Umm Al Qura for Development & Construction sells two land plots to develop SAR 1.1 Billion Residential Project

Logo of Umm Al Qura for Development & Construction

Umm Al Qura for Development & Construction, the owner, developer, and operator of the Masar Destination in Makkah, has signed an agreement to sell two land plots in the middle of Masar, adjacent to the King Abdullah Mosque, to Aswar Alpha Company, the SPV of a real estate fund managed by Alpha Capital. The transaction aims to develop a residential project with two towers comprising approximately 330 residential units, with a total investment of SAR 1.1 billion.

This agreement marks Alpha's third acquisition in the Masar Destination, following two previous deals to purchase several plots within the project. This reflects the destination's growing appeal as a promising urban center and confirms the increasing confidence among investors and partners in its integrated investment environment.

The agreement is part of Masar's ongoing development strategy to attract high-quality investments that strengthen its position as a leading urban destination, adhere to the highest international standards, and enhance the experience of both Makkah's residents and millions of annual visitors.

Commenting on the agreement, Yasser Abuateek, CEO of Umm Al Qura for Development & Construction, said: "Through this partnership, we reaffirm our ongoing efforts to develop Masar as a vibrant, integrated urban destination in line with our development strategy. Providing diverse and modern living spaces is a fundamental pillar in our drive to meet the aspirations of Makkah's residents and visitors. It also strengthens Masar’s position as a global destination and underscores our commitment to realizing the goals of Saudi Vision 2030."

Moath Al-Naeem, Chief Investment Officer at Alpha Capital, stated: "The third investment by Alpha Capital Fund in Masar Destination reflects the strong confidence of our investors in the project's position as a leading urban destination at the heart of the center. Makkah’s real estate market is experiencing rapid growth and rising demand for luxury residential units. Through this agreement, we aim to address this demand by developing residential units defined by the highest quality standards, a prime strategic location, advanced infrastructure, and a fully integrated community that meets the aspirations of both residents and visitors.”

This agreement embodies Umm Al Qura for Development and Construction's commitment to supporting quality projects and strengthening Masar's position as a leading urban destination and a preferred choice for real estate developers. It also highlights the company’s efforts to enable partnerships that elevate the urban experience to meet the aspirations of Makkah's residents and visitors.