Umm Al Qura for Development and Construction Company Announces Signing of Land Sale Agreement to a Real Estate Fund Managed by SEDCO Capital

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 announced the sale of a plot of land measuring 2,671.21square meters in Masar Central zone, adjacent to the King Abdullah Mosque project to Jazeel Al-Bina'a Company, the SPV of a real estate fund managed by SEDCO Capital. Under this transaction, Al-Obeikan Real Estate Company will develop a premium residential tower comprising 200 units, with a total investment of up to SAR 375 million.

This partnership is part of Masar's ongoing development strategy to attract high-quality investments that strengthen its position as a leading urban destination, adhere to the highest international standards, and enhance the experience of both Makkah's residents and millions of annual visitors.

Commenting on the transaction, Mr. Yasser Abdulaziz Abuateek, CEO of Umm Al Qura for Development and Construction, said: "We are proud of this partnership, which marks another step in building an integrated destination and attracting quality investments in the heart of Makkah. This aligns with our development strategy to create an exceptional, vibrant urban destination that offers diverse residential options, meeting the varied needs and aspirations of Makkah’s residents and visitors."

Mr. Abdulwahhab Ahmad Abed, CEO of SEDCO Capital, described the transaction as a milestone in the company's journey, stating: " This project represents a strategic step that reflects our commitment to expanding our presence in the Saudi real estate sector. We aim to achieve this by investing in quality projects in the Holy Capital that support market growth and keep pace with its developments. This approach aligns with Saudi Vision 2030, which calls for developing a sustainable urban environment and building a robust investment ecosystem to deliver added value for our clients and partners, while supporting the prosperity of the national economy.

Mr. Abdullah Thunayan Al-Obeikan, General Manager of Al-Obeikan Real Estate Company, said: “We are pleased to participate in this strategic project, which embodies one of the key goals of Vision 2030 - creating a distinguished urban environment. We are preparing to develop a residential tower that demonstrates the concept of luxury housing, and we are confident this exceptional project will be a valuable addition to the Holy Capital.”

Masar Destination is a world-class urban destination designed with a clear developmental and investment vision. Built to the highest industry standards, it is committed to enhancing the quality of life for Makkah’s residents and enriching the experience of its visitors. The destination offers exceptional facilities, premium services, and a diversified investment ecosystem that together create a vibrant, sustainable environment at the heart of the Holy City.