Investment Agreement Between Umm Al-Qura Development & Construction Company and Alpha Capital
Umm Al-Qura for Development and Construction, the owner, developer and operator of the Masar destination, has announced a significant new investment agreement with Alpha Capital Company.
The partnership is set to invest more than SAR 800 million in the development of a luxury residential tower within the destination, adding 180 high-quality residential units. The agreement was signed on the sidelines of the 2nd edition of Cityscape Global in Riyadh, in which Masar participates as a destination partner.
Alpha Capital had previously invested in developing a residential tower in the destination for an amount exceeding SAR 600 million, bringing its total investments to SAR 1.4 billion.
Commenting on the agreement, Moaz Al-Naeem, Chief Investment Officer at Alpha Capital, said, "The expansion of our investments in Masar is driven by the significant demand for luxury residential units in Makkah. With this agreement, we aim to address this demand by developing high-quality residential units in a strategic location served by an integrated infrastructure".
Mr. Yasser Abuateek, CEO of Umm Al-Qura Development and Construction Company, stated: "Alpha Capital’s investment expansion in Masar reflects their growing confidence in the destination’s potential to offer quality investment opportunities. This new cooperation highlights our commitment to develop diverse real estate products that meet investors’ aspirations and enhance our ability to attract capital to create an integrated investment environment that improves the quality of life for Makkah residents and visitors".
Meanwhile, Mr. Ahmed Al-Saud, CEO of Al-Ittihad and Takaful Investment Company Limited, said, “We are delighted to participate as a real estate developer in this venture with Alpha Capital Company. This partnership is a continuation of our successful collaboration and forms part of our strategy to meet the growing demand for quality real estate in the city of Makkah. Given that Masar is one of the most significant real estate projects in the Kingdom, we are excited to be part of this partnership to implement promising projects related to serving pilgrims and enhancing their experiences.”
It is worth noting that “Masar” is an urban destination with a developmental and investment vision, adopting the highest industry standards to enhance the quality of life for Makkah residents and visitors. It is also distinguished by its high standards of facilities and services, and the provision of an integrated and diverse investment system to draw “the path for the future of Makkah.”