Umm Al Qura Development and Construction Company , the owner, developer and operator of the Masar destination in Makkah, announced the implementation of a land reservation and sale agreement with Nomo Company to develop a hotel apartment tower in the central area of the destination, with investments estimated at about 700 million riyals.
The project is planned to include about 460 hotel units, and the "Nomo" company is undertaking the project's development work, in a move aimed at enhancing the hotel supply in Makkah and attracting quality investments to the "Masar" destination.
New hotel project
The agreement is part of Umm Al Qura Development and Construction's efforts to attract investments to the Masar destination and develop hospitality projects that meet the growing demand in Makkah, in addition to diversifying the real estate and hotel products available there. Yasser bin Abdulaziz Abu Atiq, CEO of Umm Al Qura Development and Construction, said the agreement reflects the attractiveness of the Masar destination and its ability to attract quality investments in vital sectors, most notably the hospitality sector.
He added that the company, through its partnerships with investors and developers, is working to develop an integrated and diversified urban system that contributes to enhancing the experience of Makkah’s residents and visitors, and generating sustainable economic and developmental value in the heart of the holy capital.
"Growth" expands its investments in hospitality
For his part, Fouad Ahmed Al-Omari, CEO of "Nomo" Company, said that the agreement represents a strategic step in the company’s journey, and reflects its orientation towards expanding its investments in the hospitality sector and taking advantage of the opportunities available in Makkah.
«Nomo» emphasized its pride in the partnership with «Umm Al Qura for Development and Construction», looking forward to developing a quality hotel project in the «Masar» destination, providing modern and high-quality accommodation options, in line with the aspirations of visitors to Makkah Al-Mukarramah.
Masar is a multi-use destination
The «Masar» destination is one of the most prominent urban projects in Makkah, as it combines hospitality, housing, trade and services within an integrated system, in addition to modern infrastructure and facilities.
The destination contributes to supporting the quality of life and enhancing economic and urban growth paths, thus supporting Makkah’s position as a global destination that attracts visitors, residents and investors.
