Under the agreement, Saqifa Capital intends to develop five mixed-use towers, including residential, hotel and commercial activities, on a development area of more than 103,000 square meters. Under the agreement, Saqifa Capital plans to develop five mixed-use towers, comprising residential, hotel, and commercial activities, on a development area exceeding 143,000 square meters, with investments exceeding SAR 1.6 billion, in one of the most prominent real estate deals in the Holy Capital this year.
According to a statement issued by Mohammed Abdulaziz Al Habib & Partners for Real Estate Investment, the five plots will be sold. According to an official statement issued by Umm Al-Qura, the move comes as part of its strategic plan to develop Masar Destination and transform it into an integrated urban investment center that meets the aspirations of Makkah residents and visitors and provides diverse investment opportunities supported by advanced infrastructure and a modern investment system.
According to an official statement issued by Umm Al-Qura, the deal is part of its strategic plan to develop Masar Destination into an integrated urban investment center that meets the aspirations of residents and visitors to Mecca. <Commenting on the agreement, Engineer Yasser Abu Ateeq, CEO of Umm Al-Qura, said: "This partnership represents an important step in the development of a vibrant integrated destination within Makkah. "Our collaboration with Mohammed Al Habib Group reflects our shared vision to develop Masaar and realize a qualitative addition to the hospitality, residential and commercial sector, contributing to enhancing the experience of residents and visitors alike.“
Mr. Yasser Abu Ateeq, CEO of Umm Al Qura, said. <Abdulla bin Mohammed Al Habib, CEO of Al Habib Group, said: ”We see our new project within Wahat Masar as a new architectural and investment icon in Makkah, not only because of its exceptional location close to the Grand Mosque and vital transportation stations, but also because of our ambitious vision to develop mixed-use towers that offer a unique residential, hospitality and shopping experience.“
Abdullah bin Mohammed Al Habib, Chief Executive Officer of Al Habib Group, said. <Al Habib added that this partnership is in line with the group's strategy to develop distinctive real estate destinations that elevate the urban landscape in the Kingdom and support the objectives of Saudi Vision 2030 towards more vibrant and sustainable cities. Masar Destination is one of the most prominent urban development projects in Makkah, which aims to provide an integrated environment that combines residential, hotel, commercial and smart transportation services, with a focus on raising the quality of life and facilitating visitors" access to the Grand Mosque through an advanced network of modern axes.
