Umm Al Qura for Development and Construction Inks SAR 1.4 Billion Agreement with Alramz to Develop Luxury Residential Units in Masar Destination
Umm Al Qura for Development and Construction (UAQ), the owner, developer, and operator of Masar Destination, has announced the signing of a strategic partnership agreement with Alramz Real Estate Company to develop a luxury residential project worth SAR 1.4 billion.
The announcement was made at the second edition of the Cityscape Global exhibition in Riyadh, where UAQ participated as a partner.
The agreement strengthens Masar Destination’s position as a prime investment platform in Makkah, offering diverse residential and commercial solutions that cater to the needs of visitors, residents, and investors alike.
Under the agreement, Alramz will develop two residential towers within Masar Destination, each with 32 floors and three additional floors designated for parking. The project will have over 530 residential units, each ranging from 75 to 160 square meters.
The project is designed to meet the needs of both individuals and families, offering a range of services for residents, including reception, furnishing, transportation to the Haram, room cleaning, and Iftar service during Ramadan. Construction is set to begin in mid-2025, with completion anticipated by the end of 2028, positioning it as a unique addition to the luxury housing sector in Makkah.
Eng. Harun Al-Rasheed, CEO of Alramz Real Estate Company, expressed pride in the strategic partnership with Umm Al Qura for Development and Construction, emphasizing that this project marks a significant milestone in his company's journey in the Makkah market. He highlighted the importance of this project for Alramz, in supporting the company’s future growth strategy. "Leveraging our expertise in luxury residential developments, we look forward to aligning with Masar's vision to enhance the quality of life in the Holy City," he said.
Yasser Abuateek, CEO of Umm Al Qura for Development and Construction, welcomed Al Ramz's inclusion among the destination’s esteemed institutional investors possessing extensive experience. He stressed that the agreement highlights the destination's appeal for high-quality investments in Makkah, reflecting its commitment to fulfilling investor aspirations.
Notably, Masar is an urban destination driven by a forward-looking development and investment vision, upholding the highest standards in the destination industry. It aims to enhance the quality of life for residents and visitors of the Holy City, supported by top-tier facilities and services. Moreover, it offers a comprehensive and diversified investment ecosystem that draws in quality investment, shaping the future of Makkah.