The Clock Towers Complex has emerged as a unique global destination landmark in the heart of Makkah, redefining hospitality, retail, and cultural experiences. Overlooking the Grand Mosque, this architectural masterpiece welcomes more than 20 million visitors a year, offering a unique experience that blends luxury and spirituality. The Clock Towers Complex completed a SAR 6 billion syndicated financing deal with Al Rajhi Bank and Alinma Bank.
International Finance caught up with The Clock Towers Complex CEO Eng. Waleed Al-Harthi, who shared his insights on the high-profile deal, the company’s goals, and more.
Your SAR 6 billion syndicated financing deal with Al Rajhi Bank and Alinma Bank marks a major milestone. What significance does this hold for The Clock Towers Complex?
This financing is a significant milestone for The Clock Towers Complex. It allows us to refinance existing debt, enhance working capital, and fund key development projects. This strengthens our financial position, providing greater flexibility to meet the growing demands of Makkah’s hospitality and retail sectors. Most importantly, it positions us to continue offering exceptional services to pilgrims and Umrah visitors, supporting Saudi Arabia’s Vision 2030, particularly through the Pilgrim Experience Programme, which aims to enhance the journey for millions of visitors.
The Clock Towers Complex is a leader in Makkah’s hospitality and retail markets. How does this financing support your role, especially with Vision 2030’s goals and the Pilgrim Experience Programme in mind?
The Clock Towers Complex is a mixed-use complex that serves as a central terminal for pilgrims and tourists. With over 10,000 luxurious hotel rooms in iconic properties like the Fairmont Hotel, Raffles Makkah Palace, and Swissotel Makkah, alongside our renowned shopping mall, it provides a complete experience for visitors. This financing will help us expand and improve these assets to better serve the growing number of pilgrims and tourists. Vision 2030 aims to host 30 million Umrah visitors by 2030, and we are committed to playing a key role in the Pilgrim Experience Programme. This programme is focused on improving the pilgrimage journey, and our infrastructure is central to making that a reality.
How does The Clock Towers Complex align with the broader objectives of Vision 2030 and the Pilgrim Experience Programme?
Vision 2030 is centred around economic diversification, sustainability, and a strong focus on expanding tourism. The Clock Towers Complex plays an essential role in this transformation. As a mixed-use complex and a central terminal for pilgrims, we offer luxury accommodations, world-class retail experiences, and continuous investments in infrastructure, directly supporting the Kingdom’s vision. The Pilgrim Experience Programme is one of the key initiatives designed to improve the pilgrimage experience. We are proud to be part of this programme, as it enhances the services and facilities available to millions of pilgrims, ensuring Makkah remains a global hub for religious tourism while supporting Saudi Arabia’s broader economic goals.
Can you tell us more about the assets financed under this deal?
This financing supports key assets, including the iconic Makkah Clock Royal Tower, one of the tallest buildings in the world, which serves as a central landmark in Makkah. It also includes renowned hotels such as the Fairmont Hotel, Raffles Makkah Palace, and Swissotel Makkah, which provide top-tier services to pilgrims and tourists. Our shopping mall and other operating assets play a vital role in enhancing the visitor experience. These investments ensure that we continue to meet the needs of the growing number of pilgrims and tourists, supporting the Pilgrim Experience Programme and positioning Makkah as a leading destination for travellers.
What role do you see The Clock Towers Complex playing in the future of Makkah, particularly with the Pilgrim Experience Programme?
The future is incredibly promising for The Clock Towers Complex. As Makkah continues to grow as a global tourism hub, we are committed to being a central player in that growth. With Vision 2030 aiming to host 30 million Umrah visitors, our role in the Pilgrim Experience Programme will be key. We will continue investing in hospitality, retail, and infrastructure, ensuring we meet the needs of a growing number of visitors. Our goal is to provide exceptional accommodations and services that make the pilgrimage experience as seamless and memorable as possible, supporting Makkah’s continued development as a world-class destination.