Jiwar sells Al Makam Tower for 2.2b riyals

Dubai: Saudi-based developer, Jiwar Real Estate has finalised the sale of its Al Makam Tower to a group of investors from Kuwait and Saudi Arabia in a deal worth 2.2 billion Saudi riyals.

Al Makam Tower is one of the seven towers of the prestigious 6 billion riyal Abraj Al Bayt project (King Abdul Aziz Endowment Project), being built close to the holy mosque in the holy city of Makkah.

The other towers are Al Marwah, Zamzam Tower, Al Safa Tower, Hajar Tower, Sarah Tower and the Hotel Tower.

Jiwar is the exclusive agent for the project in Makkah.

Spread across a 1.5 million square metre area, Abraj Al Bayt's seven towers will be 27 to 45 floors tall and will offer a total of 10,000 residential units.

The project also features a massive 70,000 square metre shopping mall targeting the millions of pilgrims who throng the holy city; a car parking facility that will accommodate 1,500 vehicles and a mosque that will hold 25,000 worshippers, with a special section for women.

The 45-storey Al Makam Tower comprises 1,600 residential units, features a helipad and is located along the pilgrimage path.

Jiwar has already handed over 1,250 residential units in the Al Marwah Tower, which mostly overlooks the Holy Kaaba, the most sacred site for Muslims, and the Al Masjid Al Haram in which it is located.

The 44-storey Hajar Tower occupies a 2,795 square metre area and offers a four-star hotel with 1,260 rooms in addition to 1,364 residential units with panoramic views of the Holy Kaaba and Al Masjid Al Haram.

The Hajar Tower was earlier sold to Kuwaiti and Saudi investors in a deal worth 1.5 billion riyals.

Fact file: Panoramic view of Holy Kaaba