Masar awards SAR 4.1B contracts for superstructure development projects

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

Umm Al Qura for Development and Construction Co. (Masar) announced that Al-Inma First Development Co. Limited and Al-Inma Second Development Co. Limited have awarded to new main contractors the construction contracts related to the completion of the two superstructure development projects "Packages A and B", at a total value of SAR 4.1 billion (excluding VAT).

In a statement to Tadawul, the company clarified that the two packages together include seven hospitality towers and two shopping centers being developed on 8 plots of land within Masar’s Destination. The previous main contractor for these projects was terminated due to material breaches.

The company also stated that the contract value for Package A is SAR 3.2 billion (excluding VAT), while the contract value for Package B is SAR 899 million (excluding VAT). It expects the contracts to be signed on Jan. 29, 2026.

According to the statement, package A consists of four hospitality towers and two commercial centers being developed on six plots of land in zone 1 of Masar Destination. Package A has now been awarded to Mobco Group to complete the works with a contract duration of 30 months.

Meanwhile, package B consists of three hospitality towers being developed on two plots of land in zone 3 of Masar Destination. Package B has now been awarded to BEC Arabia Contracting Company to complete the works with a contract duration of 30 months.

There are no related parties involved, the company noted.

According to Argaam’s data, Umm Al Qura for Development said in November that Al-Inma First Development Co. Ltd. and Al-Inma Second Development Co. Ltd. terminated the main contractor for the two superstructure development projects due to material breaches.