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The Masar Destination site: Seven hotel towers and two retail centers are under development
Umm Al Qura for Development and Construction Co. (Masar) said that Al-Inma First Development Co. Ltd. and Al-Inma Second Development Co. Ltd. terminated on Nov. 18 the main contractor for the two superstructure development projects due to material breaches.
Al-Inma First Development and Al-Inma Second Development are two special-purpose vehicles (SPVs) for Al-Inma Makkah for Development Fund I and Al-Inma Makkah for Development Fund II, respectively, whose units are fully owned by Masar.
The two projects are development packages A and B, which include seven hotel towers and two retail centers being developed over eight land plots within the Masar Destination.
With respect to completing the development works of the two projects, bids have been received from other main contractors and are currently under review, with the company expecting to finalize the awarding procedures before year-end.
The relevant financial impact cannot be determined precisely at this stage, and any material developments related to this matter will be announced, the statement added.
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