23/06/2026 02:59 AST
Saudi-based Umm Al Qura for Development and Construction has announced that it has signed a land sale agreement with Osus Real Estate for three plots with planned investments of about SAR1 billion ($266.3 million) within its mega community development - Masar - in Makkah city.
Umm Al Qura said the project will see three residential towers come up within the development featuring a total of 690 apartments. It will be located in Zone Three, the closest area to the commercial complex within Masar Destination.
Spanning over 1.2 million sq m area, Masar Destination is the largest urban project in Makkah comprising integrated residential, commercial, hospitality, and service components.
Its portfolio, which spans hotels, residential and hotel apartments, and integrated commercial and medical facilities, aligns with the objectives of Saudi Vision 2030, while supporting the rapid growth of the holy city.
The Osus Real Estate will be developing the project through a real estate fund being managed by Al Rajhi Capital, a leading financial services provider in Saudi Arabia.
On the strategic agreement, Umm Al Qura CEO Yasser Abuateek said: "At Masar Destination, we continue to attract high-quality investments to diversify real estate offerings and enhancing quality of life, in line with our objectives of building an integrated and sustainable urban community in the heart of Makkah, while reinforcing Masar Destination's position as one of the Kingdom's leading urban and investment destinations."
Osus Real Estate CEO Anas Al Majed said the project represents an important step in the company's journey toward developing high-quality projects in Makkah.
"It reflects our confidence in the investment and development potential of Makkah. At Osus Real Estate, we are committed to developing projects that enhance living experience and meet market aspirations," he stated.
"This project is strategically located within Masar Destination to offer a fully integrated modern lifestyle, supported by advanced infrastructure, contemporary facilities, and diverse services, thereby enhancing quality of life and supporting the urban development objectives of Makkah," he added.
Hossam Al Basrawi, CEO of Al Rajhi Capital (Fund Manager), expressed his pride in the partnership, affirming that investing in Masar Destination represents a promising strategic opportunity.
"This project represents an important step within our promising real estate investments. We believe in the strong fundamentals of Masar Destination and its strategic location within one of Makkah's key urban areas. Through this fund, we aim to develop high-quality residential products that meet market needs and deliver sustainable value for both investors and beneficiaries alike," he added.
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