Umm Al Qura for Development and Construction Signs Reservation Agreement to Develop Three Luxury Residential Towers in Masar Destination with Investment of 1.5 Billion Riyals

Logo of Umm Al Qura for Development and Construction - Masar

Umm Al Qura for Development and Construction, the owner, developer and operator of 'Masar Destination', signed a reservation agreement for three adjacent land plots within the destination with the Wethaq Ajdan Real Estate Fund (a real estate fund managed by Wethaq Financial Company), to develop a residential project comprising three luxury towers providing more than 600 residential units, with an estimated investment of about 1.5 billion Saudi riyals, while Ajdan Real Estate Development will undertake the development works. This agreement comes within the new five-year strategy 2026–2030, which focuses on thoughtful qualitative expansion, attracting qualitative investments, and strengthening strategic partnerships to build integrated and sustainable urban destinations in the Western region, and also affirms the leading investment status of 'Masar Destination'. In this context, Mr. Yasser Abu Otaiq, CEO of Umm Al Qura for Development and Construction, said: 'This agreement aligns with our strategic plan and enhances the position of Masar Destination as one of the most prominent urban and investment destinations in the heart of Makkah, reflecting investors' confidence in its promising attributes and in Umm Al Qura's ability to develop qualitative destinations that create a sustainable economic and urban impact.' For his part, Mr. Ibrahim bin Mohammed Al-Alwan, Managing Director of Wethaq Financial Company, said: 'This agreement represents a strategic step to develop a distinguished residential project in an exceptional location near the Holy Mosque, and through the Wethaq Ajdan Real Estate Fund, we look forward to offering a luxury residential product that meets the growing demand for high-quality residential units near the Holy Mosque, within an integrated urban environment that provides promising investment opportunities.' Meanwhile, Mr. Abdullah bin Ibrahim Al-Muharb, CEO of Wethaq Financial Company, explained that the project embodies the company's direction towards developing institutional investment opportunities based on asset quality, partner efficiency, and clear investment vision, adding: 'We seek to present an investment model that keeps pace with the development of the real estate market in Makkah and contributes to supporting the growth of the investment and real estate development sectors.' For his part, Mr. Mohammed Al-Otaibi, CEO of Ajdan Real Estate Development, said: 'We are proud to participate in developing this qualitative project within "Masar Destination", which represents an integrated urban environment in Makkah. We will work on implementing luxury residential towers according to the highest design and quality standards, in line with the location's uniqueness and meeting the aspirations of those seeking a distinguished residential experience in the Holy Capital.' This agreement embodies the continuation of Umm Al Qura for Development and Construction in expanding its partnerships, which contributes to accelerating development works within 'Masar Destination', enhancing the qualitative residential supply in Makkah, and developing integrated urban destinations that enrich the experience of residents and visitors, support economic growth, and strengthen the investment status of the Holy Capital.

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