Umm Al Qura for Development & Construction and SEDCO Capital Sign Agreement to Develop Residential Project in Masar Destination
Riyadh – Saudi Arabia: Umm Al Qura for Development & Construction Company, the owner, developer, and operator of Masar Destination in Makkah, celebrated the signing of a sale agreement for two land plots to a fund managed by SEDCO Capital and represented by Shulat Al-Wadi Real Estate Company, to develop a fully integrated residential project in the central zone of Masar Destination, with total investments exceeding SAR 1.4 billion.
The agreement was signed on the sidelines of the third edition of Cityscape Global in Riyadh, where the company participated as the event’s Holistic Destination Partner. The project will feature more than 540 residential units designed and executed to the highest architectural and operational standards. This development will increase the supply of quality housing and support the objectives of the Quality of Life Program, one of Saudi Vision 2030 realization initiatives. Al Basateen Company is leading the project as master developer, overseeing its planning and delivery.
This agreement is part of Masar’s development strategy to attract high-value investments and reinforce its position as an integrated urban destination. This follows SEDCO Capital’s earlier signing of an agreement with Umm Al Qura for Development & Construction Company, reflecting the continuity of their cooperation and shared commitment to supporting the urban development sector.
Commenting on the partnership, Yasser Abdulaziz Abuateek, CEO of Umm Al Qura for Development & Construction, said: “These agreements represent a strategic step toward developing Masar into an integrated urban destination in the heart of Makkah. We are committed to nurturing an investment environment that enriches the experience of Makkah’s residents and visitors through value-adding partnerships that advance the real estate sector.”
Abdulwahab Abed, CEO of SEDCO Capital, stated: “The establishment of this fund aligns with SEDCO Capital’s investment strategy of building high-quality real estate assets across the kingdom. Continued collaboration with Umm Al Qura for Development & Construction is an important step toward creating investment solutions that meet the aspirations of our investors. Through this project, with its strategic location and advanced infrastructure, we will strengthen SEDCO Capital’s presence in the residential real estate sector in the Holy City."
On other hand, Mr. Abdulaziz Alshegrey, CEO of Al Basateen Company, commented, “We are proud to participate in this important project that aligns with the Saudi Vision 2030 aspirations’ to enhance quality of life and develop the urban environment. Our focus is to deliver a residential tower of the highest quality standards, making it a landmark in this prominent destination and a valuable addition that enhances the prominence of the Holy City.”
This project reflects Umm Al Qura for Development & Construction’s ongoing efforts to develop Masar Destination into a modern urban hub that blends Makkah’s authentic character with a contemporary outlook, enriching the experience of residents and visitors through sustainable development initiatives that enhance quality of life.