RIYADH: Indonesia became the first foreign country to acquire property in Thakher Makkah, after the country’s wealth fund, Danantara, obtained ownership certificates for a purchase valued at SR2 billion ($531.4 million).
Thakher Development, the master developer of Thakher Makkah, has completed the purchase of the 1,461-room Novotel Thakher Makkah and 14 surrounding development plots by signing the documents, according to a news release.
The sale follows the adoption of the Law of Real Estate Ownership by Non-Saudis in January and also supports the Kingdom’s target of receiving 30 million Umrah pilgrims annually by 2030, up from 8.5 million in 2019.
This is a historic day for Thakher Makkah. The ownership of property in our destination by the first foreign state is a reflection of international confidence in Thakher Makkah, said Faisal Shaker, CEO of Thakher Development.
We at Thakher Development are creating investment opportunities for partnerships of this magnitude, and we are proud to have delivered this transaction from signature to title in ten months, he added. Indonesia holds the world’s largest Hajj quota, with 203,320 regular spaces in 2026, while about 1.5 million Indonesians undertake Umrah every year. The hotel will accommodate around 4,400 pilgrims during each Hajj season.
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