Umm Al Qura for Development and Construction Signs SAR 1 Billion Agreement with AlRajhi United Real Estate to Develop Hotel Apartments at Masar Destination
Umm Al Qura for Development and Construction (UAQ), the owner, developer, and operator of Masar Destination, announced the signing of an agreement worth SAR 1 billion with AlRajhi United Real Estate to develop a hotel apartments project within the destination
This project will add 500 luxury units to the residential developments underway at Masar. The announcement was made at the second edition of the Cityscape Global exhibition in Riyadh, where UAQ participated as a partner.
This investment agreement marks a significant milestone in Masar’s success in attracting leading real estate companies. Dr. Moath Al Yahya, CEO of AlRajhi United Real Estate, stated: “We are proud to partner with Masar Destination to develop this project. We chose this destination for its investment advantages, strategic location, and advanced infrastructure, all of which align with our goal of delivering high-quality projects.”
Yasser Abuateek, CEO of Umm Al Qura for Development and Construction, stated, "The addition of AlRajhi United Real Estate to our network of strategic partners reflects the confidence major companies have in the investment opportunities at Masar. This partnership affirms the success of our strategy to create an integrated investment platform that attracts high-quality investments across diverse sectors."
It is worth noting that Masar is an urban destination with a forward-looking development and investment vision, adhering to the highest standards in the destination industry. It plays a significant role in enhancing the quality of life for residents and visitors of the Holy City of Makkah, supported by exceptional facilities and services. Additionally, it offers an integrated and diversified investment system, shaping the future of Makkah.