Latham Advises Danantara Investment Management on Foreign Investment Into Makkah

Latham & Watkins has advised Danantara Investment Management, the investment arm of the Indonesian sovereign wealth fund, on its first overseas investments into the Kingdom — the acquisition of Novotel Makkah and the acquisition of 4.4 hectares of development land from Thakher Development Company.

The transactions are among the first to be completed under the law of real estate ownership by non-Saudis, which was fully implemented in July 2026 and opened the rapidly growing real estate sector to foreign investors.

The two transactions form the basis of Danantara’s long-term hospitality investment platform in Saudi Arabia.

The Latham team was led by partner Derek McKinley, with associates Elaf Al-Wohaibi, Maria Adalia, Dareen Abdulkareem, Ghadah Aldkhail, Nick Meyer, and Omar Al-Qazlan.