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Indonesia’s state fund buys a Mecca hotel and land for pilgrims, its first overseas move.
Danantara, Indonesia’s state-owned investment fund, has acquired a 1,461-room Novotel hotel and 4.4 hectares of land in Thakher City, near Mecca’s Grand Mosque, marking its first overseas venture.
The deal, aimed at improving accommodations for Indonesian haj and umrah pilgrims, supports a long-term plan to develop up to 5,000 hotel rooms, pending feasibility studies and approvals.
The project involves a local partner, Al Khomasiah Real Estate Development, and aligns with Saudi Arabia’s Vision 2030 goals.
Financial terms were not disclosed.
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El fondo estatal de Indonesia compra un hotel en La Meca y terrenos para peregrinos, su primer movimiento en el extranjero.