Makkah:Brunei Darussalam: RUA AlHaram AlMakki Company and Rua Al Madinah Holding, both subsidiaries of the Public Investment Fund (PIF), have entered into two significant collaboration agreements with Perbadanan Tabung Amanah Islam Brunei (TAIB). These agreements aim to foster new investment collaborations in development projects between Saudi Arabia and Brunei Darussalam.
According to Saudi Press Agency, the agreements were signed by the CEOs of RUA AlHaram AlMakki and Rua Al Madinah, along with the Permanent Secretary III at the Ministry of Economy, Trade and Industry and Managing Director of TAIB. The signing was witnessed by several key figures, including representatives from PIF and Brunei's Ministry of Religious Affairs.
The agreements establish new avenues for collaboration in the development of Makkah and Madinah, reflecting a shared commitment to enhancing the experience of pilgrims and visitors while contributing to the long-term development of these cities.
The first agreement focuses on a joint venture investment within King Salman Gate in Makkah, with a projected Gross Development Value of approximately SAR9.7 billion. This venture will develop real estate, including hospitality and residential projects, subject to necessary approvals and arrangements. RUA AlHaram AlMakki, as a master developer, continues to attract international investment while ensuring the alignment of projects with the Kingdom's vision.
A separate agreement involves collaboration between RUA AlHaram AlMakki, Rua Al Madinah, and TAIB on investments and developments across Makkah, Madinah, and Brunei Darussalam. This collaboration seeks to leverage investment and expertise from Brunei, facilitating reciprocal investment opportunities.
Rua Al Madinah is spearheading significant real estate and investment initiatives in Madinah, focusing on modern urban planning and infrastructure as part of Saudi Arabia's development plans. These efforts align with the objectives of Saudi Vision 2030, enhancing the capacity and visitor experience in Madinah.
Overall, the agreements strengthen investment ties between Saudi Arabia and Brunei Darussalam, promoting international contributions to the development of Makkah and Madinah and supporting Saudi Vision 2030 objectives.
