Wathiq Financial Signs Agreement to Acquire 3 Residential Plots in Masar Destination with Investment of Approximately SAR 1.5 Billion

Logos of Wathiq Financial Company and Ajan Real Estate Development Company

Wathiq Financial Company, as manager of the Wathiq Ajan Real Estate Fund, announced the signing of an agreement to acquire three adjacent land plots within 'Masar Destination' in Makkah, to develop three luxurious residential towers providing more than 600 residential units, with an investment of approximately SAR 1.5 billion.

The agreement was signed with Umm Al Qura for Development and Construction, the owner, developer, and operator of Masar Destination, which is one of the most prominent modern urban destinations in Makkah, and features elements that support the growing demand for high-quality residential units near the Holy Mosque, enhancing the attractiveness of real estate investment in the holy capital and supporting the development of quality residential projects within an integrated urban environment.

Ajan Real Estate Development Company is scheduled to undertake the project's development works, reflecting the integration between investment management and real estate development in executing a luxurious residential project aimed at meeting the growing demand for high-quality residential units near the Holy Mosque.

In this context, Mr. Ibrahim Al-Alwan, Managing Director of Wathiq Financial Company, said: 'This agreement represents a strategic step to develop a distinguished residential project in one of the most prominent urban destinations in Makkah. Through the Wathiq Ajan Real Estate Fund, we look forward to offering a luxurious 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.'

For his part, Mr. Abdullah Al-Muhareb, CEO of Wathiq 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 offer an investment model that keeps pace with the real estate market development in Makkah and contributes to supporting the growth of the investment and real estate development sectors.'

Mr. Mohammed Al-Otaibi, CEO of Ajan Real Estate Development Company, said: 'We are proud of our partnership in developing this distinctive project within Masar Destination, which is one of the most prominent urban destinations in Makkah. Through this partnership, we seek to develop luxurious residential towers with high design and execution standards, benefiting from the exceptional features of the location, and reflecting Ajan's commitment to developing residential communities that enhance quality of life, keep pace with market aspirations, and offer a distinguished residential experience that meets the aspirations of those seeking housing in the holy capital.'

A company statement mentioned that the project comes at a time when the real estate sector in Makkah is witnessing rapid growth, driven by development projects in the holy capital and rising demand for quality residential projects, in line with the goals of Saudi Vision 2030 to enhance quality of life and stimulate investment in major urban destinations.

Through this agreement, Wathiq Financial affirms its continued development of quality real estate investment opportunities and building institutional partnerships with major real estate entities in the Kingdom, contributing to enhancing the supply of luxurious housing in Makkah and supporting the growth of the real estate funds sector.

It is worth noting that Wathiq Financial Company manages real estate assets exceeding SAR 5.7 billion, and operates under the supervision of the Saudi Capital Market Authority under license No. 32-18189, which authorizes it to provide a range of securities services including management (investment management and fund operation), dealing, arranging, and advisory.

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