Abdulrahman Al-Mojel, and Mr. Khalid bin Hassan Al-Qahtani, for their trust in Watheeq Capital to establish this fund.”
The implementation of this agreement is subject to the completion of all regulatory procedures and requirements with the relevant regulatory authorities.
This step is part of Watheeq Capital’s strategy to offer innovative products that enhance the real estate sector and provide value-added investment tools, ensuring returns for investors in accordance with the highest professional standards.
