Malaysian Resources Corporation Bhd’s international arm, MRCB International Sdn Bhd, has entered into a collaboration agreement with Saudi Arabia’s RUA AlHaram AlMakki Company to explore a major transit-oriented mixed-use development within King Salman Gate in Makkah.
The proposed development carries an indicative gross development value of about SAR21 billion (x 1.09), subject to due diligence, approvals, financing, phasing and the execution of definitive agreements.
RUA AlHaram AlMakki is a Public Investment Fund (PIF) company and the master developer of King Salman Gate.
The agreement was signed in Kuala Lumpur by RUA chief executive officer Bambang Kajairi and MRCB group managing director Datuk Imran Salim.
The collaboration will explore a development comprising a public bus terminal integrated with residential, commercial, retail and other mixed-use components within King Salman Gate.
A key focus will be MRCB’s experience in transit-oriented development and integrated transport hubs, including KL Sentral, as the parties assess ways to improve mobility, accessibility and the overall experience for pilgrims and visitors to Makkah.
The agreement will also examine a framework covering the development, funding and delivery of the proposed project.
RUA said the collaboration forms part of its effort to attract international investment and development participation into King Salman Gate while retaining stewardship over the destination’s overall vision and delivery.
