Umm Al-Qura for Development and Construction - "Masr" announced the signing of three reservation agreements for the sale of land plots with a total area of 7,387 square meters within the second zone of the Masr destination in Makkah.

The company stated in a statement on Saudi Tadawul, today Sunday, that the total agreed value for the land plots amounts to approximately SAR 441.1 million.

It explained that, in implementation of the Masr destination development strategy, it, together with Alinma Development First Company Limited and Alinma Development Second Company Limited (the two special purpose companies holding the assets of Alinma Makkah Development Fund I and Alinma Makkah Development Fund II, all of whose units are owned by Umm Al-Qura for Development and Construction), signed three reservation agreements for the sale of three land plots not overlooking the pedestrian walkway within the second zone of the Masr destination with Watheq Real Estate Opportunities Fund II Company (the special purpose company for a real estate fund managed by Watheq Financial Company). This is for the purpose of developing residential units by the fund.

It indicated that the value of the first land is approximately SAR 145 million, the value of the second land is approximately SAR 143.7 million, and the third is approximately SAR 152.4 million.

According to the reservation agreements, the fund pays a deposit for each land plot in return for the reservation, and it is planned to sign the final sale agreements during the validity period of the reservation agreements.

"Masr" expected a positive impact on liquidity resulting from receiving the deposit amount upon signing the reservation agreements, and a positive impact on financial results upon completion of the sale or at the end of the reservation agreement period.

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