Saudi-based Umm Al Qura for Development and Construction Company has signed an agreement with Numu, a leading developer of upscale, sustainable lifestyle & business destinations, to complete the land reservation and sale process ahead of schedule for the development of a serviced apartment tower in the central district of Masar Destination in Makkah at a total investment of SAR700 million ($185 million). 

The project will feature approximately 460 hospitality units along with other premium amenities, said Umm Al Qura, the owner, developer and operator of the upcoming Masar Destination, in its Saudi bourse filing. Numu will be carrying out the development works for the project.

The agreement supports Umm Al Qura for Development & Construction’s efforts to attract high-quality investments to Masar Destination and expand its hospitality offerings in response to the growing demand for accommodation in Makkah. 

Masar Destination is one of the city's prominent urban developments that brings together residential, hospitality, retail, and service offerings within an integrated destination supported by modern infrastructure and amenities. 

The destination plays a key role in enhancing quality of life and supporting economic and urban growth, reinforcing Makkah’s position as a globally attractive destination for residents, visitors, and investors.

On the deal, Yasser Abuateek, Chief Executive Officer of Umm Al Qura for Development & Construction, said: "This agreement highlights the strong investment appeal of Masar Destination and the opportunities it offers for high-quality development, particularly in the hospitality sector."

"Through our partnerships with investors and developers, we are creating a vibrant mixed-use urban destination that enhances the quality of life for Makkah’s residents and enriches the experience of its visitors, while generating sustainable economic value and supporting the city’s long-term development aspirations," he stated.

Fouad Ahmad Al Omari, Chief Executive Officer of Numu, expressed delight at partnership with Umm Al Qura on the project.

"This agreement marks a strategic milestone in our growth journey and reflects our commitment to expanding our investments in the hospitality sector while capitalizing on the promising opportunities emerging from Makkah’s continued development," he added.-TradeArabia News Service