Umm Al Qura for Development signs deal with Numu Company to develop hotel tower in Masar destination for SAR 700M

Logo of Umm Al Qura for Development & Construction

Umm Al Qura for Development & Construction, the owner, developer, and operator of the Masar destination in Makkah, signed a reservation agreement to sell a land plot to Numu Co. to develop a hotel tower comprising more than 300 rooms in the central region of the Masar destination, with a total investment of up to SAR 700 million.

In a statement, the company said the agreement was signed in accordance with Umm Al Qura's pre-reservation model, which allows investors to reserve plots within the Masar destination. The model also offers investors the benefit of early planning and integration with the destination's overall development vision. Further, this promotes innovation in design and facilities, while enhancing the hospitality sector and visitor experience, in line with the goals of Saudi Vision 2030.

Commenting on the agreement, Yasser Abuateek, CEO of Umm Al Qura for Development, said, "This agreement is an extension of successful partnerships established since the launch of the pre-reservation model for Masar destination and reflects the growing investor confidence in Masar as an integrated urban destination in the heart of Makkah. It also represents a strategic addition that strengthens the appeal for quality investments and helps create an integrated development destination encompassing the residential, hospitality, and services sectors."

Salama Saedan, board member and partner at Numu, stated, "This project represents a significant step in Numu's strategy to expand the development of value-added projects. Our choice of Masar reflects our deep belief in this integrated destination and the unique advantages it offers, including a stimulating investment environment, advanced infrastructure, and an exceptional location in the heart of Makkah. We are committed to providing a hotel model that combines authenticity and modernity. This also demonstrates our ambition to establish projects that enhance the hospitality experience, meet the aspirations of Makkah’s residents and visitors, and contribute to supporting sustainable development and the national economy."

Fuad Al Amri, CEO and Partner at Numu, said, "We are proud to partner with this unique project within Masar, one of the Kingdom's most prominent modern urban destinations. This collaboration embodies our strong commitment to constructing pioneering real estate projects based on innovative designs and world-class standards, contributing to establishing sustainable, modern lifestyles. The project also represents a strategic addition to the company's development portfolio and a pivotal pillar of the Kingdom's real estate growth journey, in line with its vision and future aspirations".