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Riyad Capital, one of the Kingdom’s largest asset managers and a leading company in real estate investment, announced that it has received an appointment letter from the Saudi Railway Company (SAR) to establish a real estate fund aimed at developing a mixed-use project based on the Transit Oriented Development (TOD) model, a global concept focused on creating integrated urban communities adjacent to public transport stations. The project will be developed on a 90,000-square-meter land plot located in the Al-Rusifah district near the Haramain High-Speed Railway Station in Makkah, with an estimated total project value of up to SAR 6 billion.
This collaboration reflects Riyad Capital’s commitment to supporting major development projects in the holy cities and strengthening its role as a key partner in advancing the Kingdom’s real estate infrastructure, in line with the objectives of Saudi Vision 2030 to stimulate strategic investments and diversify the national economy.
On this occasion, Abdullah Alshwer, PhD, CFA, CEO of Riyad Capital, stated:
“This project marks a strategic milestone in Riyad Capital’s efforts to strengthen its presence in the real estate development sector, particularly in cities of religious and economic significance. Our collaboration with SAR embodies a shared vision to transform the project site into a modern urban destination aligned with Makkah’s development aspirations, while providing promising investment opportunities.”
The project is strategically located adjacent to the Haramain High-Speed Railway Station in Al-Rusifah, Makkah, and is expected to feature mixed-use components, including hotels, commercial centers, and residential facilities, enhancing the area’s position as a promising investment and development hub.
About Riyad Capital
Riyad Capital is a leading fully-fledged investment manager and the largest custodian in Saudi Arabia. Through its four business lines – asset and wealth management, brokerage, corporate investment banking, and securities services – the company offers end-to-end investment management solutions. Within the real estate sector, Riyad Capital is recognized as a pioneer, having launched the first listed REIT in Saudi Arabia – Riyad REIT – in 2016. The company’s real estate portfolio comprises various properties across 3 continents, with a total value exceeding c. US$ 6 billion. As of June 2025, Riyad Capital managed over c. US$ 25.8 billion in assets under management and more than c. US$ 205 billion in assets under custody. The company was recognized among the Middle East’s top 5 asset managers for 2024 and 2025 by Forbes Middle East and received the Saudi Capital Market Award for Custodian of the Year 2024.
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