MCDC pens SAR 372m deal with Innovative Roots Industrial

MCDC
4100 -0.06% 85.45 -0.05

Riyadh – Mubasher: Makkah Construction and Development Company (MCDC) has signed a major renovation contract valued at SAR 372 million with Innovative Roots Industrial Company.

The agreement covers the comprehensive refurbishment of guest rooms within the Makkah Hotel and Towers to enhance asset competitiveness and guest experience, according to a bourse filing.

The contract, signed on 6 July 2026, has an approximate duration of 19 months. The project will be executed in multiple phases to ensure full operational capacity during peak seasons, including Ramadan and Hajj.

Upon completion, the total room count at the hotel is expected to increase from 609 to 619 keys, while the towers will see an expansion from 824 to 883 keys.

The company stated that the financial impact will be reflected as capital expenditure throughout the implementation period, which is scheduled to conclude by January 2028.

Previous works included the renovation of 4 floors completed earlier this year. The current scope involves 10 floors in the hotel and specific towers, including Tower 2, Tower 5, Tower 3, and Tower 6.

Saleh Mohammed bin Laden, Chairman of the Board, was identified as a related party in the disclosure.

MCDC recently announced a procedural milestone regarding the development of the Western and Southern Hindawiyyah districts in Makkah.

Source: Mubasher Source: {{details.article.source}}