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Saudi-based Umm Al Qura for Development and Construction Company has signed a land sale agreement. The deal is with Rawajeh Group.
It covers the development of a residential tower in Zone 2 of the Masar Destination. The project will feature 250 residential units along with premium lifestyle amenities.
About Masar Destination
Umm Al Qura is the owner, developer, and operator of Masar Destination. It is one of Makkah's most prominent urban developments.
The project embodies a fully integrated model for a modern destination. It brings together residential, hospitality, retail and service components. This runs within a sophisticated infrastructure network and state-of-the-art amenities.
Also Read: Saudi Arabia Launches Makkah Real Estate Registration Phase
Investment and Strategic Fit
The project is being developed by Rawajeh Group. The total investment is around SAR500 million, or approximately $126 million.
- 250 residential units planned
- Located in Zone 2 of Masar Destination
- Total investment of around $126 million
The agreement reflects Umm Al Qura's ongoing efforts to attract quality investments. It also supports the expansion of its real estate portfolio.
The project supports the diversification of residential uses within the destination. This contributes to a richer urban landscape. It also provides modern housing options within an integrated environment.
The project aligns with the objectives of Saudi Vision 2030. It aims to enhance quality of life and support sustainable urban development.
Also Read: Expo 2030 Riyadh Signs $853M Expo Village JV Deal
What the Companies Said
Yasser Abuateek is the CEO of Umm Al Qura. He said the agreement represents investor confidence in the unique value proposition of Masar Destination.
He added that it reflects the promising opportunities the destination offers in the heart of Makkah. He said it also reflects a commitment to attracting investments that create long-term value. He noted this supports the transformation of the destination into a vibrant urban ecosystem.
Rawajeh Group said the project is part of its strategy to expand its real estate investment portfolio. It said the project will help meet growing demand for quality residential units in Makkah.
It also supports the region's ongoing development momentum.
Eng. Aqeel Al Rajhi is the CEO of Rawajeh Group. He said the signing marks a strategic milestone in the Group's journey. He added that it reflects confidence in Masar Destination as one of Makkah's leading urban development destinations.
He said the project aims to deliver a distinctive residential offering. This offering will befit the stature of the Holy Capital and meet the aspirations of its residents and visitors.
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