Indonesia looks at Medina deal

The Indonesian sovereign wealth fund "Danareksa" intends to expand its investments in Saudi Arabia following its acquisition of hotel and real estate assets in Mecca worth over 6 billion riyals. These assets include the "Novotel Mecca Dahr" hotel and 14 plots of land in the "Dahr Mecca" project. The fund aims to invest in other strategic sectors in Medina, with a focus on developing hospitality and service facilities, in accordance with long-term plans that align with commercial viability and regulatory requirements. The investment seeks to support services for pilgrims and Umrah performers from Indonesia and other countries, with the potential to involve technical and financial partners to achieve sustainable economic value.

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