Umm Al Qura for Development and Construction signs land-sale contract with Wijhat Al Bayt Real Estate Company
Makkah, XX July 2025: Umm Al Qura for Development and Construction, the owner, developer, and operator of the Masar Destination project, has signed a contract to sell two plots of land at the heart of the destination to Wijhat Al Bayt Real Estate Company, a special purpose vehicle for the Wijhat Al Bayt Fund, managed by Dinar Company.
The agreement aims to develop two residential towers comprising over 412 units, with a total investment exceeding SAR 1.3 billion. This project aligns with Masar's broader development strategy, which seeks to attract high-quality investments that strengthen Masar's position as a premier urban destination in Makkah and respond to the growing demand for premium residences near the Grand Mosque, within a modern and integrated environment.
Commenting on the signing of this agreement, Mr. Yasser Abuateek, CEO of Umm Al Qura for Development and Construction Co., said: "We are proud of our partnership and cooperation with Wijhat Al-Bayt Real Estate Company, which aligns with the destination's development strategy to attract quality investments in the heart of Makkah. We hope this will consolidate Masar's position as a destination that enhances the quality of life for Makkah's residents and visitors, providing diverse accommodation options to meet all their needs and aspirations
For his part, Dr. Ahmed Al-Qafari, CEO of Dinar, said: "We are pleased to sign the acquisition contract for two distinct plots of land in the Masar destination with Umm Al-Qura Development and Construction. This represents a major step toward achieving our goals and strengthening our position as a company offering diverse real estate investment opportunities. Adding two residential towers to our portfolio in this strategically significant project not only reinforces our presence in the real estate market but also reaffirms our commitment to providing high-quality residential investment offerings."
It is worth noting that "Masar Destination" is a visionary urban project that adheres to the highest industry standards and stands as one of the most significant developments in Makkah. Featuring advanced infrastructure and multi-use facilities, it offers an appealing investment environment and serves as a key driver for enhancing the quality of life for both residents and visitors of the city.