Umm Al Qura, Alistithmar Capital sign deal to develop hotel units worth SAR 493M

The signing ceremony

Umm Al Qura for Development & Construction Company, the owner, developer, and operator of Masar Destination in Makkah, celebrates the signing of an agreement to reserve a land plot with Sharq Al-Asimah Fund Company, a special-purpose entity established to manage the Madar Fund by the Alistithmar for Securities and Brokerage Company (Alistithmar Capital). With an investment of SAR 493 million, the deal aims to develop hotel units featuring approximately 195 hotel apartments.

In a statement, the company said the project will be executed by Ark Projects Company in accordance with the highest quality and luxury standards that characterize Masar Destination developments.

Signed on the sidelines of Cityscape Global in Riyadh, where the company served as the event’s holistic destination partner, the agreement follows the pre-reservation model offered by Masar, to further strengthen its position as a leading investment destination that meets the needs of Makkah’s residents and visitors by offering a wide range of residential investment opportunities.

Commenting on the partnership, Yasser Abuateek, CEO of Umm Al Qura for Development said: "This agreement represents a significant milestone in our efforts to develop Masar into an integrated urban destination in the heart of Makkah. It reflects the growing confidence of investors in the destination’s future and reinforces its position as a destination that delivers strong investment value while enriching the experience of residents and visitors to the Holy City."

Reflecting on the plan to develop the hotel tower within Masar Destination, Khaled Al-Rayes, CEO of Alistithmar Capital, said: “The fund is aiming to develop hotel units in Zone Two of the strategically-located Masar destination, one of the most prominent modern development projects in the Holy City, supported by advanced infrastructure. Through cooperation with Ark Projects, we are seeking to enrich living experience in Makkah.”

Meanwhile, Ahmed Al-Othman, CEO of Ark Projects, highlighted that the strategic partnership with Alistithmar Capital aims to develop hotel apartments that reflect the forward-looking vision for the city's future. He also noted the company’s active interest in contributing to the development of distinguished hotel developments in Makkah.