Umm Al Qura for Development and Construction Signs Sale Agreement with Osus Real Estate Company for Three Land Plots to Develop Residential Towers in Masar Destination

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 signed a sale agreement for three land plots to be developed by Osus Real Estate Company through Osus Abraj Bawabat Alrahmaniyah Company (The SPV of a real estate fund managed by Alrajhi Capital), with total investments estimated at approximately SAR 1 billion.

The agreement aims to develop a premium residential project comprising three towers that will include approximately 690 housing units, located in Zone Three, the closest area to the commercial complex within Masar Destination. The project will be constructed by Osus Real Estate, leveraging its expertise in delivering high-quality developments in accordance with the highest modern urban development standards, in alignment with urban growth objectives that aim to enhance quality of life in the Holy Capital.

Commenting on the agreement, Mr. Yasser Abuateek, CEO of Umm Al Qura for Development and Construction, stated "At Masar Destination, we continue to attract high‑quality investments to diversify real estate offerings and enhancing quality of life, in line with our objectives of building an integrated and sustainable urban community in the heart of Makkah, while reinforcing Masar Destination’s position as one of the Kingdom’s leading urban and investment destinations."

For his part, Mr. Anas Al‑Majed, CEO of Osus Real Estate, explained that the projectrepresents an important step in the company’s journey toward developing high‑quality projects in Makkah. It reflects the company’s confidence in the investment and development potential of the Holy Capital. He stated "At Osus Real Estate, we are committed to developing projects that enhance living experience and meet market aspirations. This project is strategically located within Masar Destination to offer a fully integrated modern lifestyle, supported by advanced infrastructure, contemporary facilities, and diverse services, thereby enhancing quality of life and supporting the urban development objectives of Makkah.

Mr. Hossam Al-Basrawi, CEO of Al Rajhi Capital (Fund Manager), expressed his pride in the partnership, affirming that investing in Masar Destination represents a promising strategic opportunity. He stated "This project represents an important step within our promising real estate investments. We believe in the strong fundamentals of Masar Destination and its strategic location within one of Makkah’s key urban areas. Through this fund, we aim to develop high‑quality residential products that meet market needs and deliver sustainable value for both investors and beneficiaries alike".

Masar Destination is one of the largest urban development projects in Makkah, comprising integrated residential, commercial, hospitality, and service components. It also contributes to enhancing quality of life and driving economic development, in alignment with the objectives of Saudi Vision 2030, while supporting the rapid growth of the holy city.