Saudi-based Umm Al Qura for Development and Construction Company, has announced that it has signed a land sale agreement with Rawajeh Group for the development of a residential tower in Zone 2 of its mega Masar Destination. The project will feature 250 residential units along with premium lifestyle amenities.

Umm Al Qura is the owner, developer, and operator of Masar Destination, one of Makkah’s most prominent urban developments, embodying a fully integrated model for a modern destination that brings together residential, hospitality, retail, and service components within a sophisticated infrastructure network and state-of-the-art amenities.

The project is being developed at a total investment of around SAR500 million ($126 million) by Rawajeh Group.

The agreement reflects Umm Al Qura’s ongoing efforts to attract quality investments to the destination and to expand its portfolio of real estate offerings that respond to evolving market demands. 

It also supports the diversification of residential uses within the destination, contributing to a richer urban landscape and providing modern housing options within an integrated environment. Furthermore, the project aligns with the objectives of Saudi Vision 2030 by enhancing quality of life and supporting sustainable urban development.

On the agreement, CEO Yasser Abuateek said: "This agreement represents investor confidence in the unique value proposition of Masar Destination and the promising opportunities it offers in the heart of Makkah."

"It also reflects our commitment to attracting investments that create long-term value and support the transformation of the destination into a vibrant urban ecosystem that caters to the needs of Makkah’s residents and visitors alike," he stated.

A leading investment and real estate group, Rawajeh has a major presence in more than 11 countries. It currently has a portfolio of SAR5 billion projects in value, encompassing over one million square meters under development in Riyadh, Makkah, the Eastern Province, and Madinah, alongside a range of other developments across the Kingdom.

The Masar project comes as part of its strategy to expand its real estate investment portfolio, contribute to meeting the growing demand for quality residential units in Makkah, and support the region’s ongoing development momentum, stated the company.

"The signing of this agreement marks a strategic milestone in the Group’s journey and reflects our confidence in Masar Destination as one of Makkah’s leading urban development destinations," remarked its CEO Eng. Aqeel Al Rajhi. "Through the Masar Rawajeh project, we aspire to deliver a distinctive residential offering that befits the stature of the Holy Capital and meets the aspirations of its residents and visitors," he added.-TradeArabia News Service