“Umm Al-Qura for Development and Construction,“ the lead developer of the “Masar” destination in Makkah, announced the signing of a sales contract for a strategic plot of land in the central area of the destination with the “Wathiq Retal Roya Al-Haram Real Estate Fund,” managed by “Wathiq Financial,” with the aim of developing a luxury residential tower comprising approximately 200 units, with an investment value exceeding 600 million Saudi riyals.

“Ratal Urban Development” will undertake the project’s development, which is considered one of the most prominent upcoming residential projects within the “Masar” destination, which aims to provide a modern urban environment that meets the growing demand for luxury housing in the heart of the Holy City.

In its statement, Umm Al-Qura Company explained that this step is part of its strategy to attract high-quality investments that will enhance the quality of the urban landscape in Makkah, and supports the city’s future vision, particularly in the areas surrounding the Sacred Mosque.

For his part, Yasser Abu Ateeq, CEO of “Umm Al-Qura Development and Construction,” expressed his pride in the completion of this transaction, saying: “The signing of the contract to sell this land to the Wathiq Retal Fund represents a pivotal step in Wajha Masar’s journey toward becoming an attractive platform for high-quality real estate investment in Makkah.”

Ibrahim Al-Alwan, Managing Director of “Wathiq Financial,” emphasized that the acquisition marks a strategic launch for the development of a distinguished residential project in the holiest place on earth, expecting it to enhance the appeal of Makkah’s real estate sector and generate substantial returns for investors, given the continued growth in demand for luxury residential units that meet the aspirations of a modern city within an integrated and sustainable environment.