Umm Al-Qura Development and Construction Company, the owner, developer, and operator of ”Masar Destination,“ a reservation agreement for three adjacent plots of land within the destination with the Wathiq Ajdan Real Estate Fund, a real estate fund managed by Wathiq Financial, to develop a residential project comprising three luxury towers offering more than 600 residential units with an estimated investment of approximately 1.5 billion riyals, while Ajdan Real Estate Development Company will undertake the development work.
The company said in a statement yesterday, Sunday, that the agreement is part of its new five-year strategy for the period 2026–2030, which focuses on thoughtful, qualitative expansion, attracting high-quality investments, and strengthening strategic partnerships to build integrated and sustainable urban destinations in the Western Region, thereby enhancing the investment appeal of ”Wajha Masar.”
Yasser Abu Ateeq, CEO of Umm Al-Qura Development and Construction Company, explained that the agreement aligns with the company’s strategic plan and contributes to strengthening the position of “Masar Destination” as one of the leading urban and investment destinations in the heart of Makkah, emphasizing that it reflects investors" confidence in the project’s fundamentals and the company’s ability to develop high-quality destinations with sustainable economic and urban impact.
For his part, Ibrahim Al-Alwan, Managing Director of Wathiq Financial, said that the agreement represents a strategic step toward developing a distinctive residential project in an exceptional location near the Sacred Mosque, noting that the Wathiq Ajdan Real Estate Fund aims to deliver a luxury residential product that meets the growing demand for high-quality residential units near the Holy Mosque within an integrated urban environment offering promising investment opportunities.
For his part, Abdullah Al-Maharb, CEO of Wathiq Financial, emphasized that the project embodies the company’s focus on developing institutional investment opportunities based on asset quality, partner competence, and a clear investment vision, noting the company’s aim to offer an investment model that keeps pace with the evolution of the real estate market in Makkah and supports the growth of the real estate investment and development sectors.
The CEO of Ajdan Real Estate Development, Mohammed Al-Otaibi, said that the company will work to build luxury residential towers in accordance with the highest standards of design and quality, in harmony with the unique characteristics of the location and meeting the expectations of those seeking a distinguished residential experience in the Holy City.
