An acquisition agreement between Masar Destination and (SAKHF) to develop a Mixed-Use Tower worth 340 million Saudi Riyals

Umm Al-Qura for Development & Construction Company, owner and developer of Masar Destination; signed an acquisition agreement to develop a mixed-use tower (commercial & residential) with Saleh Abdullah Kamel Humanitarian Foundation (SAKHF), a total investment value of 340 million Saudi riyals. The agreement was signed on the sidelines of The Cityscape Global Exhibition in Riyadh as part of Masar Destination’s activities during its participation as a Destination Partner.

Yasser Abdulaziz Abuateek, CEO of Umm Al-Qura for Development & Construction Company represented UAQ while Saleh Abdullah Kamel Humanitarian Foundation (SAKHF)  was represented by their CEO; Hammam Khaled Zare. The signing took place amidst the presence of the Vice-Chairman of the Foundation’s Board of Trustees, Mohiuddin Saleh Kamel, and Vice Chairman of the Board of Directors of Umm Al-Qura Company; Abdulrahman Al-Rashed in addition to high officials and employees of both parties.  

The mixed-use tower will include a number of commercial floors with an area of 39,000 square meters, 130 residential units, and 3,000 square meters of commercial space for interested investors and will serve the strategic objectives of Saleh Abdullah Kamel Humanitarian Foundation (SAKHF).

Hammam Zare, CEO of Saleh Abdullah Kamel Humanitarian Foundation (SAKHF) affirmed during the signing that the partnership with Masar Destination is consistent with the goals of its founder, Sheikh Saleh Kamel (may he rest in peace), and his noble mission of spreading growth and achieving developmental sustainability for human societies and is also in line with the interests of the national vision. He stated, “The acquisition agreement also intersects with the strategic objectives related to Makkah, the Arabic language, and achieving the organization’s mission to support original and innovative solutions that contribute to building a productive and interdependent society.”

Meanwhile, Yasser Abuateek, CEO of Umm Al-Qura for Development and Construction Company acknowledged the importance of this partnership stating, "The inspiring humanitarian vision of Saleh Abdullah Kamel Foundation and its support for innovative social solutions is in line with the company's vision of improving the quality of life for Makkah’s residents and visitors. Together, we look forward to achieving common success that serves the holy capital and enhances human well-being and exceptional experiences in it.”

Masar Destination is an urban destination with a development and investment strategy that adheres to the greatest environmental and social sustainability standards. Masar is a modern landmark with multiple capabilities and characteristics and will contribute to enhancing the quality of life for Makkah residents and visitors, as well as providing a diversified integrated system that will attract investment in a variety of essential sectors, supported by the quality of its facilities and services to make Makkah an attractive destination for long-term investment.