Umm Al Qura, Alistithmar Capital to develop 2 towers worth SAR 1.1B at Masar

The signing ceremony

Umm Al Qura for Development & Construction Company, the owner, developer, and operator of Masar Destination, celebrates the signing of an agreement to reserve two land plots within Zone One of the destination with Madar Al-Tasi' Company, a special-purpose entity established to manage the Madar Fund by the Alistithmar for Securities and Brokerage Company (Alistithmar Capital).

Signed one the sidelines of Cityscape Global in Riyadh, where the company served as the event’s holistic destination partner, the agreement outlines the development of two residential towers in the area closest to the Holy Mosque in Makkah, with an investment value of SAR 1.1 billion. The towers will feature approximately 400 residential units, in collaboration with Dar Al-Majed Real Estate Company and Obeikan Real Estate Development Company.

The deal follows the pre-reservation model offered by Masar, which allows investors to reserve land within the destination and benefit from early planning and integration with its comprehensive development vision. Through this approach, the project aims to deliver residential development that meets market demand for premium, high-quality housing.

Commenting on the partnership, Yasser Abuateek, CEO of Umm Al Qura said, "This agreement represents a significant milestone in our efforts to develop Masar into an integrated urban destination in the heart of Makkah. It reflects the growing confidence of investors in the destination’s future and reinforces its position as a destination that delivers strong investment value while enriching the experience of residents and visitors to the Holy City."

Speaking on the fund’s plans for the development of the two towers, Khaled Al-Rayes, CEO of Alistithmar Capital, highlighted Masar Destination in Makkah as one of the most prominent modern development destinations in the Holy City. “The project seeks to meet the growing demand for housing units by offering high quality residential options distinguished at a strategic location, within an environment supported by advanced infrastructure to fulfill the aspirations of both residents and visitors,” he added.