Umm Al Qura for Development and Construction signs tripartite MoU with Naif Al-Rajhi Investment, Aljazira Capital for development projects in Masar

Logo of Umm Al Qura for Development and Construction Company

Umm Al Qura for Development and Construction Company, the owner, developer, and operator of Masar destination, has signed a strategic, tripartite Memorandum of Understanding (MoU) with Naif Alrajhi Investment and Aljazira Capital. The memorandum aims to launch a real estate private fund with an estimated capital of SAR 1.4 billion to develop hotel and residential units within Masar destination.

Mr. Yasser Abdulaziz Abuateek, CEO of Umm Alqura Development and Construction hailed the strategic collaboration with Naif Alrajhi Investment and Aljazira Capital. Abuateek said: “The strategic collaboration with Naif Alrajhi Investment and Aljazira Capital reflects the growing confidence in the investment opportunities offered by Masar destination. It aligns with and supports our vision to develop the hospitality sector and enrich the experience of both visitors and residents by offering diverse accommodation options."

For his part, Mr. Naif Saleh Al Rajhi, Chairman and CEO of Naif Al Rajhi Investment Company, said: “We are pleased to cooperate with Umm Al Qura for Development and Construction and Aljazira Capital to develop two distinguished projects within Masar destination, aligning with our vision to create real estate developments that enhance quality of life."

In turn, Mr. Naif Al-Misnad, CEO and Managing Director of Aljazira Capital, said, "At Aljazira Capital, we remain committed to providing quality investment opportunities that align with our clients' aspirations and keep pace with the rapid changes in the market. Signing this MoU in preparation for launching a new investment fund supports our efforts to diversify our investment portfolio and expand strategic partnerships in the real estate sector, which we view as a key driver of economic growth and sustainable development".

It is worth noting that Masar is an urban destination with a bold development and investment vision, adopting the highest standards of destination design. The project aims to improve the quality of life for Makkah's residents and visitors through high-quality facilities and services, while offering an integrated and diverse investment ecosystem.