“Umm Al-Qura signs SAR 375 million residential tower development agreement at Masar”

Sale of 2,671.21 m² of land to Gazelle Construction, a fund managed by SEDCO, and development handled by Obeikan Real Estate.

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Umm Al Qura Development and Construction Company, the owner, developer and operator of Masar, has announced the signing of a contract for the sale of a 2,671.21 square meter plot of land in the heart of the central area of the project adjacent to King Abdullah Mosque, to Jazeel Construction Company, a real estate fund managed by SEDCO Capital, for the development of a residential tower with about 200 residential units, with an estimated investment size of SAR 105 million. The contract aims to develop a residential tower with about 200 residential units, with an estimated investment volume of SAR 375 million, with Obeikan Real Estate Company undertaking the development work.

Step reinforces Masar's strategy

The company emphasized that this agreement comes as part of its development strategy aimed at attracting quality investments that enhance Masar's position as a leading urban destination, in line with the highest international standards in various fields, and contribute to enriching the experiences of Makkah residents and visitors.

Partner Statements

<Yasser Abu Ateeq, CEO of Umm Al Qura for Development and Reconstruction, said: “We are proud of this partnership, which represents an extension of our efforts to develop an integrated destination and attract quality investments in the heart of Makkah. It reflects our commitment to transform Masar into a vibrant urban destination, offering a variety of residential options that meet the aspirations of residents and visitors.”

Abdul Wahab Abdul Wahab, CEO of Umm Al-Qura for Development and Construction, said. Abdul Wahab Abed, CEO of SEDCO Capital, explained that the project represents a strategic step that reflects the company's orientation towards investing in quality projects in the holy capital, noting that it is in line with the objectives of Saudi Vision 2030 by developing a sustainable urban environment and building a strong investment system that contributes to supporting the national economy.

Abdul Wahab Abed, CEO of SEDCO Capital, said that the project represents a strategic step that reflects the company's orientation towards investing in quality projects in the holy capital. In the same context, Abdullah Thunayan Al-Obeikan, General Manager of Al-Obeikan Real Estate Company, expressed his pleasure to participate in the development of the project, stressing that the planned residential tower will embody the concepts of luxury housing and constitute a qualitative addition to the holy capital within the objectives of Vision 2030 aimed at creating an advanced urban environment.

Abdullah Thunayan Al-Obeikan, General Manager of Al-Obeikan Real Estate Company, expressed his pleasure to participate in the development of the project.

Integrated urban destination

Massar is a pioneering urban project with an integrated development and investment vision that combines the latest standards of the modern destination industry and advanced infrastructure facilities, which contributes to enhancing the quality of life for residents and visitors of Makkah and offers various investment opportunities that support the urban and economic growth of the city.

Masar is a pioneering urban project with an integrated development and investment vision that combines the latest standards of the modern destination industry and advanced infrastructure facilities.