Umm Al Qura for Development & Construction Signs Agreement with BLOMINVEST and Heyazah Real Estate to Develop a Hotel Tower at Masar Destination
Riyadh – Saudi Arabia: Umm Al Qura for Development & Construction Company, the owner, developer, and operator of Masar Destination in Makkah, celebrates the signing of a land reservation agreement with BLOMINVEST and Heyazah Real Estate Development for the sale of a plot in Zone Two of the destination. The project will include the development of a luxury hotel tower comprising more than 500 hotel units, with total investments exceeding SAR 1 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. This strategic collaboration is supported by Masar’s land sale pre-reservation model, which enables investors to benefit from the distinctive opportunities available within the destination. It also allows developers to manage their resources more effectively, in line with the objectives of Saudi Vision 2030 to develop the tourism sector and stimulate investment.
Commenting on the partnership, Yasser Abdulaziz Abuateek, CEO of Umm Al Qura for Development & Construction, said: "This agreement marks an important step toward consolidating Masar’s position as a leading urban destination for hospitality and investment in the heart of Makkah. It also supports the provision of quality accommodation options that meet the needs of residents and visitors alike."
Abdullah Saud AlRashoud, Managing Director and CEO of BLOMINVEST, said: “We believe in the strong investment potential that Masar offers. Our participation in this ambitious project reflects a deep confidence in its forward-looking vision and strategic location, as well as its role in enhancing the experience of visitors to Makkah."
Meanwhile, Adel Ahmed Alsaif, Chairman and CEO of Heyazah Real Estate Development, said: "This collaboration is an opportunity to deliver a real estate project built to international standards. It contributes to the development of the hospitality sector and keeps pace with market expectations and the Kingdom’s tourism development goals."
Masar Destination is one of Makkah’s most prominent urban development projects. Through an integrated environment that brings together residential, hospitality, commercial, and service components, it plays a key role in improving quality of life within the Holy City and reinforcing its status as a global destination.