Al Rajhi Capital, Umm Al Qura for Development, OSUS sign agreements to develop 3 residential towers at Masar Destination

Logo of Al Rajhi Capital

Al Rajhi Capital, in partnership with Umm Al Qura for Development and Construction Co. (Masar), the master developer of Masar Destination, and OSUS Real Estate Co., announced the purchase of land within the Massar Destination project in Makkah’s third zone to develop three residential towers with investments of nearly SAR 1 billion.

In a statement, the company said the agreements underscore the continued attractiveness of Masar as one of Saudi Arabia’s leading investment and development destinations, supporting urban development and attracting high-quality investments aligned with the objectives of Saudi Vision 2030.

Commenting on the agreements, Yasser Abuateek, CEO of Masar, said: “These agreements mark a new milestone in the development journey of Masar Destination and reflect investor and partner confidence in the opportunities offered by the project. We remain committed to developing an integrated destination that enhances quality of life while supporting economic and urban development in the Holy Capital.”

For his part, Hossam Al Basrawi, CEO of Al Rajhi Capital, said: “These agreements reflect Al Rajhi Capital’s commitment to structuring and managing high-quality investment opportunities that generate sustainable value for investors and contribute to supporting the Kingdom’s major development projects. Masar Destination represents an attractive long-term real estate investment opportunity, aided by its strategic advantages and exceptional location in the heart of Makkah.”

Meanwhile, Anas Al Majed, CEO of OSUS, said: “We are proud to contribute to the development of a landmark project within Masar Destination. We aim to deliver a fully integrated residential experience that is focused on high-quality design and efficient execution, to meet the aspirations of residents and visitors while enhancing quality of life in Makkah.”

According to the statement, the project is expected to deliver modern residential units within a fully integrated urban environment, supporting Masar Destination’s vision of developing high-quality projects that cater to the needs of residents and visitors and further strengthen Makkah’s position as a leading investment and development hub.

Masar Destination is one of the largest urban development projects in Makkah, featuring an integrated mix of residential, commercial and hospitality components, and playing a key role in enhancing the area's economic and investment appeal.