Umm Al Qura for Development and Construction announced today (Sunday) the signing of 3 reservation agreements for the sale of land plots with a total area of 7,387 square meters within the second zone of the Masar Destination in Makkah Al-Mukarramah, with a total value of approximately 441.1 million riyals.

The company stated in a statement on "Tadawul" that, in implementation of the development strategy for the Masar Destination, it, along with Al-Inmaa Tatweer Al-Awwal Limited and Al-Inmaa Tatweer Al-Thani Limited (the two special purpose companies holding the assets of Al-Inmaa Makkah Development Fund I and Al-Inmaa Makkah Development Fund II, of which Umm Al Qura for Development and Construction owns all units), signed 3 reservation agreements for the sale of 3 land plots not overlooking the pedestrian walkway within the second zone of the Masar Destination with Wathiq Real Estate Fund for Second Opportunities Company (the special purpose company for a real estate fund managed by Wathiq Financial Company), for the purpose of developing residential units by the fund.

It clarified that the value of the first land is about 145 million riyals, the second about 143.7 million riyals, and the third about 152.4 million riyals, noting that 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 final sale agreements during the validity period of the reservation agreements.

"Masar" 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 upon expiry of the reservation agreements.