Makkah, Saudi Arabia — Retal Urban Development Company signed an MoU with Wethaq Capital to establish a Retal Wethaq real estate fund. The fund will finance a new residential tower within the Makkah’s Masar Destination project in Makkah.
In a statement to Tadawul Saudi on Tuesday, Retal confirmed the tower will rise 28 stories and include around 200 residential units. The project is located within Masar Destination, just 2.5 km from the Grand Mosque and near the Haramain High-Speed Railway Station.
Retal Wethaq Real Estate Fund to Advance Makkah Housing
The closed-ended fund will finance both the development and management of the tower. Masar Destination, a fully integrated real estate destination, is designed to enhance Makkah’s urban infrastructure.
The MoU between Retal and Wethaq has an initial term of 60 days. The parties may extend the agreement once if both agree in writing.
Retal expects the project to positively impact its financial results from 2026 to 2029. The company views this development as a strategic step to meet the rising demand for residential properties near religious landmarks.
The Saudi Standard’s View: Retal Wethaq Real Estate Fund Strengthens Makkah Market Confidence
The Retal Wethaq real estate fund reflects increased institutional confidence in Makkah’s property sector. By partnering with Wethaq Capital, Retal combines development expertise with financial management.
This initiative aligns with Saudi Arabia’s Vision 2030 plans to expand urban areas and improve housing near key religious sites. Closed-ended funds offer capital stability, supporting large projects like this.
Still, project success depends on efficient execution, market demand, and clear regulatory processes. Proximity to transport hubs and religious landmarks enhances the project’s appeal. Investors will closely watch fund details as the structure progresses.
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