Masar Destination, Al-Zamel signs SR500m acquisition pact
Saudi Gazette report
MAKKAH – The development and construction company Umm Al-Qura, owner and developer of Masar Destination, and the real estate development company Al-Zamel signed an acquisition agreement on Monday. Under the agreement, Al-Zamel Company will become the owner of one of the luxury residential towers overlooking Masar Front worth SR500 million.
Umm Al-Qura Company CEO Yasser Abuateek and Al-Zamel Company Board Chairman Abdul Hamid Abdullah Al-Zamel signed the agreement. Speaking on the occasion, Al-Zamel said he was satisfied with the conclusion of the agreement. “The acquisition is in line with the lofty aspirations of Al-Zamel Real Estate Development Company, which aims to provide the highest levels of real estate services and the development of luxury residential solutions.” Al-Zamel Company will develop supreme residential apartments for sale befitting Masar’s distinctive and upscale destination.
On his part, Abuateek, CEO of Umm Al-Qura Company, expressed his company’s eagerness to conclude the deal with Al-Zamel Company. He highlighted the keenness to support 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 with a development and investment vision that embraces the highest standards of environmental and community sustainability. Masar will be a distinctive landmark that will enhance the quality of life for Makkah residents and visitors through a diverse range of offerings and capabilities. 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 stimulates long-term investment.
The Masar project is located in Mecca, the heart of Islamic culture. The project comprises over 1.2 million square meters of new development articulated by a central pedestrian boulevard leading to the Grand Mosque.
Masar New Development is an iconic urban development project providing connectivity to the Haram along the pedestrianized Grand Boulevard, flanked by hotels, commercial and retail facilities, residential buildings, car parks, public spaces and public facilities to support the religious, social and commercial activities of Hajj. and Umrah pilgrims and other visitors and local residents.