Masar signs land sale agreement for SAR 255.8M

09:00 AM (Mecca time) Argaam
Logo ofUmm Al Qura for Development and Construction Co. (Masar)

Logo of Umm Al Qura for Development and Construction Co. (Masar)

Umm Al Qura for Development and Construction Co. (Masar) signed on June 26 a land sale agreement with Home Investment Fund (a real estate investment fund managed by Jadwa Investment), for a total value of SAR 255.76 million, excluding taxes and fees to be borne by the buyer.

 

The company disclosed on Tadawul that the land area is 2,500 square meters and is part of the Masar Destination project in Makkah, noting that the book value of the asset is SAR 128.07 million.

 

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It expected a positive impact on its liquidity and financial results, noting that the proceeds from the asset sale will be used to finance working capital and ongoing projects.

 

Masar aims to implement its investment strategy, confirming that there are no related parties involved in the contract.

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