Umm Al Qura Development and Construction Company, the owner, developer and official operator of the strategic “Masar Destination” project in the Holy City of Mecca, announced the signing of important agreements to sell two plots of land within the project, with a total area of 7,408.58 square meters, in a move that enhances real estate and investment activity in Mecca.
Financial transaction details
In an official statement published on the Saudi Stock Exchange (Tadawul) website, the company revealed that the total value of the transaction reached approximately SAR 228.4 million. The sale price was broken down as follows: the first plot was priced at approximately SAR 112.65 million, while the second plot was priced at SAR 115.76 million. The company clarified that the buyer in this transaction is Al-Diyar Al-Arabia Real Estate Development Company, and that the agreement aims to develop two residential towers, reflecting the company's strategy of attracting distinguished real estate developers to contribute to the development of the destination.
Financial impact and strategy
Umm Al Qura indicated that this transaction is part of its comprehensive development strategy for the Masar destination. The company anticipates a positive financial impact on its cash flow and financial results for the coming period, confirming that the proceeds from the sale of these assets will be used to finance working capital and support existing projects, thus accelerating the pace of development at the destination.
Route destination: Modern Makkah Gate
The "Masar Destination" project (formerly King Abdul Aziz Road) is one of the most important development and urban projects in the Kingdom of Saudi Arabia, forming an integrated urban gateway to serve the residents of Mecca and its visitors, including pilgrims performing Hajj and Umrah. The project spans 3.65 kilometers in length and 320 meters in width, connecting the Third Ring Road with the central area surrounding the Grand Mosque, thus effectively facilitating crowd movement and alleviating traffic congestion in the central area.
Alignment with the Kingdom's Vision 2030
These deals are particularly significant given their strategic location and their role in achieving the goals of the Kingdom's Vision 2030, which aims to increase the capacity to receive 30 million Umrah pilgrims by 2030. The "Masar Destination" project provides advanced infrastructure and an integrated system of hotel, residential, and commercial services, enhancing the quality of life and enriching the religious and cultural experience for visitors. The continued attraction of high-quality investments, such as the partnership with "Al-Diyar Al-Arabia," underscores the strong appeal of the real estate sector in Makkah and reinforces the Holy City's position as a safe and sustainable global investment destination.
