Umm Al Qura for Development & Construction Signs two Land Sale Agreement with Abdulmohsen Al Rossais & Sons Group
Umm Al Qura for Development & Construction, the owner, developer, and operator of Masar Destination, has signed an agreement with Abdulmohsen Al Rossais & Sons Group for the sale of two land plots in Zone Two of the destination to develop two residential towers are boulevard-facing with a total investment value of approximately SAR 1.2 billion.
The project forms part of the company's strategy to diversify its real estate investments within the destination and deliver residential projects that cater to the needs of both residents and visitors of Makkah. The development will comprise two residential towers offering approximately 534 apartments, benefiting from the destination's prime location and seamless access to a wide range of facilities and services.
Commenting on the agreement, Yasser Abuateek, Chief Executive Officer of Umm Al Qura for Development and Construction, said: "This agreement reflects Masar's vision to further strengthen its position as a promising investment destination and contribute to shaping a more vibrant and sustainable future for Makkah. The scale of this investment highlights the growing confidence in the destination's unique strengths and prospects. Residential development will also add significant value to Zone Two by enhancing quality of life and supporting the diversity and integration of the destination's offerings."
For his part, Eng. Faisal bin Abdulmohsen Al Rossais , Chief Executive Officer of Abdulmohsen Al Rossais & Sons Group, said: "We are proud of this partnership with Umm Al Qura for Development & Construction, which enables us to leverage our expertise in developing a distinctive residential project within one of Makkah's most prominent development destinations. Our SAR 1.2 billion investment reflects our confidence in the opportunities offered by Masar Destination and our commitment to delivering residential apartments distinguished by high-quality design and efficient execution, while addressing market needs and meeting the expectations of end users."
Through Masar Destination, Umm Al Qura for Development & Construction continues to facilitate high-value investments and establish an integrated model for urban development in Makkah through effective partnerships with leading investors and developers. These partnerships aim to diversify the destination's real estate offerings and enhance its appeal as a place to live and invest, in line with the objectives of Saudi Vision 2030, while elevating the experience of Makkah's residents and visitors.