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Saudi-based Umm Al Qura for Development and Construction Company has signed an agreement with Numu. Numu is a leading developer of upscale, sustainable lifestyle and business destinations.
The agreement covers the land reservation and sale process for a serviced apartment tower. The tower will be built in the central district of Masar Destination in Makkah.
The total investment is SAR700 million, or approximately $185 million.
The project will feature approximately 460 hospitality units. It will also include other premium amenities. This is according to Umm Al Qura's Saudi bourse filing.
Umm Al Qura is the owner, developer, and operator of the upcoming Masar Destination. Numu will carry out the development works for the project.
Why This Deal Matters
The agreement supports Umm Al Qura's efforts to attract high-quality investments to Masar Destination. It also helps expand its hospitality offerings.
This comes in response to growing demand for accommodation in Makkah.
Masar Destination is one of Makkah's prominent urban developments. It brings together residential, hospitality, retail, and service offerings within a single integrated destination.
This is supported by modern infrastructure and amenities. The destination plays a key role in enhancing quality of life.
It also supports economic and urban growth, reinforcing Makkah's position as a globally attractive destination for residents, visitors, and investors.
Also Read: Umm Al Qura Signs Deal for Masar Destination
What Umm Al Qura's CEO Said
Yasser Abuateek is Chief Executive Officer of Umm Al Qura for Development and Construction.
He said the agreement highlights the strong investment appeal of Masar Destination. He noted it reflects the opportunities available for high-quality development, particularly in the hospitality sector.
He added that through partnerships with investors and developers, the company is creating a vibrant mixed-use urban destination.
He said this enhances quality of life for Makkah's residents and enriches the experience of its visitors.
He noted it also generates sustainable economic value and supports the city's long-term development aspirations, in line with Umm Al Qura's broader strategy for the wider Masar Destination.
Also Read: Roshn, TMG JV to Develop 55,000-Unit Riyadh Project
What Numu's CEO Said
Fouad Ahmad Al Omari is Chief Executive Officer of Numu. He expressed delight at the partnership with Umm Al Qura on the project.
He said the agreement marks a strategic milestone in the company's growth journey. He added that it reflects Numu's commitment to expanding its investments in the hospitality sector.
He said this comes while capitalising on the promising opportunities emerging from Makkah's continued development.
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