Let me explain
Thakher Development puts the acquisition value at SAR 2 billion. The deal completes an agreement the two sides signed on 14 December 2025, and the ownership deeds were handed over on 19 October 2026. Novotel Thakher Makkah has three hotel towers of 19 floors with 1,461 rooms and suites, and is operated by Accor. It is the largest Novotel in the world by number of rooms. The 14 plots total 44,088 square metres and are zoned for hotel and commercial development. Danantara plans to develop them into hotels with about 6,000 keys and a large shopping centre with more than 90 shops, with future development investment of more than SAR 2 billion, not including the value of the land. Al Khumasiya Group will be the fund's development partner in Saudi Arabia. Thakher Makkah lies 1.2 km north of the Grand Mosque, and the deal coincides with the updated rules on real estate ownership by non-Saudis, in force since January 2026 (Thakher Development, 19 October 2026; Danantara Indonesia, 14 December 2025).