Rua AlHaram AlMakki and Rua Al Madinah, Leading Saudi PIF companies - have signed two agreements with Brunei’s Perbadanan Tabung Amanah Islam (TAIB) aimed at creating new opportunities for investment collaboration between Saudi Arabia and Brunei Darussalam in development projects.

This comes as Saudi Arabia seeks to attract international investment into large-scale development projects under its Vision 2030 economic diversification programme.

The collaboration agreements bring together institutions from Saudi Arabia and Brunei Darussalam. They also establish new avenues for investment and development collaboration in Makkah and Madinah. 

It reflects a shared interest in investing in developments that can enhance the experience of pilgrims and visitors and contribute to the long-term development of both cities.

The deals were signed in Brunei Darussalam by CEO of RUA AlHaram AlMakki Bambang Kajairi, CEO of Rua Al Madinah Eng. Ahmed Aljuhani, and Permanent Secretary III at the Ministry of Economy, Trade and Industry and Managing Director of TAIB Hasnah Binti Haji Ibrahim, and witnessed by Head of Local Real Estate Investment Division of PIF Saad Abdulaziz AlKroud, Head of Portfolio Management - West Coast at PIF and Chairman of the Board of Rua Al Madinah Naif Al Hamdan, and Minister of Religious Affairs and Advisor to TAIB Pengiran Dato Seri Setia Haji Mohammad Tashim bin Pengiran Haji Hassan.

Under the first agreement, RUA AlHaram AlMakki and TAIB will explore a potential joint venture investment in King Salman Gate, a major development in Makkah. 

The proposed investment would cover hospitality and residential real estate and has an indicative gross development value of about SAR9.7 billion ($2.59 billion), subject to due diligence, regulatory approvals, financing arrangements and definitive agreements.

As a PIF company and master developer of King Salman Gate, RUA AlHaram AlMakki is creating pathways for international institutions to invest, while retaining stewardship of the destination’s vision and delivery as part of the Kingdom’s ongoing development efforts in this area. 

The agreement brings TAIB into King Salman Gate as a strategic international partner, alongside RUA AlHaram AlMakki’s growing relationships with institutions across the Muslim world, it stated.

Under a separate collaboration agreement, RUA AlHaram AlMakki, Rua Al Madinah and TAIB will pursue collaboration around investment and development opportunities across Makkah, Madinah and Brunei Darussalam. The agreement connects investment and development opportunities in Makkah and Madinah with investment and expertise from Brunei, while opening avenues for reciprocal investment.

Rua Al Madinah is advancing major real estate development and investment initiatives in Madinah, as part of Saudi Arabia’s ongoing development efforts in the city, with a focus on modern urban planning, hospitality, commercial development and infrastructure.

Its flagship Rua Al Madinah Project is planned as an integrated hospitality and commercial destination that will contribute to enhancing Madinah’s capacity and visitor experience in support of Saudi Vision 2030.

Together, the agreements deepen investment ties between Saudi Arabia and Brunei Darussalam around investment opportunities in Makkah and Madinah, it stated. 

As PIF companies, RUA AlHaram AlMakki and Rua Al Madinah are creating opportunities for leading international institutions to contribute to the development of both cities, enhance the experience of pilgrims and visitors, and support the objectives of Saudi Vision 2030, it added.