Strategic Agreement Worth SAR 1.3 Billion Signed between Umm Al-Qura for Development and Construction and Qaid Development
Umm Al-Qura for Development and Construction Company, the owner, developer and operator of the "Masar" destination, announced the signing of an investment agreement with Qaid Real Estate Development and Investment Company.
The signing took place on the sidelines of the Cityscape Global Exhibition in Riyadh, in presence of the Chairman of the Board of Directors, Mr. Salah Qaid, along with numerous dignitaries and leaders from both entities.
The agreement aims to establish a luxury hotel in a prime strategic location overlooking the scenic Masar walkway. With an investment exceeding SAR 1.3 billion, the project will introduce over 720 new hotel units to Makkah’s hospitality sector, significantly enriching its diversity.
Mr. Faisal Qaid, CEO of Qaid Co., shared his enthusiasm for the venture, noting, "This project marks a pivotal milestone in our company’s growth and our ongoing efforts to elevate the hospitality offerings at Masar. We are committed to realizing the destination’s ambitious vision and enhancing its appeal."
Conversely, Mr. Yasser Abuateek, CEO of Umm Al Qura Co., praised this strategic partnership, emphasizing its reflection of the robust confidence in Masar’s investment opportunities. He remarked, "This agreement aligns with our objective to expand the hospitality sector in the destination and enhance the visitor experience by offering superior accommodations that cater to diverse preferences".
“Masar” is a visionary urban destination with a developmental and investment focus, dedicated to adopting the highest industry standards, aimed at augmenting the quality of life for both the residents and visitors of Makkah. It is renowned for its superior standards in facilities and services, offering a comprehensive, varied investment system poised to chart "the path for the future of Makkah".