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The signing of the agreement
Umm Al Qura for Development & Construction Company, the owner, developer, and operator of Masar Destination, signed a strategic memorandum of understanding (MoU) with Indonesia’s Danantara Investment Management (DIM) to enhance mutual cooperation and explore high-quality investment opportunities in Makkah, reinforcing its development vision and keeping pace with global investment trends.
The MoU was signed by Danantara CIO, Mr. Pandu Patria Sjahrir, and Umm Al Qura for Development & Construction CIO, Mr. Tariq Sharaf, in the presence of Indonesian Minister of Investment, Rosan Roeslani, who attended the event in his capacity as the CEO of Danantara, as well as Umm Al Qura for Development & Construction CEO, Mr. Yasser Abuateek and several executive leaders from both sides.
The MoU aims to support the exploration of mutual investment and cooperation opportunities between the two parties.
According to the statement, DIM is the investment arm of Danantara Indonesia (BPI Danantara), an independent strategic investment management institution operating under the President of the Republic of Indonesia, DIM plays a key role within the institution’s investment mandate. Danantara Indonesia is mandated to manage and optimize government investments and assets in support of national strategic plans and government programs aimed at accelerating industrialization and economic growth.
Within this institutional framework, DIM is responsible for originating, structuring, and managing long-term strategic investments under a dual mandate: supporting national development objectives while maintaining commercial discipline and long-term value creation.
The signing reflects Umm Al Qura for Development & Construction's commitment to strengthening partnerships and attracting quality investments. This will lead to the development of the destination, enhance its competitiveness, and empower investors to participate in the future of one of the most important urban projects in the heart of Makkah, the statement added.
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