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First Avenue Signs Framework Agreement for Makkah City Revitalization Project
By KlickAnalytics Data Insights | June 30, 2026 05:03PM ET
- The agreement aims to develop the Al Hindawiyah Al Sharqiyah district in Makkah as part of Saudi Vision 2030
- The consortium led by First Avenue will transform the unplanned settlement into a modern urban development
In a recent announcement on 24 June 2026, First Avenue for Real Estate Development Company formalized a framework agreement with the Royal Commission for Makkah City and Holy Sites and Jadwa Investment to undertake the development of the Al Hindawiyah Al Sharqiyah district in Makkah. This strategic agreement outlines the operational and financial structure for the consortium, led by First Avenue, to revamp the area and align it with the goals of Saudi Vision 2030 and the Royal Commission's initiatives for Makkah City.
The consortium comprises First Avenue with a 45% stake, Dar Al Majid Real Estate (Al Majidia) with 35%, and Rikaz Real Estate with 20%. The consortium will be the exclusive developer and marketer for the project, with Jadwa Investment appointed as the fund manager for a private real estate investment fund responsible for financing the development phases.
The financial terms of the agreement include a performance-based compensation structure for the consortium, offering developer fees of 15% of project costs, a performance incentive linked to returns exceeding an 8% target IRR for the fund, and a brokerage fee of 2.5% of total project sales. While the exact financial impact of the project is yet to be determined, the consortium anticipates positive returns as the project progresses through its development stages.
The Al Hindawiyah Al Sharqiyah project signifies a significant step in revitalizing informal neighborhoods in Makkah, aiming to enhance urban planning, infrastructure, and housing standards in the area surrounding the Holy Mosque. With First Avenue, Al Majidia, and Rikaz pooling their expertise, the project is poised to meet the high demand for modern residential and commercial spaces in the region, further updates on fund activation and construction commencement expected in the upcoming months.
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