Umm Al Qura for Development and Construction, the owner, developer, and operator of the "Masar" destination, announced the signing of a contract to sell five land plots located on the western side of the Masar destination, near the Haramain High-Speed Railway station and opposite Masar Mall, to Saqeefat Al Asimah Company (a subsidiary of Mohammad Abdulaziz Al Habib & Partners Real Estate Investment Company). The purpose of this agreement is to develop five mixed-use towers that will offer residential, hotel, and commercial functions, with a development area exceeding 143,000 square meters for hotel facilities and an investment value exceeding SAR 1.6 billion.
In a statement, the company explained that this agreement aligns with Masar’s development strategy and reinforces its position as a leading investment destination. It aims to meet the needs of Makkah’s residents and visitors by offering diverse residential and commercial investment opportunities, supported by an integrated investment ecosystem and advanced infrastructure.
Commenting on the occasion, Yasser Abu Ateek, CEO of Umm Al Qura for Development and Construction, said:
“Our partnership with Mohammad Al Habib Real Estate reflects our shared vision to develop and enhance the Masar destination in line with our strategy to create a vibrant, integrated urban hub. This partnership adds significant value to the hospitality sector within Masar and enhances the experience of Makkah’s residents and visitors. We are proud of this sustainable partnership in the heart of the holy city.”
On his part, Abdullah bin Mohammad Al Habib, CEO of Mohammad Al Habib Real Estate Co., stated:
“We view our new project at the heart of the Masar destination as a new real estate landmark in the Holy Capital — not only due to its exceptional location near the Grand Mosque and modern transport stations, but also because of our comprehensive vision for developing mixed-use towers that elevate the experiences of living, hospitality, and commerce. This step is a natural extension of our ambitious strategy to develop high-quality real estate destinations in prime investment locations, contributing real value to the urban and investment landscape of Makkah and aligning with the aspirations of Saudi Vision 2030.”
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