Danantara commits over 6 billion riyals to Makkah hotels and land

Indonesia's sovereign wealth fund Danantara has completed the acquisition of the Novotel Makkah Thakher hotel and 14 plots of land. The deal is part of investments exceeding 6 billion riyals: about 1 billion riyals for the hotel, more than 1 billion riyals for the land and about 4 billion riyals to develop hotel and commercial projects. It comes alongside updated rules on non-Saudi ownership in Makkah. In partnership with Saudi Arabia's Al Khumasia Group, the fund is developing about 4,700 hotel rooms and a commercial complex on land of about 44,000 square metres.