Masar Destination, Al-Zamel ink SR500 million acquisition pact
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 on Monday. Under the agreement, Al-Zamel Company will become the owner of one of the luxury residential towers overlooking Masar Front at a value of SR500 million.
Umm Al-Qura Company’s CEO Yasser Abuateek, and Al-Zamel Company’s Board Chairman Abdul Hamid Abdullah Al-Zamel signed the agreement. Speaking on the occasion, Al-Zamel expressed satisfaction over clinching of the deal. “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.” Al-Zamel Company will be developing supreme residential apartments for sale that are worthy of the distinctive and upscale Masar Destination.
On his part Abuateek, CEO of Umm Al-Qura Company, expressed his company’s eagerness in concluding the agreement with Al-Zamel Company. He underscored the keenness on supporting the hospitality sector and Masar Destination’s efforts to seek 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 adopts the highest environmental and community sustainability standards. Masar will be a distinctive landmark that enhances the quality of life of the people of Makkah and its 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 drives long-term investments.
The Masar project is located in Makkah, at the heart of the 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.
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.