Umm Al Qura for Development & Construction Signs Land Sale Agreement with SEDCO Capital-managed Fund to Build a Residential Tower in 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 sale agreement for a land plot in Masar’s Zone One with a fund managed by SEDCO Capital and represented by Jazeel Albinaa Company. The deal paves the way for the development of a luxury residential tower featuring premium residential units built to the highest standards.
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.
With investments exceeding SAR 400 million, and following a previous deal signed on August 17 earlier this year, the total investments in the fund rose to over SAR 750 million. Under the fund, Obeikan Real Estate will be the developer of the project that aims to add a new landmark to Makkah’s urban landscape, and will feature 200 residential units.
Commenting on the partnership, Yasser Abuateek, CEO of Umm Al Qura for Development & Construction, said: “This agreement reflects our mutual commitment to building a sustainable urban investment destination that elevates the living experience in Makkah and drives qualitative residential sector growth. It demonstrates what can be achieved when expertise and innovation come together in service of the community.”
Abdulwahab Abed, CEO of SEDCO Capital, added: “This collaboration is an extension of a series of successful partnerships between SEDCO Capital and Umm Al Qura for Development & Construction, and reflects our continued confidence in the promising real estate and investment potential of the Holy City. It aligns with the objectives of Saudi Vision 2030 to enhance quality of life and develop the urban landscape of Makkah through distinctive projects that serve residents, pilgrims, and visitors. Through this fund, we aim to deliver added investment value that reinforces SEDCO Capital’s role as a trusted investment partner in the real estate sector in the Kingdom.”
Abdullah Thunayan Al-Obeikan, General Manager of Obeikan Real Estate, expressed the company’s great pride in contributing to this vital project, which supports Saudi Arabia’s Vision 2030 objectives to enhance quality of life and elevate the city’s urban landscape. He added that the company is moving forward with the development of a high-end residential tower that will leave a lasting mark on this exceptional project and enrich the identity of the Holy Capital.
This project is a continuation of Umm Al Qura for Development & Construction’s mission to shape Masar into a pioneering urban destination that harmonizes the rich heritage of Makkah with contemporary innovation. The initiative aims to elevate the experience of residents and visitors through distinctive projects that promote sustainable development and enhance quality of life.