Umm Al Qura signs land sale deal with Methak Investment to develop hotel tower

Logo of Umm Al Qura for Development & Construction Co.

Umm Al Qura for Development & Construction Co., the owner, developer, and operator of Masar Destination in Makkah, has signed a land sale agreement with Methak Investment Holding Co. to develop a hotel tower comprising serviced apartments and hotel rooms. 

The agreement forms part of Masar Destination’s strategy to attract high-quality investments and broaden its hospitality offering through a range of accommodation options throughout the destination. It also reflects investor confidence in the opportunities offered by Masar Destination, within its strategically located, master-planned environment. Supported by advanced infrastructure, the project is expected to contribute to the growth of the tourism and hospitality sector and enhance the experience of Makkah’s residents and visitors. 

Abuateek, CEO of Umm Al Qura, said: "This agreement reflects our ongoing commitment to building an integrated investment ecosystem at Masar Destination. By attracting partners with the vision and expertise to develop high-quality assets, we are strengthening the destination’s long-term value. We remain focused on diversifying our real estate offerings and bringing complementary uses together to help create a sustainable urban environment that elevates the visitor experience and strengthens Makkah’s appeal as an investment destination." 

Ayman Al-Bashir, CEO of Methak, said: "At Methak, we are guided by a well-established institutional approach to managing our long-term investments, centered on capital preservation, prudent risk management, portfolio diversification, and the creation of sustainable value. Our investment in Masar Destination reflects our confidence in its long-term potential and our commitment to developing high-quality real estate assets in strategic locations. We are proud to be part of this landmark destination in Makkah and to contribute to achieving the objectives of Saudi Vision 2030 while further enriching the experience of pilgrims and visitors to the holy city."