White & Case advises Thakher Development Company on sale of Novotel Thakher Makkah Towers and land plots to Danantara Indonesia

Global law firm White & Case LLP has advised Thakher Development Company, one of the leading real estate development companies in Saudi Arabia, on the sale of the Novotel Thakher Makkah hotel towers and 14 adjoining land plots to Danantara Indonesia (Danantara), the sovereign wealth fund of the Republic of Indonesia, for the amount of approximately SAR 2 billion.

"Advising Thakher on this pioneering transaction marks the first strategic acquisition by a sovereign wealth fund of real estate assets in Makkah under the new Real Estate Ownership for Non-Saudis regime," said White & Case partner Sami Al-Louzi, who led the Firm's deal team. "This transaction reflects the breadth of capabilities we bring to our clients in the Kingdom, combining our M&A, project development, real estate, and regulatory expertise, and our ability to help clients navigate a fast-moving regulatory framework."

The transaction involved a sale to Danantara of the 1,461-room Novotel Thakher Makkah hotel, together with 14 development plots totaling approximately 44,088 square meters within the Thakher Makkah master development. The transaction represents a major milestone for Thakher Development Company, supporting its investment strategy and reinforcing its contribution to the development of Makkah and the goals of Saudi Vision 2030.

The White & Case team which advised on the transaction was led by partner Sami Al-Louzi (Dubai) and associate Khalid AlGublan and included partners Ian Bevan (Abu Dhabi) and Michael Gabriel (Riyadh) and associates Mayce Khayri, Mishael Alhumaimeedy, Saud Alasheikh and Maria Moris (all Riyadh) and Neha Bassi (Abu Dhabi).

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