Saudi Arabia-based Umm Al-Qura Development and Construction Company, owner and developer of Masar Destination, and Al-Zamel Real Estate Development Company have signed an acquisition agreement.
Mr. Yasser Abuateek, Umm Al-Qura Company’s CEO, and Al-Zamel Company’s Board Chairman Mr. Abdul Hamid Abdullah Al-Zamel signed the agreement. Under the agreement, Al-Zamel Company will become the owner of one of the luxury residential towers overlooking Masar Front at a value of $133 million.
“The acquisition is in line with the high aspirations of Al-Zamel Real Estate Development Company as it is keen to provide the highest levels of real estate services and the development of luxury residential solutions,” the company said. Al-Zamel will be developing supreme residential apartments for sale that are worthy of the distinctive and upscale Masar Destination.
Mr. Abuateek expressed his company’s eagerness in concluding the agreement with Al-Zamel Company and underscored the keenness on supporting the hospitality sector and Masar Destination’s efforts to seek the development of a distinguished residential experience that meets the requirements of Makkah residents and visitors.
Masar is an urban destination that features the greatest environmental and community sustainability standards in its development and investment goals. Masar will be a distinctive landmark that improves the quality of life for both Makkah residents and tourists by providing a wide range of services and facilities. Its integrated and diverse ecosystem that attracts investment in many vital sectors and the quality of its facilities and services, will make Makkah an attractive destination that drives long-term investments.
The new Masar development is a signature urban development project providing connectivity to the Haram along Grand Pedestrian Boulevard, flanked by hotels, commercial and retail facilities, residential buildings, car parking, public spaces and public amenities to support religious, social and commercial activities to Hajj and Umrah pilgrims and other visitors and local residents.