Umm Al Qura for Development signs agreement with Almosa Group to launch investment project in ‘Masar Destination"

Logo of Umm Al Qura for Development & Construction

Umm Al Qura for Development & Construction signed a pre-reservation agreement with Mosa Abdulaziz Almosa and Sons Group Real Estate Holding to launch a significant investment project valued at more than SAR 1.3 billion in Masar Destination.

The development will feature two integrated hotel and commercial towers. The hotel will comprise 420 units built to the highest international standards to meet the growing needs in Makkah, the company said in a statement.

This agreement forms part of the Masar Pre-Reservation Model, designed to unlock unique investment opportunities, enable developers to optimize resources, foster healthy competition, accelerate development timelines, and attract high-quality investments aligned with the Kingdom’s Vision 2030.

Commenting on the agreement, Mr. Yasser Abuateek, CEO of Umm Al Qura for Development & Construction, said: “We value this partnership, which reflects the integration between our investment vision and the unique opportunities offered by Masar as the Kingdom’s flagship development in the heart of Makkah. The success of our pre- reservation model demonstrates the trust investors place in Masar and reinforces its appeal as a promising urban destination. This collaboration further strengthens Makkah’s position as a leading hub for investment.”

For his part, Mr. Abdullah Albaker, CEO of Almosa Group, added: “This project demonstrates our Group’s commitment to delivering integrated real estate solutions that combine quality with efficiency and meet the evolving aspirations of the market. Through this investment, we aim to enhance Masar’s attractiveness and contribute to realizing the development goals of the Royal Commission for Makkah City, in line with Vision 2030.”