Umm Al Qura for Development & Construction signs land reservation and sale agreement with Sharq Al-Asimah Fund Company
Umm Al Qura for Development & Construction Company, the owner, developer, and operator of Masar Destination, has signed a land reservation and sale agreement with Sharq Al-Asimah Fund Company, a special purpose vehicle established for a fund managed by Alistithmar Capital, to develop hospitality units in Zone 2 of Masar Destination, near King Abdullah Mosque.
The project, which will be developed by Ark Projects, will comprise approximately 300 residential units and represents a total investment valued of SAR 493 million.
The agreement builds on the previously executed reservation agreement and marks the project’s progression to a new phase of development and implementation. It also reflects Umm Al Qura for Development and Construction’s continued efforts to attract high-quality investments and deliver modern hospitality developments in Makkah. The project will add to the diverse real estate ecosystem of Masar Destination and expand accommodation offerings within an integrated urban environment that enhances the experience of both residents and visitors alike.
Commenting on the agreement, Mr. Yasser Abuateek, Chief Executive Officer of Umm Al Qura for Development & Construction, said: "This agreement builds on our ongoing efforts to develop Masar Destination into a vibrant, mixed-use urban hub. The transition from reservation to sale reflects investor confidence in the unique opportunities it offers, as well as its long-term contribution to Makkah’s economic development."
Mr. Khalid bin Abdulaziz Al-Rayes, Chief Executive Officer of Alistithmar Capital, said: "The Fund looks forward to developing hospitality units in Zone 2 of Masar Destination in Makkah, one of the most prominent modern development destinations in the Holy Capital, distinguished by its integrated infrastructure and strategic location. Through our collaboration with Ark Projects, we aim to deliver a distinctive urban addition that enriches the accommodation experience in Makkah."
Mr. Ahmed bin Abdulrahman Al-Othman, Chief Executive Officer of Ark Projects, added: "This collaboration reflects our commitment to developing high-quality projects that align with the objectives of Saudi Vision 2030 and contribute to enhancing quality of life and elevating the urban landscape. Through this project, we look forward to developing hospitality units that meet the highest quality standards, combining authenticity with modernity while enhancing the overall accommodation experience."
Masar Destination is among Makkah’s most important urban developments and represents a fully integrated model for modern living. It brings together residential, hospitality, retail, and service components within a sophisticated infrastructure network and a wide range of state-of-the-art amenities. Together, these elements support a higher quality of life and contribute to Makkah’s continued economic and urban growth while strengthening its appeal to residents, visitors, and investors.
Sharq Al-Asimah Fund Company is a special purpose vehicle established for a real estate fund managed by Alistithmar for Securities and Brokerage Company (Alistithmar Capital). The fund invests in promising real estate opportunities and develops high-quality assets that generate sustainable value for investors, in line with the Fund’s approved investment strategy and framework.