Umm Al Qura for Development and Construction Signs Agreement with SEDCO Capital’s Shulat Al-Wadi Real Estate Company to Develop Land Plots

Logo of Umm Al Qura for Development and Construction

Umm Al Qura for Development and Construction announced the signing of a reservation agreement to sell two land plots with a combined area of 5,311.01 square meters. The transaction was signed with Shulat Al-Wadi Real Estate Company, the SPV of a real estate fund managed by SEDCO Capital. Two residential towers comprising more than 540 units will be developed with expected total investment value of SAR 1 billion. Al Basateen Real Estate Company has been appointed to undertake the development.
 
In a statement, the company said the agreement introduces a new investment model that relies on time and value. The model also enables developers to reserve land for a defined period and allows them to prepare initial designs aligned with Masar’s standards, secure financing, and finalize permits, ultimately enhancing both the flexibility and feasibility of investment.
 
On the occasion, Mr. Yasser Abuateek, CEO of Umm Al Qura for Development & Construction, said: “Masar Destination is witnessing growing demand from investors and real estate developers, reaffirming its position as a leading development in the heart of Makkah. By introducing the pre-reservation mechanism, we aim to provide developers with greater flexibility to complete their preparatory work, including design, financing, and permits, within an integrated environment that ensures seamless mobility and supports essential logistical needs.”
 
Meanwhile, Mr. Abdulwahhab Abed, Chief Executive Officer of SEDCO Capital expressed his pride in the partnership with Umm Al Qura for Development and Construction, saying: “This milestone partnership reflects SEDCO Capital’s commitment to strengthening its presence at one of the Kingdom’s most prominent development destinations in the Holy Capital. It creates a unique platform to launch projects that will further shape and elevate Makkah’s real estate landscape. Through these initiatives, we remain dedicated to driving progress in a dynamic and enabling investment environment, reaffirming our role as a trusted partner in advancing Saudi Arabia’s Vision 2030 and positioning Masar Destination as a premier urban landmark.” 

This model will help establish a fully integrated development environment from both regulatory and logistical perspectives. It also provides enhanced clarity and transparency around future transactions, which affirms the long-term sustainability and appeal of Masar as the preferred choice for developers in Makkah.